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@bgurley @AntoineGara "The name of the game is how low you can go in terms of customer acquisition cost (CAC). That's the battle between these originators.

[Cross River] provides access to payment routes and compliance modules to anybody who wants to be in that business." knowledge.wharton.upenn.edu/article/bankin…
@bgurley "Cross River makes loans, holds them on its books for a few days and sells them on Wall Street. It's a similar originate-to-sell model that tripped up the financial industry a decade ago." google.com/amp/s/www.cnbc… CAC and compliance are always challenges in finance businesses.
@bgurley "Even Lending Club, the world’s largest p2p lending platform, spends upwards of $200 to win a single customer. In fintech, some start-ups get their CAC down to $30 but, in general, $50 to $100 is usually a minimum and $500 is not unheard of." disruptivefinance.co.uk/2016/01/03/fin…
@bgurley "Op-ex as a % of outstanding loans at new FinTech firms is estimated to be less than 2% while that at banks is estimated to be around 6%"

"Lending Club’s credit supplier is Web Bank, and
PayPal’s merchant acquirer is Wells Fargo." mckinsey.com/~/media/mckins…
@bgurley Marketplace Lending aboutthatratio.files.wordpress.com/2017/01/fintec…

"In 2017, the fintech startup SoFi spent $170 million on marketing and acquired customers for $756 apiece." fastcompany.com/40539348/sofi-…
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