The Free Toaster
Insights and interviews at the intersection of consumer lending, marketing, and technology. Hosted by Carlos Caro, co-founder at The Free Toaster and Managing Partner at New Market Growth, a growth agency for consumer lenders.
Episodes
We've been writing about Cash Flow Underwriting lately. This week we continue the conversation. We expand on what we wrote this week in The Free Toaster Newsletter: https://www.thefreetoaster.com/p/will-llms-solve-distribution-for
***** The Free Toaster is hosting the Affiliate Marketing Summit for Lenders on September 23rd & 24th in San Francisco.
Learn more: https://events.thefreetoaster.com/
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In an October 2024 article in The Free Toaster, Carlos laid out 3 things that would unlock distribution for Cash Flow Based Lenders. In today's episode, he shares the progress we've made on all 3 fronts over the last 18 months.
https://www.thefreetoaster.com/p/where-is-the-demand-for-cash-flow-underwriting
***** The Free Toaster is hosting the Affiliate Marketing Summit for Lenders on September 23rd & 24th in San Francisco. ...
ChatGPT just integrated Plaid, giving 200 million monthly users a personalized finance experience built on real account data.
Carlos and Nick break down what that means for affiliate marketing. Credit Karma's approval odds models (and Experian's) become foundational infrastructure. Intuit's $100M OpenAI deal puts TurboTax and Credit Karma inside the chat. Generic content sites ranking for "best travel credit cards" lose ground to r...
Jeff Keltner was the first non-founder employee at Upstart. He spent over a decade there running consumer acquisition, building the bank partnership business from zero to ten banks, and managing both sides of the affiliate marketplace. Today he hosts What the AI, a weekly podcast covering the top stories in AI with co-host Annie Delgado.
Carlos and Nick break down NerdWallet's Q1 2026 earnings, the first full read on the company since the stock dropped 32% post-print. Headline numbers look fine on the surface. $222M in revenue, 6% YoY growth, $34M in non-GAAP operating income at a 15% margin. Look one layer down and the story turns. A major insurance carrier pulled back. Small business was down 15% YoY and got zero analyst questions. And the cards business, which N...
Wall St. sold off what seemed to us like a killer performance from SoFi in Q1 2026. Carlos, Nick, and special guests Rachel Lauren react to the earnings report.
This news Pod expands on our reporting from this week's Newsletter.
https://www.thefreetoaster.com/p/sofis-best-quarter-yet-disappoints *****
Zak Ali runs the US business at Finder, the financial comparison site that started in Australia in 2006 and launched stateside in 2015. Lending now drives roughly 40–50% of Finder US revenue across personal loans, business loans, and earned wage access. In this conversation, Zak pulls back the curtain on how a major comparison publisher actually thinks...
Nick Madrid interviews Carlos Caro live at the Fintech Summit in NYC on April 28th.
On the heels of a Curated Table Event on April 27th (sponsored by Spinwheel), Nick bumped into Carlos at the Fintech Summit and did a short Q&A on how lenders eliminate friction from their application flows.
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To support The Free Toaster Pod...
Carlos flies solo this week (Nick is wheels-up from NYC to SF after FinTech Week) to break down three stories from this week's newsletter: OnePay's no-deposit credit builder card, Credit One Bank's embedded integration with Bright Money, and Aven's new Bitcoin-backed Visa with credit limits up to $1M. He also opens up the floor on five format ideas for...
Carlos and Nick expand on the headline story from this week’s Newsletter. And they speculate on what this might mean for consumer lending distribution platforms.
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To support The Free Toaster Podcast, please visit our sponsors:
Spinwheel...
Carlos and Nick try to make sense of Wells Fargo's 60% YOY increase in new credit card customer bookings. They covered this story in Wednesday's Newsletter and they dig deeper into potential sources of their growth: https://www.thefreetoaster.com/p/wells-fargo-books-631000-new-credit
Rachael Olson spent years running product strategy on Discover's $6 billion personal loan business, and she joins the show to walk through a real lender's application from marketplace click all the way to the hard pull, screen by screen.
Using a hypothetical billion-dollar...
Carlos and Nick welcome Amanda Braslow to the show as the newest partner in the business and GM of events. Amanda brings fifteen years from Capital One, most of it in the co-brand trenches. Her first big project putting together the Free Toaster Affiliate Marketing Summit on September 23rd in San Francisco at the Exploratorium.
Deposits aren't loans. That sounds obvious, but the implications for affiliate marketing are anything but.
Alana Levine joins Carlos Caro to break down how affiliate marketing works on the deposit side of the house: different unit economics, different optimization cadence,...
Carlos and Nick sit down with John Doppke, VP at Upgrade, to unpack Boost Money — a four-in-one financial account combining a checking account, secured credit-building card, high-yield savings, and interest-free cash advances.
Carlos Caro chats with Rakesh Patel, the Executive Vice President of the Experian Marketplace. For those of you not familiar with the Experian Marketplace, it got started in 2017 and it's quietly become one of the largest consumer marketplaces in the world for credit cards, personal loans, and auto insurance.
In today's episode we'll cover:
-Experian's vision to become a fi...
Carlos sits down with Dennis Fish and John Minalga of the ICS Corporation following a roundtable dinner with 16 consumer lending executives in New York City to talk about one of the most misunderstood channels in financial services: direct mail. We discussed:
Carlos and Nick sit with Kelvin Chen, Head of Policy at the Consumer Bankers Association. We discuss Kelvin's recent post on LinkedIn that challenges a commonly cited fact in the media that credit card balances are at record highs. Kelvin's LinkedIn post below:
"Is the consumer in trouble, or is the math just misleading? 🤔 Multiple times a day, we hear affordability stories about consumers struggling with "record-high" credit c...
[Show notes reposted below from the LendAPI Podcast]
The Free Toaster Podcast is sponsored by:
-Fintel Connect
-Spinwheel
-Bulldog Media Group *****
LendAPI Partner Podcast with Carlos Caro, Managing Partner & Founder of New Market GrowthGuest:
Carlos Caro
Host:
Timothy Li
REPOSTED FROM FINTECH TAKES. Alex's show notes below. I hope you enjoy! -Carlos ***** Welcome back to Fintech Takes. I'm Alex Johnson, joined again by Carlos Caro (author of the Free Toaster newsletter and host of the Free Toaster podcast) to continue the conversation we started on Carlos’s podcast about MrBeast's acquisition of Step and what it means for the fintech ecosystem.
This episode picks up where we left off, by looking...
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