Cambrian Fintech with Rex Salisbury

My Fintech Newsletter for more interviews and the latest insights:

↪︎ https://rexsalisbury.substack.com/

In this episode, Nubank co-founder Christina shares how they built a $70B fintech giant serving 99M users—60% of Brazil's primary banking relationships. From launching Brazil's first purple credit card to surviving regulatory crises, conquering Mexico/Colombia, and now applying for a US bank charter. She reveals their low-cost playbook, customer love strategy, and why they're bullish on America.

Christina: https://www.linkedin.com/in/crisjunqueira/

00:00:00 - Nubank's $70B Rise, US Charter News

00:03:34 - Why US? Cost Edge, Customer Demand

00:07:30 - Three Misfits Quit Bank to Start Nubank

00:10:16 - Capital One Lessons Shape Credit Cards

00:13:58 - Purple Card Launch: Viral Pull Effect

00:17:14 - Waitlist Fuels Organic Early Growth

00:20:05 - 2016 Crisis: Customers Save Nubank

00:23:04 - Accounts Launch: Self-Funded Destiny

00:26:28 - Inclusion Stats: 80% First-Time Savers

00:30:04 - Mexico 2019: Underpenetrated Market

00:33:32 - IPO at 8 Months Pregnant, No Finish Line

00:37:08 - US Team: Miami Hub, Tech Hires

00:41:54 - Stablecoins Real: #2 in Brazil

00:45:14 - AI Transforming Underwriting, Support

00:48:05 - Founder Advice: Homework, No Perfect Time

00:52:33 - Culture: Avoid Negativity, Hire Aligned

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Rex Salisbury LinkedIn:

↪︎ https://www.linkedin.com/in/rexsalisbury

Twitter: https://twitter.com/rexsalisbury

TikTok: https://www.tiktok.com/@rex.salisbury

Instagram: https://www.instagram.com/rexsalisbury/

#NubankUSExpansion #FintechDisruption #ChristinaNubank

My Fintech Newsletter for more interviews and the latest insights:

↪︎ https://rexsalisbury.substack.com/

In this episode, Anthropic’s Nicholas Lin explains how vertical AI agents are reshaping financial services, from building real-time investment models to automating data analysis for some of the world’s largest funds. We explore why finance was chosen as Anthropic’s first enterprise vertical, the challenges and benchmarks in deploying safe, reliable AI, and how large organizations are integrating these tools across research and operations. Nicholas Lin also shares insights on the next era of AI adoption, collaboration with global partners, and the future role of financial analysts in an agent-powered economy.

Nicholas Lin.: https://www.linkedin.com/in/cxl/

00:00:00 - Anthropic demos real-time AI financial analyst

00:00:39 - Claude's rollout to global enterprise clients

00:01:27 - Why verticalize AI models for finance

00:02:36 - AI as a solution for complex industry problems

00:03:46 - Tackling regulated logic and audit trails

00:05:07 - Building “retrieve, analyze, create” agents

00:07:11 - Outperforming on industry research benchmarks

00:09:13 - Integrating AI with customer feedback loops

00:10:14 - Why AI-enabled spreadsheets matter

00:13:03 - Partnering with sovereign wealth funds

00:15:10 - Data integration and readiness for AI

00:17:13 - Changing workflows with live artifacts

00:20:04 - Customizing tools for technical teams

00:23:19 - Driving product development with design partners

00:25:12 - Future of “full-stack” autonomous agents

00:27:33 - Solving adoption and change management

00:29:01 - Enterprise-wide AI from consulting to accounting

00:30:53 - Most bankers still lack AI access

00:32:40 - Social impact of automating analyst work

00:34:31 - Favorite AI and finance tools

00:36:43 - The next wave of AI advances at Anthropic

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Rex Salisbury LinkedIn:

