The Future of VC-Backed Fintech | Drew Glover, Founder and Managing Partner, Fiat Ventures and Fiat Growth

On this episode of The Data Minute, Peter sits down with Drew Glover, founder and managing partner at Fiat Ventures and Fiat Growth, for a wide-ranging conversation on what’s next in fintech and what founders actually want from their investors.

They dive into how fintech is moving from DTC chaos into quietly powerful B2B infrastructure, why capital is no longer a moat, and how AI may turn traditionally “unsexy” industries into VC-ready moonshots. Drew shares how Fiat combines strategic capital and operational firepower, why most products change after seed funding, and what VCs should be underwriting instead.

This one is founder-forward, fund-sharp, and full of insight into where fintech, and early-stage VC, is going next.

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Chapters:
01:35 – Why fintech’s rollercoaster is (maybe) headed back up
03:20 – From growth at all costs to sustainable strategy
04:45 – The emotional weight of money
06:30 – Fintech is everywhere
08:15 – The founder–capital–consumer triangle is shifting
09:10 – How Fiat “underwrites” with data from 300+ growth clients
10:50 – What Fiat looks for in a founder
12:00 – Obsession > expertise
13:40 – Drew’s fintech investing thesis in the AI era
15:15 – Can AI unlock investability in “unsexy” sectors like HVAC and services?
16:40 – Are we about to lose a whole tier of founders to lifestyle design?
18:15 – Runway > headcount: why startup raises aren’t shrinking
19:00 – Capital is not the moat
20:14 – Strategic capital wins deals: how Fiat preempts rounds
21:10 – What “capital plus” means in early-stage VC today
22:42 – Where does all that early-stage funding actually go?
23:45 – Why founders need to become founders-as-influencers
26:20 – Thought leadership advice for the technical or hesitant founder
27:10 – People buy from you, not the brand
28:45 – AI-native companies = raise big, move first, win fast
29:50 – User loyalty, moats, and the AI ecosystem play
31:05 – Fintech exits today? Chime isn’t a blueprint—it’s a relic
32:30 – New fintech liquidity paths: acquisitions and stablecoins
34:12 – Infra is cool again: why debt markets are getting VC attention
36:18 – Public vs. private comps: who really feels the correction
37:45 – Do early-stage fintech founders understand capital markets?
38:26 – Laddering out: going beyond beachhead personas
39:23 – Why Drew hates TAM slides (but still expects them)
40:35 – Vision over product: why thesis alignment matters more
41:12 – Fiat Ventures and Fiat Growth: how the relationship works
42:42 – How Fund I turned client signals into conviction
44:15 – Focus is the moat, even when it’s tempting to chase hype
45:17 – Advice to younger Drew: do we need more VCs?
46:25 – Being a founder–GP is harder than it looks
47:12 – Why LPs push focus
48:10 – How Fiat thinks about fund size vs. fund stage
49:15 – Why GPs shouldn’t optimize for management fees
50:07 – Reserve strategy, conviction, and when to bet once
50:52 – Final take: VC is the best seat in business

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