LA Venture Podcast: ​Arjan Schütte Of Core Innovation Capital

Minnie Ingersoll
Minnie Ingersoll is a partner at TenOneTen and host of the LA Venture podcast. Prior to TenOneTen, Minnie was the COO and co-founder of $100M+ Shift.com, an online marketplace for used cars. Minnie started her career as an early product manager at Google. Minnie studied Computer Science at Stanford and has an MBA from HBS. She recently moved back to L.A. after 20+ years in the Bay Area and is excited to be a part of the growing tech ecosystem of Southern California. In her space time, Minnie surfs baby waves and raises baby people.
LA Venture Podcast: ​Arjan Schütte Of Core Innovation Capital

On this week's episode of LA Venture, I had a great conversation with Arjan Schütte, the founder and a managing partner of Core Innovation Capital, a leading fintech fund all about democratizing prosperity. So far they have invested in Ripple, NerdWallet, Synapse, Fundera and more.


Key Takeaways:

  • There are many different kinds of mission-driven fintech companies trying to create upward mobility that are chipping away at the problem of economic inequality. But it's a big problem, and Schütte says there's policy that needs to be in place to make faster progress.
  • By shifting from a cash-based economy to a digital economy, many bank fees can be eliminated, Schütte says..
  • It's an unfair burden, Schütte says, that tens of millions of people move from poor to rich countries and every year send back tens of billions of dollars at the cost of somewhere between 10% and 20%.

Microlending doesn't work in the U.S. because

What people don't realize is that the amount of cash in circulation is so high that even if it continues to erode at the rate that it has for the last 20, 30 years, it will be a prevalent form of payment for another two hundred years.

I feel like technology and private markets in long form are a march towards liberty and a march towards emancipation.

— Arjan Schütte

Arjan Schütte is the founder and a managing partner of Core Innovation Capital, a leading venture capital fund investing in financial services companies that empower everyday Americans. He was previously a senior manager at the Center for Financial Services Innovation from its inception until Core was launched in 2011.

Want to hear more of L.A. Venture? Listen on Apple Podcasts, Stitcher, Spotify or wherever you get your podcasts.

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E-Scooter Companies Are Quietly Changing Their Low-Income Programs in LA

Maylin Tu
Maylin Tu is a freelance writer who lives in L.A. She writes about scooters, bikes and micro-mobility. Find her hovering by the cheese at your next local tech mixer.
E-Scooter Companies Are Quietly Changing Their Low-Income Programs in LA
Photo by Maylin Tu

When Lime launched in Los Angeles in 2018, the company offered five free rides per day to low-income riders, so long as they were under 30 minutes each.

But in early May, that changed. Rides under 30 minutes now cost low-income Angelenos a flat rate of $1.25. As for the five free rides per day, that program ended December 2021 and was replaced by a rate of $0.50 fee to unlock e-scooters, plus $0.07 per minute (and tax).

Lime isn’t alone. Lyft and Spin have changed the terms of their city-mandated low-income programs. Community advocates say they were left largely unaware.

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Faraday Future Reveals Only 401 Pre-Orders For Its First Electric Car

David Shultz

David Shultz is a freelance writer who lives in Santa Barbara, California. His writing has appeared in The Atlantic, Outside and Nautilus, among other publications.

Faraday Future Reveals Only 401 Pre-Orders For Its First Electric Car
Courtesy of Faraday Future

Electric vehicle hopeful Faraday Future has had no shortage of drama—from alleged securities law violations to boardroom shake-ups—on its long and circuitous path to actually producing a car. And though the Gardena-based company looked to have turned a corner by recently announcing plans to launch its first vehicle later this year, Faraday’s quarterly earnings report this week revealed that demand for that car has underwhelmed—to say the least.

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Meet CropSafe, the Agtech Startup Helping Farmers Monitor Their Fields

David Shultz

David Shultz is a freelance writer who lives in Santa Barbara, California. His writing has appeared in The Atlantic, Outside and Nautilus, among other publications.

Meet CropSafe, the Agtech Startup Helping Farmers Monitor Their Fields
Courtesy of CropSafe.

This January, John McElhone moved to Santa Monica from, as he described it, “a tiny farm in the absolute middle of nowhere” in his native Northern Ireland, with the goal of growing the crop-monitoring tech startup he founded.

It looks like McElhone’s big move is beginning to pay off: His company, CropSafe, announced a $3 million seed funding round on Tuesday that will help it develop and scale its remote crop-monitoring capabilities for farmers. Venture firm Elefund led the round and was joined by investors Foundation Capital, Global Founders Capital, V1.VC and Great Oaks Capital, as well as angel investors Cory Levy, Josh Browder and Charlie Songhurst. The capital will go toward growing CropSafe’s six-person engineering team and building up its new U.S. headquarters in Santa Monica.

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