Terry Angelos
@terryangelos
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Working on something new! Previously co-founder & CEO @TrialPay , SVP Fintech & Crypto @Visa , CEO @Drivewealth . Effective iteration.
California via Joburg
Joined August 2009
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South African born, Canadian immigrant and American entrepreneur launches two US Astronauts into Space.
America is an idea.
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A milestone
@visa
today as we announce the first transactions settled w/ USDC.
Visa already moves billions of $$ across 200 markets in 160 currencies; now we can do so in any currency form factor.
Here's a sample settlement file with our digital currency capabilities:
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I'm back in the CEO seat.
After 7 years
@Visa
leading Fintech, Crypto and Loyalty, I'm excited to join
@DriveWealth
, a category defining Fintech infrastructure company.
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Payroll is the most important “entry point” to Financial Services today
With >$100B in weekly earnings, Payroll begets many downstream services (cards, savings, investing).
At same time worker expectations have changed. A crop Fintech cos are capitalizing on these trends 1/6
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I paid ~$100 to draw cash from an ATM in Europe.
Welcome to “Dynamic Currency Conversion”, the worst consumer experience in all of digital payments.
In my case, the ATM charged an 11% markup on my 800 euro withdrawal, netting $96 in charges.
Why does DCC exist?
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@Visa
is an "authorization network" and not a payment network
Merchants pay for realtime auth, security & guaranteed payment. Settlement (post transaction) is when Visa moves $$ from issuers to merchants and can happen on wires, ACH & now crypto rails
🙌 Network of networks
1/ We are excited to announce that Visa has expanded our stablecoin settlement capabilities to merchant acquirers launching pilots with
@Worldpay_Global
and
@Nuvei
utilizing the Solana blockchain
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"The $120T B2B Payment Opportunity" on Wed 17th at 6pm PT. Our amazing guests:
@jmgards
CEO Marqeta
@wadearnold
CEO Moov
@eglyman
CEO Ramp
@akashgarg
CTO AfterPay
@astrange
&
@illscience
GPs A16Z
@pitdesi
Founder & GP BTV
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And here's a great write-up about how we build this capability, why we chose USDC as the initial test case and how we think this can expand to Central Bank Digital Currencies.
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Visa is evolving. On earnings call, we talked being the leading network for digital currency wallets (w/ 35 signed partners). Today, we share a bit more about our strategy to make Visa a trusted bridge between FI's and Bitcoin.
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The 7am
@Caltrain
ride to SF is a sea of diverse faces, colors and languages that is the best of America. I want to group hug all of you.
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"settlement" is how funds move from your bank (actually the bank that funded the coffee) to the merchant (who served the coffee).
There are >100B transactions that Visa reconciles every year; now some of those reconciliations will move from bank wires to the Ethereum blockchain
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Crypto and Fintech are merging.
Lending products such as
@cryptocom
’s Spending Power are a glimpse of this future: consumers access credit which is secured against crypto assets and of course spend is enabled via
@visa
card.
Excited to innovate alongside our partners!
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The most overlooked rent collection in payments is the “all-in” pricing of modern payment companies like Stripe, PayPal and Shopify.
At 250 bps plus 30c, it’s roughly 200bps more the ave interchange for debit txns (most of ecomm volume).
Large merchants negotiate this rate.
The interchange fee for "covered debit transactions" (transactions made using debit cards issued by issuers with more than $10 billion in assets), decreased from 0.60% (of transaction value) in 2013 to 0.47% in 2022, while the share in total transaction volume remained stable at
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Crypto is global. Fintech is local.
ETH & BTC operate the same in every country; USD shaped within local jurisdictions. Blockchains work the same everywhere. Payment networks are local.
A trend to watch as fintech/crypto merge and local regulation meets global standards.
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Talking about Visa & USDC Settlement on Wed March 31st at 6pm PT w/ our incredible guests:
@jerallaire
- CEO Circle & Co-founder Centre
@diogomonica
- CEO Anchorage
@Kris_HK
- CEO Crypto com
Join me and our Visa experts
@cuysheffield
&
@rajparekh_
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1/ Today, I became a US citizen. It's been a 23 year journey filled with adventure, excitement and (like any good story) love. Some highlights and stats.
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Playing around with Twitter’s new NFT profiles.
