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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