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We’re dishing out a free newsletter for marketing pros at banks and lenders. Inspired by the free toasters banks used to hand out to each new customer, we’re here to help you acquire more customers at scale. We deliver fresh news, data, and insights to help you acquire more customers—minus the breadcrumbs.

TL;DR

Oportun, Pagaya, and Affirm all delivered strong Q3 results, each making strides toward profitability in 2025 with revenue and loan volume growth. Dave, under pressure from an FTC complaint, is revamping its business model and teaming up with a new sponsor bank to roll out a fresh credit product next year. The "Wallet Wars" are heating up as fintech and tech giants race to become the go-to "everything wallet" for payments and digital identity. TransUnion’s latest report signals a cooling credit market with slower balance growth and declining delinquency rates. Meanwhile, the Fed reports a slowdown in consumer credit growth, though high credit card APRs persist, adding strain on paycheck-to-paycheck households.

News

(11/12) Oportun’s Q3 2024 results met or exceeded expectations, with $250M in revenue and $31M adjusted EBITDA, more than doubling year-over-year. Operating expenses dropped 17%, and the Net Charge-Off Rate improved to 11.9%. Originations remained steady at $480M, and the 30+ Day Delinquency Rate improved to 5.2%. Secured personal loan receivables grew to $141M, expanding to six states, showing over 500 basis points lower losses and 60% higher revenue than unsecured loans. Oportun also reduced credit card receivables by 23% to $89M through a portfolio sale and plans a debt refinancing on November 14. It forecasts Q4 revenue between $246M and $250M, aiming for GAAP profitability in 2025. [Oportun]

(11/12) Dave, facing an FTC complaint, is revamping its business model and switching to a new, publicly traded sponsor bank to boost compliance and transparency. CEO Jason Wilk defended Dave’s fee disclosures while confirming plans to reduce optional fees and continue developing the Extra Cash program. He announced a nonbinding agreement with a well-regarded FinTech sponsor bank. Dave’s new partner remains unnamed and Wilk shared that this collaboration will help launch a new credit product in 2025. [PYMNTS]

(11/12) The TransUnion Q3 2024 Credit Insights Report shows a slowdown in balance and delinquency growth, indicating credit market stabilization. Credit card and personal loan balances are growing more slowly due to tightened underwriting and moderate inflation. Delinquency rates for these products are also slowing or declining. Mortgage delinquencies rose slightly but remain low due to strong employment and high credit scores. Auto loan originations are flat, with leasing gaining popularity as car payments stabilize. [TransUnion]

(11/12) Pagaya Technologies reported strong Q3 2024 results with $2.4 billion in network volume (up 11% YoY) and record revenue of $257 million (up 21%), driven by partner expansion. Personal loan volume rose 15%, and POS volume surged 67%, including new onboarding with Elavon. The company achieved $22 million in GAAP operating income and a record $56 million in adjusted EBITDA with a 21.8% margin. For the full year, Pagaya projects network volume of $9.5-$9.7 billion and revenue of $1.01-$1.025 billion, aiming for sustainable, profitable growth and GAAP profitability in 2025. [BusinessWire]

(11/10) In the "Wallet Wars," fintech and tech giants are battling to control your digital life, with the ultimate goal of becoming the go-to "everything wallet." This isn't just about payments anymore—it's about who will own digital identity, making them the central hub for managing payments, IDs, tickets, and even loyalty rewards. Apple leads with its huge smartphone market share and newly opened NFC, while players like PayPal, banks with Paze, and fintech apps like Cash App are all ramping up to compete. Whoever can combine identity, payments, and convenience into a seamless experience will win the prize of true customer ownership in this new, rebundled financial landscape. [Simon Taylor]

(11/10) Accelerating Auto Loans [Yossi J Levi]

(11/8) The Fed's Consumer Credit - G.19 report shows that consumer credit slowed in September, with an annualized growth rate of just 1.4%, down from 1.8% in August, and revolving credit (mainly credit cards) growing at only 0.9%. Despite the recent Fed rate cut, credit card APRs remain high, averaging 21.8%—a striking 43% above the decade-long average. PYMNTS data highlights that 32% of consumers opened new credit cards in the past year, mostly existing cardholders seeking emergency funds or extra credit, with high-income, paycheck-to-paycheck households revolving balances of nearly $12,000 on average. [PYMNTS]

(11/7) Affirm reported a strong fiscal first quarter, beating expectations with a loss per share of $0.31 (better than the forecasted $0.35) and revenue of $698 million, up 41% year-over-year. Its gross merchandise volume (GMV) rose 35% to $7.6 billion, surpassing estimates, fueled by partnerships with Apple, Amazon, and Shopify. The company anticipates GAAP profitability by fiscal Q4 2025 and expects Q2 revenue between $770 million and $810 million, alongside further GMV growth. Affirm’s robust underwriting for high-ticket, interest-bearing BNPL purchases differentiates it in the competitive BNPL space, according to analyst Kevin Kennedy. [CNBC]

(11/7) Sezzle reports an impressive Q3 2024, with a 71.3% jump in revenue and 40.6% growth in merchant sales year-over-year, thanks to increased consumer engagement. Its partnership with WebBank has expanded Sezzle’s financial offerings, allowing users to "Pay-in-4" across Visa-accepted locations. Bolstered by these gains and a flashy new jersey sponsorship with the Minnesota Timberwolves, Sezzle is raising its 2024 guidance and eyeing a robust 2025. [GlobeNewswire]

