Fintech One-On-One

In banking, we often talk about the "front end" customer experience or the "back end" systems of record. But according to S.P. “Wije” Wijegoonaratna, the founder of Aliya, the real revolution is happening right in the middle. From his early days in the UK to his time in the high-stakes world of New York hedge funds and his role as an early investor at SoFi, Wije has consistently found himself at the intersection of financial data and decision-making.

At its core, Aliya is an operational intelligence layer that sits between a bank's customer-facing front end and its core system of record, what Wije calls "the middle." It combines transaction categorization trained on 1.5 trillion transactions from nearly 1,500 banks, dynamic risk segmentation, and real-time post-origination monitoring into a single microservices platform.

In our conversation, we discuss why Aliya went after the largest banks first, how their approach to post-origination risk management drives charge-off rates as low as 2.5%, why Wije believes Nubank poses an existential threat to regional and community banks, and why he thinks the biggest opportunity in banking today lies in transforming that middle layer.

In this podcast, you will learn:

• How meeting Mike Cagney and the founders of Palantir was the catalyst for the birth of Aliya.
• Why they decided to start with helping banks with lending.
• The two core offerings Aliya has today.
• Why the cumulative losses on their portfolio is far better than most lenders.
• How they decide when to take action on a consumer that may be having problems.
• Why they chose to focus on selling to the large banks first.
• What they are providing to the large banks exactly.
• Why Aliya doesn’t fit into any fintech category.
• Where the biggest opportunity for Aliya is today.
• Why Wije believes Nubank is going to be successful in the US.
• What is next for Aliya.

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My latest guest is Chris Black, CEO of Thread Bank, a Nashville-based community bank that has been purpose-built around embedded banking. Chris came to banking by way of a career as an Air Force pilot, followed by time on Wall Street analyzing banks during the financial crisis, before eventually making his way into community banking in Nashville. He partnered with fintech investor Joe Maxwell of Fintop Capital to recapitalize a small Tennessee bank and transform it into an embedded banking platform focused on vertical software companies serving small businesses.

In our conversation, Chris talks about how Thread navigated the BaaS regulatory storm of 2023 and 2024, what they look for in fintech partners, and how their fiduciary-first philosophy was already in place long before regulators came calling. We also discuss the wave of fintechs now seeking bank charters, the future of community banking in America, and what Thread has on the horizon with the launch of embedded lending and merchant acquiring.

In this podcast you will learn:

• Lessons Chris learned during his time in the Air Force.
• How the idea for Thread Bank came together.
• How they took the acquired bank and made it ready for embedded banking.
• When they took on their first fintech partner.
• What they are looking for in a fintech partner.
• Where Chris sees the biggest opportunity for Thread.
• How Thread navigated the BaaS regulatory hurricane of 2023 and 2024.
• Why the shift in regulatory focus with the Trump Administration has not changed their thinking.
• What Chris thinks about all the fintechs that are now acquiring bank charters.
• What it takes for a new fintech to be onboarded with Thread.
• The process when a fintech wants to do something that Thread does not think is reasonable.
• The key to a thriving community bank sector over the next decade.
• What exciting developments are coming down the pipe.

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Open banking in the United States has been on a long and winding road, and the journey is far from over. In this episode, I sit down with Steve Boms, Executive Director of FDATA North America, the trade association representing the fintech companies at the heart of the open banking ecosystem. Steve has been one of the most active voices in shaping U.S. open banking policy for over a decade, and he brings a uniquely informed perspective to where things stand today.

We dig into the current state of the 1033 rule and what amendments are likely coming, FDATA's firm stance that banks should not be permitted to charge fees for consumer-directed data access, and the growing complexity created by a patchwork of state-level regulations on data privacy, AI, and fintech products. We close with a fascinating discussion on how agentic AI, with its need for clear consent frameworks, robust APIs, and defined liability rules, could become the next major catalyst that finally forces meaningful open banking progress in this country.

In this podcast you will learn:

• The origin story of FDATA in the UK and how it came to the US.
• How Steve has been involved with CFPB and Section 1033 since 2015.
• Over the next 10+ years, how FDATA has been engaged in open banking policy.
• How open banking and open finance has evolved in the UK.
• Who their members are and what FDATA does for them.
• Where we are at today when it comes to the 1033 rule.
• The FDATA view on banks charging fees for access to their data.
• Why this is not really a bank versus fintech fight.
• Why it may be many years before we have a final rule for open banking.
• Why data access negotiations have been put on pause for now.
• What else Steve is working on beyond open banking.
• Why he is increasing concerned about the Balkanization of financial services regulation (see his recent Open Banker column).
• How they coordinate with the other fintech trade associations.
• How they think about the standardization of API and other data standards.
• Why Steve is optimistic about the future of open banking in the U.S.
• Why AI agents could be a catalyzing force for clear open banking rules.

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What happens when all the world's money moves on chain? That's not a hypothetical for Marc Boiron, CEO of Polygon Labs, it's the company's mission. In this episode, Marc explains how Polygon is evolving from its roots as an Ethereum layer two into the blockchain for global payments, detailing two recent acquisitions that form the foundation of what he calls the "open money stack" - a single API combining on-ramps, wallets, and cross-chain interoperability.

