Shows
Affiliate Marketing For LendersE039 - Spinwheel's Network Token with Tomás Campos, CEO at SpinwheelIn this episode, Tomás returns to share what's changed since Spinwheel's $30 million funding round—including a strategic investment from Citi—and gives us an inside look at the Spinwheel Network Token, a piece of technology that changes how lenders can serve customers across the acquisition journey.
Please note: Spinwheel is a sponsor of The Free Toaster Newsletter and Podcast.
About The Spinwheel Network Token
Spinwheel's Network Token creates a persistent, consent-based identity layer using just a phone number and date of birth. Here's what that unlocks:
Skip the funnel: Instead of starti...
2025-12-1742 min
The Free ToasterE037 - Spinwheel's Network Token with Tomás Campos, CEO at SpinwheelIn this episode, Tomás returns to share what's changed since Spinwheel's $30 million funding round—including a strategic investment from Citi—and gives us an inside look at the Spinwheel Network Token, a piece of technology that changes how lenders can serve customers across the acquisition journey.
Please note: Spinwheel is a sponsor of The Free Toaster Newsletter and Podcast.
About The Spinwheel Network Token
Spinwheel's Network Token creates a persistent, consent-based identity layer using just a phone number and date of birth. Here's what that unlocks:
Skip the funnel: Instead of starti...
2025-12-1742 min
Affiliate Marketing For LendersE038 - Behind The Scenes - Nick Madrid, Co-Founder at The Free ToasterI sit with my co-founder Nick Madrid to discuss what we've learned in the last year of building this Podcast and Newsletter.
About Nick Madrid - Co-founder, The Free Toaster. Former Bloomberg (10 years) and Chime (3+ years). Now building media properties including The Free Toaster and the Uncovered Media brand.
Free Toaster Stats
1,200+ email subscribers (zero paid marketing), adding about 100 subs per month
13,000+ active users, 30,000+ views on www.thefreetoaster.com
118 posts published in 14 months
Main Topics of Discussion
Biggest lesson: Consistency matters more than predicting viral content
What's working: Writing online attracts opportunities
2026 plans: Building...
2025-12-0532 min
The Free ToasterE036 - Behind The Scenes - Nick Madrid, Co-Founder at The Free ToasterI sit with my co-founder Nick Madrid to discuss what we've learned in the last year of building this Podcast and Newsletter.
About Nick Madrid - Co-founder, The Free Toaster. Former Bloomberg (10 years) and Chime (3+ years). Now building media properties including The Free Toaster and the Uncovered Media brand.
Free Toaster Stats
1,200+ email subscribers (zero paid marketing), adding about 100 subs per month
13,000+ active users, 30,000+ views on www.thefreetoaster.com
118 posts published in 14 months
Main Topics of Discussion
Biggest lesson: Consistency matters more than predicting viral content
What's working: Writing online attracts opportunities
2026 plans: Building...
2025-12-0532 min
The Free ToasterE035 - Facing Credit: When AI Broke the Marketing Machine (Reposted from Fintech Takes)I recently sat with Alex Johnson on the Fintech Takes Podcast. I hope you enjoy!
*****
(Show notes below from Fintech Takes)
Welcome back to the Fintech Takes podcast. I’m Alex Johnson, joined by Carlos Caro (author of the Free Toaster newsletter and host of the Free Toaster podcast) for the second episode of Facing Credit, where we unpack what’s really happening in lending right now.
This one’s about marketing; the overlooked starting point of every loan.
Everything in lending sits downstream of how you acquire...
2025-12-011h 12
Affiliate Marketing For LendersE036 - Media Arbitrage vs. Brand ArbitrageI was recently a guest on another Podcast, and the host asked me a question about what will happen to publishers' organic traffic that disappeared with the recent Google / SEO changes.
That question led me into a bit of a tangent / rabbit hole (I'll republish that episode here when it goes live in December), and today I share some of my updated thoughts after having an evening to reflect on the conversation.
PS: If you want to sponsor our Podcast in 2026, now's the time to get in touch. Email me at carlos@newmarketgrowth.com
2025-10-2926 min
The Free ToasterE034 - Media Arbitrage vs. Brand ArbitrageI was recently a guest on another Podcast, and the host asked me a question about what will happen to publishers' organic traffic that disappeared with the recent Google / SEO changes.
That question led me into a bit of a tangent / rabbit hole (I'll republish that episode here when it goes live in December), and I share some of my updated thoughts after having an evening to reflect on the question.
PS: If you want to sponsor our Podcast in 2026, now's the time to get in touch. Email me at carlos@newmarketgrowth.com
2025-10-2926 min
The Free ToasterE033 - Compliance in Affiliate Marketing, The 6 Blind Spots - With Alana Levine, CRO at Fintel ConnectAlana Levine, Chief Revenue Officer at Fintel Connect, returns to break down the compliance challenges that affiliate marketers face. As AI reshapes the affiliate landscape, financial institutions face mounting pressure to get compliance right—or face serious consequences.
