Streamline Your Payments with the Stripe Invoice Template for Banking

Stripe invoice template for Banking

Hey everyone, I'm Ashwin Kumar. I'm on the Startup Partnerships team at Stripe. We've got an incredible group of leaders here to talk about how fintech has evolved over the years, and how banking-as-a-service is powering the next generation of financial products. Why don't we do a quick round of intros? Will, do you wanna kick us off? >>Sure. Hi, I'm Will, Cofounder and Co-CEO of Karat Financial. We're the best card for creators. We underwrite your favorite YouTubers, Twitch streamers, and TikTokers based not on their FICO scores, but on their socials and financials. Long term, we're laying the financial infrastructure for creators to scale their businesses. >>Mackenzie, what about you? >>Hey, I am Mackenzie Burnett. I'm the CEO and Cofounder of Ambrook. We build software that helps farmers and ranchers manage their finances and make more money. So we started with helping producers find and apply for the $30 billion a year in U.S. farm funding. We are now building bookkeeping that understands that your business is a farm. So a lot of farm specific tax deductions, for example, or other types of reporting, as well as a number of different features related to understanding field profitability. And we're also building an expense management card. >>Ethan, what about you? >>Hi, my name's Ethan Senturia. I'm the Chief Fintech Officer of Housecall Pro. We are a software platform that delivers an end-to-end operating system to home services professionals. Think HVACs, plumbers, and electricians, enabling them to drive sales, execute jobs, manage money, and operate their businesses efficiently with insights reporting and coaching. >>Ethan, Chief Fintech Officer, that's not a title I've heard a lot and I'm assuming we're gonna hear it more. How did Housecall come to that, that they needed that role? >>Yeah, so about five years ago or so, Housecall introduced payments into its software platform. And at that point it was just a product. And so payments went out there and started taking off, and it became a business, not just a product. And that business started to represent a significant portion of Housecall Pro's growth, and a lot of value for the customers. And as the fintech ecosystem evolved, there was a realization that we could probably replicate the success of payments with lots of other financial products and services for our pros. And so they said, "We need someone to help us do that." And they asked me to and I came into the role as SVP of fintech and figured one day I might get promoted and not know what my title should be. And so fortunately that happened and they said, you're Chief Officer. And I went on LinkedIn and I searched for a Chief Fintech Officer, I found one at the Bank of Singapore and I said, "I'll take it." So that's how I got the title. But more than the title, what it means is a commitment to build a whole set of financial products and services, so that our pros can run their business both front office and back office in a single place. >>Yeah, wow. It's an envious role and I'm sure a lot of people are gonna have it because it's speaking to what's happening in the industry. Right? And for all of you, what I found fascinating is you didn't get to fintech necessarily from the get go. Mackenzie, you have a really interesting story of how you got to where Ambrook is today. Did you start off with what the product looks like right now, or did you start off somewhere else? >>We started by making it easier for farmers and ranchers to find and apply for farm funding. And so that didn't necessarily leverage embedded bank accounts, or card products, or other types of integrations. We actually found that a lot of these producers when they were applying for these funding programs, really actually at the end of the day, needed better or needed help with financial organization. And so the card product helps producers keep track of real time expenses, linking cards and bookkeeping for example, wasn't something that like QuickBooks could do necessarily when they first started, but it's incredibly easy for us to do that today. 'Cause a lot of the infrastructure around fintech has just grown dramatically over the past. Even I wanna say three years. And so, Ambrook I don't think would've been possible to build >>Right. even three to five years ago. And I'm sure– >>Yeah. >> –you know you guys at Karat, you guys are doing something similar. >>That's the same story. I mean, I think for us when we started, Eric and I started exploring this creator economy space, maybe five years ago. Eric was working over at Instagram and I, at the time was running this VC fund, and we were just seeing these creators, and YouTubers, and TikTokers making real money, right? And operating like real businesses, hiring a whole team around them, and yet oftentimes not doing their taxes, they weren't incorporated, they had no concept of payroll other than venmoing people money. And we said, well, there needs to be a new kind of infrastructure to help these small businesses scale up. Our thesis was, hey, we're seeing this emergence of a new class of small business, where I'm not selling stuff, I'm not selling services, I'm selling media and that's a really different kind of business. And so we backed into it where our north star was not: We wanna be a card for creators. >>Yeah. >>But rather, hey, how do we help this new class of small business actually interface with an old school financial