The Free Toaster

Nicky Senyard, CEO and Founder of Fintel Connect, has been doing digital acquisition since 2002. Her read on this wave: affiliate marketing is still a bottom of funnel conversion tactic. On today’s show, we discuss everything sitting above it.
 
We get into:
Why roughly 90% of LLM citations are non-branded, and what that does to a lender's odds of getting quoted
The neutrality problem. LLMs reward comparison content and domain authority, which is why publishers keep winning the citation
54% of surveyed Americans now use chat for personal finance recommendations
Gemini mentions brands more than half the time, so picking your engine is a real strategy decision
GEO packages, prompt volume, and share of voice. How publishers are already selling placement inside the answers
Nicky's 3 step playbook: clean up your own content first, ride the publishers already indexed, save the site overhaul for last
Why she thinks the arbitrage window is narrower this time than it was with Google or Facebook
Where Carlos and Nicky disagree on timing for quantum finance through LLMs. She says 10 years, at least. He says 5.
 
Plus a big question underneath all of it: what happens to financial discernment for the people who never had to build it?
 
*****
Are you an affiliate marketing leader at a consumer lender or publisher!?If so, we have an event for you!
The Affiliate Marketing Summit For Lenders & Publishers
Sponsored by Experian, Engine by Gen, Prism Data, Tare.io, EXL, and ICSSan Francisco - September 23rd
The Exploratorium
150-person, curated room
101 seats are now filled. 49 seats left!
Learn more and request an invitation:
 
events.thefreetoaster.com
 
*****
 
Sign Up For Our Newsletter
The Free Toaster Newsletter ships every Wednesday at www.thefreetoaster.com, curating the biggest stories at the intersection of consumer lending, marketing, and technology.
******
Please Support Our Sponsors!
 
Fintel Connect
Drive thousands of new accounts and billions in deposits with the only partner marketing solution built for fintech and banking – your all-in-one affiliate platform, partner network, agency, and marketing compliance engine.
 
https://partner.fintelconnect.com/get-to-know-fintel-connect?utm_campaign=13897733-2025%20Partners&utm_source=The%20Free%20Toaster&utm_medium=podcast
 
Spinwheel:
Reduce friction in your lending application with just two fields—phone number and birthdate. Spinwheel’s APIs boost application rates by 20-30% while also providing real-time credit data and seamless payment processing. Want to see it in action? Connect with their Head of Growth for a demo!
 
https://spinwheel.io/partner/?utm_source=freetoaster&utm_medium=podcast&utm_campaign=aug
 
 
Bulldog Media Group:Bulldog Media Group is a leading performance marketing company that specializes in online customer acquisition for clients in the financial services industry. Since 2000, they have focused on financial services digital marketing as their core niche. https://www.bulldogmediagroup.com/
 
New Market Growth (Carlos’ agency)NMG focuses on building affiliate marketing programs for consumer lenders.www.newmarketgrowth.com

Carlos & Nick add color to the most recent article on The Free Toaster Newsletter.https://www.thefreetoaster.com/p/nerdwallets-q2-26-earnings
 
They discuss NerdWallet's pivot towards insurance and the top 5 takeaways for card & personal loan marketers.
*****
Are you an affiliate marketing leader at a consumer lender or publisher!?If so, we have an event for you!
The Affiliate Marketing Summit For Lenders & Publishers
Sponsored by Experian, Engine by Gen, Prism Data, Tare.io, EXL, and ICSSan Francisco - September 23rd & 24th
The Exploratorium
150-person, curated room
88 seats are now spoken for. 62 seats left!
Learn more and request an invitation:
events.thefreetoaster.com
 
*****
 
Sign Up For Our Newsletter
The Free Toaster Newsletter ships every Wednesday at www.thefreetoaster.com, curating the biggest stories at the intersection of consumer lending, marketing, and technology.
******
Please Support Our Sponsors!
 
Spinwheel:
Reduce friction in your lending application with just two fields—phone number and birthdate. Spinwheel’s APIs boost application rates by 20-30% while also providing real-time credit data and seamless payment processing. Want to see it in action? Connect with their Head of Growth for a demo!
https://spinwheel.io/partner/?utm_source=freetoaster&utm_medium=podcast&utm_campaign=aug
 
Fintel Connect
Drive thousands of new accounts and billions in deposits with the only partner marketing solution built for fintech and banking – your all-in-one affiliate platform, partner network, agency, and marketing compliance engine.
https://partner.fintelconnect.com/get-to-know-fintel-connect?utm_campaign=13897733-2025%20Partners&utm_source=The%20Free%20Toaster&utm_medium=podcast
 