↪︎ https://www.linkedin.com/in/rexsalisbury

Twitter: https://twitter.com/rexsalisbury

TikTok: https://www.tiktok.com/@rex.salisbury

Instagram: https://www.instagram.com/rexsalisbury/

My Fintech Newsletter for more interviews and the latest insights:

↪︎ https://rexsalisbury.substack.com/

In this episode, I sit down with Stevie Case from Vanta, a former pro gamer turned chief revenue officer, to discuss how AI is transforming the entire go-to-market function in B2B SaaS. Stevie shares insights on building agile sales organizations, how AI supercharges human roles rather than replacing them, and the evolving expectations for sales, customer success, and RevOps teams. The conversation covers AI tool adoption, hiring for an AI-native workforce, and why go-to-market roles are among the most exciting in tech today.

Stevie Case: https://www.linkedin.com/in/steviecase/

00:00:00 - AI’s Impact on Go-To-Market Functions

00:02:06 - Building Scalable Sales Organizations

00:04:47 - Specialization and Segmentation in Sales

00:06:28 - AI Supercharging Customer Success

00:08:23 - Hiring and Onboarding with AI Support

00:10:07 - Building AI-Driven Products with Customers

00:12:08 - Selling New Products to Existing Customers

00:15:02 - Early Product Adoption and Iteration

00:17:25 - Operating at All Levels in Organizations

00:20:01 - Creating Intense, High-Velocity Teams

00:22:15 - Hiring AI-Native, Curious Builders

00:25:05 - Measuring Success by Team Pride and Feedback

00:26:07 - Developing Agent Platforms

00:28:02 - Monetization and Business Model Evolution

00:30:49 - AI-Enabled Competitive Advantages in Fintech

00:32:31 - Top-Down AI Automation Demand

00:34:11 - Reinforcement Learning in Fraud Detection

00:38:00 - International Go-To-Market Expansion

00:41:33 - Designing Global Sales Footprints

00:45:04 - Resourcing RevOps and Systems Teams

___

Rex Salisbury LinkedIn:

↪︎ https://www.linkedin.com/in/rexsalisbury

Twitter: https://twitter.com/rexsalisbury

TikTok: https://www.tiktok.com/@rex.salisbury

Instagram: https://www.instagram.com/rexsalisbury/

My Fintech Newsletter for more interviews and the latest insights:

↪︎ https://rexsalisbury.substack.com/

Figure’s CEO Michael Tannenbaum shares how blockchain is transforming home equity and mortgage lending following one of the year’s biggest IPOs. Learn about Figure’s journey from a contrarian startup to market leader, real asset tokenization, and rapid loan closures. Explore how partners use their tech to save time and money, tackle standardization and audits, and navigate industry criticism. Get insights on blockchain’s future in finance, tokenized equities, and the evolving DeFi landscape.

Michael Tannenbaum: https://www.linkedin.com/in/michaeltannenbaum/

00:00:00 - Figure’s Massive IPO and Blockchain Vision

00:00:41 - Revolutionizing Home Equity Access

00:01:07 - Blockchain’s Key Benefits in Finance

00:01:43 - Why Consumers Care About Housing Innovation

00:02:43 - Slashing HELOC Costs and Timelines

00:03:49 - Shifting from Credit Cards to Home Loans

00:05:02 - Boosting Secondary Market Liquidity

00:06:30 - From Proof of Concept to $10B+ Loans

00:07:55 - Why Start with HELOCs as Green Field

00:09:21 - Tokenizing Assets Post-2008 Lessons

00:10:29 - Avoiding ICO Hype for Long-Term Build

00:11:46 - Scaling with 170+ Partners

00:13:14 - Launching Pure Marketplace Model

00:14:32 - Evolving to First-Lien Mortgages

00:15:46 - Attacking Core Mortgage Market

00:17:16 - Penetrating Mass Affluent Demographics

00:18:35 - How Blockchain Ensures Efficiency

00:20:10 - Immutable Data Cuts Audit Needs

00:21:42 - Perfecting Liens with DART Tech

00:23:34 - Comparing to Unsecured Loan Markets

00:25:28 - Addressing Banker Adoption Risks

00:27:03 - Flywheel of Growth and Evangelists

00:28:48 - Stablecoin Settlement Advantages

00:30:01 - Automating Servicing and Prepayments

00:31:37 - Responding to Decentralization Critics

00:33:05 - Connecting Assets to DeFi Future

00:34:39 - Tokenizing Equity for Cross-Collateral

00:35:40 - Democratize Prime: DeFi Marketplace

___

Rex Salisbury LinkedIn:

