LendAcademy provides the highlights from the many keynotes and more at LendIt Fintech USA 2018 held in San Francisco April 9-11. The talks included Scott Sanborn (CEO of Lending Club), Max Levchin (CEO of Affirm), Jay Ferner (CEO of Quicken Loans), Omer Ismail (CCO of Marcus), and Anthony Noto (the new SoFi CEO) among others.
Max Levchin first made a name for himself as a co-founder of PayPal but today he is most well known as the CEO and co-founder of Affirm. Affirm is attacking point of sale financing, a space that is somewhat fragmented with few big incumbent lenders. In his discussion Max said that software is eventually going to eat the credit card. We are going to move to payments made by phone but we have more work to do on the software side before that becomes the standard way people pay. Interestingly, he also attacked the APR (annual percentage rate) standard as a bad way of judging credit products. We need to reinvent a way to compare financial products that is not just focused on the APR.