Hello and welcome back to Equity, a podcast about the business of startups where we

unpack the numbers and nuance behind the headlines.

I'm Natasha Masgranes and this is our Wednesday show where we niche down into a

single topic, think about a question and unpack the rest.

This week we're asking, are FinTech startups playing offense or defense today?

As always, I am joined by Alex Wilhelm, who has been doing some great reporting for us

about how public markets are answering this

question Alex how are you well I'm doing better than FinTech stocks oh that's not

saying much I mean I could be I could be sitting here like with you know both my legs missing and I would still be doing better than FinTech stocks, but I'm fine. Thanks for asking

It's kind of crazy. I feel like my favorite and only metric I ever remember on the top of my head is one out of

every five dollars in VC are going to FinTech and like that's all I can remember and

it just like continues to boggle me so I am very thankful we have a special

guest Marianne who we convinced to come on the Wednesday show Mary Anne

Thank you for being here to explain to us your wild world

Yeah, excited to be here. It's gonna be fun. So we will definitely start with two news hooks that explain why we care about this question today.

But for a high level, we're going to talk about FinTech going full stock, what that means for competition, and what happens if you are all trying to fight for the same user cohort.

We'll also get into which startups are going to compete with each other.

I think we're going to do some live analysis at some point, who knows?

And then finally end with if the FinTech

recorrection in the public markets right now

will trickle down to private startups.

But Marianne, let's start with Pipe and Ramth

...