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

___

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

___

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

___

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 Jason Gardner, founder and CEO of Marqeta. Jason shares his journey from the early days of San Francisco's tech scene through building a modern card issuing platform that serves companies like Cash App, DoorDash, and Affirm. We dive into the big pivot that almost broke the company, how DoorDash became their defining customer, and the challenges of scaling a fintech business. Jason also discusses his decision to go public in 2021, his biggest repeated mistake as a founder, and why he believes the future of fintech lies in the Middle East.

Jason Gardner:  

 / jasonmatthewgardner  

00:00:00 - Introduction to Jason and Marqeta's Success

00:00:27 - The Big Pivot That Almost Broke the Company

00:01:02 - Why Oakland? Building in the Bay Area

00:02:21 - San Francisco's Early Tech Scene in the 90s

00:04:37 - Starting Marqeta: Why Nobody Believed in 2010

00:06:03 - Building Card Issuing Infrastructure from Scratch

00:06:56 - Facebook's Gift Card Challenge Changes Everything

00:08:00 - Finding the First Big Customer That Defined Marqeta

00:09:00 - DoorDash: From Veterinarian Office to Partnership

00:10:18 - How Marqeta Solved the Prepaid Card Fraud Problem

00:11:19 - Cash App: The Consumer Bet That Made or Broke Us

00:13:10 - How Do You Know When to Bet on a Customer?

00:14:56 - The Hardest Part: Scaling Without Dying

00:17:26 - Going Public in 2021: Timing the Perfect Window

00:19:43 - Picking Ideas: When an Idea Picks You

00:23:13 - Overcoming Imposter Syndrome as a Founder

00:25:21 - Why I Chose to Be a Solo Founder

00:27:45 - The One Mistake I've Made Twice: People Don't Change

00:31:23 - Why the Future of Fintech is in the Middle East

00:36:18 - Life After CEO: Aviation and What's Next

00:37:12 - AI's Impact on Financial Services and Fraud

___

Connect with Rex on social media:

LinkedIn:  

 / rexsalisbury  

Twitter:  

 / rexsalisbury  

TikTok:  

 / rex.salisbury  

Instagram:  

 / rexsalisbury  

In this episode I sit down with Wade Foster, the founder and CEO of Zapier. We explore Zapier’s unique path, from building its first integrations on nights and weekends in Missouri to scaling with minimal funding through Y Combinator. Wade shares how “don’t hire till it hurts” became a guiding mantra, why Zapier embraced remote work early on, and how the rise of AI is unlocking new automation possibilities through Zapier Agents. Whether you’re curious about seedstrapping, enterprise workflows, or the frontier of AI benchmarks, this conversation delivers practical insights for building a lean, innovative company.

00:00:00 - “Don’t Hire Till It Hurts” Mantra

00:01:24 - The First Zap & Early Users

00:03:42 - Joining YC & Minimal Funding

00:05:09 - Profitability & Lean Hiring

00:06:57 - SEO for Marketplace Growth

00:08:10 - AI Agents & Unstructured Data

00:10:28 - Enterprise Playbook & GTM

00:13:14 - ARC Prize & Future of AGI

00:17:29 - Remote Culture at Zapier

00:20:29 - Seedstrapping Advice in AI

00:25:09 - Reimagining Processes w/ AI

00:28:54 - Final Insights & Future

In this episode, I sit down with Seema, a partner on the Andreessen Horowitz Fintech Team, to explore how AI is transforming accounting. We uncover why 75% of accountants may retire over the next decade and how AI could relieve shortages by streamlining data ingestion, research, reporting, and client advising.

Seema also shares insights from her comprehensive market map on AI in accounting, along with strategies for founders looking to sell either directly to firms or through embedded solutions. Whether you’re curious about the future of audit, tax, or month-end close, this conversation reveals how AI can reshape one of the largest professional fields.

00:00:00 - Why Accounting Faces a Crisis

00:02:06 - Seema's AI & Accounting Market Map

00:04:23 - Four Big Jobs for AI in Firms

00:06:57 - Data Ingestion & Month-End Close

00:09:08 - Research & AI-Driven Judgments

00:12:08 - Firms’ Excitement, Key Obstacles

00:15:08 - Challenges with Trust & Accuracy

00:17:27 - Selling AI: Firms vs. Companies

00:20:29 - Automation & Billable Hours Shift

00:23:38 - Embedded Accounting & Verticalization

00:26:52 - Niche Communities & Next Steps

00:29:24 - Future Outlook & Conclusion

In this episode, I sit down with Leif, Co-founder and Co-CEO at Public, an investing platform built for people who take investing seriously. We discuss how Public raised $400 million, doubled its user base in just 48 hours, and evolved beyond commission-free trading to offer options, treasuries, bonds, and more. Leif shares their no-payment-for-order-flow approach, emphasizing transparency and trust, and reveals how product velocity and AI integrations are helping them reach the mass-affluent market.

We also dive into the importance of keeping teams lean, focusing on discipline over hype, and staying true to the company’s mission despite market cycles. From avoiding organizational meltdowns to crafting a long-term product strategy, this conversation sheds light on Public’s journey toward becoming a comprehensive fintech powerhouse.