↪︎ https://www.linkedin.com/in/rexsalisbury

Twitter: https://twitter.com/rexsalisbury

TikTok: https://www.tiktok.com/@rex.salisbury

Instagram: https://www.instagram.com/rexsalisbury/

My Fintech Newsletter for more interviews and the latest insights:

↪︎ https://rexsalisbury.substack.com/

Chaos in the global supply chain and big regulatory shifts set the stage as Ryan Petersen, founder and CEO of Flexport, explains how his team steered through COVID disruptions, rapid growth, and major pivots. Learn how Flexport tackled crises, restructured after setbacks, and built fintech products—plus candid founder lessons, B2B marketing hacks, and the realities of working with changing government policies.

00:00:00 - Supply chain chaos: What’s really happening?

00:01:35 - Flexport’s origin and YC journey with Paul Graham

00:04:05 - The 2007 legal change that made Flexport possible

00:06:16 - COVID hits: Hospitals, chaos, and pivoting to crisis aid

00:09:37 - Airlifting masks & Flexport.org’s massive response

00:11:07 - Post-pandemic: Scaling pains and CEO turnaround story

00:13:27 - Surviving and fixing operational meltdown

00:15:39 - Should startups focus or diversify? Lessons from Convoy

00:17:46 - Acquisitions, exits, and core customer clarity

00:21:06 - Why every company is a fintech: Flexport Capital’s story

00:24:32 - Lending innovations: Maritime law, risk, and collections

00:26:52 - Asset-backed lending, funding growth, and private credit

00:32:05 - Stablecoins, international payments, and FX tradeoffs

00:37:04 - Direct mail, toy planes, and B2B marketing ROI

00:41:06 - Brand, ROI, and investing in event-based relationships

00:42:19 - Policy shocks: De minimis, tariffs, and rapid pivots

00:46:20 - Lobbying government: How Flexport approaches DC

00:48:58 - Tariff consequences and “unintended” business impacts

00:51:39 - Tech memos, AI, and founder productivity hacks

00:53:03 - Ultimate founder advice: Burn rate, debt, and fundraising

00:54:56 - Halloween, Suez Canal, and life outside of logistics

My Fintech Newsletter for more interviews and the latest insights:

↪︎ https://rexsalisbury.substack.com/

In this episode, Jack, founder of Airwallex, shares his journey—from working odd jobs in Australia to leading a company that rejected a $1.2B acquisition offer from Stripe and now generates close to $900M in annual revenue. Jack reveals how Airwallex evolved through three distinct phases—from FX infrastructure to a comprehensive business banking platform—serving 150,000 customers globally. We discuss pivotal moments with investors, rapid scaling, and the challenges of global money movement. Jack also shares candid views on stablecoins, go-to-market strategies—including major brand partnerships like McLaren F1 and Arsenal—and dives into Airwallex's ambitious AI plans that aim to revolutionize finance. Tune in to hear about bold decisions, lessons from near-bankruptcy, and what's next for one of fintech’s fastest-growing companies.

Jack Zhang: linkedin.com/in/jack-zhang-05200222

00:00 - Why Airwallex turned down Stripe's $1.2B offer

00:37 - Jack’s journey: Odd jobs to founder

01:08 - Stablecoins and global money movement: Useless or gamechanger?