infrastructure? >>Who are these creators? There's some examples you brought up that I found really interesting. >>Creators are such a diverse bunch. >>Yeah. >>They're all over the place and they're from all sorts of backgrounds, We have creators like Dylan Lemay. He started out as a Cold Stone ice cream scooper and he watched TikTok for a week straight, 16 hours a day, five days a week, got obsessed with the short form content, attached a little GoPro camera to his chest as he was scooping ice cream made these looping videos, blew up on TikTok and now has 10 million followers, and is now launching his own ice cream store called CATCH'N out in Soho, because he has this rabid following that now wants to taste his ice cream flavors. >>Yeah, that's incredible. Do they think of themselves as small businesses or…? >>It's a great point. We have one creator where she has I think almost 10 million subscribers on YouTube, she has a full team of five people full time around her, and she said, "I just realized I'm an entrepreneur, like, I'm a business." And it was like, "Of course you are." Like, you've been doing this for years. You have a whole team around you, you have a business engine that generates content and then generates cash off of advertising, sponsorships, subscriptions, and merchandising. They're expanding into these massive business empires. And so there's this kind of emergence into this common consciousness of creators that, "Hey, I'm a business and I need to start thinking like a business. I need to professionalize into a full business." And when they turn and look to the traditional banking rails, they are then rejected for business banking accounts. They're then rejected for business credit, because the banks don't understand how can you possibly be making millions of dollars off a random YouTube video talking about Pokémon cards? >>Is that the same for all of you that the markets you're serving are underserved by the financial system? >>You know I think it may have to do with our customer base, but you know, for us, it's not just focusing on sort of, hey, people who are locked outta the banking system or can't be served. And broadly speaking, if you go around and look at the U.S. and the scale of banking in it, if all you're doing is focusing on those who are not in the banking system, you're probably gonna end up with a small market. >>Yeah. >>Right, because most of the people who have the highest transaction volumes and are doing the most commerce are in that system. And so for our pros, it's not that they can't get a bank account, or that they can't get a loan, or find a credit card, or find a software to run their payroll. Certainly there are some that are underserved and would prefer a better solution or a solution at all. But what they really value is those services being in one place. >>Yeah. >>And not having to have five or six point solutions, >>Love that. >>to run their payroll, to do their accounting, to manage expenses, to process payments. And so it's not necessarily using financial technology or building new financial products to address a customer that can't access those products anywhere. >>Yeah. >>It's that they can't access them in a way that helps them achieve success which is either to grow their business, or operate more efficiently and have all those things in a one stop shop. >>I love that one stop shop. I mean, that's exactly what we're trying to do at Karat as well. It's like, hey, if you have this kind of business that is selling media and the banks don't even understand you on getting a business bank count, why would any of the other rails work for payroll? Why would it work for invoicing? Why would it work for money management? It just doesn't make sense. And so I think that one stop shop is huge for our fintech place. Well I'm sure it sounded like earlier today, when you were talking about Ambrook and sounded really similar. >>The ability to build these types of one stop shops or the way that we think about it is, we wanna build the product that everyone in the farm finance ecosystem can collaborate through. And that the intermingling actually unlocks further opportunities, right? Like because we can understand better leading indicators of how a business might be doing, and especially like if a business wants to expand into another sort of crop type, we can pull information from let's say other, other producers we've seen in our system that might have been investing in that. And we can actually de-risk that in a way that a local banker might not have the information to necessarily be able to do, but we can surface that information to those banking partners in order to be able to have them help producers really expand and diversify their operations in a way that can actually handle today's market. And I think that type of the intermingling unlocks a lot of those types of opportunities for people to be able to succeed. Which is at the end of the day, like what we care about is helping our customers succeed 'cause their success is our success, right? >>Right. And I think what's really beautiful about building in this type of really going deep in a vertical is that like you really do care about the success of the ecosystem as a whole. And so the rising tide lifts all ships. >>Yep, Ethan you brought up something related to that where, because these products are in one place, there's something you can do you better than if they had them in separate spots, right? You brought up an example about how to help predict cost of a service. Can you go into that