"We need private financial services": Javier Vergara, Co-founder FinKratt
In my last column, I talked about how Big Tech tracks and manipulates what we see online. It’s not just about showing ads—it’s about shaping your preferences and decisions. When you see an ad that feels "perfect," it’s probably because companies have influenced what you think you want. Each time you see a targeted ad, your personal data has been shared with thousands of advertisers through something called "real-time bidding." These ads aren’t random—they win split-second auctions because they’re designed to get you to click. In short, when a service is free, you’re paying with your personal data.
Now, when it comes to privacy, there are tools that help protect your data. But there's one area that still feels like a lost cause: financial services. The truth is that spending data is the most valuable personal information, and banks, companies, and governments can easily trace every transaction you make. They say it’s to fight crime, but it often goes much further. In fact, people have even been "debanked" for no clear reason—Marc Andreessen (the venture capitalist) in conversation with Joe Rogan, recently highlighted cases involving NFT entrepreneurs. And why should so many organisations know what I do with my money? A couple of weeks ago, I was even questioned about the source of my funds when trying to withdraw my own money from an ATM!
So unfortunately, if you want to keep your financial life private, your options are slim. Here are the main ones:
- Cash: Cash is still the best option for privacy. It’s widely accepted, anonymous, and simple to use. The problem? It’s harder to use for online services, though a few companies, like ProtonMail, accept cash payments. On top of that, governments and banks treat cash users with suspicion. Somehow, wanting privacy has become "criminal behaviour." When you see someone using lots of cash, do you assume they’re a privacy conscious individual or a drug dealer? Probably the latter. That’s the stigma cash now carries.
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- Gift Cards: These are a good option for online services when cash won’t work. You can buy them with cash at grocery stores and use them for things like Netflix, Amazon, etc. But gift cards have limits: they’re usually tied to one company, often have strict terms, and can leave you with leftover credit you might not use.
- Cryptocurrency: Most crypto isn’t private, but Monero is different. It’s designed to hide transaction amounts, addresses, and histories, offering true privacy. The catch? Monero isn’t widely accepted, and regulators have been cracking down on it, making it harder to use.
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For entrepreneurs, this is a huge opportunity. Millions of people want better ways to protect their financial privacy. The current options aren’t great, and they can’t compete with the ease of cards or bank transfers. Until someone creates tools that are both private and convenient, nothing will change. So, if you’re looking for a real problem to solve, here it is. The world needs better solutions—why not build one?
