Starting the First Online Bank, S1, with John Philpott
Back in ‘95, the first internet bank opened its virtual doors. Little did its founders know they would be laying the foundations for all modern banking and fintech as we know it. In this Fintech Corner episode, JD and Brett interview John Philpott, the third employee of the bank turned software company, S1. He shares his story as an internet banking pioneer and how the innovations back then mirror the innovations we see in fintech today.
Episode Highlights
- How S1 moved the banking industry online and built trust
- Two major hurdles S1 overcame to get its first customers
- What it was like to tackle the first online payment service
- Major fintech innovations that John believes banks should keep an eye on today
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Show Notes / Resources
Read the full transcript.
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About Fintech Corner
A podcast for fintech lovers that starts conversations between bankers, financial technology innovators, and their clients to evolve finance and treasury for the 21st century. For decades, there has been a gap between the technology that banks can offer and what corporate clients need for modern cash flow management and analysis. We’ll cover emerging trends to help bridge this gap, technologies that can reshape the roles of treasury & finance, and the in’s and out’s of API bank connections & open banking.
Brett Turner
CEO & Founder, Trovata
After starting his career as a CPA with the Deloitte audit practice, Brett gained progressive experience in corporate finance and accounting managing SEC reporting for Amazon and then becoming VP of Finance for Worldwide Packets (sold for $300M+ in 2008). Across his last three roles as a startup Co-Founder / CFO, Brett has raised over $100M in equity and venture debt financing while helping create over $500M in shareholder value. Today, he is the founder and CEO of the cash management platform, Trovata. Brett is a Seattle native, with a BA in Finance from Seattle Pacific University.
Joseph Drambarean
CPO, Trovata
Joseph Drambarean is the Chief Product Officer as well as CTO at Trovata. Joseph is one of the founding members of the company and the first engineer. Before Trovata he worked with companies like Capital One where he was at the forefront of digital transformation, leading product management as head of the innovation labs and mobile banking teams. Joseph is driving innovation around rapid deployment and customer onboarding, bank-grade security, and machine learning at Trovata, creating a more consumerized user experience for customers from small businesses to enterprises.
John Philpott
General Partner at FINTOP Capital
John Philpott began his career as one of the founding team members of S1 Corporation (NASDAQ: SONE). S1 originated as the creator of the World’s First Internet Bank, SFNB, and grew to over $200mm in annual revenue. While at S1, John served in a variety of roles including SVP and GM of S1’s International Business unit. Following S1, John helped found a multi-family family office and asset management firm. Most recently, John served as the Chief Executive Officer of Interactive Advisory Software, a practice management and technology firm for the wealth management industry, representing over $70b in reportable assets. John holds a degree from Davidson College, and lives with his family in Nashville, TN.