Seems like new product runway for Twitter if they add more capabilities ( and for example). Will be fun to watch!
ps: This is Aku from the genesis collection from
@Micah_Johnson3
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1/ Techno-Optimist: Fintech Lens
I loved
@pmarca
's techo-optimist manifesto and it got me thinking about the progress & pessimism of the last 60 years of Fintech innovation.
Technology has dramatically improved every aspect of our financial lives and yet we often frame this
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Happy 63rd Birthday
@Visa
BOA
1958 (Sept) BankAmericard launched
1966 BOA licenses to other banks
ASSOC (Dee Hock)
1970 NationalBank Americard (USA)
1973 iBanco (Int.)
1975 Visa brand launched
VISA Inc.
2007 Visa USA, Can, Int. IPO
2016 Visa Inc. purchases Visa EU
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Gross vs net revenue is the biggest culprit in Fintech.
For B2B card spend platform
$1B in GMV
$20M in gross revenue (200 bps)
$5M-$8M in net revenue after processing costs and rev-share with partner
Usually $20M reported 🤷♀️
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@pmarca
Seems this is always the case? The true talent of the elites is to co-opt and ride each new innovation wave.
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Circle partnering with
@Visa
to issue the first corporate card linked to USDC balances.
Look forward to seeing how
@jerallaire
and the Circle team will enable new payment flows on these combined rails.
EXCLUSIVE: After two years of work, Visa is opening up its network to USDC, a digital dollar created by Circle Internet Financial and issued on the public ethereum blockchain: via
@ForbesCrypto
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What is settlement? You can think of a Visa transaction in two parts (I'm simplifying):
"authorization" where you tap your card at a coffee shop regardless of currency, country or time-zone and your payment is instantly accepted.
You walk out with a latte
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@patrick_oshag
@Visa
@Mastercard
Three stand out:
1. Cash (at $18T) remains biggest competitor
2. Most Fintech disrupters are built on visa/MC rails. For example, competitors such as AliPay, TenCent, Mpesa issue Visa credentials
3. B2B payments ($120T) barely on visa/MC rails
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Who is in your Hall of Fame for profitability & efficiency in fintech & big-tech?
Visa tops the list: it’s business model is inherently efficient offloading all of the regulated financial operations to its clients (who lag near the bottom).
Meta, Google and Apple have wild
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Professional update:
I am leaving
@DriveWealth
& working on something new in 2023. I have transitioned day-to-day responsibilities back to the founder & remain an advocate & shareholder.
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Love how
@eglyman
and Ramp think of the company trajectory in terms of days. 1730 days since inception. Features shipping every 3 days.
This year, the Ramp team shipped a new feature every three days (including weekends).
Every day, over 1000 new users onboard to Ramp. It’s only day 1730.
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I've admired the
@TransferWise
team since before I joined Visa, so it was terrific to ink this global commercial deal and work on our Cloud Connect product together. Here's a bit more about the collaboration 1/5
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One the cool outcomes of new entrants into payments is the democratization of “insider” payment knowledge.
Both
@ModernTreasury
and
@finix
are expanding the tent for everyone.
Who else would you add to this list?
Anyone need an especially nerdy end-of-summer reading list?
We just published a set of payments primers: books, podcasts, articles, and blog posts compiled over the last two years. It's what we give new employees.
@rachelpike
has the top ten list:
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“America is an idea” is something I first heard Bono talk about ... although others have said similar things
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We need Brex and Ramp for DAOs.
Software driven payments that are initiated on-chain but pay bills using a card credential.
Visa already accepts USDC as a settlement currency, but we need a bank to sponsor the DAO.
Are there any US banks that allow Wyoming-based DAOs to open a fiat bank account?
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Visa Fintech Fast Track now has 140 companies participating:
📈 280% growth <1yr
🌎 Global: Safaricom (Africa) Konfio (Mexico), TurkCell (Europe)
🔧 >20 Enablement partners
These Fintechs are creating the new digital payment rails:
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I held 8 H1B work permits during my 23 years from student citizen. During that time, I was an employee, founder and investor & worked alongside amazing people from all over the world. Suspending H1B hurts US innovation in profound ways.
2/ I applied for 8 H1B work permit visas, 3 F1 Student Visas and several B1/B2 visas. In all, I visited consulates in Johannesburg (6x), Ciudad Juarez and Sydney, Australia. Total legal and processing costs >$25k. Here's a snapshot from my US Citizenship petition.
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A personal post: My brother-in-law Dominic Berardino passed away at 39.
