Fintech Lending Legend: History & Future - Peter Renton, Founder and CEO of Renton & Co

In this episode of the Operate Podcast, we take a behind-the-scenes look at the birth of fintech P2P and marketplace lending with Peter Renton, one of its pioneers. Peter shared his extensive background, starting from his early days as a self-directed investor to founding key fintech companies like Lend Academy and LendIt, which later became Fintech Nexus. We discussed his journey into peer-to-peer lending and its evolution as institutional investors entered the space. The conversation spans the rise of fintech innovation, the challenges of scaling peer-to-peer platforms, and the role of community banks in the future of financial services. Peter recounted the bubble in the fintech lending space around 2015 and how the industry adapted following the Lending Club debacle in 2016. He also shared his advice for fintech founders, emphasizing the importance of diversification in funding sources and customer acquisition strategies. 

We delved into notable companies like Upstart and their pivots in the fintech landscape. Additionally, Peter reflected on the transition from LendIt to FinTech Nexus to encompass a broader range of fintech innovations for their content and events. We touched on the increasing interest of banks in fintech events from 2016 onwards and the changing landscape post-pandemic. Peter discussed emerging trends in fintech, such as embedded lending, mobile wallets, and new payment rails. He highlighted the necessity for community banks to adopt technology and attract younger customers. Lastly, Peter introduced his new consulting venture, Renton & Co, aimed at guiding fintech companies through content strategy, marketing, and market analysis. Enjoy this comprehensive look at the past, present, and future of fintech.

 

CHAPTER MARKERS:

00:00 Preview 

00:34 Intro

00:47 Sponsor

01:19 Meet Peter Renton: A Fintech Pioneer

02:50 Peter's Early Fascination with Finance

04:04 Discovering Peer-to-Peer Lending

05:36 Building Lend Academy and LendIt

09:21 The Evolution of Marketplace Lending

18:39 Reflections on the Fintech Lending Boom

27:19 Kudos to Dave Girard (UpStart) and Team

28:04 The Shift to FinTech Nexus

29:04 Expanding Beyond Lending

32:16 Challenges and Stress of the Events Business

32:48 The Impact of the Pandemic

33:54 Future of FinTech and Embedded Lending

37:47 The Role of Community Banks

42:38 Advice for Community Bank CEOs

49:18 Peter's New Venture: Renton & Co