The Free Toaster

E021 - Tim Li, CEO at LendAPI

LendAPI lets you create application flows, credit decision engines, and complete lending products through simple drag-and-drop tools—all without hiring engineers or spending millions.
You can build and launch lending products quickly and efficiently, then use a working product to raise venture capital. Even non-financial businesses like boat dealerships are using it to replace clunky Excel-based applications.
Tim in unsually transparent as an early stage founder. He shared:
$3.5 million in seed funding raised just four months ago
How many applications they process daily
How many lenders use the platform
The company’s ARR and target before raising more capital
LendAPI connects with all three credit bureaus, loan servicing systems, and identity verification providers that you work with daily. Tim's vision is to become the "WordPress of lending"—making it easy for your clients to launch financial products without technical expertise.
Where to find Tim:
LinkedIn
https://www.linkedin.com/in/timothytli/
Substack (Tim’s build-in-public blog)
https://substack.com/@lendapi
LendAPIhttps://www.lendapi.com/
*****
A word from our sponsor, 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=mar
A word from our sponsor, New Market Growth:
 
New Market Growth helps fintech consumer lenders generate explosive growth on affiliate marketing channels like Credit Karma, Experian Marketplace, LendingTree, and others.Affiliate marketing involves marketing & credit risk expertise, and NMG's founders bring this with 21+ years of lending experience and 8+ years experience as executive affiliate operators.If you'd like help planning or implementing your affiliate marketing strategy, email us at carlos@newmarketgrowth.com
 
Subscribe to the Free Toaster Newsletter:www.thefreetoaster.com/
 
Want to chat with Carlos Caro, our host? Find him at carlos@newmarketgrowth.com

E020 - Guru Sethupathy, Founder & CEO at FairNow

In this episode, I catch up with my old Columbia PhD classmate Guru Sethupathy, founder of FairNow, an AI governance platform for financial services.
About AI Governance:
Involves three key components:
Monitoring AI performance, explainability, and bias
Ensuring compliance with financial regulations
Establishing clear AI policies and procedures
Why It Matters for FinTechs:
Often viewed as a cost center but becomes a strategic advantage
Becomes critically important during partner due diligence
"Light touch" governance is better than scrambling reactively
Risk of bias or compliance issues can be existential for startups
Explainability Benefits:
Meets regulatory requirements
Improves customer experience
Enhances operational understanding
Helps identify performance optimization opportunities
Resources:
Learn more at fairnow.ai
Contact: guru@fairnow.ai
 
A word from our sponsor, 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=mar
Subscribe to the Free Toaster Newsletter:www.thefreetoaster.com/
 
Want to chat with Carlos Caro, our host? Email him at carlos@newmarketgrowth.com

E019 - Greg Cox, Group CEO at Quint Group (Monevo)

In this episode, we speak with Greg Cox, CEO of Monevo, to discuss their recent acquisition by TransUnion and how they're transforming credit offer distribution.
Greg explains how Monevo serves as a technology layer connecting lenders and publishers, allowing lenders to distribute highly qualified credit offers to third-party websites and aggregators. The platform helps lenders target the right customers across multiple digital channels while improving conversion rates.Highlights:
How Monevo's technology handles model hosting and decisioning, with flexibility for lenders to host models with Monevo, TransUnion, or their own platforms
Their extensive publisher network, including major players like Lending Tree, NerdWallet, Credit Karma, and Clear Score
The company's bootstrapped journey from a £25,000 investment to a TransUnion acquisition
How their solution dramatically reduces soft inquiry costs for lenders
Different types of offers presented to consumers (pre-approved, pre-qualified, qualified)
Future plans following the TransUnion acquisition, including expansion into new verticals beyond personal loans and credit cards
Greg shares insights on how Monevo makes both lender and publisher relationships more efficient by improving approval rates, boosting monetization for publishers, and delivering better-qualified users to lenders - all while maintaining flexibility in commercial agreements that align with good outcomes for all parties.
 
