Biggest Ponzi Scheme of All Time? Open Banking's Need for a Network Solution - Georgina Merhom, Founder & CEO of SOLO

I'm so grateful that Georgina joined me for a conversation to explore the future of financial data infrastructure. As the founder and CEO of SOLO, she brings a unique outsider perspective to financial services, having started her career as a data scientist in cybersecurity before founding Egypt's first cross-border payments app, Ziv Me, which she later sold to the National Bank of Egypt.

We dove deep into the fundamental problems with today's financial data systems, where customers must constantly reintroduce themselves to every institution despite having established trust records elsewhere. Georgina explained how the current infrastructure was built to scale transactions rather than relationships, creating $30 billion in annual data collection costs for banks and frustrating reset experiences for consumers.

Georgina revealed the shocking reality behind credit bureaus, describing them as "the biggest Ponzi scheme of all time" where banks pay for data they already had and provided. She contrasted this with SOLO's vision of a customer data clearing house that would make trust portable across financial institutions while maintaining proper regulatory compliance as an FCRA-regulated entity.

We explored the concept of data as representing relationships rather than just transactions, and how SOLO's network model could transform the $50 billion annual spend on data collection and aggregation into a collaborative system where banks are incentivized to help customers rather than hoard their information. Georgina also shared candid insights about entrepreneurship, including the importance of founder-market fit and learning when to listen to "no" as market feedback rather than obstacle to overcome.

I hope this conversation offers a compelling vision for how financial services could work better for everyone - banks, fintechs, and consumers alike - through smarter data architecture and aligned incentives.

RESOURCES:

• Learn more about Solo: https://solo.one

• Connect with Georgina Merhom on LinkedIn: https://www.linkedin.com/in/georginamerhom

• Thanks to show sponsor, BankTech Ventures: https://www.banktechventures.com

Chapter Markers

00:00 Preview

00:37 Intro

00:53 Sponsor

01:26 Introducing Georgina Merhom and SOLO

04:45 Challenges in Traditional Banking Data Systems

08:38 SOLO's Innovative Approach to Data Collection

09:49 Use Cases and Benefits of SOLO

13:45 Regulatory Challenges and Responsibilities

17:56 The Future of Open Banking and Data Sharing

26:45 The SOLO Network Model

35:57 Georgina's Entrepreneurial Journey

43:19 Advice for Aspiring Entrepreneurs

47:47 Final Thoughts

48:12 Outro