a little bit more? >>Yeah, certainly. So, the pros that we serve generally don't have super fat margins. >>Yeah. >>Like they operate on 10, 15, 20% margins, and so every dollar matters. And one of the things that's very hard for them to do is to actually cost a job with real expenses, for materials, labor, and other things. And so when you give a pro the ability to actually incur expenses on a card, to pay bills out of the same software platform, to run their payroll whether that's for W-2s or 1099s, and actually assign each of those expenses to an individual job, they can actually get the real profit margin on that job. And a lot of times when they do that, they will realize, "Oh, I've been doing some job for a long time and I've been pricing it wrong." And one of things that pros and lots of businesses are always concerned about, maybe less now in an inflationary environment, right, is raising prices, because they want to be competitive. And that's the sort of information that can help them understand, "Gee, like I have justification to raise my price and I'm not doing something adverse to my customer. I'm doing something that helps me sustain my business, which is ultimately good for all of my customers." And so that type of insight is just very hard to do if you're incurring these expenses, and processing these revenues in four or five different systems and stitching it together on the backend. >>I think we doing something very similar instead of costing per job, ours is getting profitability per product, or per revenue stream. And so the revenue streams can be a particular crop you're growing, or livestock you're raising, but it also can be the hay delivery service that you provide or the seed and chemical sort of local distribution hub that you run. And producers also in America have margins that are similar to what you quoted, and I think in an environment where every dollar matters, you can have a lot of intuitive understanding of your business, but when you can break things down like with specific PNLs, it actually enables individuals to make better financial decisions, which they can then represent to the banking ecosystem in a way that they can get better terms on loans, they can justify or even with grants. A lot of times for farm grants, there's a lot of farm funding out there, but the producers that are most successful at being able to apply for that, are the ones that have big staff that can write business plans, right? And if we can actually be able to produce reports that enable smaller businesses or businesses that might not have necessarily that huge staff to be able to leverage that, you can have a much more diverse funding ecosystem as well. >>And that’s the thing is that the beauty of fintech and financial products at least to the customers is not because they want the financial product, right? They wanna work simpler, they wanna grow smarter, they have some definition of success. And when you have them using these products, you then have the data, you have the insights, you can deliver reporting. And I've been selling financial products to small businesses for 10 or 12 years, right? And they all say they wanna understand their business better. And they all say they want insights, and reporting, and dashboards, and you give it to them and then they don't consume it. >>Yeah. >>Because they don't have time and they're too busy. And so you have to be able to deliver those insights context dependent, At the point of time when they're in the field doing the job, and this is when they need to know that thing costs 5 dollars more than that thing, right. Or that, now is the time to offer consumer financing because you'll sell a bigger job. And so it's the ability to do those things context dependent, which is what will drive a pro, or a customer or a farmer, or a creator, to adopt those products and services. It's not that they care about, "Oh, I want a business banking account, I want a debit card." Right? They wanna run a better business and they need to be given the insights that the financial products generate in a way that they can consume them. That doesn't require them to set aside an hour at the end of their day when they want to be sitting with their kids and say, "Now I'm gonna consume my graphs." Right? "My financial dashboard." >>Yeah, >>They not gonna do that. >>I want Ambrook to be an app that a farmer can look at every morning and it makes them feel better. We actually think about really what we're building is something that reduces the day to day anxiety of running a small business in America. And I think that what you're saying in terms of what people actually wanna get value out of, it's very similar to how we think about it. Yeah, I think that's quite right. >>So, you know it's interesting though as you said the business kind of operating system for Ethan for Housecall Pro, that's what keeps them there, and it's the financial products are kinda added on top, but then Will, what you found in your journey was actually it's the financial, it's the access to capital, is the problem, and do you find that for these creators that, that is the value proposition to them and they come to you is, I can get a loan here, or I can get credit here, where I can't get anywhere else. >>Yeah, I think it's getting access, right? Is the initial hook. "Oh my God, I got a 10 times better credit limit than any bank would've given me." "I'm actually getting credit that a bank never extended to me." That's extremely powerful. But what we are seeing is that these