With over $2.5 trillion in transaction volume already processed and partnerships with Revolut, Stripe, Nubank, and dozens of fintechs across Latin America, Africa, and Asia, Marc makes the case that stablecoins are just the beginning. He shares why tokenized bank deposits will be the real game-changer, how banks are already positioning to profit from this shift, and why in 10 years he believes every dollar, whether paying a merchant down the street or sending a remittance across the globe, will move on a blockchain without anyone even thinking about it.

In this podcast you will learn:

• How Marc first got interested in blockchain and crypto technology.
• Why he decided to make the move to Polygon Labs.
• Why Polygon decided to focus on payments.
• All the components you need to move money around the world on blockchain.
• The idea behind the open money stack.
• How Polygon is working with the likes of Revolut and Stripe.
• How they differentiate themselves from the other payments blockchains.
• What they are doing in AML and sanctions policy.
• The scale that Polygon is at today when it comes to transaction volume.
• What will the financial system look like when more money stays on chain.
• The two things banks ask in their initial conversations with Polygon.
• How money will transform in the next 10 years and why most people will not notice.

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Aaron Schumm, CEO and Founder of Vestwell, knows firsthand how broken America's savings system is. When he tried to set up a 401k for his previous 30-person company back in 2010, the process was so difficult, expensive, and confusing that he decided to build a better solution. Today, Vestwell serves 2 million savers with $50 billion in assets, has reduced 401k setup times from 40-70 hours down to just minutes, and runs 14 state-sponsored auto IRA programs including New York's Secure Choice.

In this episode, Aaron explains why fintech has largely failed to move the needle on financial health, too many point solutions that put the onus back on individuals to figure out what to do and then implement it across multiple accounts. His solution? AI agents that will automatically route money from your paycheck to the optimal savings vehicle based on your income, location, tax rates, existing savings, and life circumstances. And he says we're less than a year away from making that a reality.

In this podcast you will learn:

• What is broken with the current savings system in America.
• The problem at his previous business that was the a-ha moment for Vestwell.
• Their initial use case and how they got going.
• How their product works exactly.
• The three channels they work with.
• How they are working with New York State and other government programs.
• The conversations they are having with the Federal government around savings programs.
• The percentage of employees who typically sign up for an auto-enroll program.
• The scale that Vestwell is at today.
• What their technology stack looks like.
• How much easier it is to set up a workplace savings plan through Vestwell than traditional companies.
• The different revenue lines for Vestwell.
• How they are working with Amazon.
• Why we are not further along in helping Americans with their financial health.
• How autonomous AI agents are going to optimize our financial lives in the future.

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The financial system has run on basically the same payments rails for the past several decades. But there is new infrastructure being built today that takes advantage of the unique capabilities of stablecoins. In some ways, the future is already here as Visa has processed several billion dollars in transactions that have been settled in stablecoins. But who will build the infrastructure needed for credit when we move to this new system?

Today’s guest is Rhett Roberts, the CEO and Founder of LoanPro. I last had Rhett on the show back in 2021, and needless to say, a lot has changed since then. Part of Rhett’s thesis is that this talk around interest rate caps could actually be a catalyst to hasten a movement away from the traditional credit rails. And his company is already working on the systems and protocols to create a new credit infrastructure that runs on stablecoins.

In this podcast you will learn:

• How LoanPro has evolved over the past five years.
• Why most fintechs are now moving into credit products.
• Why both banks and fintechs are using LoanPro to launch new credit products.
• Why the idea of an interest rate cap on credit cards is resonating today.
• What would happen if a 10% rate cap went into effect.
• Why this could be great news for BNPL and the other alternative lending products.
• Rhett’s thesis around stablecoins and the value proposition.
• The elephant in the room for a stablecoin payments network.
• How a line of credit backed by stablecoins could work in reality.
• Where the card networks will sit within this new system.
• How LoanPro is helping to create these processes and protocols.
• Where we will be in five years time with this new infrastructure.

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Ryan Christiansen has had one of the more unusual career trajectories in fintech, from managing credit portfolios during the 2008 financial crisis to leading bank integrations at Finicity during the early days of open banking, helping launch the Financial Data Exchange, and then making an unexpected leap into academia as Executive Director of the Fintech Center at the University of Utah.

In this conversation, Ryan explains why the Center takes a unique multidisciplinary approach spanning business, engineering, and law schools, and shares details about their new master's degree program launching this fall. We also dig into why Utah has quietly become one of the country's most important fintech hubs, with over $1 billion in fintech wages and $7 billion in economic impact. We also discuss the upcoming Fintech Xchange conference on February 4-6 in Salt Lake City, which has become a must-attend gathering for fintech and banking executives looking for substantive content and genuine networking opportunities.

In this podcast you will learn:

• Ryan’s background building Finicity’s open banking platform.
• How and why he went from the corporate world to academia.
• The mission of the Fintech Center at the University of Utah.
• The programs the university offers in fintech for its students.
• Details of their Masters in Financial Technology program launching in the fall.
• Why the fintech scene in Utah is so robust.
• Why they decided to create their own event called Fintech Xchange.
• What makes Fintech Xchange different.
• What attendees can expect at Fintech Xchange this year.
• What is most exciting about the work he is doing at the Fintech Center.

