Keep pulling the thread on Lending Club.
The rate of financial fraud is growing at 18% to 20% annually.
The biggest current use case for AI in financial services is fraudsters using it to commit fraud.
The speaker predicts that financial fraud, accelerated by AI, will continue to grow at an unpredictable and rapid pace by 2026.
The agreed-upon acquisition price for Plaid by Visa in January 2020 was just over $5 billion.
Plaid and Visa mutually agreed to terminate their acquisition deal approximately one year after it was announced in January 2020.
During the mid-2020 to early-2022 boom, 25% of all venture capital funding was allocated to fintech companies.
Venture capital investment in fintech dropped to nearly 0% starting in the second half of 2022.
Several fintech companies, including SoFi, Lending Club, Square, Robinhood, and Mercury, have pursued a "full stack" strategy by acquiring banks or obtaining banking charters.
Fintech companies that have acquired banking capabilities are now generating a significant portion of their revenue and profits from deposit flows due to higher interest rates.
Plaid's customer base has expanded to include non-financial companies like Ford and John Deere, which are embedding financial services into their products.
The speaker predicts that within two years, the primary way consumers will get a mortgage is by interacting with an AI application.
A likely convergence in financial services will involve traditional bank accounts holding dollars being replaced by or coexisting with digital wallets holding stablecoins like USDC.