(11/7) MoneyLion reported a solid Q3 2024, with customer growth up 54% year-over-year to 18.7 million, fueled by enhancements to its “digital ecosystem” for personal finance. Revenue rose 23% to $135 million, and the new MoneyLion Checkout feature is “boosting conversions” by allowing users to complete financial transactions across hundreds of providers without leaving the platform. CEO Dee Choubey sees the company becoming the “de facto ecosystem” for financial decisions, with Q4 revenue projected to accelerate by 34% to $151 million. [PYMNTS]

(11/7) Green Dot saw a solid Q3 2024, with a 16% year-over-year rise in total operating revenue, totaling $409.7 million, and launched "Arc by Green Dot" to drive its focus on embedded finance. Despite a net loss of $7.8 million, the company posted adjusted EBITDA growth, showing resilience amid challenges. However, weaker-than-expected retail performance has tempered its guidance for the year, though Green Dot still forecasts momentum heading into year-end. [BusinessWire]

(11/7) Upstart had a strong Q3 2024 with revenue up 20% year-over-year, hitting $162 million, and a 43% jump in loan volume, signaling a return to growth for the AI-powered lending platform. Looking forward, Upstart anticipates Q4 revenue around $180 million, though they still expect a net loss of about $35 million. CEO Dave Girouard is optimistic, claiming Upstart is “back in growth mode” despite a tough macroeconomic environment. [BusinessWire]

(11/7) Open Lending's Q3 2024 results show a dip in performance compared to last year, with revenue down to $23.5 million from $26 million and net income falling to $1.4 million from $3 million. The lending analytics company saw a slight decline in certified loan volume, facilitating 27,435 loans this quarter versus 29,959 in Q3 2023. However, CEO Chuck Jehl expressed optimism about improving market conditions in the auto industry, particularly in inventory and affordability. [Open Lending]

(11/6) FICO's Q4 2024 results exceeded expectations, with earnings per share at $5.44, up from $4.01 a year earlier, and revenue rising 16% to $454 million. The company’s two main segments saw robust performance: Scores revenue increased 27% to $249.2 million, fueled by a 38% rise in B2B scoring solutions, while B2C revenue dropped 1% due to lower volumes on myFICO.com. Software revenues, which include the company’s analytics and digital decisioning technology, rose 5% to $204.6 million. Looking forward, FICO projects fiscal 2025 revenue of $1.98 billion, with strong growth expected across all key metrics. [FICO]

(11/6) Q2 Holdings reported strong Q3 2024 results, with revenue hitting $175 million—up 13% year-over-year and 1% from the second quarter of 2024. The company improved its GAAP gross margin to 50.9%, up from 47.8% in the prior-year period and 50.2% in Q2 2024, while reducing its GAAP net loss to $11.8 million from $23.2 million a year earlier. Key drivers included six new Enterprise and Tier 1 contracts, such as two new banks adopting Q2’s digital banking and relationship pricing solutions, along with a partnership with Envisant to integrate Q2 Fabric and Helix’s embedded finance platform. [BusinessWire]

Other stuff we’re reading and listening to

(11/12) David Nohe discusses the impact of CFPB’s Rule 1033 on open banking and strategic opportunities for bank marketers (podcast) [Affiliate Marketing For Lenders]

(11/12) Former FDIC chair Sheila Bair writes children's books to teach financial literacy and help kids navigate capitalism's pitfalls [NPR, Money Tales]

(11/11) McGlinchey’s latest podcast episode explores depository services in bank partnerships, covering program structures, third-party management, and regulatory expectations (podcast) [JP Spura]

(11/8) Tim Pranger, founder of Appli, discusses the fintech's new AI-driven financial calculator that customizes lending experiences through real-time inputs on "The Buzz" podcast [Bank Automation News, Appli]

Jobs

Spotlight of the week:

Other jobs:

• Director of Marketing (Orum.io)

• Senior Manager - Performance Marketing (Mercury)

• Director, Lifecycle Marketing (Clair)

• Sr. Mrg, Venmo Market Planning & Ops (PayPal)

• Director of LifeCycle & Customer Journey Marketing (Diversity Fund) 

• Chief of Staff - CMO (Carta)

• Director, Product Marketing - Personal Loans (LendingClub)

• Direct Mail Marketing Director (LendingClub)

  Head of Developer Marketing (Stripe)

• Vice President, Marketing (Novo)

• Head of Annuity Marketing (Guardian Life)

• Vice President, Product Marketing (Ripple)

• Director of User Acquisition (Kikoff)

• Director, Product Marketing (Intuit)

• VP of Growth, Evergreen Financial Technology Group (Evergreen)

• Director, Marketing (Lead Generation) (Kapitus)

Quick note from our sponsors

NMG and Fiat Growth are excited to sponsor this newsletter, delivering fintech marketers actionable insights and strategies to drive efficient, cost-effective growth. We’re committed to supporting companies as they navigate data-backed decision-making, strategic partnerships, and marketplace success.

Premium Data

🚧 currently under construction 🚧

We're actively developing this feature. We intend to track the ads the biggest banks and lenders display across customer acquisition channels like Meta, Credit Karma, Google, Experian, and NerdWallet.

For a glimpse into what we’re thinking, check out this post from Carlos Caro