In this episode, Alana shares her framework for managing affiliate compliance at scale, the real-world costs of getting it wrong, and how the rise of influencer marketing and LLMs is creating additional complexity for the next 12-24 months.
We discuss...
The Six Compliance Blind Spots
Partner vetting: Creating systematic rules for who represents your bra...
2025-10-1639 minThe Free ToasterE032 - Organic traffic to affiliate publishers is getting smashedWe've all heard the rumors around SEO traffic drying up for publishers. Today I riff on what's going on, why it's happening, and what lenders should be doing about it.
This is a supplement to something I recently published on The Free Toaster Newsletter.
https://www.thefreetoaster.com/p/the-seo-apocalypse-has-arrived-9812
*****
A word from our sponsor, Spinwheel:
Reduce friction in your lending application with just two fields—phone number and birthdate. Spinwheel’s APIs boost application rates by 20-30% while also providing real-time credit data and seamless payment processi...
2025-09-2613 min
Affiliate Marketing For LendersE034 - Organic traffic to affiliate publishers is getting smashedWe've all heard the rumors around SEO traffic drying up for publishers. Today I riff on what's going on, why it's happening, and what lenders should be doing about it.
This is a supplement to something I recently published on The Free Toaster Newsletter.
https://www.thefreetoaster.com/p/the-seo-apocalypse-has-arrived-9812
*****
A word from our sponsor, Spinwheel:
Reduce friction in your lending application with just two fields—phone number and birthdate. Spinwheel’s APIs boost application rates by 20-30% while also providing real-time credit data and seamless payment processi...
2025-09-2613 min
Affiliate Marketing For LendersE033 - The AI Finfluencers Are ComingWe explore how fintech lenders could revolutionize customer acquisition by partnering with AI-powered finfluencers, alleviating current concentration in affiliate marketplaces.
Key Topics
The Current Problem: 30-70% of fintech lender volume comes from affiliate marketplaces, creating concentration risk. Lenders spend $4B-$6B annually on affiliate marketing but lack control over rankings and algorithms.
The Finfluencer Opportunity: Top creators are severely under-monetizing. Vivian Tu (Your Rich BFF) made $3MM from 5MM followers—just $0.60 per audience member. Credit Karma generates $12.31 per member. At Credit Karma rates, Vivian could earn $61.5MM annually.
The AI Revolution: Digital twins wil...
2025-08-2518 minThe Free ToasterE031 - The AI Finfluencers Are Coming
We explore how fintech lenders could revolutionize customer acquisition by partnering with AI-powered finfluencers, alleviating current concentration in affiliate marketplaces.
Key Topics
The Current Problem: 30-70% of fintech lender volume comes from affiliate marketplaces, creating concentration risk. Lenders spend $4B-$6B annually on affiliate marketing but lack control over rankings and algorithms.
The Finfluencer Opportunity: Top creators are severely under-monetizing. Vivian Tu (Your Rich BFF) made $3MM from 5MM followers—just $0.60 per audience member. Credit Karma generates $12.31 per member. At Credit Karma rates, Vivian could earn $61.5MM annually.
The AI Revolution: Digital twins wil...
2025-08-2518 min
The Free ToasterE030 - Launching Affiliate Marketing Programs With Alana Levine, CRO at Fintel ConnectWe sit down with Alana Levine, Chief Revenue Officer at Fintel Connect, to uncover what financial institutions get wrong when launching affiliate marketing programs—and more importantly, how to get it right from day one.
As someone who lives in the trenches and is often the first call when lenders want to activate the affiliate channel, Alana shares her unfiltered pre-launch checklist and the hard-won insights that can save months of frustration and wasted budget.
We discuss...
The Strategic Foundation
Why geographic reach can make or break your affiliate program
The "me to...
2025-08-061h 07
The Free ToasterE029 - Income Verification, With Kirill Klokov, CEO at TruvWe sit down with Kirill Klokov, CEO of Truv, to break down everything lenders need to know about income verification providers.
Vetting Income Verification Vendors
Why most providers use the same underlying data sources
The power of back-testing analysis on your own data
Smart questions sophisticated lenders ask during RFPs
The Consumer Experience
Why 35% of users drop off at bank login screens
How to build a smart "waterfall" approach (spoiler: start cheap, then hit instant databases)
The messaging that actually works with borrowers
Beyond Basic Income Verification
Why a "complete product" covers W...
2025-07-3033 min
The Free ToasterE028 - 10 Direct Mail Pitfalls That Kill Programs (with Rich Walker)Rich Walker is back! After our first direct mail episode became the most popular episode on the show, we're back for round 2.
The 10 DM Pitfalls We Discuss
1. Attribution Nightmares
People get your mail, then go to Credit Karma to respond. Your CFO freaks out about "paying twice" but that's just how the channels work together. Rich breaks down holdout testing and why you need to stop thinking about this as double-paying.