A word from our sponsor, 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=mar
Subscribe to the Free Toaster Newsletter:www.thefreetoaster.com/
 
Want to chat with Carlos Caro, our host? Email him at carlos@newmarketgrowth.com

E018 - Rich Walker, Direct Mail Deep Dive

Rich Walker is a 35-year industry vet who’s been responsible for over 10 billion pieces of Direct Mail.
Rich has led direct marketing teams at Capital One, the Winterberry Group, Deluxe Corporation, 2nd Order Solutions, and more recently, Aven.
He also ran his own consulting shop - Pilot Performance Marketing - focused on helping lenders solve Direct Mail.
So we jumped at the opportunity to get his take on how lenders can leverage Direct Mail to grow their customer acquisition programs.
 
We Discuss:
1️⃣ Why Direct Mail still matters-$3B in spend per year-The power of pre-screened marketing2️⃣ Who should explore Direct Mail-High response, low LTV-Low response, high LTV-Breakdowns by product category3️⃣ Direct Mail vs. other channels-How does it compare to affiliate marketing?-Attribution and overlaps4️⃣ Unit economics-Cost per piece at scale (and subscale)-How costs breakdown by postage, data, creative/printing -Typical CACs & response rates5️⃣ The mechanics of a campaign-Checklist of how to go to market-Typical GTM timelines-How to go from 0 to in market in 8 weeks6️⃣ Building or renting a Direct Mail function-Case for keeping in-house-Case for out-sourcing7️⃣ Optimizing the 3 big levers-List (targeting and modeling)-Offer-Creative8️⃣ Ways to solve attribution-Invitation codes, QR codes, vanity URLs-GEO holdout tests9️⃣ The future of Direct Mail
A word from our sponsor, 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=feb
Subscribe to the Free Toaster Newsletter:www.thefreetoaster.com

E017 - Congruence

What is Congruence? Aligning messaging from your ad, to your landing page, to your final conversion steps creates lift in your marketing funnel, reducing your CACs and increasing your customer acquisition volumes. It sounds elementary. Yet many organizations forget to do it.
Today we dig into examples of marketing from Wells Fargo and Discover to illustrate what it means to be Congruent across your marketing funnel.
The visuals from our Newsletter will help:https://www.thefreetoaster.com/p/congruence
A word from our sponsor, Spinwheel:
Streamline your lending application pages with 2-fields.
To see a demo, click below to chat with their Head of Growth.
https://spinwheel.io/partner/?utm_source=freetoaster&utm_medium=podcast&utm_campaign=feb
 
Subscribe to the Free Toaster Newsletter:
www.thefreetoaster.com

E016 - Kevin Bennett, CEO at Further

We chat with Kevin Bennett, a successful entrepreneur who helped grow Caribou to a billion-dollar company. Now, he's back with Further, a platform focused on helping people afford their first homes. Kevin shares important lessons for early-stage founders and gives practical advice for growing a business.
 
We Discuss:
Product vs. Distribution: Kevin explains why both product development and getting your product to customers are equally important.
Experimenting with Marketing: Kevin talks about the need to test different marketing channels and how to do it quickly.
Evaluating Marketing Channels: Kevin shares a simple framework to decide if a marketing channel is worth investing in:
Does it resonate with your audience?
Can it scale as you grow?
Are the economics (costs and returns) good?
How stable is the channel or partnership?
Speed and Cycle Time: Kevin emphasizes the need to test ideas fast and make decisions quickly.
Strategic Partnerships: Kevin talks about the value of finding strong partners who can help your business grow.
A word from our sponsor, Spinwheel:
Streamline your lending application pages with 2-fields.
If you’re anything like us, friction on application pages makes you nauseous.
It makes your CACs go up. It makes your volumes drop. It causes your CFO and CEO to say mean things.
The trouble is, application friction isn’t easy to fix. Your prod/eng is busy. We get it.
Spinwheel’s APIs streamline a lending application form with just a phone number and a birthdate - like magic (but it’s really just smart tech)! Then you get a 20-30% lift in your application rate.
Additionally, they can give you real-time, verified consumer credit data and seamless payment processing, which can help you serve customers beyond the initial application.
To see a demo, click below to connect with their Head of Growth and see this thing in action.
https://spinwheel.io/partner/?utm_source=freetoaster&utm_medium=podcast&utm_campaign=jan
Subscribe to the Free Toaster Newsletter:www.thefreetoaster.com
 

E015 - Tomas Campos, CEO at Spinwheel

We sit with Tomas Campos, CEO at Spinwheel. Spinwheel’s product caught my attention because affiliate marketers could use their product to reduce the friction in their application processes. 
 
