In this episode, Richard Armstrong, Jack Richardson, and Dan Chaplin explore Dan's journey to becoming a partner at Dawn Capital. They discuss Dawn's investment structure and the evolving fintech landscape, highlighting key investment criteria, capital costs, and valuable sectors. The conversation delves into the distinctions between tech and financial services, examining margin profiles, unit economics, and capital efficiency. They discuss profitability expectations and market fragmentation in Europe, along with AI investment trends in fintech. Dan shares insights on board composition, predictions for 2024, and essential characteristics for founders. The episode concludes with valuable advice for founders raising capital.