The Ledger
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SoFi is a rare exception among consumer fintech startups scaling independently
“So I think people like SoFi are the exception to the rule. Where you're able to, you know, come in with a new product that the, an area where the banks are not paying it, you know, are not working for whatever reason, and then expand to be a big company.”
Scaling fintech startups will ultimately partner with or be acquired by incumbents
“I think you're going to see most of the companies end up being when they get to a certain size or asset size. Partnering or acquiring with a large institution because they have the regulatory expertise and they have the distribution power.”
Enterprise interest in distributed ledger enabling tech will rebound by 2019
“And I predict that in like two years, there will be an increased interest back in more enabling technologies that will help fit around the distributed ledger, but the core systems, people have made their bets.”
Henry Kravis raised Partnership Fund's capital in the late 1990s
“Henry Kravis of KKR raised the funds in the late nineties, and he raised them from major, major corporations in New York, as well as individuals.”
Partnership Fund operates as a civic evergreen vehicle without profit motive
“We're structured as an evergreen fund. So the investors put up the money not to make a financial return, but to try to create jobs and expand the economy in New York City.”
Partnership Fund holds investor capital for 45 years to reinvest returns
“So we have the investor's money for 45 years, and if we make returns, it comes back to us to fund new projects.”
FinTech Innovation Lab takes small warrant coverage from all participants
“Initially, we take a very small warrant coverage and everybody that comes into the lab. Now we will invest in some of the graduates post program, but the program it's, but that's a separate, that's separate from the lab.”
FinTech Innovation Lab exclusively accepts B2B or B2B2C startups
“And the program is 100% B to B or B to B to C. So we're doing no direct to consumer companies in the program.”
Data, security, and risk management consistently top financial CIO priorities
“So consistently since the beginning, there has always been what I call the big three data, security, risk management, currently known as RegTech, but basically it does a risk management. So those three categories have been on the top of the CIOs list since the…”
Partnership Fund has deployed $160M from its initial $120M capital base
“Out of the hundred and twenty million, we've actually made one hundred and sixty million investments.”