#29 - Scott Smith, Co-Founder & COO at Fizz

Join us on this week's episode of the Slice of Finance podcast, hosted by Jared S. Taylor!

Our Guest: Scott Smith, Co-Founder & COO at Fizz.

What you’ll get out of this episode:

The Birth of Fizz – How Scott Smith and his co-founder launched a company focused on financial tools for students.
Why Gen Z Struggles with Financial Literacy – The systemic reasons behind young adults' lack of financial knowledge.
Common Money Mistakes – The top financial pitfalls young people face, from credit scores to student loans.
The Importance of Asking – Why taking initiative is the key to financial and career success.
How Fizz is Making a Difference – The innovative ways Fizz is helping students take control of their finances.

The Story Behind Fizz

Scott Smith, Co-Founder and COO of Fizz, grew up in Detroit, Michigan, watching his entrepreneurial parents build businesses. It was no surprise that he would eventually start something of his own. While attending Cornell University, he noticed a glaring issue—most students, even the smartest ones, knew little about managing their finances.

Together with his co-founder, he launched Fizz, a financial platform designed to help college students build credit responsibly, budget effectively, and develop financial literacy. Today, after four years, Fizz has become a game-changer in the space.

Why Gen Z Struggles with Financial Literacy

Financial illiteracy isn’t exclusive to Gen Z, but the issue is more pronounced now than ever. Smith highlights that while financial information is readily available on platforms like YouTube and TikTok, many students still lack basic money management skills.

A significant factor is that financial education has never been a standard part of the school curriculum. For most students, their only source of knowledge is their parents—who may not have learned proper financial habits themselves. This cycle continues unless young adults proactively seek financial literacy tools, which is precisely where Fizz comes in.

The Biggest Financial Mistakes Young People Make

According to Scott, the most common financial mistakes students make include:

Not Building Credit Early – Many students don’t understand how credit scores work, and they fail to establish credit history until it’s too late.
Taking on Too Much Student Debt – Many students sign promissory notes without fully understanding the long-term impact, leading to overwhelming debt after graduation.
Not Budgeting Properly – Without tracking expenses, many students find themselves in financial trouble before they even enter the workforce.

The Power of Asking: A Key to Success

One of the best pieces of advice Scott gives students is simple: just ask. Many students fail to leverage their unique position to reach out to professionals, request mentorship, or explore career opportunities. He points out that students can contact top executives for advice, and many would be willing to respond simply because they are students. But very few take advantage of this.

He emphasizes that actively participating in one’s own financial and career journey is critical. Whether it’s negotiating financial aid, securing an internship, or simply learning more about credit, students need to take control.

How Fizz is Helping Students Take Control

Fizz isn’t just another fintech startup—it’s built specifically for students. Unlike traditional banks that have avoided targeting young adults due to regulatory concerns, Fizz has created a solution that aligns with the modern financial landscape.

Fizz offers:

A debit card that builds credit—without the risk of high-interest credit card debt.
A budgeting tool designed for students to manage their finances effectively.
A financial literacy platform, similar to Duolingo, making learning about money simple and engaging.

Through extensive user research—including direct interviews with students on college campuses—Fizz continuously refines its tools to ensure they meet real needs.

Final Thoughts

Scott Smith’s passion for financial literacy is evident. His journey from college student to fintech entrepreneur is a testament to the power of taking initiative and solving real problems. For students looking to improve their financial future, the key takeaway is clear: start early, build credit responsibly, and just ask for the knowledge and opportunities that can set you up for success.