primitives themselves like a debit card, or a bank account, they are becoming commoditized over time, right? And for us it becomes hyper-personalization, that becomes far more powerful. Because when we think about the traditional banking infrastructure, like it's about the lowest common denominator. How can I build something that serves billions of people, or millions, or all Americans? And so, yes, they can try and go to a bank and say, "I'm gonna try and wrangle together my own business operating system from scratch." Which is what creators are doing somewhat successfully right by trying to figure out their personal banking with their payroll on PayPal, with their invoicing via texts, and asking people just to figure it out and work with that structure, which is kind of just scotch taped together. And this is where the personalization comes in. If we can understand these creators as full-fledged businesses, then can we provide that one stop shop where we say, yes, you get this access to credit through our credit card. Yes, you get access to a debit card through our banking product, but more powerfully on top of this atomic unit where every single dollar coming in or out of a creator's finances is touched by Karat, we can start saying, "Hey, tax season's rolling around the corner. I see that you haven't paid a single cent to the IRS in the past five years, it's a little dicey. And guess what? I've automatically done your taxes for you and will charge it to you for like, I don't know, a thousand bucks." Right, and you're done. And all of a sudden for a creator, it becomes that peace of mind where I don't need to figure out, "I forgot that tax season is here, I forgot for five years." And now at Karat's here telling me proactively and reaching out to me, "Hey, I can help you with this." And that is where it comes back to, oh, it's the hyper-personalization that's gonna keep them there. >>I mean, it's tempting to see like, I wanna launch a debit card, I wanna launch an account, I wanna launch tax services now, and I wanna do bookkeeping and, Mackenzie you kind of brought up, it's like almost a buffet of choices. >>Yeah. >>Yeah. >>How do you think about where to start first for each of you? Like- what's the wedge? >>I mean, for us it was constantly, as we were talking to our users, we first tried to almost force feed, "You gotta pay your taxes, do this turbo tax creators. We'll do it for free like, you'll just not have to worry about anything." And they just didn't care. And so we kinda went back to the drawing board and what creators were asking us for was, "Hey, can you spot me like 10K? Can you spot me 5K? I have a big invoice coming in." And we started with that wedge product of credit, because that was a higher on fire need for the biggest creators in the world, hitting hypergrowth. >>Mackenzie, you're about to bring up for farmers. It's kind of so. >>Oh, the cash flow cycles are just so >>Unpredictable. >>Different you know, it's for farms, I mean like you are growing something in the ground. It is like a growing, there are growing seasons, there are very specific cash cycles, and so a lot of what we think about is, what do the next 50 years of farm finance? What does that look like? And how can we build products that actually support that, and are able to leverage modern tooling that, a lot of these banks, which are really well intentioned and oftentimes wanna service their communities, just aren't able to adopt fast enough. >>I mean Ashwin, you asked the question of where do you start, right? >>Yeah. >>One thing about Housecall Pros, we serve pros that are owner operators and may look more like a freelancer, creator, right, or gig worker. And we serve all the way up to the mid-size pro, 20 persons sort of professionalized shop. And one of the things that one of our founders told me when I first joined the company was like, even though we try to create a product that is it guides the customer in terms of how to use it, if you put 20 pros in a room, you'll see 20 different ways- >>Yeah, we see too, yes totally. >>And so when you think about where to start, I sort of always like the frame of reference, like vitamins and painkillers, right? It's usually easier to sell someone something that eases pain and then tack on something that's a vitamin, right? Later. But as you look at a diverse customer base, the things that are painful for the zero to one person shop are not the things that are painful to the 20 person shop and vice versa. And so if you have a whole suite of financial products and services, you can sort of pick and choose, which of those are the right thing to sort of be the on-ramp to a sort of digital financial world for your customer. So for a lot of people, it's like, "Hey, I just wanna be able to take payment." Right? But if you go talk to a 20 person shop, their biggest pain might be, "Takes me forever to run payroll." Right? And so if you have these different solutions tied to sort of a centralized core, you can create different on-ramps and sort of create your own adventure because they're not all the same. >>Yeah, it sounds like for each of you, you're in very different industries, but because you are so specialized in that, you really understand the customer there in maybe ways that's not as easy for kind of a larger national bank, or other kind of financial services product to do. >>I think that's exactly right. I mean, it's just because, and I just keep coming back to this, like the traditional banks have relied on the lowest common denominator to be