This Week in Startups

The future of fintech with Plaid CEO Zach Perret | E1818

Sep 28, 2023

01:00:23

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Plaid CEO Zach Perret shares details about the canceled merger with Visa, Plaid's origin story, and tactics for growing a community within a customer base.

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Quick takeaways

Plaid's canceled merger with Visa strengthened the company, leading to its transformative and independent path.

The future of payment systems is focused on faster, more efficient, and secure transactions, potentially reducing fees.

Building a community and fostering close customer relationships is crucial for driving growth and receiving valuable feedback on products.

Deep dives

The Evolution of Plaid and the Importance of Financial Ecosystems

Plaid, a B2B company focusing on helping consumers live better financial lives, has become an integral part of the financial technology ecosystem. By providing the infrastructure that enables FinTech companies to interact with bank accounts, Plaid has connected with over 12,000 financial institutions. Their customers range from large banks to FinTech startups, creating a multi-sided ecosystem that promotes innovation and increases options for consumers. Plaid is also involved in identity verification and risk and fraud analytics, ensuring security and privacy within the ecosystem. The development of instant bank-to-bank payment systems like UPI in India and FedNow in the US is paving the way for faster and more seamless transactions. These systems offer advantages such as speed, safety of funds, and potentially lower fees, ushering in a new era of innovation and convenience in the banking industry.

The Power of Scale and Product Market Fit in the Fintech Ecosystem

03:38

The Rise of FinTech as a tailwind

01:07

The Importance of Infrastructure in Connecting Consumer Fintech Products with Bank Accounts

01:22

Introduction

3min

The Journey and Challenges of a Fintech Company

8min

SOC 2 Compliance and Plaid's Role in the Fintech Industry

3min

Plaid's Involvement with Crypto Companies

11min

Importance of Insurance for Startups and Introduction to InBroker

2min

Building a Community in Tech

10min

The Future of Fintech and Next Generation Payment Systems

6min

Future of Fintech and Mobile Phone Apps for Transactions

16min

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Today’s show:

Plaid CEO Zach Perret joins Jason to break down the behind-the-scenes details of Plaid’s canceled merger with Visa (1:21), Plaid’s origin story (16:44), tactics on growing a community within your early customer base (27:36), and more!

FOLLOW Zach: https://twitter.com/zachperret

Time stamps:

(0:00) Jason welcomes Plaid CEO Zach Perret!

(1:21) Plaid's canceled Visa merger, coming out the other side of a canceled acquisition stronger

(11:30) Vanta - Get $1000 off your SOC 2 at https://vanta.com/twist

(12:36) Zach breaks down Plaid's product and business

(16:44) Plaid's origin story

(26:08) Embroker - Use code TWIST to get an extra 10% off insurance at https://embroker.com/twist

(27:36) Tactics for growing a community within your customer base

(35:24) Competition, specifically from financial giants

(38:58) Fount - Get $500 off an executive health coach at https://fount.bio/twist

(40:28) FedNow, CBDCs, and the next evolution of payment rails