We don't yet know what caused him to collapse, but we learned about true courage, love & community through the Hero Walk which honored him as he donated his organs to give others life
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We will be discussing Payroll this Wed at 6pm PT with these amazing guests:
* Ram Palaniappan CEO Earnin
*
@CatchKristen
CEO Catch Benefits
*
@wright_jordan
CEO Atomic
*
@DanWestgarth
COO Deel
Along w/ co-hosts
@pitdesi
(BTV) &
@illscience
(A16Z)
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How Visa can unlock value from digital wallets is impressive:
Competitive networks (WeChat/AliPay/Paytm) enable cards in their app; formerly closed-loop wallets (GoJek/Rappi/MFS) issue Visa cards so their customers can pay anywhere Visa is accepted (60M+ merchants)
And now ..
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Some personal news.
For the last 6 months I’ve focused on accelerating Visa’s engagement with Fintechs.
As an entrepreneur it’s fun to make the incredible resources and scale of Visa available to other CEO’s as we partner, grow and invest in these companies.
1/ 2
Learn how fintechs can leverage
@Visa
to create what's next in payments and hear from our Global Head of Fintech
@TerryAngelos
about how
@Visa
is supporting the next generation of payment innovation:
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$ADYEN stock down 28% today.
Revenue grew 21% in 1H vs expectations of 40%. Seems North American customers moved volume or shifted services to lower cost choices.
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👀 So much room for B2B payments to be automated and managed through APIs ...
We’re delighted to share that, in March, we reconciled over $1B in business-initiated payments for the first time--10x growth from last August.
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1/7 Hundreds of incredible entrepreneurs have engaged in our Fintech Fast Track programs this year (up 3.6x YOY) and it’s a privilege to help them tackle new markets.
It also give us a view into some trends ...
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Corporate cards are finally getting the kind of innovation and attention they deserve. $120T in B2B payments of which less than a few trillion is captured on cards ... and companies such as
@tryramp
and
@BankMercury
are re-thinking the entire experience.
In other news…I joined
@tryramp
leading up all things growth and I couldn’t be more excited to publicly share what we’ve been up to! is the first corporate card that helps companies reduce their burn by actively identifying areas of overspending (1/8)
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It's hard to nudge the trajectory of a $500B market-cap co, but the
@visa
crypto team lead by
@cuysheffield
has done exactly that. Embracing how crypto intersects with existing financial partners, experimenting new rails at scale and having fun along the way. The TrialPay DNA at
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A good comparison of Adyen, Stripe and Braintree.
If you agree with
@chamath
’s race to the bottom thesis, Braintree well positioned to capture share with the lowest take rate (15-20 bps)
But enterprise payments is complex: auth rates often matter more than cost
Demystifying the Modern Acquirers $Stripe $ADYEN $PYPL Braintree in charts:
Volume & Growth: Braintree growing the fastest, while $Stripe & $ADYEN are settling in the 20% range
Together they process $2T globally in payments (a 50%+ CAGR since 2020). They've claimed ~30% of US
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When corporate execs join a startup:
Often execs can’t translate their exceptional skills unless they have the tools/environment they are used to.
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When the risking taking behavior of one bank impacts everyone else
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As a
@visa
alum, I’ve gotta say that
@Mastercard
’s sponsorship of the World Cup Cricket was very smart. Likely 1B in viewership numbers (500M by 35th game) and a concentration in critical emerging markets where brand wars are malleable. Congrats
@RajaRajamannar
Congratulations to Australia on winning the World Cup! Great run to the finals, India.
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Periodic reminder: There’s $120T of global B2B spend happening in analogue modes (check, wire, ACH) and governed by a myriad of disparate corporate systems and approval mechanisms. Converting this to modern tech stacks and digital payments rails is a huge opportunity.
1/ I'm very happy to announce that
@AirbaseHQ
has raised $60M in a new Series B round of funding at a $600M valuation. The round was led by
@MenloVentures
with all of our existing investors doubling down.
A quick thread on why we raised now when we didn't really need the money:
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Hear from 's
@Kris_HK
about how they are using USDC settlement with Visa.
A milestone
@visa
today as we announce the first transactions settled w/ USDC.
Visa already moves billions of $$ across 200 markets in 160 currencies; now we can do so in any currency form factor.
Here's a sample settlement file with our digital currency capabilities:
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Whether SF is back or not is for the serious thinkbois, but I def picked a wonderful day to meet w/ Fintech peeps in SF. I even found parking!