Timestamps:
(00:00) Meet Tomas Campos, CEO of Spinwheel 
(02:30) Ideal customers and use cases
(06:30) Success metrics
(12:35) Challenges building the business
(15:37) Partnering with lenders
(22:41) Uplift from pre-filling application forms
(28:12) What holds lenders back from buying
(34:10) The NerdWallet integration
(36:05) Other challenges lenders have
(46:52) Bank account verification
(47:10) Wrap up
 
Where to find Carlos:
LinkedIn
Twitter/X
 
Where to find Tomas:
LinkedIn
 
Find Us:
Don't forget to subscribe and review our show. If you’re interested in being a guest, email me at carlos@newmarketgrowth.com.

E014 - David Nohe - Unpacking the CFPB's Rule 1033 on Open Banking

We sit with David Nohe, CEO of FinGoal, to discuss the CFPB’s Rule 1033 on Open Banking and the implications it has for bank marketers.
 
Timestamps:
(00:00) David Nohe, CEO of Fingoal
(01:59) The 101 on CFPB Rule 1033
(09:32) Consumer consent
(18:04) Future of subscription models
(22:52) Funnel dynamics / friction
(24:09) Credit bureau vs. open banking data
(26:43) Why be concerned or optimistic
(32:10) Banks' strategic opportunities
(41:37) Wrap up and dinner bet
 
Where to find Carlos:
LinkedIn
Twitter/X
 
Where to find David Nohe:
LinkedIn 
Twitter/X - @fingoaldavid
 
References:
Ten Take-Aways on 1033 for Community Bankershttps://www.linkedin.com/pulse/ten-take-aways-1033-community-bankers-david-nohe-yo8cc/?trackingId=WR0OUVGdRGahil7tCSZ48w%3D%3D
 
Find Us:
Don't forget to subscribe to Affiliate Marketing for Lenders. If you’re interested in being a guest on the show (or if you have questions for a future episode), send me a note on LinkedIn, Twitter/X, or at carlos@newmarketgrowth.com.
 

E013 - Personalization - The Case For Building Hyper-Niche Products

Personal finance platforms (like Credit Karma) are now at scale, with the ability to recommend products at the 1:1 user level. Further, they’re incentivized to recommend niche products that are highly customized to each user. Lending products, however, are designed for mass audiences. This disconnect presents a huge opportunity for lenders.
 
Timestamps:
(00:00) Why personalization matters(04:06) Hyper-niche lending products(05:37) Social media and niche content(08:43) Opportunities in financial services(12:57) Where I see this all going(15:01) Wrap up
 
Where to find Carlos:
LinkedIn
Twitter/X
References:
The case for building hyper-niche lending productshttps://www.thefreetoaster.com/p/hyper-niche-lending-products
 
Find Us:
Don't forget to subscribe to Affiliate Marketing for Lenders. If you’re interested in being a guest on the show (or if you have questions for a future episode), send me a note on LinkedIn, Twitter/X, or at carlos@newmarketgrowth.com.

E012 - Tim Hong, CPO at MoneyLion

Today we chat with Tim Hong, the Chief Product Officer at MoneyLion. He walks us through a partnership they’ve built with Plaid and other data providers to offer cash flow data at the marketing stage to lenders in the Engine marketplace.
 
Timestamps:
(00:00) Tim Hong, CPO at MoneyLion(04:06) The Engine marketplace(12:02) Open banking and UX(22:48) User permissioned data(25:15) Sharing bank credentials(27:25) Cashflow data in lending(31:09) Spark platform(37:20) Future of open banking(44:17) Wrap up
 
Where to find Carlos:
LinkedIn
Twitter/X
 
References:
Plaid & MoneyLion’s announcement: “The power of cash flow underwriting with instant onboarding: Introducing Layer and Consumer Report”
https://plaid.com/blog/layer-consumer-report-instant-onboarding/
 
Carlos’ piece: “Where's The Consumer Demand For Cash Flow Underwriting (CFU)?”https://www.thefreetoaster.com/p/where-is-the-demand-for-cash-flow-underwriting
 
Find Us:
Don't forget to subscribe to Affiliate Marketing for Lenders. If you’re interested in being a guest on the show (or if you have questions for a future episode), send me a note on LinkedIn, Twitter/X, or at carlos@newmarketgrowth.com.