A former executive who helped transform Banc of California into one of America’s fastest-growing financial institutions is launching a new venture to serve a market segment traditional banks often ignore: the creator economy.
The Banc of California Legacy
During the author's tenure, Banc of California experienced significant growth, expanding from approximately 60 employees to 2,000 and increasing assets from $600 million to $17 billion. The bank's market cap also rose from $60 million to $1.7 billion, making it the fastest-growing bank in America for three consecutive years. The strategy relied on out-thinking larger competitors by serving neglected niches, such as the EB-5 immigrant investor program and specialized institutional banking products.
Identifying the Market Gap
Following a departure from the bank, the author noticed a fundamental shift in capital flow. Corporate marketing spend is rerouting from television networks to individual creators, founders, and freelancers. Despite this, banking products remain designed for those with a single employer and a bi-weekly paycheck.
"Most banks want the doctor, the lawyer, the salaried journalist," the author notes. They often view entrepreneurs earning across multiple platforms and currencies as a compliance and risk problem rather than an opportunity, similar to the challenges faced by the underbanked between 2005 and 2009.
The Launch of MAKE
The new company, MAKE, targets a $40 billion to $60 billion sub-market within the broader $400 billion creator economy. The platform prioritizes the "unglamorous" aspects of banking—compliance, risk, and infrastructure—to facilitate global transactions for digital entrepreneurs, influencers, and remote workers who live in several currencies at once.
The startup was self-funded with approximately $5 million to ensure the product was fully developed before seeking outside capital. The author's message to established financial institutions is that they must design for the world as it is, rather than simply digitizing legacy products for a workforce that no longer exists.