Bulldog Media Group:Bulldog Media Group is a leading performance marketing company that specializes in online customer acquisition for clients in the financial services industry. Since 2000, they have focused on financial services digital marketing as their core niche. https://www.bulldogmediagroup.com/
 
New Market Growth (Carlos’ agency)NMG focuses on building affiliate marketing programs for consumer lenders.www.newmarketgrowth.com

Today, Carlos comments on the future of distribution in lending, how long it will take to get there, the key blockers along the way, and what CMOs can do now to prepare.This Pod covers his commentary from the most recent Newsletter:https://www.thefreetoaster.com/p/the-future-of-distribution-in-lending
 
*****
Are you an affiliate marketing leader at a consumer lender or publisher!?If so, we have an event for you!
The Affiliate Marketing Summit For Lenders & Publishers
Sponsored by Experian, Engine by Gen, Prism Data, Tare.io, EXL, and ICSSan Francisco - September 23rd & 24th
The Exploratorium
150-person, curated room
88 seats are now spoken for. 62 seats left!
Learn more and request an invitation:
events.thefreetoaster.com
 
*****
 
Sign Up For Our Newsletter
The Free Toaster Newsletter ships every Wednesday at www.thefreetoaster.com, curating the biggest stories at the intersection of consumer lending, marketing, and technology.
******
Please Support Our Sponsors!
 
Spinwheel:
Reduce friction in your lending application with just two fields—phone number and birthdate. Spinwheel’s APIs boost application rates by 20-30% while also providing real-time credit data and seamless payment processing. Want to see it in action? Connect with their Head of Growth for a demo!
https://spinwheel.io/partner/?utm_source=freetoaster&utm_medium=podcast&utm_campaign=july
 
Fintel Connect
Drive thousands of new accounts and billions in deposits with the only partner marketing solution built for fintech and banking – your all-in-one affiliate platform, partner network, agency, and marketing compliance engine.
https://partner.fintelconnect.com/get-to-know-fintel-connect?utm_campaign=13897733-2025%20Partners&utm_source=The%20Free%20Toaster&utm_medium=podcast
 
Bulldog Media Group:Bulldog Media Group is a leading performance marketing company that specializes in online customer acquisition for clients in the financial services industry. Since 2000, they have focused on financial services digital marketing as their core niche. https://www.bulldogmediagroup.com/
 
New Market Growth (Carlos’ agency)NMG focuses on building affiliate marketing programs for consumer lenders.www.newmarketgrowth.com

Capital One recently shared their Q2 earnings.
Their marketing spend was $1.7B, up 23% year over year. Today, we dive into how Capital One used that budget and the implications for marketers in lending.
Carlos & Nick expand on the coverage in this week's Newsletter Edition. 
https://www.thefreetoaster.com/p/5-things-marketers-should-draw-from
 
*****
Are you a leader at a consumer lender or publisher!?If so, we have an event for you!
The Affiliate Marketing Summit For Lenders & Publishers
Sponsored by Experian, Engine by Gen, Prism Data, Tare.io, and EXLSan Francisco - September 23rd & 24th
The Exploratorium
150-person, curated room
Early bird tickets ($999) end August 1, increasing to $1499 August 2ndLearn more: events.thefreetoaster.com
 
*****
 
Sign Up For Our Newsletter
The Free Toaster Newsletter ships every Wednesday at www.thefreetoaster.com, curating the biggest stories at the intersection of consumer lending, marketing, and technology.
******
Please Support Our Sponsors!
 
Fintel Connect
 
Drive thousands of new accounts and billions in deposits with the only partner marketing solution built for fintech and banking – your all-in-one affiliate platform, partner network, agency, and marketing compliance engine.
https://partner.fintelconnect.com/get-to-know-fintel-connect?utm_campaign=13897733-2025%20Partners&utm_source=The%20Free%20Toaster&utm_medium=podcast
 
Bulldog Media Group:Bulldog Media Group is a leading performance marketing company that specializes in online customer acquisition for clients in the financial services industry. Since 2000, they have focused on financial services digital marketing as their core niche. https://www.bulldogmediagroup.com/
 
Spinwheel:
 
Reduce friction in your lending application with just two fields—phone number and birthdate. Spinwheel’s APIs boost application rates by 20-30% while also providing real-time credit data and seamless payment processing. Want to see it in action? Connect with their Head of Growth for a demo!
https://spinwheel.io/partner/?utm_source=freetoaster&utm_medium=podcast&utm_campaign=july
 
New Market Growth (Carlos’ agency)NMG focuses on building affiliate marketing programs for consumer lenders.www.newmarketgrowth.com

Recently, Carlos sat on the LendAPI Podcast with Tim Li to discuss the Summit he's organizing on September 23rd in San Francisco.
 