2. When Campaigns Go Off The Rails
Your mail program is humming along, then suddenly a campaign tanks for no reason. 80% o...
2025-07-141h 49
Affiliate Marketing For LendersE030 - The State of Compliance In Lead Gen, With John Henson, Founder at Henson LegalI sat down with John Henson, a fintech-savvy lawyer who formerly worked at LendingTree (both as an attorney and a general manager). He unpacks the regulatory chaos swirling around lead generation in 2025 — what’s changed, what’s still risky, and how fintech marketers can navigate it without getting burned.
In today's discussion:
The CFPB Rolled Back Rules: Credit card and personal loan lead gen just got a little more breathing room. John explains what’s safe and what’s not.
Mortgage Lead Gen Isn’t Dead: Despite RESPA, there are ways to play without federal headaches.
State Privacy Laws Are Tig...
2025-06-261h 22
The Free ToasterE027 - The State of Compliance In Lead Gen, With John Henson, Founder at Henson LegalI sat down with John Henson, a fintech-savvy lawyer who formerly worked at LendingTree (both as an attorney and a general manager). He unpacks the regulatory chaos swirling around lead generation in 2025 — what’s changed, what’s still risky, and how fintech marketers can navigate it without getting burned.
In today's discussion:
The CFPB Rolled Back Rules: Credit card and personal loan lead gen just got a little more breathing room. John explains what’s safe and what’s not.
Mortgage Lead Gen Isn’t Dead: Despite RESPA, there are ways to play without federal headaches.
State Privacy Laws Are Tig...
2025-06-261h 22The Free ToasterE026 - Positive & Negative Select (Think Like A Recruiter)I explain positive and adverse selection in lending using recruiting as an analogy. If you've ever hired someone, you'll instantly understand why your channels, pricing, and process determine your loan portfolio quality.
Key Takeaways
The Big Idea: Attracting great borrowers works exactly like hiring great people.
The parallels...
1. Channel Quality
Inbound (website traffic): People actively searching, often desperate
Outbound (direct mail): Higher-quality prospects who aren't hunting
Best candidates and borrowers usually aren't usually looking
2. Price Matters
Post a $100K vs $200K director role—which gets better candidates?
Same with loans: competitive rates attract quality bo...
2025-06-1311 min
Affiliate Marketing For LendersE029 - Positive & Negative Select (Think Like A Recruiter)I explain positive and adverse selection in lending using recruiting as an analogy. If you've ever hired someone, you'll instantly understand why your channels, pricing, and process determine your loan portfolio quality.
Key Takeaways
The Big Idea: Attracting great borrowers works exactly like hiring great people.
The parallels...
1. Channel Quality
Inbound (website traffic): People actively searching, often desperate
Outbound (direct mail): Higher-quality prospects who aren't hunting
Best candidates and borrowers usually aren't usually looking
2. Price Matters
Post a $100K vs $200K director role—which gets better candidates?
Same with loans: competitive rates attract quality bo...
2025-06-1311 min
Affiliate Marketing For LendersE028 - Marketplace Madness (Success in one affiliate doesn't guarantee success in another)I talk about a surprising case study where a lending product thrived in one affiliate marketplace but completely flopped in another. We explore the key differences between marketplaces that can dramatically impact performance and provide actionable insights for fintech marketers.
Key Insights
Don't assume success transfers between marketplaces: A product that works well with one affiliate partner may struggle with another due to fundamental marketplace differences.
Three critical marketplace variables to consider:
Algorithm differences
Competitive landscape variations
Offer presentation layer discrepancies
Strategic takeaways:
Consider designing different product versions for different channels
Expect varying unit economics across partnerships
Recognize...
2025-05-1613 minThe Free ToasterE025 - Marketplace Madness (Success in one affiliate doesn't guarantee success in another)I talk about a surprising case study where a lending product thrived in one affiliate marketplace but completely flopped in another. We explore the key differences between marketplaces that can dramatically impact performance and provide actionable insights for fintech marketers.
Key Insights
Don't assume success transfers between marketplaces: A product that works well with one affiliate partner may struggle with another due to fundamental marketplace differences.
Three critical marketplace variables to consider:
Algorithm differences
Competitive landscape variations
Offer presentation layer discrepancies
Strategic takeaways:
Consider designing different product versions for different channels
Expect varying unit economics across partnerships
Recognize...
2025-05-1613 min
Affiliate Marketing For LendersE027 - Playing The Game In ReverseMarketers sometimes like to enter new channels gradually, conservatively even. This works in many channels like paid search, social, and direct mail.
But for fintechs, entering new affiliate channels like this can have catastrophic consequences.
In today's Podcast, I share why entering into new affiliate marketplaces "cautiously" can be dangerous for new entrants. I'll walk you through how to play the game in reverse.
