Justin Overdorff of Lightspeed Ventures and Stripe on Increasing the GDP of the Internet, and a Macro View of the Fintech Economy (EP.178)

Quick note…I gave a bad link to Ben Thompson’s excellent piece on Twitter a couple of days back. Here it is.


Good morning from Miami….

In a Panic with Friends first, I give myself the applause dub for some advice I’d passed to Justin back in 2014. I told him there are so many interesting things happening in fintech broadly, that if he wanted to go work on something for ten years that was really interesting and unknown, but with high asymmetric upside; then making that bet is probably a good move. And that’s just what he did. Justin spent five years at Stripe, the biggest company you’ve never heard of, unless of course you’re in fintech. He’s now at Lightspeed, and we’re in our first investment together, Payitoff. We discuss all of this, how Justin sees a post-Stripe world, and his inevitable transition to venture capital. Enjoy!

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For more details on today’s conversation read on below…

Guest: Justin Overdorff

Profile: Former Yelp, Stripe – Current Partner, Lightspeed

Where to Find Him: Twitter, LinkedIn

What’s Justin Panicked About?: Water damage in my house.

The Takeaway:

Justin joined Stripe in 2015 to lead business development and strategic partnerships. He successfully built a team of partnership professionals that executed some of Stripe’s most profitable strategic deals, to include Woo Commerce, Amazon, and Facebook.

In 2019 Justin changed roles to lead deals for Stripe’s M&A investing practice. He deployed Stripe’s balance sheet capital for strategic acquisitions in early-stage technology companies.

Prior to Stripe, Justin was part of the corporate development and business development team at Yelp where he executed key partnerships with Amazon, Samsung, Nokia, and T-Mobile.

On the future of fintech: The concept of the GDP of the internet is a big piece of the macro picture for fintech. There’s a proliferation of fintech companies starting; a proliferation of software businesses embedding financial services in their own products, and the result is a large trend inclusive of things like payments, authorizations, bank accounts, and other stuff that are pieces to the puzzle that enable businesses to start a neo bank built right on top of the issuing platform. All these companies are building some sort of fintech infrastructure; whether its consumer facing, or business to business merchant tools. They are crucial to enabling the fintech economy to exist. There are all these picks and shovels and infrastructure sitting in a very unspoken place that most consumers don’t even know exists. It’s going to be exciting because we’re not anywhere near the end of the road for the growth of fintech. Payments by itself is still in early innings of what could be a 20-year trend; maybe longer.

Favorite Quote:

“…and you know [I] was really impressed by everything … and was sold on … the concept of increasing the GDP of the internet…”

Also published on Medium.