03:22 - Unlocking initial hypergrowth: Key customers and industries

05:20 - Pivoting product: What didn’t work and why

07:37 - Three phases of Airwallex’s growth

08:58 - Building a layered business banking platform

10:06 - From student magazines to diverse side businesses

13:37 - Lessons from early failures and successes

15:34 - Creating borderless financial infrastructure

16:56 - Are stablecoins really practical for payments?

19:18 - Scaling payments: Liquidity, costs, and geographies

21:36 - Airwallex today: Revenue and growth stats

22:23 - Market scope and expansion plans

24:18 - The million-dollar meeting: Raising capital

27:04 - Hardest fundraises and investor stories

29:28 - Go-to-market strategy: Brand and partnerships

33:25 - Investing in brand: The timing and payoff

34:24 - Founder visibility: Why Jack speaks out now

37:05 - Impact of storytelling on growth and hiring

38:32 - Life outside Airwallex: Hobbies & balance

38:44 - Expansion in the US: Offices and hiring plans

40:13 - Airwallex Copilot: AI agents for autonomous finance

41:42 - AI-powered products: The future of business ops

42:22 - Major product launches: Full-stack billing for AI companies

43:15 - Crossing $1B ARR: What’s next for Airwallex

44:13 - Airwallex Billing: Features, rollout, and free offer

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Connect with Rex on social media:

LinkedIn: https://www.linkedin.com/in/rexsalisbury/

Twitter: https://twitter.com/rexsalisbury

TikTok: https://www.tiktok.com/@rex.salisbury

Instagram: https://www.instagram.com/rexsalisbury/

In this episode, we sit down with Lex Sokolin, a fintech veteran and founder of Generative Ventures, to unpack the latest in tokenized assets, crypto infrastructure, and the future of payments. Lex shares his insights on Robinhood's controversial OpenAI token launch, the evolution of security tokens, and why fintech giants like Stripe and Coinbase are racing to build AI-native payment systems. We dive into the regulatory hurdles, the shift from old financial factories to blockchain-powered rails, and how stablecoins could enable seamless commerce for AI agents. Lex also discusses the messy realities of public vs. private markets, the power of self-custody, and his new fund focused on the machine economy.

Lex Sokolin: linkedin.com/in/alexeysokolin

00:00:00 - OpenAI Tokens on Robinhood: What Happened?

00:00:50 - Inside Robinhood's Arbitrum-Based Platform

00:01:35 - Why Security Tokens Failed in 2018

00:02:38 - From ICOs to Enterprise Blockchain Attempts

00:03:53 - How Robinhood's Product Is Really a Derivative

00:05:13 - Eurodollars & Stablecoins: Regulatory Parallels

00:06:21 - Launching Meme Coins vs. Tokenized Equity

00:07:21 - Why Exchanges Build Their Own Chains

00:08:30 - Who Controls Trading Rights for Private Equity?

00:09:48 - Public Markets: Now Just for Cashing Out?

00:11:06 - Why Exclude Private Equity from Financialization?

00:12:19 - Rent Control for Assets? Markets Want to Flow

00:13:37 - Fintech's Shift to Crypto-Native Products

00:15:15 - How Commerce Drives Payment Processor Changes

00:16:36 - Stripe vs. Coinbase: Battle for AI Agent Payments

00:18:11 - Web2's Original Sin: No Native Payments

00:19:27 - Stablecoins as Internet-Native Dollars

00:20:57 - APIs for AI Agents: Machine-Speed Transactions

00:22:17 - Where Are We in the Internet Payments Journey?

00:24:07 - From Bitcoin to Stablecoins: What Changed?