*****
The Affiliate Marketing Summit For Lenders & Publishers
Sponsored by Experian, Engine by Gen, Prism Data, Tare.io, and EXL
San Francisco - September 23rd & 24th
The Exploratorium
150-person, curated room
Early bird tickets ($999) end August 1Learn more: events.thefreetoaster.com
 

Samsung & Barclays just shipped a co-brand card. The economics (3% on everything you buy through the Samsung Wallet) are rich. Even better than the Apple Card!Plus, our predictions on whether Claude or ChatGPT will launch credit cards!
 
Today, Carlos & Nick expand on the coverage in this week's Newsletter Edition.https://www.thefreetoaster.com/p/samsungs-new-galaxy-card-and-its*****
Are you a leader at a consumer lender or publisher!?If so, we have an event for you!
The Affiliate Marketing Summit For Lenders & Publishers
Sponsored by Experian, Engine by Gen, and Prism DataSan Francisco - September 23rd & 24th
The Exploratorium
150-person, curated room
Early bird tickets ($999) end August 1, increasing to $1499 August 2ndLearn more: events.thefreetoaster.com
 
*****
 
Sign Up For Our Newsletter
The Free Toaster Newsletter ships every Wednesday at www.thefreetoaster.com, curating the biggest stories at the intersection of consumer lending, marketing, and technology.
******
Please Support Our Sponsors
 
Bulldog Media Group:Bulldog Media Group is a leading performance marketing company that specializes in online customer acquisition for clients in the financial services industry. Since 2000, they have focused on financial services digital marketing as their core niche. https://www.bulldogmediagroup.com/
 
Spinwheel:
 
Reduce friction in your lending application with just two fields—phone number and birthdate. Spinwheel’s APIs boost application rates by 20-30% while also providing real-time credit data and seamless payment processing. Want to see it in action? Connect with their Head of Growth for a demo!
https://spinwheel.io/partner/?utm_source=freetoaster&utm_medium=podcast&utm_campaign=july
 
Fintel Connect
 
Drive thousands of new accounts and billions in deposits with the only partner marketing solution built for fintech and banking – your all-in-one affiliate platform, partner network, agency, and marketing compliance engine.
https://partner.fintelconnect.com/get-to-know-fintel-connect?utm_campaign=13897733-2025%20Partners&utm_source=The%20Free%20Toaster&utm_medium=podcast
 
New Market Growth (Carlos’ agency)NMG focuses on building affiliate marketing programs for consumer lenders.www.newmarketgrowth.com

Carlos & Nick discuss this week’s story - “Oportun and Column Announce New Lending Partnership to Expand Access to Responsible Credit.”
At first glance, not that exciting. Just a new partner bank.
Then we dug into the filings and found something strange: for the past nine months, Oportun had a bank partner that wouldn’t hold a single one of its new loans. Pathward originated them, and Oportun bought back 100%. Meanwhile, a growing acquisition machine in consumer lending (referrals in Q1 2025 up 352% year over year) sat idling with nowhere to run.
This is why the Column deal is more than a routine bank partner transaction. It might be the moment Oportun’s marketing team finally got the green light.
Today’s Pod expands on coverage from this week’s Newsletter:https://www.thefreetoaster.com/p/oportuns-bank-partner-held-no-loans
******
 
Come meet Carlos & Nick in San Francisco!
The Affiliate Marketing Summit For Lenders & Publishers
Sponsored by Experian, Engine by Gen, and Prism DataSan Francisco - September 23rd & 24th
The Exploratorium
150-person, curated room
Early bird tickets ($999) end August 1, increasing to $1499 August 2ndLearn more: events.thefreetoaster.com
 
*****
 
Sign Up For Our Newsletter
The Free Toaster Newsletter ships every Wednesday at www.thefreetoaster.com, curating the biggest stories at the intersection of consumer lending, marketing, and technology.
******Please Support Our Sponsors
 
Spinwheel:
 
Reduce friction in your lending application with just two fields—phone number and birthdate. Spinwheel’s APIs boost application rates by 20-30% while also providing real-time credit data and seamless payment processing. Want to see it in action? Connect with their Head of Growth for a demo!
https://spinwheel.io/partner/?utm_source=freetoaster&utm_medium=podcast&utm_campaign=july
 
