A few life lessons and other fintech things

Hey everyone, happy Wednesday! Sending this newsletter a day later than usual because of the long weekend. Since I’m sure all of us are mired in lots of work and are still thinking about all the ice cream they enjoyed over the weekend (maybe this is just me), I’ll keep this week’s newsletter short and sweet.

Personal Reflection

I finally took a dedicated mini-vacation after a year and a half of being heads-down on Reconcile and went to the Catskills mountains in New York with some friends. The time away helped me realize a few life lessons:

  1. ALWAYS say yes to a group trip with your best friends. As Warren Buffet once said, “Basically, when you get to my age, you’ll really measure your success in life by how many of the people you want to have love you actually do love you.”

  2. You shouldn’t dread going back to work after a vacation. Instead, you should feel refreshed and reenergized for all the new ideas you’ll bring to the table. Finding a job or a role that you thoroughly enjoy being in is hugely important to happiness. This trip helped reaffirm my commitment to being the CEO of Reconcile!

  3. Embedding yourself within nature, especially in an area with no cell reception, is an amazing opportunity to get back to your first principles - the things that really matter most to you. With no social media to scroll through, messages to reply back to, or push notifications to open up, you simply have to be in the present with the people, animals, and environment around you. If you can find peace at that moment, then you’ll realize how little everything else matters.

Quick Reconcile Update

We wrapped up our latest design sprint after hearing some fantastic feedback from you on our MVP. We’re expecting to ship the next version later this month in about two weeks’ time! You can expect more seamless onboarding, future charge tracking, and charge tagging experiences!

Also, we kicked off the Afore Capital Zto1 program yesterday with a chat on building enterprise products led by Andrew Lee (Co-founder, Firebase), Ilya Volodarsky (Co-founder, Segment), and Merci Victoria Grace (Lightspeed; formerly Director of Product & Growth, Slack). Here are some nuggets of wisdom:

The Big Watercooler Fintech News

Jiko, an early-stage startup, became the first fintech to acquire a bank institution in order to acquire a banking charter. Most fintechs partner with an existing bank institution, like Chime and Stash have. Instead, Jiko bought Mid Central National Bank, a 63-year-old institution. For more information about the deal and what’s to come for Jiko, check out this read by American Banker.

Other News and Tidbits

69% of U.S. households own at least one smart home device! We’re not too far away from smart home devices being mainstays in almost every room in the same way that televisions have become.

The buy-now-pay-later trend now includes Mastercard and American Express as the two credit card giants have entered the mix. Technically, this trend has always existed as it’s the definition of buying on credit. However, in recent years, there’s been an emphasis on a more structured and consumer-first experience.

If you’re interested in learning some technical coding skills, General Assembly is offering a free class this Friday. I’ll be joining to brush up on my programming skills. We can share notes and form a study group if you want!

Thanks for reading!

Jaimin Desai - CEO & Co-Founder of Reconcile


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