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.
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