Note: If you want to hear more about this in future Podcasts, email me at carlos@newmarketgrowth.com with your questions.
*****
A word fro...
2025-04-2512 minThe Free ToasterE024 - Playing The Game In ReverseMarketers sometimes like to enter new channels gradually, conservatively even. This works in many channels like paid search, social, and direct mail.
But for fintechs, entering new affiliate channels like this can have catastrophic consequences.
In today's Podcast, I share why entering into new affiliate marketplaces "cautiously" can be dangerous for new entrants. As an alternative, I'll walk you through how to play the game in reverse.
Note: If you want to hear more about this in future Podcasts, email me at carlos@newmarketgrowth.com with your questions.
*****
...
2025-04-2512 min
Affiliate Marketing For LendersE026 - Colin Gardiner, General Partner at Yonder VenturesWe chat with Colin about how AI is changing marketplaces.
His thesis: “The rise of agentic AI will transform marketplaces from passive aggregators to active facilitators of transactions.”
To learn more, check out Colin’s take on how AI will revolutionize marketplaces:
https://www.gardinercolin.com/p/ai-and-marketplaces-agent-led
About Colin Gardiner
Former economics/statistical researcher that now loves building sticky consumer facing products via iterative data-driven methods. Built products for both large corporations and seed level startups, always with a primary focus on acquisition, conversion and monetization.
...
2025-04-151h 02
The Free ToasterE023 - Colin Gardiner, General Partner at Yonder VenturesWe chat with Colin about how AI is changing marketplaces.
His thesis: “The rise of agentic AI will transform marketplaces from passive aggregators to active facilitators of transactions.”
To learn more, check out Colin’s take on how AI will revolutionize marketplaces:
https://www.gardinercolin.com/p/ai-and-marketplaces-agent-led
About Colin Gardiner
Former economics/statistical researcher that now loves building sticky consumer facing products via iterative data-driven methods. Built products for both large corporations and seed level startups, always with a primary focus on acquisition, conversion and monetization.
...
2025-04-151h 02
The Free ToasterE022 - Jason Steele, Credit Card and Award Travel ExpertWe sit with credit card expert Jason Steele about what's happening behind the scenes in the industry. Jason shares how he went from tech work to becoming a respected credit card authority who writes for major publications and runs CardCon, the credit card industry conference.
We discuss:
The "Coupon Book Problem" - Premium cards are becoming more complex with endless small benefits ($6 at Dunkin', $10 off wireless) that frustrate consumers. Jason explains why this creates space for simpler card offerings that deliver clear value.
What Drives Card Choices - Discover why exclusivity and status perks (l...
2025-04-0951 min
Affiliate Marketing For LendersE025 - Jason Steele, Credit Card and Award Travel ExpertWe sit with credit card expert Jason Steele about what's happening behind the scenes in the industry. Jason shares how he went from tech work to becoming a respected credit card authority who writes for major publications and runs CardCon, the credit card industry conference.
We discuss:
The "Coupon Book Problem" - Premium cards are becoming more complex with endless small benefits ($6 at Dunkin', $10 off wireless) that frustrate consumers. Jason explains why this creates space for simpler card offerings that deliver clear value.
What Drives Card Choices - Discover why exclusivity and status perks (l...
2025-04-0951 min
Affiliate Marketing For LendersE024 - Tim Li, CEO at LendAPILendAPI lets you create application flows, credit decision engines, and complete lending products through simple drag-and-drop tools—all without hiring engineers or spending millions.
You can build and launch lending products quickly and efficiently, then use a working product to raise venture capital. Even non-financial businesses like boat dealerships are using it to replace clunky Excel-based applications.
Tim in unsually transparent as an early stage founder. He shared:
$3.5 million in seed funding raised just four months ago
How many applications they process daily
How many lenders use the platform
The company’s ARR and targ...
2025-03-241h 01
The Free ToasterE021 - Tim Li, CEO at LendAPILendAPI lets you create application flows, credit decision engines, and complete lending products through simple drag-and-drop tools—all without hiring engineers or spending millions.
You can build and launch lending products quickly and efficiently, then use a working product to raise venture capital. Even non-financial businesses like boat dealerships are using it to replace clunky Excel-based applications.
Tim in unsually transparent as an early stage founder. He shared:
$3.5 million in seed funding raised just four months ago
How many applications they process daily
How many lenders use the platform
The company’s ARR and targ...
2025-03-241h 01
Affiliate Marketing For LendersE023 - Guru Sethupathy, Founder & CEO at FairNowIn this episode, I catch up with my old Columbia PhD classmate Guru Sethupathy, founder of FairNow, an AI governance platform for financial services.
About AI Governance:
Involves three key components:
Monitoring AI performance, explainability, and bias
Ensuring compliance with financial regulations
Establishing clear AI policies and procedures
Why It Matters for FinTechs:
Often viewed as a cost center but becomes a strategic advantage
Becomes critically important during partner due diligence
"Light touch" governance is better than scrambling reactively
Risk of bias or compliance issues can be existential for startups
Explainability Benefits:
...
