“European players with market domination potential discussed by Lightspeed Partner Alex Schmitt in FinanceFWD podcast”

Lightspeed has invested in companies like Snapchat or Affirm, now the VC wants to expand more into Europe. In 2022, the German partner Alex Schmitt was also added. In the podcast he talks about the influence artificial intelligence has on fintech business models.

When the American rapper Will.I.Am recently asked ChatGPT which venture capitalists he had to meet, the artificial intelligence answered: Lightspeed. That’s how a meeting in London came about, says Alex Schmitt in the podcast.

The partner of the well-known financier has been part of the team since last year and primarily deals with fintech issues. Lightspeed is known for investments in Snapchat or the “Buy Now, Pay Later” provider Affirm, and in Europe it has invested in fintechs such as Payhawk, Lemon Markets and Unstoppable Finance. Schmitt has high hopes for the region. “Players come from Europe who can dominate markets, such as Celonis,” he says.

He, too, has already tried ChatGPT. Venture capitalists should always try to be the first adopters of new technologies, says the investor. Schmitt had the artificial intelligence (AI) summarize emails and also asked for future forecasts.

That didn’t overly impress him, but Schmitt still expects far-reaching changes from tools like ChatGPT in the long term. “We humans overestimate short-term changes, but massively underestimate the long-term impact,” he says. Artificial intelligence has a particular impact on the productivity and satisfaction of company employees.

In addition to the content area, Schmitt expects special use cases from ChatGPT and Co. in terms of consumer finance. “The interaction between banks and consumers is being reshaped by AI,” he says.

Schmitt has more than ten different financial apps on his cell phone – but he predicts that will soon change. “We’re seeing a trend towards centralization again.” Artificial intelligence is particularly helpful at the interface with the end user, i.e. with customer service and information procurement.

In the podcast, Alex Schmitt talks about Lightspeed’s plans for the European market and its fintech role model.

In the FinanceFWD podcast, Schmitt talks about…

… his shenanigans with ChatGPT
… artificial intelligence for fintechs
… his move from Cherry Ventures to Lightspeed
… the current funding mood

The FinanceFWD podcast is also available at SpotifyDeezer or iTunes. If you like the format, we look forward to a positive rating!