Fintel Connect
 
Drive thousands of new accounts and billions in deposits with the only partner marketing solution built for fintech and banking – your all-in-one affiliate platform, partner network, agency, and marketing compliance engine.
https://partner.fintelconnect.com/get-to-know-fintel-connect?utm_campaign=13897733-2025%20Partners&utm_source=The%20Free%20Toaster&utm_medium=podcast
 
Bulldog Media Group:Bulldog Media Group is a leading performance marketing company that specializes in online customer acquisition for clients in the financial services industry. Since 2000, they have focused on financial services digital marketing as their core niche. https://www.bulldogmediagroup.com/
 
 
New Market Growth (Carlos’ agency)NMG focuses on building affiliate marketing programs for consumer lenders.www.newmarketgrowth.com

Search is often just 10% of a lender's marketing mix — but Ross Cohen makes the case that it's the most powerful channel for experimentation and the best "shock absorber" when direct mail or affiliates come up short.
 
Ross, an advisory partner at Arica Consulting with 20+ years running search across Capital One, New York Life, FrontPoint, and Greenlight, has evaluated search agencies from every angle — client, operator, founder, and agency owner. In this deep-dive with Carlos, he shares the exact questions a non-technical CMO can ask to separate the pros from the pretenders.
 
We cover:
Why quality score and the keyword vs. search term gap drive everything
The branded/unbranded commingling trap that hides massive unbranded overspend
Why optimizing to CPL instead of CPA is the single most common mistakes agencies make
Reading the change log, auditing Google's auto-recommendations, and the marginal vs. average CAC test
How to start from scratch: build an MVP account, one landing page, a few keywords
 
This conversation is practical, in-the-weeds, and refreshingly honest.
 
Find Ross at recohen.com or on LinkedIn
 
******
 
Come meet Carlos in San Francisco!
The Affiliate Marketing Summit For Lenders & Publishers
Sponsored by Experian, Engine by Gen, and Prism DataSan Francisco - September 23rd & 24th
The Exploratorium
150-person, curated room
Early bird tickets ($999) end August 1Learn more: events.thefreetoaster.com
 
*****
 
Sign Up For Our Newsletter
 
The Free Toaster Newsletter ships every Wednesday at www.thefreetoaster.com, curating the biggest stories at the intersection of consumer lending, marketing, and technology.
******Please Support Our Sponsors
 
Bulldog Media Group:Bulldog Media Group is a leading performance marketing company that specializes in online customer acquisition for clients in the financial services industry. Since 2000, they have focused on financial services digital marketing as their core niche. https://www.bulldogmediagroup.com/
 
Fintel Connect
 
Drive thousands of new accounts and billions in deposits with the only partner marketing solution built for fintech and banking – your all-in-one affiliate platform, partner network, agency, and marketing compliance engine.
https://partner.fintelconnect.com/get-to-know-fintel-connect?utm_campaign=13897733-2025%20Partners&utm_source=The%20Free%20Toaster&utm_medium=podcast
 
Spinwheel:
 
Reduce friction in your lending application with just two fields—phone number and birthdate. Spinwheel’s APIs boost application rates by 20-30% while also providing real-time credit data and seamless payment processing. Want to see it in action? Connect with their Head of Growth for a demo!
https://spinwheel.io/partner/?utm_source=freetoaster&utm_medium=podcast&utm_campaign=july
  
 
New Market Growth (Carlos’ agency)NMG focuses on building affiliate marketing programs for consumer lenders.www.newmarketgrowth.com

On July 13th 2026, Carlos spoke on a panel moderated by Danielle Lauzon (Fintel Connect) with Amanda Share (Pagaya), and John Hanley (Idaho First Bank). Big ideas Carlos discusses:1. The dangers of blindly optimizing for CPA in affiliate channels based on executive mandate2. Why marketing at a lending company is one of the hardest jobs out there3. A time he saw a huge spike in lead volume that was toxic for the business4. Why direct mail is systematically undervalued5. The (brand marketing) lesson that took him over 2 decades to learn
 
*****
Fintel Connect's Danielle Lauzon hosts a panel unpacking findings from a Cornerstone Advisors survey of 126 senior bank and credit union marketing execs — most of whom struggle to connect marketing spend to measurable outcomes, yet keep funding the channels that merely look best in reporting.
 
Joining the conversation:
 
Danielle Lauzon (Fintel Connect) — moderator; works on growth and strategy for the affiliate marketing platform built for financial services.
Amanda Share — VP of Affiliates at Pagaya, which expands access to credit by pairing AI underwriting with performance marketing.
John Hanley — EVP & CMO of Idaho First Bank and its digital brand Peak Bank, with 20 years in financial services marketing.
Carlos Caro — founder of New Market Growth and publisher of The Free Toaster Newsletter, former Credit Karma executive and Capital One analyst.
 
