Fintech for Gen Z and Millennials

The a16z Show

a16z

Software Eating The World, Technology, Innovation, Science, Disruption, Culture, Entrepreneurship, Business

4.2 • 1.2K Ratings

🗓️ 1 October 2020

⏱️ 30 minutes

🔗️ Recording | iTunes | RSS

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Summary

with @mira404 @illscience @seema_amble @laurenmurrow Millennials and Gen Z have been hard-hit by the one-two punch of the 2008 and 2020 financial crises. That experience has radically shaped their approach to finances and their mindset around credit and debt. This episode explores how fintech founders are now designing products tailored to the financial challenges of younger consumers, from managing and avoiding student loans to building credit to saving and budgeting apps. Historically, students have largely been overlooked by traditional banks. Due to a combination of economic forces, predatory lending practices, and uninformed decisions, millennials have more outstanding student loans—and owe more money—than any prior generation. According to a poll conducted this month by the data intelligence company Morning Consult, just 46 percent of millennials believe their student debt was worth attending college. Amira Yahyaoui wants to change that. She’s the founder and CEO of Mos, a platform that allows students to apply for every government college financial aid program with a single application. In this episode, Amira joins host Lauren Murrow and a16z fintech partners Anish Acharya and Seema Amble to discuss how fintech can cut through bureaucracy, downsize student debt, and optimize—and ultimately automate—consumers’ financial futures from an early age.

Transcript

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0:00.0	Hi and welcome to the A16Z podcast. I'm Lauren Murrow.
0:04.0	millennials and Gen Z have been hard hit by the one-two punch of the 2008 and 2020 financial crises.
0:10.0	That experience has radically shaped their approach to finances and their mindset around credit and debt.
0:16.0	This episode explores how FinTech founders are now designing products tailored to the financial challenges that younger generation,
0:22.0	from managing and avoiding student loans, to building
0:24.7	credit, to saving and budgeting apps.
0:27.8	Historically, students have largely been overlooked by traditional banks for reasons we'll get
0:31.5	into. Due to a combination of economic
0:33.9	forces, predatory lending practices, and uninformed decisions, millennials have
0:38.4	more outstanding student loans and owe more money than any prior generation.
0:42.2	According to a poll conducted this month by the data and owe more money than any prior generation.
0:43.0	According to a poll conducted this month by the data intelligence company Morning Consult,
0:47.0	just 46% of millennials believe their student debt was worth attending college.
0:51.7	My guest, Amura Yewi, wants to change that. attending college
0:52.7	Yowi wants to change that.
0:54.5	She's the founder and CEO of Moss, a platform that allows students to apply for
0:58.6	every government college manager-led program with a single application.
1:02.0	In this episode,
1:03.3	Amerijoins A16Z FinTech partners, Anish Acharya, and Sima Amble
1:07.7	to discuss how FinTech can cut through bureaucracy, downsides student debt,
1:12.0	and optimize and ultimately automate consumers
1:14.4	financial futures from an early age. Please note that none of the
	...

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