Fintech Today - FTT+: Are We At A Crypto Top?
Hi all, Julie here.
It’s almost time for Super Bowl Sunday. I remember back in 2016 when an editor of mine asked me to write about SoFi airing an ad during the big game and whether it was absurd for a fintech company to be spending that kind of money on a 30 second slot. There were other articles posing the question of whether this signaled a “market top.” SoFi had recently secured a big check from SoftBank, Robinhood wasn’t even a billion dollar company yet, and Square had just gone public in a rather dismal offering. Things are…a bit different this year. And it’s safe to say that was not, indeed, a market top.
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Not only is the game taking place at SoFi Stadium in LA, but Square powers all of the payment terminals in the arena. Maybe this kind of sounds like an ad for our industry, and maybe it kind of is, but I’m just so proud and so excited to be a part of this community and see huge milestones like this. From when I first started covering fintech nearly seven years ago to today, we’ve become the industry standard. It’s not ok to charge high trading fees, it’s not ok to charge overdrafts or have a terrible checking account experience, it’s not ok to ignore the consumer debt problem.
Are things overheated right now and the pullback we’ve seen in stock prices to start 2022 warranted? Probably. Did you see how much shares of these companies had risen in the past 18 months?! But I also stand with Plaid’s Zach Perret and think this is still only just the beginning.
This year, crypto companies are airing loads of ads for the first time. Crypto.com, FTX, Binance and more will be front and center on February 13 (note that Binance is doing an ad campaign around the game rather than during the game). So I guess my point is, when someone tries to tell you that crypto is at the top, remember that they said the same thing about fintech in 2016 ;)
Anyways, here are some of the ads that I know are happening at some point (the images are clickable for the full videos). Ping me if you know of others though!
Greenlight
FTX
Binance
Rocket Mortgage
Coinbase and Crypto.com will both be airing ads but haven’t disclosed who or what will be in them.
The real fintech OGs will remember what was perhaps the biggest win. Back in 2017, SoFi lucked out and got a highly discounted ad slot during the big game thanks to it going into overtime thanks to a Tom Brady comeback.
Julie VerHage-Greenberg is the co-founder of Fintech Today, where she focuses on editorial content and brand. Prior to joining, she was Bloomberg’s first fintech reporter, covering Robinhood from before it was a billion dollar company, breaking the news that Plaid was acquiring Quovo, and interviewing executives on Bloomberg TV and at several large conferences.
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