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Fintech Firsthand

Author: Fintech Firsthand

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When bankers want to launch or grow BaaS or Fintech projects, they need access to peers – CEOs with firsthand experience – to reduce unknown unknowns. The hard part is finding them, and getting time on the calendar to learn from them.
We’ve done that work for you.
Erik Skovgard, a community bank CEO who helped launch Square, Acorns, and other prominent fintechs, interviews BaaS bankers to bring you their stories and experiences.
3 Episodes
In this episode Erik welcomes Ryan Hildebrand, Executive Vice President and Chief Innovation Officer at Bankwell Bank to talk about how he got started in banking as a service, Bankwell's new AI-assisted loan origination platform, and the future of banking as a service. Listen in for his firsthand experience: - Running fintech companies - The history of innovation in banking - Leading a banking-as-a-service division at a bank - Launching an AI-based service for loan origination - What the future of BaaS looks like We're excited to bring you this interesting dialogue on this developing sector of banking that's so critical for the future of the industry.
Our guest is Itai Damti, CEO of Unit, founded in 2019. Unit now partners with about 200 customers ranging from public companies to start ups. Customers includes names like Invoice2Go (, AngelList, Wix, Instawork, and more. In the past, banking institutions have faced an enourmous build-out in technnology and personnel in order to launch and manage an embedded finance – otherwise known as banking as a service – program. Just to build the technical foundation for tasks like reconciliation, end user indentification, compliance, statements, reporting, and fraud, an institution needed 20 or more solutions. In this episode we cover what limited the success of early fintech, why embedded finance became essential to fintech success, how innovation to serve institutions, and how fintech could redefine embedded finance's future.
Eric Sprink, Chief Executive Officer of Coastal Community Bank, joins us to share how his bank has organically grown from less than 200 million to three and a half billion since 2006. After completing its successful IPO on the NASDAQ in 2018, Eric led the bank's venture into banking as a service through its division CCBX. Coastal Community Bank now partners with well known fintechs such as Walmart's fintech, One, and Bluevine, just to name a few. Let's learn from Eric's firsthand experience. DISCLAIMER: FINTECH FIRSTHAND PODCASTS, WEBPAGES, PEER GROUPS, AND ANY RELATED CONTENT ARE SOLELY FOR INFORMATIONAL PURPOSES AND SHOULD NOT BE INTERPRETED AS BUSINESS, LEGAL, REGULATORY, OR INVESTMENT ADVICE. STATEMENTS MADE ARE SOLELY THE PERSONAL OPINIONS OF GUESTS AND THE HOST, AND ARE NOT STATEMENTS OF THEIR COMPANY OR OF FINTECH FIRSTHAND. Disclaimer from Coastal Community Bank: This presentation and oral statements made regarding the subject of this presentation contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect Coastal Financial Corporation (“Coastal” or “CFC”)’s current views with respect to, among other things, future events and Coastal’s financial performance. Any statements about Coastal’s expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. Any or all of the forward-looking statements in (or conveyed orally regarding) this presentation may turn out to be inaccurate. The inclusion of or reference to forward-looking information in this presentation should not be regarded as a representation by Coastal or any other person that the future plans, estimates or expectations contemplated by Coastal will be achieved. Coastal has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that Coastal believes may affect its financial condition, results of operations, business strategy and financial needs. Coastal’s actual results could differ materially from those anticipated in such forward-looking statements as a result of risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, the risks and uncertainties discussed under “Risk Factors” in Form 10-K for the year ended December 31, 2022, Coastal’s Quarterly Report on Form 10-Q for the most recent quarter, and in any of Coastal’s subsequent filings with the Securities and Exchange Commission. If one or more events related to these or other risks or uncertainties materialize, or if Coastal’s underlying assumptions prove to be incorrect, actual results may differ materially from what Coastal anticipates. You are cautioned not to place undue reliance on forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made and Coastal undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. This presentation includes industry and trade association data, forecasts and information that Coastal has prepared based, in part, upon data, forecasts and information obtained from independent trade associations, industry publications and surveys, government agencies and other information publicly available to Coastal, which information may be specific to particular markets or geographic locations. Some data is also based on Coastal’s good faith estimates, which are derived from management’s knowledge of the industry and independent sources. Industry publications, surveys and forecasts generally state that the information contained therein has been obtained from sources believed to be reliable. Statements as to Coastal’s market position are based on market data currently available to Coastal. Although Coastal believes these sources are reliable, Coastal has not independently verified the information contained therein. While Coastal is not aware of any misstatements regarding the industry data presented in this presentation, Coastal’s estimates involve risks and uncertainties and are subject to change based on various factors. Similarly, Coastal believes that its internal research is reliable, even though such research has not been verified by independent sources. Trademarks referred to in this presentation are the property of their respective owners, although for presentational convenience we may not use the ® or the TM symbols to identify such trademarks. Non-GAAP Financial Measures This presentation includes non-GAAP financial measures for 2017 to exclude the impact of a deferred tax asset revaluation due to the enactment of the Tax Cuts and Jobs Act of 2017 (the “Tax Cuts and Jobs Act”) on net income. This non-GAAP financial measure and any other non-GAAP financial measures that we discuss in this presentation should not be considered in isolation, and should be considered as additions to, and not substitutes for or superior to, measures of financial performance prepared in accordance with GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their most directly comparable GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of Coastal’s non-GAAP financial measures as tools for comparison. See the Appendix to this presentation for a reconciliation of the non-GAAP financial measures used in (or conveyed orally during) this presentation to their most directly comparable GAAP financial measures. This presentation includes non-GAAP financial measures to illustrate the impact of BaaS loan expense on net loan income and yield on CCBX loans, and net interest margin. Net BaaS loan income divided by average CCBX loans is a non-GAAP measure that includes the impact BaaS loan expense on net BaaS loan income and the yield on CCBX loans. The most directly comparable GAAP measure is yield on CCBX loans. Net interest income net of BaaS loan expense is a non-GAAP measure that includes the impact BaaS loan expense on net interest income. The most directly comparable GAAP measure is net interest income. Net interest margin, net of BaaS loan expense is a non-GAAP measure that includes the impact of BaaS loan expense on net interest margin. The most directly comparable GAAP measure is net interest margin.