Episode description

Lex chats with Zuben Mathews - CEO and Co-founder of Brigit. Brigit is a leading consumer financial app in the United States that offers a suite of holistic financial products including budgeting, financial insights, access to paychecks, and credit building. Zuben kicks off the conversation discussing his journey from investment banking at Deutsche Bank to founding one of the largest financial health apps in the U.S. Mathews reflects on his early experiences in banking, where he launched a small entrepreneurial team within Deutsche to leverage the bank’s data and client relationships to drive revenue. This experience helped shape his approach to solving real financial pain points, which became the foundation of Brigit.

Zuben explains Brigit’s focus on addressing the U.S. financial crisis of living paycheck-to-paycheck, a problem he personally experienced as an immigrant student. Brigit’s initial product leverages cashflow data to provide instant cash advances, helping users avoid overdrafts and predatory loans. Mathews emphasizes that Brigit’s success stems from a commitment to solving users’ deepest financial issues and using real-time cashflow data, not traditional FICO scores, to provide financial solutions.

The conversation delves into Brigit’s subscription-based business model, which offers transparency and value to users, helping them save money while improving financial stability. Zuben discusses how the app has grown to serve over a million users, generating more than $100 million in revenue with a small team of 90. He also addresses challenges in fintech, such as data access in the U.S. compared to Europe’s open banking regulations, and calls for more balanced regulation that encourages innovation while protecting consumers.

The discussion concludes with Zuben advocating for greater access to bank data and better infrastructure for fintechs, highlighting the importance of innovation in improving customer outcomes in the financial space.

MENTIONED IN THE CONVERSATION

Brigit's Website: https://bit.ly/4d8tqoh

Zuben's LinkedIn: https://bit.ly/3XvsEvT

Topics: Fintech, neobank, overdraft, cash advance, subscription, financial wellbeing, PSD2, regulation

Tags: Brigit, Deutsche Bank, Plaid, Chime, Revolut, Monzo, Yodlee, Synapse, Coastal Community Bank

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TIMESTAMPS

1’36: From Deutsche Bank to Brigit: Zuben Mathews' Journey in Finance and Entrepreneurship

5’03: Bridging Silos at Deutsche Bank: Detailing Strategic Vendor Partnerships and Fintech Insights

9’06: From Startup Struggles to Success: Building Brigit and Navigating the Challenges of Entrepreneurship

15’41: Solving America's Deepest Financial Pain Point: The Vision Behind Brigit's Differentiation in a Crowded Fintech Market

21’07: Leveraging Cashflow Data to Outperform Banks: How Brigit Built a Product to Tackle Overdraft Fees and Expand Financial Access

24’47: Beyond Overdraft Protection: How Brigit Uses Cashflow Data to Reduce Financial Stress and Drive User Engagement

29’01: Balancing Affordability and Financial Health: How Brigit's Subscription Model Empowers Users While Lowering Costs

33’25: Challenges of Data Access in US Fintech: Navigating Bank Transactional Data and the Push for Open APIs

40’36: Navigating US Banking Rails: The Role of Regulation, Innovation, and Customer-Centric Solutions in Fintech

45’24: The channels used to connect with Zuben & learn more about Brigit

Disclaimer here — this newsletter does not provide investment advice and represents solely the views and opinions of FINTECH BLUEPRINT LTD.

Contributors: Lex, Laurence, Matt, Farhad, Mike, Daniella

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