Tearsheet’s 2022 guide to Money 20/20

Business of Fintech, Member Exclusive

Financial firms are building new businesses from the layers beneath their products

• Intuit is opening up its financial intelligence to AI agents, while SoFi is making its infrastructure programmable.
• Both firms are betting that the layers beneath their products can become businesses in their own right, creating value across new interfaces, businesses, and customer relationships.

Business of Fintech, Member Exclusive, Policies & Playbooks

The antitrust question is moving up the stack: What California’s new push and NVIDIA’s retreat mean for finance

• California lawmakers are weighing whether antitrust law needs to draw a clearer line between growing an ecosystem and using market power to shape it.
• Antitrust is now becoming a front-end strategy issue for financial services, not a back-end legal concern.

Business of Fintech, Who owns the customer

Three conversations show how the industry is starting to think differently about where value comes from

• Across recent Tearsheet Podcast episodes, the conversation consistently drifted away from the financial product itself and toward everything that makes those products more intelligent, seamless, and effective.
• Whether it was Slash, Figure, McKinsey, or QED Investors, they all arrived at the same conclusion: value no longer comes from the product alone, but from everything built around it.

BNPL, Business of Fintech, Member Exclusive

With BNPL mainstream, Klarna shifts its focus to better economics

• Flexible payments have become table stakes at checkout. For BNPL providers, the next challenge is finding growth beyond the product itself.
• Klarna's latest moves suggest the company wants to give customers a reason to return even when they aren't making a purchase.

Business of Fintech

The 3-Min Read: Fintechs want to become small businesses’ next employee

• SoFi and Square are making the case through products. Capital One is making it through research, showing that integrated financial tools are becoming essential to how small businesses grow.
• Each announcement addresses a different challenge, but they're all working toward the same goal.