Topics covered: why CPA and cost-per-lead mislead budget decisions, the shared-leads horror story that turned a channel toxic, why lending dashboards need credit dimensions, direct mail's chronic undervaluation, and the case for fintechs investing in brand marketing.
 
 
******
 
Come meet Carlos & Nick in San Francisco!
The Affiliate Marketing Summit For Lenders & Publishers
Sponsored by Experian, Engine by Gen, and Prism DataSan Francisco - September 23rd & 24th
The Exploratorium
150-person, curated room
Early bird tickets ($999) end August 1Learn more: events.thefreetoaster.com
 
*****
 
Sign Up For Our Newsletter
 
The Free Toaster Newsletter ships every Wednesday at www.thefreetoaster.com, curating the biggest stories at the intersection of consumer lending, marketing, and technology.
******Please Support Our Sponsors
 
Fintel Connect
 
Drive thousands of new accounts and billions in deposits with the only partner marketing solution built for fintech and banking – your all-in-one affiliate platform, partner network, agency, and marketing compliance engine.
https://partner.fintelconnect.com/get-to-know-fintel-connect?utm_campaign=13897733-2025%20Partners&utm_source=The%20Free%20Toaster&utm_medium=podcast
 
Spinwheel:
 
Reduce friction in your lending application with just two fields—phone number and birthdate. Spinwheel’s APIs boost application rates by 20-30% while also providing real-time credit data and seamless payment processing. Want to see it in action? Connect with their Head of Growth for a demo!
https://spinwheel.io/partner/?utm_source=freetoaster&utm_medium=podcast&utm_campaign=july
 
Bulldog Media Group:Bulldog Media Group is a leading performance marketing company that specializes in online customer acquisition for clients in the financial services industry. Since 2000, they have focused on financial services digital marketing as their core niche. https://www.bulldogmediagroup.com/
 
 
New Market Growth (Carlos’ agency)NMG focuses on building affiliate marketing programs for consumer lenders.www.newmarketgrowth.com

Klarna just filed to become a bank. They're the ninth major fintech since December, joining Affirm, PayPal, Upstart, Revolut, Bunq, Mission Lane, and OppFi. The OCC saw 18 de novo applications in 2025, nearly matching the previous four years combined.
Carlos and Nick break down why everyone is running for the regulatory door: cheaper funding through insured deposits, control without a sponsor bank in the middle, and a political window that may not stay open.
They dig into the Klarna paradox. The company tells investors it's a spend-centric business, yet Morgan Stanley notes nearly all incremental profit comes from lending. Which one is the charter for?
Plus: what a deposit-funded fintech tier means for subprime cards, Mission Lane's filing, and who files next (Chime, anyone?).
 
Newsletter version of this story:https://www.thefreetoaster.com/p/klarna-just-filed-for-a-bank-charter
******
 
Come meet Carlos & Nick in San Francisco!
The Affiliate Marketing Summit For Lenders & Publishers
Sponsored by Experian, Engine by Gen, and Prism DataSan Francisco - September 23rd & 24th
The Exploratorium
150-person, curated room
Early bird tickets ($999) end August 1Learn more: events.thefreetoaster.com
 
*****
 
Sign Up For Our Newsletter
 
The Free Toaster Newsletter ships every Wednesday at www.thefreetoaster.com, curating the biggest stories at the intersection of consumer lending, marketing, and technology.
******Please Support Our Sponsors
 
Fintel Connect
 
Drive thousands of new accounts and billions in deposits with the only partner marketing solution built for fintech and banking – your all-in-one affiliate platform, partner network, agency, and marketing compliance engine.
https://partner.fintelconnect.com/get-to-know-fintel-connect?utm_campaign=13897733-2025%20Partners&utm_source=The%20Free%20Toaster&utm_medium=podcast
 
Bulldog Media Group:Bulldog Media Group is a leading performance marketing company that specializes in online customer acquisition for clients in the financial services industry. Since 2000, they have focused on financial services digital marketing as their core niche. https://www.bulldogmediagroup.com/
 
Spinwheel:
 
Reduce friction in your lending application with just two fields—phone number and birthdate. Spinwheel’s APIs boost application rates by 20-30% while also providing real-time credit data and seamless payment processing. Want to see it in action? Connect with their Head of Growth for a demo!
https://spinwheel.io/partner/?utm_source=freetoaster&utm_medium=podcast&utm_campaign=july
 
 
New Market Growth (Carlos’ agency)NMG focuses on building affiliate marketing programs for consumer lenders.www.newmarketgrowth.com