2025-03-1839 min
The Free ToasterE020 - Guru Sethupathy, Founder & CEO at FairNowIn this episode, I catch up with my old Columbia PhD classmate Guru Sethupathy, founder of FairNow, an AI governance platform for financial services.
About AI Governance:
Involves three key components:
Monitoring AI performance, explainability, and bias
Ensuring compliance with financial regulations
Establishing clear AI policies and procedures
Why It Matters for FinTechs:
Often viewed as a cost center but becomes a strategic advantage
Becomes critically important during partner due diligence
"Light touch" governance is better than scrambling reactively
Risk of bias or compliance issues can be existential for startups
Explainability Benefits:
...
2025-03-1839 min
Affiliate Marketing For LendersE022 - Greg Cox, Group CEO at Quint Group (Monevo)In this episode, we speak with Greg Cox, CEO of Monevo, to discuss their recent acquisition by TransUnion and how they're transforming credit offer distribution.
Greg explains how Monevo serves as a technology layer connecting lenders and publishers, allowing lenders to distribute highly qualified credit offers to third-party websites and aggregators. The platform helps lenders target the right customers across multiple digital channels while improving conversion rates.
Highlights:
How Monevo's technology handles model hosting and decisioning, with flexibility for lenders to host models with Monevo, TransUnion, or their own platforms
Their extensive publisher...
2025-03-0439 min
The Free ToasterE019 - Greg Cox, Group CEO at Quint Group (Monevo)In this episode, we speak with Greg Cox, CEO of Monevo, to discuss their recent acquisition by TransUnion and how they're transforming credit offer distribution.
Greg explains how Monevo serves as a technology layer connecting lenders and publishers, allowing lenders to distribute highly qualified credit offers to third-party websites and aggregators. The platform helps lenders target the right customers across multiple digital channels while improving conversion rates.
Highlights:
How Monevo's technology handles model hosting and decisioning, with flexibility for lenders to host models with Monevo, TransUnion, or their own platforms
Their extensive publisher...
2025-03-0439 min
Affiliate Marketing For LendersE021 - Rich Walker, Direct Mail Deep DiveRich Walker is a 35-year industry vet who’s been responsible for over 10 billion pieces of Direct Mail.
Rich has led direct marketing teams at Capital One, the Winterberry Group, Deluxe Corporation, 2nd Order Solutions, and more recently, Aven.
So we jumped at the opportunity to get his take on how lenders can leverage Direct Mail to grow their customer acquisition programs.
We Discuss:
1️⃣ Why Direct Mail still matters
-$3B in spend per year
-The power of pre-screened marketing
2️⃣ Who should explore Direct Mail
-High r...
2025-02-121h 39
The Free ToasterE018 - Rich Walker, Direct Mail Deep DiveRich Walker is a 35-year industry vet who’s been responsible for over 10 billion pieces of Direct Mail.
Rich has led direct marketing teams at Capital One, the Winterberry Group, Deluxe Corporation, 2nd Order Solutions, and more recently, Aven.
He also ran his own consulting shop - Pilot Performance Marketing - focused on helping lenders solve Direct Mail.
So we jumped at the opportunity to get his take on how lenders can leverage Direct Mail to grow their customer acquisition programs.
We Discuss:
1️⃣ Why Direct Mail still matters...
2025-02-111h 39
Affiliate Marketing For LendersE20 - CongruenceWhat is Congruence? Aligning messaging from your ad, to your landing page, to your final conversion steps creates lift in your marketing funnel, reducing your CACs and increasing your customer acquisition volumes. It sounds elementary. Yet many organizations forget to do it.
Today we dig into examples of marketing from Wells Fargo and Discover to illustrate what it means to be Congruent across your marketing funnel.
The visuals from The Free Toaster Newsletter will help:
https://www.thefreetoaster.com/p/congruence
Our sponsors:
Spinwheel:
Streamline your...
2025-02-0410 minThe Free ToasterE017 - CongruenceWhat is Congruence? Aligning messaging from your ad, to your landing page, to your final conversion steps creates lift in your marketing funnel, reducing your CACs and increasing your customer acquisition volumes. It sounds elementary. Yet many organizations forget to do it.
Today we dig into examples of marketing from Wells Fargo and Discover to illustrate what it means to be Congruent across your marketing funnel.
The visuals from our Newsletter will help:
https://www.thefreetoaster.com/p/congruence
A word from our sponsor, Spinwheel:
Streamline your lending...
2025-02-0410 min
The Free ToasterE016 - Kevin Bennett, CEO at FurtherWe chat with Kevin Bennett, a successful entrepreneur who helped grow Caribou to a billion-dollar company. Now, he's back with Further, a platform focused on helping people afford their first homes. Kevin shares important lessons for early-stage founders and gives practical advice for growing a business.
