The Free Toaster

E027 - The State of Compliance In Lead Gen, With John Henson, Founder at Henson Legal

I sat down with John Henson, a fintech-savvy lawyer who formerly worked at LendingTree (both as an attorney and a general manager). He unpacks the regulatory chaos swirling around lead generation in 2025 — what’s changed, what’s still risky, and how fintech marketers can navigate it without getting burned.
In today's discussion:
The CFPB Rolled Back Rules: Credit card and personal loan lead gen just got a little more breathing room. John explains what’s safe and what’s not.
Mortgage Lead Gen Isn’t Dead: Despite RESPA, there are ways to play without federal headaches.
State Privacy Laws Are Tightening: You might be a “data broker” without knowing it — and that’s a compliance minefield.
Banks Fear AI: Rumor has it that some big banks are banning generative AI in lead gen. John weighs in on the reality.
Some Lead Gen Is Still Garbage: Learn how to spot sketchy providers before you get sued.
...and much more. 
Memorable Quotes
“Everything is UDAP.” “If you don’t understand how they’re generating the leads, you’re buying problems.”“Nobody ever got fired at a bank for saying no.”
About John Henson
John Henson is a rare breed: a lawyer who understands marketing. He spent 6 years at LendingTree running lead gen and compliance, so he knows the real-world challenges fintechs face. Now, he helps companies stay out of trouble while growing smart. Follow him on LinkedIn for sharp insights.
***
A word from our sponsor, 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
 
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=june
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/

E026 - Positive & Negative Select (Think Like A Recruiter)

I explain positive and adverse selection in lending using recruiting as an analogy. If you've ever hired someone, you'll instantly understand why your channels, pricing, and process determine your loan portfolio quality.
Key Takeaways
The Big Idea: Attracting great borrowers works exactly like hiring great people.
The parallels...
1. Channel Quality
Inbound (website traffic): People actively searching, often desperate
Outbound (direct mail): Higher-quality prospects who aren't hunting
Best candidates and borrowers usually aren't usually looking
2. Price Matters
Post a $100K vs $200K director role—which gets better candidates?
Same with loans: competitive rates attract quality borrowers
Even small rate differences (12% vs 14%) shift your entire applicant mix
3. Process Friction
Complex hiring processes drive away top talent with options
Heavy loan applications do the same to good credit risks
You're left with applicants who have time and fewer alternatives
Action Items for Fintech Marketers
Audit your inbound vs outbound channel mix
Price competitively—good borrowers shop around
Streamline your application process ruthlessly
Go find great borrowers instead of waiting for them
You can find a written version of today's content in our Newsletter:https://www.thefreetoaster.com/p/positive-negative-select-in-lending
***
A word from our sponsor, 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
 
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=june
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/

E025 - Marketplace Madness (Success in one affiliate doesn't guarantee success in another)

I talk about a surprising case study where a lending product thrived in one affiliate marketplace but completely flopped in another. We explore the key differences between marketplaces that can dramatically impact performance and provide actionable insights for fintech marketers.
Key Insights
Don't assume success transfers between marketplaces: A product that works well with one affiliate partner may struggle with another due to fundamental marketplace differences.
Three critical marketplace variables to consider:
Algorithm differences
Competitive landscape variations
Offer presentation layer discrepancies
Strategic takeaways:
Consider designing different product versions for different channels
Expect varying unit economics across partnerships
Recognize that market share will naturally differ between platforms
*****
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=may
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/

E024 - Playing The Game In Reverse

Marketers sometimes like to enter new channels gradually, conservatively even. This works in many channels like paid search, social, and direct mail. 
But for fintechs, entering new affiliate channels like this can have catastrophic consequences. 
In today's Podcast, I share why entering into new affiliate marketplaces "cautiously" can be dangerous for new entrants. As an alternative, I'll walk you through how to play the game in reverse.
Note: If you want to hear more about this in future Podcasts, email me at carlos@newmarketgrowth.com with your questions.
 
*****
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=apr
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/

E023 - Colin Gardiner, General Partner at Yonder Ventures

We chat with Colin about how AI is changing marketplaces.
His thesis: “The rise of agentic AI will transform marketplaces from passive aggregators to active facilitators of transactions.”
To learn more, check out Colin’s take on how AI will revolutionize marketplaces:https://www.gardinercolin.com/p/ai-and-marketplaces-agent-led
About Colin Gardiner
Former economics/statistical researcher that now loves building sticky consumer facing products via iterative data-driven methods. Built products for both large corporations and seed level startups, always with a primary focus on acquisition, conversion and monetization.
 
*****
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=apr
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/

E022 - Jason Steele, Credit Card and Award Travel Expert

We sit with credit card expert Jason Steele about what's happening behind the scenes in the industry. Jason shares how he went from tech work to becoming a respected credit card authority who writes for major publications and runs CardCon, the credit card industry conference.
 
We discuss:
The "Coupon Book Problem" - Premium cards are becoming more complex with endless small benefits ($6 at Dunkin', $10 off wireless) that frustrate consumers. Jason explains why this creates space for simpler card offerings that deliver clear value.
What Drives Card Choices - Discover why exclusivity and status perks (like early access to products or "skip-the-line" privileges) might be more powerful than cash back for attracting high-value customers.
Will shopping for cards change in an AI future? - The conversation explores whether consumers are moving away from traditional comparison sites toward trusted influencers and whether AI could personalize recommendations based on spending patterns.
 
Also:
Why metal cards might affect spending behavior
How credit unions approach card benefits differently
The power of word-of-mouth in card marketing
What makes people share positive card experiences
 
And remember:
Jason conference — CardCon — happens May 6-8 in Deerfield Beach, Florida. Use code "TOASTER" for $50 off registration at cardconexpo.com.
 
Where to find Jason:
LinkedIn
https://www.linkedin.com/in/jason-steele/
 
*****
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=apr
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

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