Technology
VCs expect a surge in startups offering lower rate mortgages, other loans now that the Feds cut rates
When the U.S. Feds cut interest rates by half a percentage point last week, it was a dash of good news for venture capitalists backing one particularly beleaguered class of startups: fintechs, especially those that rely on loans for cash flow to operate their businesses.
These companies include corporate credit card providers like Ramp or Coast, which gives cards to fleet owners. The card companies make money on interchange rates, or transaction fees charged to the merchants. “But they have to front the money by getting a loan,” said Sheel Mohnot, co-founder and general partner at Better Tomorrow Ventures, a fintech-focused firm.
“The terms of that loan just got better.”
Affirm, a buy now, pay later (BNPL) company founded by famed PayPal mafia member Max Levchin, is a good case study. While Affirm is no longer a startup — having gone public in 2021 — when interest expenses rose, its stock price tanked, dropping from around $162 in October to hovering at under $50 a share since February 2022.
BNPLs pay merchants the full amount up front; then they allow that customer to pay for the item over a couple of payments, often interest-free. Many BNPLs generate revenue primarily by charging merchants a fee for each transaction processed on their platform, not interest on the purchase. Their business model didn’t allow them to pass on the dramatically higher costs they incurred.
“BNPLs were making money hand over fist when interest rates were zero,” Mohnot said.
Affirm competes with a host of BNPL startups. Klarna, for instance, is a player that’s been expected to IPO for years but still isn’t ready in 2024, its CEO told CNBC last month. Some BNPL startups didn’t survive at all, like ZestMoney, which shut down in December. Meanwhile, other lending fintechs also shuttered because of high interest rates like business-building credit card Fundid.
Counterintuitive as it may seem, lower rates are also good for fintechs that offer loans. Car loan refinancing company Caribou, for instance, falls into this bucket, predicts Chuckie Reddy, partner and head of growth investments at QED Investors. Caribou offers one- to two-year loans.
“Their whole business is predicated on being able to take you from a higher rate to a lower rate,” he said. Now that Caribou’s funding costs are lower, they should be able to reduce what they charge borrowers.
GoodLeap, a provider of solar panel loans, and Kiavi, a lender specializing in loans for “fix-and-flip” home investors, are other short-term lenders expected to benefit. Just like Caribou, they can potentially pass on some of their interest savings to customers, leading to a surge in loan origination volume, said Rudy Yang, fintech analyst at PitchBook.
And no sector should be helped by lower interest rates as much as fintech startups taking on the mortgage loan industry. However, it could be some time before this recently beat-up space sees a resurgence. While the cut the Feds made was a biggie, interest rates are still high compared to the long ZIRP (zero interest rate policy) era that preceded it, when Fed rates were at near zero. The new Fed rates are in the 4.5% to 5% range now. So the loans available to consumers will still be a few percentage points higher than the base Fed rate.
Should the Feds continue to cut rates, as many investors hope they will, then a lot of people who bought homes during the high-rate time will be looking for better deals.
“The refinancing wave is going to be massive, but not tomorrow or over the next few months,” said Kamran Ansari, a venture partner at VC firm Headline. “It may not be worth it to refinance for half a percent, but if rates decrease by a percent or one and a half percent, then you will start to see a flood of refinances from everybody who was forced to bite the bullet on a mortgage at the higher rates over the last couple of years.”
Ansari anticipates a significant rebound for mortgage fintechs like Rocket Mortage and Better.com, following a sluggish performance in recent years.
After that, VC investor dollars will almost certainly flow. Ansari also predicted a surge in new mortgage tech startups if interest rates become more appealing.
“Anytime you see a space that’s gone dormant for four or five years, there are probably opportunities for reinvention and updated algorithms, and now you can do AI-centric underwriting,” he said.
Google’s Sycamore quantum computer
Peter Kneffel/dpa/Alamy
In 2019, Google claimed that its Sycamore quantum computer could perform calculations that would take even the world’s most powerful classical supercomputer 10,000 years to complete – but now it seems that a non-quantum computer crunches the numbers several times faster than Google’s machine, and uses less energy doing so.
Quantum computers have the potential to carry out some kinds of calculations vastly more quickly than classical computers, but are still in their infancy. Google announced in 2019 that Sycamore had achieved “quantum supremacy” – the point at which a quantum computer can…
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Razer comes out with wacky concepts every year — it’s hard to forget about the RGB-ridden Project Hazel face mask — but its recent Project Esther is turning into a real product. It’s called Freyja, and Razer says it’s the world’s first HD haptics gaming cushion. While not exactly a market that’s popping off, if there’s any company to sail into uncharted waters with haptics, it’s Razer.
We’ve seen attempts from Razer in the past to bring haptics to your back and butt, but Freyja looks much more practical than a full chair like the Enki Pro HyperSense. It’s a cushion that fits over most chairs with a tall back, including both Razer and non-Razer options. It needs power, but Razer has built a single-cable solution for Freyja with a quick-release connection so you don’t have to worry about pulling down your setup if you roll over the cable in the wrong way.
The cushion is sliced up into 16 zones, each of which can activate individually depending on what you’re doing. In games, Razer says Freyja will support some native integrations, where the haptics are designed specifically for the game. In other titles, the cushion will still work by simulating haptics based off of game audio, using sound direction and distance to create the effect. And, if you have other devices with Razer Sensa haptics, they’ll work together.