00:26:01 - Better Dispute Resolution with 402 Protocol

00:27:42 - Why Blockchain Software Is Profoundly Better

00:29:02 - Custody Risks: Lessons from Lehman & Hyperinflation

00:30:24 - Self-Custody as an Option, Not a Requirement

00:31:40 - Inside Generative Ventures & Machine Economy

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Connect with Rex on social media:

LinkedIn: https://www.linkedin.com/in/rexsalisbury/

Twitter: https://twitter.com/rexsalisbury

TikTok: https://www.tiktok.com/@rex.salisbury

Instagram: https://www.instagram.com/rexsalisbury/

In this episode, we sit down with Johnny Ayers, founder and CEO of Socure, to uncover why government fraud rates remain stubbornly high compared to the private sector—and what it will take to fix them. Johnny shares lessons from working with 17 of the nation’s 20 largest banks, state and federal agencies, and over 600 fintechs. Together, we explore the flaws in identity infrastructure, the challenges of updating records like the Death Master File, and the cultural and incentive misalignments that allow billions in fraud to persist. The conversation dives into the realities of Social Security, Medicare, Medicaid, and unemployment insurance fraud, the evolution of scams during the pandemic, and the urgent need for better data sharing, technology, and legislation. If you’re interested in the intersection of technology, policy, and the future of fraud prevention, this episode is for you.

Johnny Ayers: https://www.linkedin.com/in/johnnyayers/

00:00:00 - Why Is Government Fraud So Persistent?

00:01:05 - Introducing Johnny Ayers & Socure’s Mission

00:01:20 - The Biggest Problems at Federal Agencies

00:02:15 - Death Master File: Flaws and Opportunities

00:04:43 - How Big Is Government Fraud? The Numbers

00:06:37 - Identity Is a State, Not Federal, Issue

00:08:19 - Data Sharing Gaps & The $5 Billion Problem

00:09:24 - Medicare & Medicaid: How Fraud Slips Through

00:10:09 - What AI Can Do for Fraud Detection

00:11:25 - SBA & PPP Loan Fraud During the Pandemic

00:12:24 - Why Did COVID Relief Lose 10% to Fraud?

00:14:32 - Incentive Alignment Problems in Government

00:16:02 - Getting Contractors Onboard with Fraud Prevention

00:17:11 - Why It’s Hard to Access Benefits You Deserve

00:18:21 - What’s a “Leakage Rate” in Unemployment?

00:19:04 - How Can 80% of Claims Be Improper?

00:20:00 - Why State Tech Gaps Make Fraud Easy

00:22:08 - Medicare Abuse vs. Classic Fraud

00:23:17 - Should the Public or Private Sector Own Identity?

00:24:00 - The Battle Over Digital Identity in the US

00:26:05 - Which States Are Leading on Digital ID?

00:27:13 - The Role of Motor Vehicle Associations

00:28:39 - Why US Identity Infrastructure Is Broken

00:30:33 - How the Private Sector Tackles Fraud

00:33:00 - Are We Making Progress? Lessons Learned

00:34:01 - Can AI and Data Fix Government Fraud?

00:36:35 - Measuring Success in Fraud Reduction

00:37:37 - Approving the Right People Faster

00:38:09 - Final Thoughts and What’s Next

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Connect with Rex on social media:

LinkedIn: https://www.linkedin.com/in/rexsalisbury/

Twitter: https://twitter.com/rexsalisbury

TikTok: https://www.tiktok.com/@rex.salisbury

Instagram: https://www.instagram.com/rexsalisbury/

In this episode, Denise Leonhard, CEO of Early Warning (the company behind Zelle), joins us to discuss her journey from American Express and PayPal to leading one of the largest real-time payment networks in the US. Denise shares how Zelle became a $1 trillion powerhouse, what makes it different from other P2P networks, and how it’s expanding into small business payments. We dive into Zelle’s unique bank-owned structure, the challenges of fraud, and the roadmap for growth—including new tools for SMBs and disbursement payments. Denise also offers candid insights on building teams, product innovation, and the future of real-time payments.