00:00:00 - $400M Raise & Doubling Users

00:01:31 - Building for Serious Investors

00:04:07 - Payment for Order Flow Explained

00:06:49 - Public’s No-PFOF Decision

00:09:01 - GameStop’s Impact & Funding Surge

00:11:54 - Upgrading Product & Brand Tone

00:14:44 - Aiming at Mass-Affluent Clients

00:19:06 - Podcast & Media Strategy

00:22:15 - AI & Alpha: The New Frontier

00:25:20 - Complexities of Fintech Builds

00:29:06 - The 2024 Big Product Launch

00:34:21 - Org Meltdown & Lessons Learned

00:39:16 - Surviving the Fintech Winter

00:42:46 - Balancing Discipline & Growth

In this episode I sit down with Peter Walker, head of insights at Carta, to discuss the sweeping changes in how founders are building and funding startups in 2024. Peter shares fresh data on AI’s outsized influence across every stage, why more founders are bootstrapping, and the real story behind down rounds and bridge rounds. We also dive into founder ownership trends, vesting schedules, and why hiring has slowed even as dry powder sits on the sidelines. If you’re curious about where venture is headed, and how to navigate the current market, this deep dive offers plenty of practical takeaways.

00:00:00 - Why 2024 Feels Different

00:02:00 - Comparing 2024 to 2021 Boom

00:03:58 - Why IPOs and AI Dominate Talk

00:06:17 - Stage-by-Stage Funding Trends

00:09:09 - Bridge Rounds & Down Rounds Return

00:11:24 - Founder Ownership & Vesting

00:14:17 - Solo Founders & AI Bootstrapping

00:19:35 - Equity for Advisors & Early Hires

00:22:50 - Safes, Valuation Caps & Dilution

00:30:37 - Major Slowdown in Startup Hiring

00:38:10 - Geographic Hubs: SF, NYC & Miami

00:43:25 - Venture Funds Struggle With Returns

00:59:22 - 2025 Outlook: IPOs & Efficiency

01:02:03 - Closing Thoughts

___

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 Rex chats with Sheel Mohnot from Better Tomorrow Ventures. Sheel shares his journey of living on a dollar a day in India, founding and selling multiple companies (including one sparked by a chance meeting on a train), and even hosting nine weddings—one of them sponsored by Taco Bell in the metaverse. They dive into Sheel’s evolving personal finance stack, from traditional banks to Robinhood’s gold credit card, and discuss why consumer fintech is suddenly exciting again. Sheel also unpacks how AI-driven solutions are transforming bookkeeping, mortgage operations, and more. From vertical SaaS insights to San Francisco’s culture of radical experimentation, this conversation is a whirlwind tour of where fintech is headed.

00:00:00 - Introduction

00:01:00 - BTV Office & Life Above Work

00:02:46 - Microfinance & Typhoid Stories

00:04:01 - Half-Billion Domain Startup

00:05:13 - Nine Weddings & Taco Bell

00:06:28 - Building a Modern Finance Stack

00:08:14 - Credit Cards & Margin Lending

00:10:24 - Bank Inefficiencies & Chime’s IPO

00:11:33 - Consumer Fintech: Lessons & LTV

00:15:50 - B2B Focus & Early-Stage Strategy

00:19:15 - AI in Services: Accounting & Mortgage

00:23:07 - Vertical SaaS & Embedded Finance

00:31:10 - AI’s Impact on Low-Margin Services

00:33:34 - Doing More with Less & Moats

00:40:01 - Regulatory Shifts & SF’s Future

In this episode, we dive into fintech and commerce enablement with Jay Ganatra, one of the founders of Infinity Ventures. Learn how this former PayPal Ventures team brings expertise in payments, lending, risk, and financial infrastructure to back the next generation of startups. We explore the backstory of PayPal Ventures, the challenges and opportunities in fintech investments, and why corporate venture arms play a unique role. Hear insights on the current fintech M&A landscape and how strategic partnerships shape success for founders. Jay also shares his journey in founding Infinity Ventures and their approach to identifying and supporting high-potential fintech companies.

If you're a founder or investor looking to better understand the fintech ecosystem, this conversation is packed with valuable advice!

 I / jayganatra  

00:00:00 – Introduction to Infinity Ventures and PayPal’s Legacy

00:01:30 – Infinity Ventures Investment Focus

00:03:00 – PayPal Ventures: Impact and Acquisitions

00:05:00 – PayPal's Global Reach and Market Expansion

00:07:00 – Challenges and Lessons from Corporate Ventures

00:08:30 – Success Stories: Plaid and TRM Labs

00:11:00 – Infinity Ventures Founding Journey

00:12:30 – Fundraising and Building Infinity Ventures

00:15:00 – Key Investments: Vinyl and Transfer Agent Disruption

00:18:00 – Navigating Regulation and Market Entry for Vinyl

00:24:30 - Exploring Simple Closure: Shutting Down Businesses

00:30:15 - Addressing Market Misconceptions