Canaan recently hosted our West Coast edition of FinTech Central (FTC) to discuss the current state of infrastructure in fintech. FTC, which launched in 2015, is our quarterly panel discussion about trends in the fintech ecosystem. At our first FTC, marketplace lending for XYZ and bitcoin were hot. Fast forward two years and we’ve seen a compression in global fintech investment. The data show that the first wave of fintech was focused primarily on consumer facing products, and after the panel, we now know that the underlying infrastructure of finance is horribly broken. The next generation of fintech products must take on the core of financial products, which, in turn, will improve the consumer experience.
At our FTC West Coast on April 6th, we were fortunate enough to be joined by a cross section of leaders to discuss the infrastructure refresh, including Zach Perret, CEO and Co-Founder of Plaid; Ben Duranske, CEO and Co-Founder of compliance infrastructure startup Beam; Sameer Gulati, COO of Canaan portfolio company, and fintech turned incumbent, Lending Club; and Victoria Cheng of Citi Ventures.