Denise Leonhard: https://www.linkedin.com/in/denise-leonhard-4b93918/

00:00:00 - Why Zelle’s Office is Always Full in SF

00:01:34 - Denise’s Journey: From Venmo Rival to Zelle CEO

00:02:57 - Early Wallets at Amex and PayPal’s Public Era

00:05:05 - Leading Venmo and Taking a Break

00:05:36 - Meeting Early Warning: The Banks Behind Zelle

00:06:20 - How Zelle Was Born and Grew to $1 Trillion

00:07:09 - Early Warning’s Mission: Fighting Fraud

00:08:17 - Small Business Stories and Financial Inclusion

00:09:02 - What Makes Zelle Different from Venmo?

00:10:12 - Real-Time Money: Stories of Instant Relief

00:11:20 - Zelle’s Biggest Days: Rent, Payday, and SMB Growth

00:12:14 - How SMBs and Consumers Use Zelle Differently

00:13:30 - Can Non-Bank Apps Join the Zelle Network?

00:14:55 - Zelle’s Roadmap: SMB Tools, Tags, and QR Codes

00:16:01 - Disbursements: The Hidden Power of Zelle

00:17:43 - Tackling Fraud: Tech, Product, and Education

00:19:24 - Who Owns Fraud? Banks, Consumers, and Liability

00:20:53 - How Zelle’s Settlement Infrastructure Works

00:21:25 - Product Roadmap: Network Growth and SMB Focus

00:23:01 - Building the Team: Product, Ops, and Fraud

00:24:16 - Strengthening Bank Relationships for Expansion

00:25:13 - Why Zelle Builds Fraud Tools In-House

00:25:19 - Hiring Across New York, SF, and Scottsdale

00:26:31 - Celebrating $2 Trillion and Planning the Next Trillion

00:26:41 - Advice for Fintech Founders and Operators

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Connect with Rex on social media:

LinkedIn: https://www.linkedin.com/in/rexsalisbury/

Twitter: https://twitter.com/rexsalisbury

TikTok: https://www.tiktok.com/@rex.salisbury

Instagram: https://www.instagram.com/rexsalisbury/

In this episode, I sit down with René Lacerte, founder and CEO of Bill. René shares his entrepreneurial journey from growing up in a fintech family to building one of the most successful SMB financial platforms. We dive into his failed pitch to Intuit that led to his first company, why he parted ways with PayCycle to start Bill, and how he navigated the company through the Great Recession while dealing with personal loss. René also discusses his decision to go public in 2019, the strategic acquisition of Divvy, and why he believes accountability drives performance. We explore how AI is transforming financial operations and his insights on building for the underserved SMB market.

René Lacerte: https://www.linkedin.com/in/renelacerte/

00:00:00 - There's Nothing Like Being a Public Company

00:00:31 - René's Journey: From Fintech Family to Founder

00:02:08 - What Was Your Mother Doing the Night You Were Born?

00:03:16 - The Dinner Table MBA: Learning Business from Family

00:05:22 - From Florida to Silicon Valley: Early Tech Roots

00:07:18 - The Failed Intuit Pitch That Started Everything

00:09:16 - PayCycle: From Nanny Payroll to Accounting Firms

00:11:14 - Why René Left PayCycle to Start Bill

00:14:20 - The Great Recession: Laying Off 40% of the Team

00:18:36 - Why Solo Founders Make Faster Decisions

00:22:16 - How to Reach SMBs: Go Where They Trust

00:24:34 - The Scale That Unlocked Bill's IPO Journey

00:27:05 - Why Accountability Drives Better Performance

00:31:07 - The Problem with Dual Class Share Structures

00:33:22 - The Divvy Acquisition: Getting 100% of Spend Data

00:38:15 - Bill vs Competition: We Started with Financial Ops

00:42:10 - How AI Will Create Fortune 500 Teams for SMBs

00:44:36 - Building for SMBs: Passion and Hacking Solutions

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Connect with Rex on social media:

LinkedIn: https://www.linkedin.com/in/rexsalisbury/

Twitter: https://twitter.com/rexsalisbury

TikTok: https://www.tiktok.com/@rex.salisbury

Instagram: https://www.instagram.com/rexsalisbury/