Fintech went from a full-blown surge to a near standstill in just two years. At its peak, about 25 percent of all venture dollars were pouring into the category. By late 2022, that number had collapsed to almost zero. In this conversation, a16z General Partner David Haber and Plaid cofounder and CEO Zach Perret unpack what actually happened during that cycle and why the market is heating up again. We explore how the industry moved from the explosive growth of 2020 and 2021 into a deep freeze, and why we are now seeing real momentum return. We also dig into the forces reshaping fintech today: AI’s outsized impact on fraud and underwriting, incumbents finally embracing external software, the renewed importance of deposits, and the rise of embedded finance across entirely new categories. Zach shares how Plaid has navigated these shifts, what the company is building now, and how he sees the next phase of fintech taking shape Timecodes: 0:00 FinTech’s Seasons 1:10 The Rise of FinTech (2014–2019) 3:32 COVID-19 and the FinTech Boom 4:43 Venture Capital Surge and FinTech Summer 8:25 Solving the Access Problem 10:41 Is Crypto Fintech? 13:51 Plaid’s Evolution and Industry Impact 17:26 Consumer Behavior and Adoption 21:48 Global FinTech Expansion 27:43 2026 Predictions: AI and Fraud 40:26 Emerging Trends in Fintech 43:34 Plaid’s Anti-Fraud and Credit Innovations Resources: Find Zach on X: https://x.com/zachperret Find David on X: https://x.com/dhaber Stay Updated: If you enjoyed this episode, be sure to like, subscribe, and share with your friends! Find a16z on X: https://twitter.com/a16z Find a16z on LinkedIn: https://www.linkedin.com/company/a16z Listen to the a16z Podcast on Spotify: https://open.spotify.com/show/5bC65RDvs3oxnLyqqvkUYX Listen to the a16z Podcast on Apple Podcasts: https://podcasts.apple.com/us/podcast/a16z-podcast/id842818711 Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details, please see a16z.com/disclosures](http://a16z.com/disclosures