Hi, fintech fam! 💜

Are you ready to discover the secrets of building your own empire?

Get ready for an electrifying interview next week as I sit down with none other than Lisa Carmen Wang.

She is a force to be reckoned with, having achieved the prestigious title of four-time USA National Champion and Hall of Fame Gymnast.

But that's not all - Lisa is also a serial entrepreneur, investor, keynote speaker, executive coach, and author. Her expertise lies in coaching countless women on cultivating unapologetic worth and wealth.

Mark your calendars for our conversation on Wednesday at 12 pm ET.

You can find RSVP details at the end of this newsletter.

Now, let's dive into the latest news!

#TRENDING

What’s Up In Fintech

Every Thursday, I share news stories and trending pieces I follow. Think of it as a way to quickly find the most important news in the fintech world.

#1 Tech Conference Canceled Due to AI-Generated Fake Female Speakers

This week, Gergely Orosz, the tech newsletter curator with a knack for sniffing out shenanigans, stumbled upon a bit of a conundrum.

Turns out, the speaker lineup for the DevTernity software and developer conference was harboring some shady characters – fake profiles, to be exact.

Like a digital detective, Orosz took to social media to blow the whistle.

His deep dive into the virtual rabbit hole revealed bogus profiles posing as female big shots from Coinbase and Meta. And get this – these impostors had been sneaking their way onto conference stages not just in 2023 but also in 2022 and 2021.

The fallout was like a tech-driven hurricane. Big names like Microsoft's Scott Hanselman and Google's Kelsey Hightower slammed on the brakes, pulling out faster than a race car at a pit stop. The end result? The entire conference got the ax.

Eduards Sizovs, the event organizer, did his best impression of a defensive lineman in a post on X, claiming they fell short in the speaker diversity game.

No kidding.

The sham profiles of exclusively female speakers were exposed for what they were – a mishmash of made-up names, fake titles, and even AI-generated headshots.

Case in point: "Anna Boyko," a ghost of a person with zero ties to Coinbase.

But let's not just chalk this up to a canceled event – oh no, my friend. This fiasco highlights the uphill battle for diversity in the tech world.

Spoiler alert: it's not exactly a smooth climb when women make up only 29% of the tech workforce, as per AnitaB.org's 2023 report.

Using fake profiles to tackle the diversity problem? Not exactly the brightest move.

It doesn't just mess with the optics; it throws a giant wrench into the genuine efforts of those pushing for inclusivity. Talk about taking two steps back.

Why It Matters

Women-owned companies are statistical gold mines, raking in more revenue than their male-founded counterparts – 78 cents to every dollar invested, to be precise.

Research even spills the beans that companies run by women are not just ethical havens but also cash cows. So, you'd think promoting diversity would be a no-brainer.

Now, post-DevTernity, there's an extra weight on the shoulders of women in tech. The authenticity spotlight is shining a bit too bright, and skepticism is the new flavor of the month.

And it's not just about a single event – this kind of fallout shapes attitudes across the entire tech landscape.

So, let this wild story be a cautionary tale against pulling a fast one for the sake of diversity goals.

There's a treasure trove of brilliant women ready to grace those stages with their expertise. I know, I’ve already interviewed them.

Check out the podcast with Money20/20’s President Tracey Davies and Chief Strategy and Growth Officer Scarlett Sieber for tips on making fintech events more diverse. Listen to it here.

#2 Apple Breaks Up With Goldman Sachs

Apple is apparently pulling the plug on its credit card love affair with Goldman Sachs, according to the Wall Street Journal.

This is no small deal—it's like breaking up one of the power couples in the financial tech world.

Apple shot over a proposal to Goldman Sachs, giving them the "it's not you, it's me" speech and wanting to wrap things up in the next year or so.

Why It Matters

This breakup isn't just about the credit card; it includes the whole consumer package, including that fancy savings account they rolled out not too long ago.

You know, the one you access through your iPhone's wallet app? Yeah, that's the one where Goldman Sachs handles the banking magic behind the scenes.

Now, Goldman Sachs, under the watchful eye of David Solomon, has been dialing down its consumer banking dreams because, well, the costs started piling up.

They've also dealt with some regulatory side-eye about handling refunds, billing errors, and accusations of gender bias in credit limit decisions. Ouch.

Amid all this, Apple drops an April surprise—a high-yield deposit account with a better annual percentage yield than Goldman's offering through its Marcus digital consumer bank. Cue the plot twist.

This partnership, initially set to ride out the waves until 2029, is suddenly up for reconsideration.

And, of course, there's the burning question: Who's next for Apple? 

They've already dipped their toes into the "buy now, pay later" scene in the U.S., using the Mastercard Installments program with Goldman as the issuer of the Mastercard payment.

Meanwhile, the world's changing, with inflation and interest rates doing their dance.