able to juice the most kind of dollars out of the largest group of people. And that worked for ever until it didn't. In the past like, I think couple decades with the emergence of the internet, and the ways to monetize a business have changed dramatically, where it's no longer about just getting a regular W-2 salary. It's become much harder for the banks to understand, and predict and say, "Hey, wow, I'm gonna personalize a service to you." And branch banking itself is on the decline. And as a result, the traditional banks are offering less and less personalized services with the same exact legacy infrastructure that hasn't shifted for decades. And then in the meanwhile, I think companies like ours are trying to understand, well, there's an interesting segment here that we can go deep on and understand proactively what they might need so we can provide this almost like an autopilot financial system, where it's like, "Oh, like I'm a creator, I'm a business, I had no idea that I needed to do my taxes, I had no idea that this was the right way for me to run my business, and Karat now sets up the scaffolding for me to be able to grow into this." >>Yeah I think, so I think this is where agriculture is a bit different than both of your industries, because there is a much more specialized, local banking infrastructure that services a lot of these farms. But again, I think the thing that a lot of our customers have been asking for is that, "Look, you know, we love our local bank, like they've been really good to us, but like we really wanna expand in X, Y, or Z, or really want to not have to worry about expense management, or payroll, or all these other pieces." And so there's almost an opportunity to surface actually a lot of information to this ecosystem while building in a lot of the more financial tooling around them. And then for the producer who aren't actually able to access the credit they need to be able to diversify, then we can step in and diversify that. Or, a lot of these producers want help with paperwork for applying for USDA grants, for example, that is also something that we've done pretty successfully. And so for us, in particular, a lot of producers either do fall into the trap where they don't actually have a very personalized relationship with their banker, or even when they do it, there's a lot left to be able to build there. >>And are you starting with that gap and then expanding into the banks, or where do you kinda see? >>Yeah, so there's just unprecedented wealth creation that's happening right now in America, and the thing that I'm afraid of is that once again middle America will be left behind and we wanna build products that producers should be able to have savings accounts that return multiple percentage points like year over year, right? >>Yeah. >>Like, they should be able to access all the modern things that we, if you're more tech native or something, are able to know what products to use for that. And I think it is going back to the comfort and the one stop shop where you really do Where we're building this trust and wanting to solve a lot of these problems to essentially. Basically it’s just Ambrook is the product that helps farmers make more money. That is, like, all our mandate. Is like, how do we help farms make more money so that they can invest in sort of the behaviors and the investments on their operation that enable them to be more sustainable in the long term and more resilient to climate and market shocks. So our long term mission is how do you make sustainability profitable? But it's because that is how to increase these producers' bottom lines in the future. >>All right. So there's all these different products that you can build. Let's say I'm a founder right now, and I want to build the next fintech company, And I think, okay, well, I can launch a card, I can launch an account, it's easy enough, I can launch a company over the weekend and do this. What am I missing? Is it that simple? I know Ethan, you've brought up a lot on complexity around launching one of these services. Can you talk about that a bit? >>Sure. I think one of the reasons I guess I'm in the seat that I'm in is because Housecall Pro realized that each of these financial products is a business, not a product. And so you're building a business every time you launch one of these. And so if you do payroll and expense cards, and bank accounts, and payment processing, and check deposit, and whatever these services are, you're building six or seven businesses at the same time. So what do you have to do to build a business, is more than just build a product, right? And so a couple of the challenges that we see, or things that I would say, "Hey, be aware of." One is, don't think if you build it, they will come. Right? Like, certainly the people on this stage are building vertical software platforms. We serve specific communities and you're asking people to adopt financial products from someone who they probably didn't expect to be their provider when they first came to that platform. And so, you have to go to market with these products and you have to do that consistently and repetitively and in many different mediums. Because you don't just put a bank account in front of someone and they say, "Great, sounds good." They look at it and go," You're gonna screw me. Like is this real? Is my money gonna go away?" And so you have to overcome that through a combination of education and persistence, and then obviously really good product marketing helps too. The other thing that you