Thanks
@astrange
&
@illscience
for the fun walk,
@b6nbrown
’s take on fintech consulting and
@rajparekh_
for the crypto update.
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Making hand sanitizer: LVMH in Europe. Anheuser-Busch in the USA.
We have a long history of supporting our communities and employees - this time is no different. That’s why we are using our supply and logistics network to begin producing and distributing bottles of hand sanitizer to accommodate the growing needs across the United States.
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The sheer size of Sao Paulo, Brazil is impressive at any scale.
- 12M people
- 50k high-rise buildings (>115 ft)
Now to make way through some rush hour traffic!
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The nicest person in fintech is having a baby. When does she make her podcast debut?
Congrats
@AlexH_Johnson
!!
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“Visa is working on a number of projects to allow card issuing banks to offer installment-style options directly at the point of sale”
Installments are ~$1.2T globally and growing faster than any other lending product (auto loans, mortgages etc)
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Fintech twitter:
What's a good place for a team dinner in Sausalito for about 12-15 people? Something for tourists and locals alike. Visa or Bitcoin acceptance both ok :)
@pitdesi
@rexsalisbury
@illscience
@dksf
@b6nbrown
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1/ We’ve launched a Fastrack program for US Fintechs.
If you are looking to launch a card program this is the fastest way to onboard with
@visa
A dozen partners who are ready to offer
- Payment expertise
- Concierge service
- Office hours
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This is where the world is heading:
Virtual cards are simply a tokenized pointer to a funding source.
Today, this token has ubiquitous acceptance & known rules around certainty of payment.
Competing payment rails will emerge but simultaneously ride on this token.
One day someone needs to build a core processor that puts debt rails, credit, closed-loop gift card, check/saving, purchase financing (BNPL), Bitcoin, etc etc all behind one single virtual card number. Transactions will be routed intelligently based on merchant code or rules.
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How do I select a bank sponsor?
Join me,
@pitdesi
&
@illscience
Wed 6pm PT when we ask the experts who live this everyday
*
@phazlehurst
- CEO Synctera
* Eric Sprink - CEO Costal Community
* Amanda Swoverland - CCO
@unit_co_
* Brittany Decker - Visa
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Excited to partner with
@mahmoudimus
,
@peter
and the team at VGS. They are also a terrific partner in our Fintech Fastrack program which helps issuing clients get to market faster.
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@josephflaherty
Especially when they sneak back into your bed for warm cuddles just around the time you wake up!
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New Fintech VC question: what if Stripe builds it?
From our earliest days, we've wanted to make all of financial services truly programmable. We're now working with top banks to make that happen.
Stripe Treasury:
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US army corp of engineers creating a standard way to convert hotels into additional hospital capacity.
There is no simple solution but the most encouraging part of this plan is the urgency to get started now and figure out the problems along the way.
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In addition to paying himself the legal minimum salary, I believe Max held on to his shares through IPO and into the current cycle.
We need a cycling reference for this level of conviction!
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Came home to see our kids stocking this cooler with drinks and the basket with snacks!
With 6 fewer days between Thanksgiving and Xmas, delivery folks are going to need all the help they can get!
#santahelpers
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BNPL label often confuses two separate concepts:
- a flexible payment on a purchase decision I’ve already made, or
- a promotional enticement that helps create the sale.
One is a financing innovation. The other is a ad-tech innovation (with a financing lever).
Insight 1. "Pay Later" and BNPL are different things.
Pay Later is about consumer convenience, and happens after clicking "Pay" - The customer is the consumer.
BNPL is about merchants increasing sales and order value. The merchant is the customer, consumer is product.
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Preparing some black cod that will be encrusted in salt and cooked on an open fire.
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Early start to Money2020 by visiting Joshua Tree National Park
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Tonight at 6pm PT!
“The Rise of Credit”” with
@illscience
,
@CJMacDonald
,
@MishaEsipov
,
@pitdesi
,
@JoAnnBarefoot
, and Renaud Laplanche.
What should we ask this amazing group??
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Editorial: California must summon will to meet housing crisis - San Francisco Chronicle via
@nuzzel
@Noahpinion
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Good write-up from
@JohnStCapital
.
As CBDCs & stablecoins are created on diff blockchains and representing diff currencies, there's a need for these balkanized networks to interoperate.
Universal Payment Channels from
@visa
Research is a framework for that interoperability.
