Sticking A Fork In 2024 with Stuart Sopp & Trevor Marshall | Okay, Computer.
On The Tape
Deep Dive
What has been the performance of Current in 2024?
Current had its best year ever, with the best quarter and best month in December so far. The company saw close to 100% year-on-year growth and expects over 100% growth in 2025.
How has generative AI impacted Current's operations?
Current has integrated seven or eight impactful AI models into its platform, improving features like earned wage access and transaction risk assessment. This has led to more transactions and better consumer spending capabilities.
What role does Google Cloud play in Current's technology?
Google Cloud's Vertex AI has allowed Current to optimize machine learning operations with a small data team, reducing manual effort and errors. This has accelerated model testing and deployment, benefiting the company's data transformation efforts.
How has AI improved Current's productivity?
AI has enabled Current to achieve significant productivity gains without a proportional increase in headcount. The company has upskilled existing employees, allowing them to leverage advanced models and tools for better efficiency.
What is the outlook for FinTech M&A in 2025?
The FinTech sector is expected to see increased M&A activity in 2025, driven by confidence in the market and potential for higher valuations. Recent deals like Moneyline and Bridget indicate a bullish sentiment for the sector.
How does Stripe's move into stablecoins impact the payments ecosystem?
Stripe's entry into stablecoins represents a strategic move to own a piece of the payment network. By integrating stablecoins, Stripe aims to enhance cross-sell opportunities and internalize payment flows, increasing the value of its portfolio.
What is the potential impact of quantum computing on Bitcoin?
Quantum computing could theoretically break Bitcoin's SHA-256 encryption, but Bitcoin developers are likely to implement quantum-resistant cryptography before that happens. This would involve forking the blockchain to secure it against quantum threats.
How has inflation affected Current's consumer base?
Inflation has made life more expensive for Current's consumers, leading to increased reliance on services like earned wage access and credit building. Many consumers are taking on secondary jobs to cope with rising costs.
What is the significance of Google's Willow quantum computing chip?
Google's Willow chip represents a breakthrough in quantum computing by making qubits more stable as they scale. This could lead to practical commercial applications in the future, though significant scaling is still required.
What is the competitive landscape for FinTech companies like Current?
Current competes with companies like Chime, but it differentiates itself through its focus on data and technology. The company aims to achieve similar scale with significantly fewer employees, leveraging advanced tools and models.
- Current achieved its best year, quarter, and month ever.
- Experienced close to 100% year-on-year growth.
- Successfully implemented seven or eight impactful machine learning models.
- Maintained a relatively small headcount despite significant growth.
Shownotes Transcript