Goldman's kind of lost interest in the consumer biz, while Apple seems ready to shake things up on its own or with a new bank sidekick.

So, what's the big takeaway here?

Besides the fact that Apple and Goldman might be updating their relationship statuses, there's a broader fintech story unfolding.

Major players are rethinking their game plans, adjusting to market shifts, and figuring out what consumers really want.

#3 SoFi Bids Adieu to Crypto

Fintech giant SoFi has decided to bow out of the cryptocurrency game.

The company recently announced its decision to shutter its crypto services on December 19, with an immediate halt on the opening of new SoFi crypto accounts starting this Wednesday.

This exit comes amid a turbulent period for the crypto industry, witnessing the downfall of major players like FTX.

The industry faced another setback last week when former Binance chief Changpeng Zhao pleaded guilty to breaking U.S. anti-money laundering laws in a $4.3 billion settlement. Ongoing regulatory clashes with the U.S. Securities and Exchange Commission continue to add pressure.

SoFi, known for allowing users to trade more than 20 cryptocurrencies, including popular ones like bitcoin, dogecoin, and Ethereum, is handing over the reins to London-based Blockchain.com.

Unfortunately for crypto enthusiasts in New York, migration won't be an option due to state availability issues.

Why It Matters

It's not a good sign for the future of cryptocurrency when big companies like SoFi decide to stop offering it.

Crypto winter seems to be chilling our financial revolution dreams.

Cryptocurrency initially promised financial prosperity, an escape from traditional financial systems marred by racial biases and neglect of marginalized communities.

Yet, the descent of crypto markets has cast a shadow on this narrative, impacting crypto businesses at consumer fintech companies.

Perhaps it’s because in pursuing a new financial frontier, we've allowed the same voices to steer its course away from its original intent.

The core mission of cryptocurrency—to create a new financial ecosystem free from the inequities of the existing one—requires diverse voices, especially those of women and people of color, to lead its construction.

Crypto advocate Tyrone Ross emphasizes the potential of cryptocurrencies in catalyzing financial inclusion, but unlocking this potential demands collaboration between governments and financial institutions to establish a regulatory framework.

This framework must ensure consumer protection, prevent money laundering, and foster innovation within the crypto space.

My bet is on the next wave of movers and shakers who rise to the occasion, steering cryptocurrency back to its roots of inclusivity and empowerment.

_{MARK YOUR CALENDARS}

Join us every Thursday to stay updated on the top fintech events each week! These events are a great way to network, learn, and connect with our fintech community. Let's fill our calendars with these awesome events - I would love to see you there! If you have an event to share, please inform me!

_{MONDAY 12/4}

[NYC] Fintech Is Femme Hosts a Sip & Shop: I'm hosting a fintech community event on Monday at my friend's trendy jewelry store in the West Village. I would be thrilled if you could join us and meet other like-minded women in the fintech industry passionate about innovation, financial inclusion, impact, and community. RSVP as space is limited.

_{WEDNESDAY 12/6}

[VIRTUAL] Fintech Is Femme Live With Lisa Carmen Wang, Founder of Bad B*tch Empire: This event is for anyone who wants to break free from societal expectations and succeed in their personal and professional lives authentically. Join me for a LinkedIn Live event on December 6 at 12 pm ET as Lisa, and I challenge old beliefs and teach women to be confident and take charge. RSVP here.

_{THURSDAY 12/7}

[NYC] Innovation on the Rise: This special event will focus on the popular topics of 2023 and discuss what to expect in the global fintech industry in 2024. It will gather venture capitalists, founders, and important partners for a half-day of informative discussions led by industry experts. I’ll be there and hope to see you!

_{HUMANS OF FINTECH}

Laurel Taylor of Candidly

Student loan debt is a big problem in the US that affects many people. In this episode, I talk to Laurel Taylor, the CEO and Founder of Candidly, about how her company uses technology to help people with their student loan repayments. She explains how Candidly uses AI to not just deal with debt, but also help users with their overall financial well-being.

Watch our conversation here.

_JOBS

Enterprise Sales Executive, Anonybit:

Picture yourself as a Sales Executive, reporting to the CRO, shaping the high-velocity growth of Anonybit. This startup seeks a self-motivated, collaborative, passionate individual ready to hit ambitious targets and elevate their sales career. Be part of a team that crafted a groundbreaking decentralized biometric platform, born from top talent in Israeli cyber intelligence and led by industry veterans. Apply here!

_FINTUNES

🎵 FLOWERS - MILEY CYRUS

Everyone is sharing their favorite songs of the year, so I thought I'd join in and share some of my top picks from 2023! My most listened-to song, with over 4,000 minutes, is Miley Cyrus' hit, Flowers.

That’s all for now! Stay safe, everyone. Hug your loved ones. See you Tuesday!

Love,

Nicole