We Discuss:
Product vs. Distribution: Kevin explains why both product development and getting your product to customers are equally important.
Experimenting with Marketing: Kevin talks about the need to test different marketing channels and how to do it quickly.
Evaluating Marketing Channels: Kevin s...
2025-01-2728 min
Affiliate Marketing For LendersE018 - The Free Toaster Podcast (and Newsletter)I just launched a new Podcast at the intersection of marketing, lending, and fintech. It includes everything you get on this show, plus more.
(PS - If you're happy with Affiliate-only content, stay here. I'll keep publishing episodes I think will be relevant to you).
Find the new show by searching "The Free Toaster" on your Podcast player, or by going here:
https://thefreetoaster.podbean.com/
Please also check out the weekly Newsletter:
www.thefreetoaster.com
And, please check out our sponsors:
www.spinwheel.io
www.fiatgrowth...
2025-01-2302 min
The Free ToasterE015 - Tomas Campos, CEO at SpinwheelWe sit with Tomas Campos, CEO at Spinwheel. Spinwheel’s product caught my attention because affiliate marketers could use their product to reduce the friction in their application processes.
Timestamps:
(00:00) Meet Tomas Campos, CEO of Spinwheel
(02:30) Ideal customers and use cases
(06:30) Success metrics
(12:35) Challenges building the business
(15:37) Partnering with lenders
(22:41) Uplift from pre-filling application forms
(28:12) What holds lenders back from buying
(34:10) The NerdWallet integration
(36:05) Other challenges lenders have
(46:52) Bank account verification
(47:10) Wrap up
Where to find Carlos:
LinkedIn
Twitter/X
Where to find Tomas:
LinkedIn
Fi...
2025-01-0948 min
The Free ToasterE014 - David Nohe - Unpacking the CFPB's Rule 1033 on Open BankingWe sit with David Nohe, CEO of FinGoal, to discuss the CFPB’s Rule 1033 on Open Banking and the implications it has for bank marketers.
Timestamps:
(00:00) David Nohe, CEO of Fingoal
(01:59) The 101 on CFPB Rule 1033
(09:32) Consumer consent
(18:04) Future of subscription models
(22:52) Funnel dynamics / friction
(24:09) Credit bureau vs. open banking data
(26:43) Why be concerned or optimistic
(32:10) Banks' strategic opportunities
(41:37) Wrap up and dinner bet
Where to find Carlos:
LinkedIn
Twitter/X
Whe...
2025-01-0941 minThe Free ToasterE013 - Personalization - The Case For Building Hyper-Niche ProductsPersonal finance platforms (like Credit Karma) are now at scale, with the ability to recommend products at the 1:1 user level. Further, they’re incentivized to recommend niche products that are highly customized to each user. Lending products, however, are designed for mass audiences. This disconnect presents a huge opportunity for lenders.
Timestamps:
(00:00) Why personalization matters
(04:06) Hyper-niche lending products
(05:37) Social media and niche content
(08:43) Opportunities in financial services
(12:57) Where I see this all going
(15:01) Wrap up
Where to find Carlos:
LinkedIn
Twitter/X
Refe...
2025-01-0916 min
The Free ToasterE012 - Tim Hong, CPO at MoneyLionToday we chat with Tim Hong, the Chief Product Officer at MoneyLion. He walks us through a partnership they’ve built with Plaid and other data providers to offer cash flow data at the marketing stage to lenders in the Engine marketplace.
Timestamps:
(00:00) Tim Hong, CPO at MoneyLion
(04:06) The Engine marketplace
(12:02) Open banking and UX
(22:48) User permissioned data
(25:15) Sharing bank credentials
(27:25) Cashflow data in lending
(31:09) Spark platform
(37:20) Future of open banking
(44:17) Wrap up
Where to find Carlos:
LinkedIn
Twitter/X
Ref...
2025-01-0945 minThe Free ToasterE011 - Cash Flow UnderwritingI’m starting to worry that we don’t have an economically viable way to distribute cash flow underwriting (CFU) products to consumers. In today’s episode, we discuss the opportunity and challenges CFU lenders will have in distributing their products through direct mail, paid search, and of course affiliates.
Timestamps:
(00:00) Introduction to Fintech and Cashflow Underwriting
(01:21) The Article and Its Insights
(02:38) AI-Generated Overview of The Petal Case Study
(09:21) End of AI-Generated Overview
(09:26) Analyzing Cashflow Underwriting
(11:36) Challenges in Cashflow Underwriting
(15:54) Marketing Cashflo...
2025-01-0924 minThe Free ToasterE010 - New Market GrowthToday, we discuss the backstory behind my marketing agency, New Market Growth. I’ll share my background working in affiliate marketing at a connected home startup, my experience working on credit cards at Capital One, my 4 years at Credit Karma, and how my experiences came together to form a services business for lenders.
