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Fintech Leaders
Richie Serna, CEO of Finix - The Key to Great Products, Fundraising Stories, Building a Payments Powerhouse
Oct 22, 2024
Richie Serna, CEO and Co-Founder of Finix, shares his journey from Southern California to shaping payment processing for e-commerce. He discusses the complex landscape of payments, emphasizing the need for customer-centric product development. Richie shares valuable fundraising lessons and the significance of building trustworthy partnerships in fintech. He also highlights challenges faced by Latino entrepreneurs and the potential of stable coins in the payments environment, showcasing how diverse leadership can drive innovation.
54:49
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Quick takeaways
- Product development in the payments industry necessitates a deep understanding of complex challenges rather than merely increasing resources or capital.
- Navigating the payments ecosystem requires a thorough grasp of modern transaction dynamics, particularly in relation to legal and compliance requirements.
Deep dives
The Craft of Product Development
Product development is characterized as a craft requiring continuous learning, practice, and a significant amount of trial and error. This is particularly pronounced in the payments industry, where existing systems were established in the 1980s and 1990s, resulting in a large portion of payment transactions being processed through outdated technology. The speaker emphasizes that product development, especially in finance, cannot be rushed or simplified by simply increasing resources or capital. Instead, it demands an understanding of the nuanced challenges specific to the industry and the complexity in creating robust, reliable systems.
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