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I don’t know anyone who enjoys filing their taxes. It is something we begrudgingly do every April, or earlier for the well-organized, and it is usually a somewhat painful exercise. What if filing your taxes was easy, taking less than 30 minutes? What if tax planning wasn't a once-a-year chore but an embedded feature in your banking app, payroll platform, or investment account?

In this episode, I sit down with Ben Borodach, founder and CEO of april, the first company to build a nationally licensed tax engine in over 15 years. Ben shares how april is transforming tax from an annual burden into real-time financial intelligence, partnering with banks, fintechs, and payroll platforms to embed tax services directly into the financial tools Americans already use. We discuss the massive technical challenge of building tax infrastructure from scratch, why embedded tax makes sense for financial institutions, and how bringing tax decisions to the point of transaction, whether selling stock, adjusting payroll withholding, or buying a home, can fundamentally change how people manage their financial lives.

In this podcast you will learn:

• How he came to the idea of building a fintech company focused on tax.
• How april was incubated inside Team8.
• Why they decided to create an embedded tax solution rather than go direct to consumer.
• What their product offering does.
• How they are helping consumers to think about taxes beyond once a year.
• The three categories of companies they are focused on.
• Why banks should be offering tax services to their customers.
• Why being integrated into the banking cores is not a high priority right now.
• How april is different to the big tax providers, TurboTax and H&R Block.
• How their customers present the tax offerings.
• What it means to be a nationally licensed e-file provider.
• How they integrate with the IRS and the state tax agencies.
• How they are leveraging the growth of embedded finance.
• What is involved from a technology perspective to integrate with april.
• How he thinks about tax policy, as a tax infrastructure company.
• Ben’s vision for april.

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Today, I sit down with Daren Guo, co-founder of Reap, the stablecoin infrastructure company and the world's largest stablecoin card enabler, processing over $6 billion annually. Daren shares his journey from being employee #90 at Stripe to building the next generation of financial rails based on stablecoin infrastructure, serving everyone from neobanks in Brazil and Africa to traditional financial institutions expanding globally.

The conversation explores why stablecoins represent more than just faster cross-border payments, they are the foundation for a fully tokenized economy where FX, bonds, equities, and real estate all move on-chain. Daren discusses Reap's recent MPI license in Singapore, their expansion into the US market, and how programmable money enables entirely new financial products like payroll streaming and on-chain escrow that simply weren't possible with legacy infrastructure.

In this podcast you will learn:

• Daren’s background setting up Stripe’s Asia business.
• Why he decided to leave Stripe to start his own company.
• Their initial product vision.
• His thesis around stablecoins and why they represent the future of payments.
• Why they decided to start with stablecoin-powered credit card infrastructure.
• Where they are a Visa Principal member and the markets they serve.
• The types of companies that Reap is working with today.
• How the flow of funds work for users of Reap’s credit card.
• Who is providing the stablecoin collateral.
• Reap’s expansion plans for the US market.
• Why they applied for a Major Payment Institution (MPI) license in Singapore.
• The product suite that they are working on right now.
• The scale that Reap is at today.
• How they are serving traditional firms as well as crypto-native companies.
• Daren’s vision for the next generation of money movement.

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Today I'm talking with Darragh Buckley, the CEO and co-founder of Increase. If you've been following fintech for a while, you probably know Darragh as employee number one at Stripe, where he built the team responsible for moving money at a massive scale. At Stripe, he learned a crucial lesson about infrastructure: when you're stuck solving business, technical, and risk problems all at once, you need to drop down a layer. That insight led to Increase, which does something quite novel, instead of connecting to banks one by one, they connect directly to the Federal Reserve itself, operating their own banking core that exposes all this functionality through APIs. With a team of less than 20 people, they're now processing over $100 billion annually.

In this conversation, we dig into the lessons Darragh learned scaling Stripe, why he believes compliance and accounting should be built into engineering from day one rather than bolted on later, his vision for a future where community banks serve specific communities like dentists or families managing elderly parents' finances, and why he's personally investing in community banks across the Pacific Northwest. We also get into real-time payments infrastructure, including a great story about buying a car on a Saturday. Now let's get on with the show.

In the podcast, you will learn:

• How Increase was born out of early challenges at Stripe.
• What he learned about scaling fintech companies at Stripe.
• The advantage of dropping down a layer when building fintech infrastructure.
• How Increase is able to connect directly to the Federal Reserve.
• The concept of a side core and how it integrates with banking cores.
• The different types of companies they work with.
• A fun story about paying a car dealer with a real time payment on a Saturday.
• The scale that Increase is at today.
• Why they decided that now is the time to spread with word about Increase.
• Why it matters to build compliance into your product very early.
• What lessons compliance can learn from software engineering.
• How they are managing real time risk.
• Why Darragh has personally invested in several community banks.
• What will have changed in financial services if Increase is successful.

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