Timestamps:
(00:00) What is New Market Growth
(01:30) Early years in affiliate marketing
(03:53) Credit Karma
(06:50) My first business: legal services marketplace
(09:10) Return to fintech + personal brands
(12:19) Founding New Market Growth
(14:27) Current focus + looking out to the futur...
2025-01-0915 minThe Free ToasterE009 - Measurement [Affiliate marketing]Today, we discuss high-level principles for your affiliate measurement (analytics) strategy. We’ll cover the 2 big questions your dashboards should be answering, we dig into 9 metrics you might not be watching, and we hit on the importance of connecting marketing stage and performance stage data.
Timestamps:
(00:00) True North
(01:34) Driving questions
(01:53) Delivering for your partners
(04:26) Partners delivering for you
(06:35) Combining data sources
(09:34) Effective dashboards
(16:49) 9 key metrics to watch
(22:26) Wrap up
Where to find Carlos:
LinkedIn
Twitter/X
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2025-01-0922 minThe Free ToasterE008 - Common Struggles [Affiliate marketing]Today, we discuss the most common reasons that lenders don’t hit their volume, account quality, and growth goals in the affiliate channel. Based on Carlos’ experience talking to lenders in his affiliate marketing agency, New Market Growth.
Common struggles:
Cross-functional dysfunction
Model misalignment
(Non)compliance
Application friction
Mispricing
Access to big affiliates
Concentration
Cold starts
Lack of differentiation
CPA game
Thinking it’s easy
Timestamps:
(00:00) Common Struggles in Affiliate Marketing
(03:00) Reason 1: Lack of Cross-Functional Effort
(04:54) Reason 2: Misaligned Targeting Model
(06:36) Reason 3: Approval Rate Issues
(07:59) Reason 4: Application Friction
(09:01) Reason 5: Uncompetitive Pricing
(10:39) Reason 6: Missi...
2025-01-0920 minThe Free ToasterE007 - Operational Maturity Pt 2 [Affiliate marketing]Today, we continue to discuss the 4 levels of Operational Maturity in affiliate marketing for lenders. We’ll go deep on 301 and 401 levels and wrap up with some tactical things you can do to land at the 401 level.
Summary of the 4 levels:
𝟭𝟬𝟭 - 𝗧𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻𝗮𝗹
We're focused on the volume of leads and the cost of acquisition. The rest of the operation looks a lot like affiliate programs in other industries. There's not much attention placed on the quality of accounts that we acquire.
𝟮𝟬𝟭 - 𝗤𝘂𝗮𝗹𝗶𝘁𝘆 𝗔𝘄𝗮𝗿𝗲
We learn that not all leads are created equal and not all lead sources are created equal. We pay more...
2025-01-0944 minThe Free ToasterE006 - Operational Maturity [Affiliate marketing]Today, we introduce the 4 levels of Operational Maturity in affiliate marketing for lenders. We’ll go deep on 101 and 201 levels. The 301 and 401 levels will be covered in our next episode.
Summary of the 4 levels:
𝟭𝟬𝟭 - 𝗧𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻𝗮𝗹
We're focused on the volume of leads and the cost of acquisition. The rest of the operation looks a lot like affiliate programs in other industries. There's not much attention placed on the quality of accounts that we acquire.
𝟮𝟬𝟭 - 𝗤𝘂𝗮𝗹𝗶𝘁𝘆 𝗔𝘄𝗮𝗿𝗲
We learn that not all leads are created equal and not all lead sources are created equal. We pay more attention to what happens to a custom...
2025-01-0929 minThe Free ToasterE005 - Levers [Affiliate marketing]Episode 005: Today, we discuss the marketing levers lenders have at their disposal to improve the performance of their affiliate marketing campaigns.
We’ll discuss levers in the following categories:
Eligibility
Impressions/placements
Click-through rate
Application rate
Approval rate
Funding rate
CPA/Payouts
Timestamps:
(00:54) Recapping previous episodes
(01:50) A big misconception
(03:02) Key levers
(09:30) CTR
(18:37) Application rate
(21:35) Approval rate
(27:09) Funding rate
(29:49) CPAs / payouts
(31:43) Conclusion and final thoughts
Where to find Carlos:
LinkedIn
Twitter/X
References:
Clic...
2025-01-0934 minThe Free ToasterE004 - Where To Play & Host Models [Affiliate marketing]Episode 004: Today, we tackle two simple, but important questions. The first: “What affiliates should I partner with?” And the second, “Where should I host my targeting model?”
We cover:
How to build a list of potential affiliate partners
Why “getting in” isn’t an easy as you think
How to build a pitch for potential partners
Where to host your targeting model
Guiding principles for targeting model development
Timestamps:
(00:43) Outline of today's episode
(04:25) Building a list of potential partners
(09:25) Why getting into publishers isn't easy
(14:15) Cr...
