Max Levchin
speaker
2,409 appearances
6 recordings
3 series
first heard Feb 2025
last heard 6d ago
Max Levchin’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 4 in all, peaking in Feb 2026 with 2.
Appearances
So we're so we're non depository non bank lender, which means that our own capital or the capital that we lend out
is some form of sourced.
And there's multiple ways of doing it.
We're extremely diversified in a source of capital.
You have to be because at any given time,
somebody may choose to no longer participate, we generally speaking have an extremely strong
Set of relationships.
At this point, I kind of lost count.
It's so many different folks that we work with, both at sort of huge depositories, insurers, companies, banks, funds.
Some of these people buy our loans.
We now are big enough where we securitize on a fairly regular basis, which means people buy our securities, the receivables that we securitize.
And then we have a whole collection of what's called warehouse lines where you finance the receivables or you borrow against the receivables as a security.
So
All of that comprises our
Capital Markets program.
Every one of these people has their own benchmark, which of course is dictated by Fed funds rates to a pretty significant degree.
Majority of these agreements, majority of these contracts are reasonably long dated, which means that an increase in interest rates or decrease in interest rates is a sort of a slow trickle into our cost of capital.
So it's not a tomorrow morning we go back to ZERP, which
I think we won't.
Uh but as the rates will come down inevitably, there's now enough conversation about it, it will accrete to us as sort of tail into the business, but it won't happen overnight, just like the
Showing 1921–1940 of 2,409 · page 97 of 121
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