6/ This is a continuation of $V's network of network strategy & emphasis on embracing the role blockchains can have in global payments
If successful the network effects here would be powerful w/ stablecoins / CBDCs needing to come up with an opt-out reason rather than opt-in
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Utah as Fintech center now officially on the map. Congrats to the Divvy team.
Scoop: is in talks to acquire Utah-based startup Divvy, sources tell
@ElizaHaverstock
and me at
@forbes
.
Divvy raised funding at a $1.6B valuation in January, and had previously received a sale offer at more than $2B.
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The world’s first Central Bank Digital Currency was issued on a smart card by the Central Bank of Finland in 1991.
The Avant Card functioned as a bearer instrument: it stored a balance on the card, worked offline and enabled anonymous payments. 1/6
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True immigrant. Multiple cricket bats and cricket balls on the shelf!
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It's especially rewarding to work on this pilot with
@Bankblvd
who is focused on building generational wealth for the black community and
@Anchorage
the leading digital asset custodian. Great work by our crypto team
@cuysheffield
and
@rajparekh_
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Gm
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Quietly building the future:
@davidmarcus
edition.
There have been many failed attempts to move "money like email" but UMA has the potential to create verified end-points that could finally make this happen.
Using crypto infrastructure to move fiat across borders 24/7 is a
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I'm thankful for the incredible journey
@Visa
and will be forever inspired by the ingenuity of Dee Hock.
I remain an active conduit to Visa (DM if you need to reach folks there) and excited for the crypto team led by
@cuysheffield
.
Also - I'm hiring
@DriveWealth
.
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@auren
Trilogy (90's) = Y Combinator of its day.
Joe Liemondt bet on young talent and gave folks enormous responsibility and a path to start your own company ... which many did.
Plus Austin was a cool place to experiment :)
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Will be discussing Fintech headlines tonight at 6pm PT on Fintech Explained w/
@pitdesi
,
@howardlindzon
,
@illscience
and
@AlexH_Johnson
* Coinbase IPO
* JPM Annual Letter
* Canabis Banking
* Hazel by Walmart
* Clubhouse payments
Anything else?
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One of the reasons SV works well (despite all the negative issues we hear about) is that repeat entrepreneurs have soooo much wisdom they bring to new companies. I love how
@WilliamsonMark
(amazing repeat founder) is impacting the trajectory at
@masterclass
Myth
#3
: "If it fails, you set your career back years." Counterfactual: every acquihire.
@WilliamsonMark
taught me about job vs career risk. At a startup, you have job risk, but little career risk. If the startup fails, you'll have learned a ton you can bring to a next job
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Analogy: “if you use an Oracle database to confirm trades, please file a 1099, but if you use MySQL you are exempt”.
3/ This amounts to the US government placing its thumb on the scale to choose winners and losers very early in the development of a nascent technology movement and would undoubtedly open the infra bill up to future legal challenges. This is policymaking at its absolute worst.
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Fiat on-ramps need to improve. Huge opportunity for acquirers and processors to serve this market.
Trying to buy tiny amounts of Eth directly through the Metamask UI just now—
Wyre doesn't work (didn't buy any, error says "hit daily limit")
Transak doesn't work (didn't buy any, but "hit daily limit")
It's so early in crypto, it's still full of P0 first time experience bugs
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The best brands experiment with the future in public.
Meet Visa. A new, iconic brand symbol is just the beginning. Visa is more than a credit card company; we’re a trusted network that drives commerce forward. Learn more:
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LATAM continues to be one of the biggest opportunities in Fintech.
As an example, one of the best performing ads for neobanks in this market is “apply for a card to pay for Spotify!”
That’s a lot of people who have yet to use online payment products!
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This is smart. By experimenting with early payments, companies can help speed up relief efforts.
@chime
using their "Spot Me" feature to pay customers early and then collect stimulus payments as those funds are delivered by govt. We need similar efforts on B2B. Fintech can help.
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VGS is building critical infrastructure to securely operate on sensitive data. Great to see so many
@Visa
clients and partners using the Zero Data platform. Congrats
@mahmoudimus
and team!
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Congrats
@dafrankel
and team! You have an incredible talent for finding and backing great entrepreneurs.
Today
@Coupang
becomes $CPNG. 11 years after being invited by Bom Kim to participate in Coupang's seed round, its astounding trajectory reminds me of three key facts:
🤝 Founders > Markets
🏁 Velocity = Victory
☎️ Always take
@billackman
’s call
/🧵
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