In this episode of Turpentine VC, Erik is joined by Frank Rotman, the founding partner of QED investors, a fintech-focused VC firm. Frank provides a nuanced analysis of investing in fintech and neo banks, offers his view of the larger macro environment, and maintains the need for discipline and resilience in business. This episode was recorded with Frank in 2023 but remains just as relevant today. --- RECOMMENDED PODCAST: History 102 with WhatifAltHist Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more. Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913 YouTube: https://www.youtube.com/@History102-qg5oj --- SPONSOR: NETSUITE | BRAVE NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/turpentine and download your own customized KPI checklist. The tech world turns to the Brave browser for a private ad platform that respects user privacy. Brave Ads offers first-party targeting, and it’s been cookieless since day one. Join the future of advertising at https://brave.com/ads. Mention “MoZ” when signing up for a 25% discount on your first campaign. --- Join our free newsletter: https://turpentinevc.substack.com/ --- RELATED SHOWS: The Limited Partner If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/ --- X / TWITTER: @fintechjunkie (Frank) @eriktorenberg (Erik) @turpentinemedia --- TIMESTAMPS: (00:00) Intro (01:46) The Evolution and future of Fintech (11:00) Incumbents vs Startups - locating the advantage? (13:50) Bullish or bearish on banking (20:30) Impact of fintech on different regions in the world  (21:28) Sponsor: NetSuite | Brave (30:01) Evolution of neobanks (34:39) The Pitfalls of Abundant Capital (36:18) The Importance of Discipline in Business (36:21) The Return of Darwin: The Impact of Drying Capital (46:00) The Impact of Excessive Valuations (51:25) The Role of Crypto in the Financial World (55:13) The Potential of NFTs and Crypto (01:09:59) The Future of Fintech