need to be aware of is risk. You know, for example, in our business, we take risk on a lot of financial products that we deliver and I'm sure others do too. And so it's really easy to give money away. It's a lot harder to get it back, right? And so that's sort of the trick of lending. >>What advice would you give to a founder that came to you? I'm sure some of them do and some Want to. >>Yeah. When we first started the business, well, when we first launched our card product, we thought that the most important part was gonna be the underwriting. We were like, "Oh, our underwriting model it's gonna be so sexy, it's gonna be amazing, we're gonna underwrite their socials, and all the financials, and it's gonna be so cool." And what we quickly found out is that, no. Underwriting is one part of the broader story where there's a story in three parts. The first part is acquisition, as you were talking about. Can we actually understand these users deeply and their needs and find the right financial product with the right levers that actually fit their needs? And for us, we started with cash advances, a really complicated revenue sharing product that none of our creators really understood. And then we pivoted into a card product, 'cause that's what creators understood and that's what took off. So once we figured out acquisition, which I think is the secret sauce, then the underwriting comes out because we are getting more data, we're acquiring users cheaply. So we can make, like, actually kinda learn on the underwriting side. Underwriting itself we at first thought 0%. We should always be getting 0% loss rates. No. We're not learning, right? Learning is about, like, growth comes from failures. We need to get some of these kind of losses, right? So we shoot for like one, one and a half percent loss rate, just so we can know and fine tune. >>You're not lending enough if you have no losses. >>Exactly, you're not growing if you have no losses. It made no sense at the time and over time we realized, oh, that's so true. Because as we take more risks, we're able to underwrite vastly different types of creators, and that helps us grow our underwriting models to serve more creators effectively. And the third and final piece of the kind of pillars for these fintech business is cost of capital. Are we able to find capital cheaply, secure that financing so that we can then be able to front that money back to creators, so they don't need to worry about, "Oh, gosh, this is so much more expensive than my typical bank." And so those are the three pieces that we always come back to. >>Yeah, I think maybe then to compliment what has already been said, that if you are considering building for a more vertical market, you just have to really love your customers. Like you just have to love talking to your customers every day. >>Right. >>And I think that that is something that if you don't love, really love talking to your customers, your customers will most likely be the last thing that changes about your business. You can pivot all the different types of like products you know, to figure out what exactly will fit in that. But if you're changing your customers, that is a fundamental pivot. >>Yes. >>Of your business and so I think that's something that might sound a bit simple, but I've come to be very grateful about how much I just love talking to our customers every day. >>As you bring up all the things that you would advise people around risk and compliance, going into this, have you now found some kind of respect for what banks actually do have to do in some of these domains. It's very easy to say they're missing the mark on all these kind of areas, but yeah. What's come up to you as, ah, I never realized what goes into offering financial product. >>Compliance. >>Yeah. >>I don't wanna have to think about it like, (Will laughing) or, I mean, I'm just glad that there are a lot of products that are able to abstract away from us building and having to. So what's something to think about when you're thinking about the meta of building these types of businesses is that I don't know, something like four years ago, would've taken two years and $2 million to build a, just launch maybe like a bank account, or just launch a card, right? Today it takes four weeks and whatever, if you don't pay yourself, that's also fine. Like it doesn't actually take that much time or capital to launch an embedded bank account, for example, or to launch a card product. And so that speed of iteration is incredibly crucial when you're thinking about building these types of businesses. And the reason why it doesn't take actually that long is because a lot of layers have been abstracted away. So that like companies like ours can actually just build for the end customer. And so yes, tremendous amount of respect, but also it means that that is our competitive advantage. We we can be much more nimble than a traditional bank, we can be much more nimble than a traditional card provider, or if all your company did was provide payroll services, for example, because they are locked into their years and like labor structure of infrastructure. >>I don't think I ever lacked respect for what banks did. >>Yeah. >>And let's be honest, everyone sitting on this stage is building on top of a bank. >>Right. >>Right. >>So, like, let's not get it twisted, like we are using the traditional banking system. We're just decoupling the distribution, and delivery of products from the infrastructure and compliance regime behind it. And those two things needed to