Sublime
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Because of this hit, big banks began charging and raising overdraft fees. For a consumer who doesn’t keep a balance, overdrafts became so expensive that it simply didn’t make sense to keep an account with a bank that would charge those. This created two opportunities: 1. Products like Dave, Status, Bridget and Earnin have emerged to provide overdra... See more
Ayo Omojola • Wave Hunting
Here's a list of the most active partner banks and their marquee clients. I get questions all the time from founders
- Who are the most active partner banks?
- What bank should I partner with?
It's hard to answer! The number of partner banks & the number of fintechs they support has explod... See more
For the largest banks, interchange was the primary way they monetized consumers who lived paycheck to paycheck. If you live paycheck to paycheck, you have high volatility in your income and expenses and you generally don’t keep a balance in your bank account, so the bank relies on interchange fees to profitably service you.
Ayo Omojola • Wave Hunting
@futureformerJD With that in mind…
Start with Buffett’s 1990 shareholder letter. Go to where he’s explaining why he bought 10% of Wells. It’s only a few paragraphs. But every word matters. It’s the Rosetta Stone of banking.
From there, read Duff McDonald’s bio on Dimon. 2/
Maxfield on Banksx.com