Gaming is the focus, but the haptics will work with just about any audio. You can get haptic feedback in a movie or music, for example, or the sensation of a live concert if you’re watching a stream of one. It’s hard to say how accurate the feedback will be, especially when it’s based solely off of audio. As we saw with Razer’s vibrating Kraken HyperSense headset, the sensation isn’t always consistent. Different forms of media mix audio in different ways, so some forms of media will be more extreme with the haptics while others will be more subtle.
If you’re interested in the Freyja, you can pick it up now, assuming you can stomach its steep price of $300.
Get your weekly teardown of the tech behind PC gaming
The cushion was announced as part of RazerCon, and Razer shared several other announcements at the event. It showcased the recently released Black Widow V4 Pro 75% Wireless, and it also announced the Kraken V4 Pro headset and Razer’s first laptop cooling pad, which promises to reduce temperatures by up to 18%.
Sony‘s super limited and super cool PS5 Pro 30th Anniversary bundle may be gone but you can still pre-order the regular PS5 Pro, so it’s not a total loss. Sure, it’s not going to strike a chord with your nostalgia like the PS1-style colors would, but you still get an upgraded console. Sony officially announced the PS5 Pro earlier this month, noting that it would go up for pre-orders on September 26. Right on time, the console went up for pre-order on PlayStation Direct, alongside the 30th Anniversary bundle.
While the latter sold out in mere minutes or seconds, the standard PS5 Pro without all the goodies is still available. The sad part is that a fair number of the bundles seem to have been scooped up by scalpers. Which is par for the course with these devices. Luckily, scalper attention seems to have been solely focused on the bundle for the markup opportunity. That being said we wouldn’t wait too long for a PS5 Pro pre-order if you want one to keep. As there’s no telling how much stock Sony actually has.
The PS5 Pro is only available to pre-order from PlayStation Direct for now
If you want to secure your PS5 Pro, there’s one place to get it right now. That’s Sony’s official PlayStation Direct online store for all things PlayStation. It’ll be this way for the immediate future as well. For example, Best Buy will eventually have pre-orders available, but not until October 10. So if you want to go through Best Buy, you have another two weeks to wait.
Amazon doesn’t have the PS5 Pro listed for pre-order at all. Not even a banner that we could find that lists a future date. So for now, you have to get it directly through Sony. As mentioned, however, you can still add the pre-orders to your cart. So for the moment, Sony does have stock. You will, however, need to sign in with your PlayStation account to make the purchase.
Units ship out on November 7
Whether you’ve placed your pre-order already or not, there are still several weeks to wait before you get your hands on that shiny new console. Sony confirmed they’ll ship out on November 7.
Best Buy has the same date listed as well, as does Walmart. Sony’s PS5 Pro is really just a mid-gen refresh of the console but it does provide some tangible upgrades. For starters, it comes with 2TB of internal storage. That’s a huge step up for game storage. Especially if you factor in using the expandable SSD slot as well. Another big change is the ability to hit more consistent frame rates without sacrificing the graphics quality.
On the regular PS5, you have to choose between performance mode or quality mode. You can’t really have both. Sony’s PS5 Pro retails for $699.99 and is available for pre-order now.
New releases in fiction, nonfiction and comics that caught our attention.
W. W. Norton & Company
Richard Powers’ Playground is a novel of contrasts: the vast unknown of Earth’s oceans, a place of constant discovery and marvelous creatures that seem always to be at play, versus technological advancement and the rise of AI; the unlikely friendship between a young poet and a boy whose life revolves around coding; a remote island with a tiny population still feeling the effects of a history of exploitation, and the tech elites who envision it as the stepping stone to their own utopia.
Through the perspectives of four characters who have been brought together on Makatea, an atoll in the South Pacific, Playground explores friendship, play, the wonders of the natural world and humanity in the age of artificial intelligence. Powers’ writing is beautiful, and Playground promises to leave you with a lot to think about.
Bloomsbury Sigma
The Long History of the Future: Why Tomorrow’s Technology Still Isn’t Here is a surprisingly entertaining look at the failed promises of technologies long touted to be on the horizon, and the grand ambitions of the innovators behind them. Tech and science journalist Nicole Kobie takes us on a journey through the decades to trace the roots of some of the biggest ideas that never quite came to fruition in the way it was once projected they would — flying cars, the hyperloop, robots that can actually do all of our chores for us, etc. Kobie offers a witty analysis and a lot of rich anecdotes, making for a really informative deep dive that’s also pretty fun to read.
Pantheon
It’s a big week for anyone who’s been waiting years for an English-language release of Charles Burns’ Dédales — Final Cut, as the English version is called, is here. Final Cut follows a group of friends who, led by aspiring filmmaker Brian, set out to make a sci-fi horror movie in the vein of Invasion of the Body Snatchers, Brian’s favorite movie. But obsession takes hold of Brian in a nightmare blend of romantic longing (for the film’s star, Laurie) and artistic creativity that has gone too far, and things take a turn for the dark and disturbing. As is characteristic for Burns, Final Cut is surreal and unsettling, made all the more impactful by his crisp illustrations. In some ways it feels like a spiritual successor to Black Hole, and I expect this to be one of those works I keep coming back to.
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