exist together in a world of physical spaces, but they don't need to exist in the world of the Internet or software. But we all, wouldn't be building the businesses that we are building, and Stripe wouldn't have the business it has without banks. So how can you not respect them? >>Totally, and when you say in fintech, a lot of people focus on the fin part of all these financial products. But as you were talking about your products, there's a tech element, when you said, "What if there's 8 developers that go and build a product and put it out there." That's a very, kind of technology product focused way of thinking. Do you feel like the banking-as-a-service providers, or abstracting that away allows you to focus on the tech or do you feel like you still have to walk that line where you have to think about both more often than you would want? >>I mean, for us, the technology part, because the banking-as-a-service providers are really abstracting away though a lot of this kind of magic, it allows us to then shift a little bit more of our tech focus towards understanding our customers deeply based on the data that we're accessing about how they're spending, where they're spending, how much money they're making. And then based on this we can now understand, how can we not only help you manage the money that you're making, but how can we also help you make more money right, in your business? Because we can now understand a creator business and the levers that you might have depending on the platform, depending on the content vertical, depending on the stage of audience that you're kind of speaking to. And as a result, we're then able to really focus on not only can we help you manage your money, but we can help you build your business proactively. >>I know we could keep talking about this for so long they're so many topics to think about, but as we wrap up, I would love to ask each of you a question that's a little bit related to this. Let's say we come back here in 10 years and do this panel again, right? What would you hope that we'd be talking about around fintech? What inspires you that's coming down the pike? Will, what about you? >>I think it's autonomous finance, right? It's like, can we have the self-driving car version of your bank understands you fully deeply because it's looking at how you are operating and understands your business type and says, "Hey, here are proactively the things that you need to be thinking about, and here's a solution." So it's no longer a descriptive view, or dashboard of your business that you now have to interpret, but rather sure that's a descriptive analytics of how your business is operating. But also the prescription of here are the things that you should be doing. And I recommend this route forward. Do you wanna try this? And here are the cost and benefits to that. >>Mackenzie, what about you? >>I would hope that in 10 years we were talking less about maybe the way in which these products need to be built, and I think more about what has fintech enabled in terms of wealth creation for these communities. That is something that motivates us every day at Ambrook. And not just wealth creation, but the types of behaviors and the ways in which they're able to build their businesses. They're able to build more sustainable, more resilient businesses to be able to handle sort of anything that comes down the pike. And I think that's something that, yeah, I would be really excited about in a decade from now to check in on. At the end of the day, this fintech revolution actually end up delivering on the promises that we all really want to be working toward for our customers. >>What about you, Ethan? >>Yeah, I guess I have a view that 10 years isn't so long. I mean, we're always frustrated that we're not going fast enough and growing our business, or product lines as quickly as we can. And then I remind all of us that, it was in the eighties when we talked about doing online mortgages, and that happened in like 2012 or something with Rocket Mortgage, right? So it's like 30 years. So 10 years from now, the world's probably less different than we might think it is. It probably looks more like today. So my aspirations maybe are a little more muted, which is, I hope that in 10 years, fintech is not a word, it's just finance. Like it's just the way things are. So there is no more separation between, Oh, there was this old finance and now there's fintech and sort of old versus new, but it's just the way it is. And the way that manifests itself to me is that we move beyond bank account with a card, right? Like that is the primary way that companies in fintech are delivering services to their end customer today. That's usually the starting point. To me it would be that we wake up and it's totally normal for in my case, a pro, to have only one provider of financial services in their life, and that to be a software as a service platform. If that's normalized in 10 years for even a plurality of small businesses, that would be a big win. >>And that's why at Stripe, we're so excited to keep abstracting those pieces away. So you all can be building these businesses and serving your customers. That's all the time we have today. So joining me today was Will Kim of Karat Financial, Mackenzie Burnett of Ambrook, and Ethan SenturIa of Housecall Pro. Thanks so much to all of you! I'm Ashwin Kumar at Stripe. If you're interested in building on any of Stripe's banking-as-a-service products, please reach out, or visit stripe.com to learn more. Thanks so much for watching.