2025-01-0941 minThe Free ToasterE003 - Why Play [Affiliate marketing]Episode 003: Today, we tackle a big, foundational question. “Why should I bother promoting my lending products in affiliate channels?”
We cover:
Size of publicly traded affiliate networks
How many consumer loans are opened per year on affiliate networks
Why your CMO, CPO, CRO, and CFO should care
A 60-second elevator pitch for your CEO
Timestamps:
(00:43) Why Invest in Affiliate Marketing?
(01:22) Affiliate Channel Scale From Public Filings
(05:08) What % Of Acquisition Volume Comes From Affiliates?
(06:14) Convincing Your Org to Invest in Affiliate Marketing
(08:01) Benefits for Different Departments
(13:06) Selling into your CPO or Strategy Head
(14:44) Selli...
2025-01-0924 minThe Free ToasterE002 - The Game [Affiliate marketing]Episode 002: In this episode, we describe affiliate marketing for lenders with tangible examples. From there, we talk through the dynamics of the affiliate game and how affiliate partnerships are structured. This provides a baseline 101 for anyone unfamiliar with the topic, and a recap for those who are more familiar with this space.
Additionally, we discuss:
What mindset to bring to the game
Our super-lever: approval rate
Notes for performance marketers new to affiliates
Timestamps:
(00:00) Introduction
(01:04) Exploring Affiliate Coverage In Google Results
(03:15) Behind the Scenes of Affiliate Marketing
(05:49) Affiliate Deal Structures an...
2025-01-0929 minThe Free ToasterE001 - How New Balance's CMO Turned Around A 15-Year DeclineWhat we learned about brand marketing from New Balance's turnaround.
TL;DR - For 15 years, New Balance watched its revenues decline. Consumers saw its sneakers as “dad shoes”—safe, comfortable, but uncool. Traditional direct-response marketing wasn’t reversing the trend. In April 2020, a new CMO, Chris Davis, arrived with a bold idea: flip the marketing mix from a 70% reliance on direct-response ads to a brand-led approach. It was a big gamble that took nearly 19 months to pay off, but when it did, New Balance emerged as a revitalized global brand.
Written version:
2025-01-0618 min
Affiliate Marketing For LendersE017 - How New Balance's CMO Turned Around A 15-Year DeclineCarlos shares what he learned about brand marketing from New Balance's turnaround.
TL;DR - For 15 years, New Balance watched its revenues decline. Consumers saw its sneakers as “dad shoes”—safe, comfortable, but uncool. Traditional direct-response marketing wasn’t reversing the trend. In April 2020, a new CMO, Chris Davis, arrived with a bold idea: flip the marketing mix from a 70% reliance on direct-response ads to a brand-led approach. It was a big gamble that took nearly 19 months to pay off, but when it did, New Balance emerged as a revitalized global brand.
Written...
2024-12-1818 min
Affiliate Marketing For LendersE013 - Personalization - The Case For Building Hyper-Niche ProductsPersonal finance platforms (like Credit Karma) are now at scale, with the ability to recommend products at the 1:1 user level. Further, they’re incentivized to recommend niche products that are highly customized to each user. Lending products, however, are designed for mass audiences. This disconnect presents a huge opportunity for lenders.
Timestamps:
(00:00) Why personalization matters
(04:06) Hyper-niche lending products
(05:37) Social media and niche content
(08:43) Opportunities in financial services
(12:57) Where I see this all going
(15:01) Wrap up
Where to find Carlos:
LinkedIn
Twitter/X
Refe...
2024-11-0117 min
Affiliate Marketing For LendersE012 - Tim Hong, CPO at MoneyLionToday we chat with Tim Hong, the Chief Product Officer at MoneyLion. He walks us through a partnership they’ve built with Plaid and other data providers to offer cash flow data at the marketing stage to lenders in the Engine marketplace.
Timestamps:
(00:00) Tim Hong, CPO at MoneyLion
(04:06) The Engine marketplace
(12:02) Open banking and UX
(22:48) User permissioned data
(25:15) Sharing bank credentials
(27:25) Cashflow data in lending
(31:09) Spark platform
(37:20) Future of open banking
(44:17) Wrap up
Where to find Carlos:
LinkedIn
Twitter/X
Ref...
2024-10-2245 min
Affiliate Marketing For LendersE011 - Cash Flow UnderwritingI’m starting to worry that we don’t have an economically viable way to distribute cash flow underwriting (CFU) products to consumers. In today’s episode, we discuss the opportunity and challenges CFU lenders will have in distributing their products through direct mail, paid search, and of course affiliates.
Timestamps:
(00:00) Introduction to Fintech and Cashflow Underwriting
(01:21) The Article and Its Insights
(02:38) AI-Generated Overview of The Petal Case Study
(09:21) End of AI-Generated Overview
(09:26) Analyzing Cashflow Underwriting
(11:36) Challenges in Cashflow Underwriting
(15:54) Marketing Cashflo...
2024-10-2225 min