Fintech Takes

Welcome back to our Engineering the SMB Capital Stack, sponsored by our friends at Fundbox. In this four-part series, we’re exploring small businesses, small business lending, and the forces shaping how small businesses access capital. I’m joined by Prashant Fuloria, CEO of Fundbox, as cohost. In Episode 4 (our finale!), we turn to the role of banks (and how they fit into an increasingly unbundled lending ecosystem), and what collaboration between banks and fintechs really looks like in 2025. To unpack it all, we’re joined by Jackie Reses, CEO of Lead Bank (and former Head of Square Capital, a pioneer in embedded capital for SMBs, particularly for B2C SMBs). Highlights include: How Square Capital redefined micro-lending, serving millions of U.S. businesses under traditional bank thresholds Why embedding loans in software (not branches) rewrote the risk model for SMB credit The rise of unbundled lending: fintechs, balance-sheet partners, and the capital markets “maturity curve” How banks like Lead are re-bundling infrastructure to power fintech lending safely and at scale The regulatory horizon (from agentic commerce to stablecoins and the next wave of small-business oversight) From unserved salon owners to national infrastructure shifts, Jackie reminds us why access to capital is still deeply human, and why technology wins when it’s built with empathy for the entrepreneur. If you want to understand where banks truly fit in the future of SMB lending, this finale is essential listening. This episode was brought to you by Fundbox.  As a leading capital infrastructure provider behind the digital SMB economy, Fundbox is focused on enabling platforms to embed financial tools directly into their user experiences. Learn more here: https://bit.ly/4o1cWVG Sign up for Alex’s Fintech Takes newsletter for the latest insightful analysis on fintech trends, along with a heaping pile of pop culture references and copious footnotes. Every Monday and Thursday: https://workweek.com/brand/fintech-takes/ And for more exclusive insider content, don’t forget to check out my YouTube page. Follow Alex:  YouTube: https://www.youtube.com/channel/UCJgfH47QEwbQmkQlz1V9rQA/videos LinkedIn: https://www.linkedin.com/in/alexhjohnson Twitter: https://www.twitter.com/AlexH_Johnson Follow Prashant: https://www.linkedin.com/in/fuloria/ Follow Jackie: https://www.linkedin.com/in/jacqueline-reses-938b7850/Learn more about Fundbox here: https://bit.ly/4o1cWVG

Welcome back to the Fintech Takes podcast. I’m Alex Johnson, joined by Carlos Caro (author of the Free Toaster newsletter and host of the Free Toaster podcast) for the second episode of Facing Credit, where we unpack what’s really happening in lending right now. This one’s about marketing; the overlooked starting point of every loan.  Everything in lending sits downstream of how you acquire customers and what it costs to reach them. And right now, that system is in flux. AI has upended the old rules of digital acquisition. Google’s “Helpful Content” update triggered what Carlos describes in his writing as the “SEO Apocalypse”, a collapse that’s wiping out 50–90% of organic traffic and forcing publishers, affiliates, and lenders to rewrite their playbooks. The rise of AI-generated search results and zero-click answers means the economics of attention have changed for good. Carlos and I dig into: How AI is breaking traditional digital marketing and reshaping lender acquisition costs What Google’s updates mean for SEO, SEM, and the affiliate ecosystem How creators like My Rich BFF and MrBeast are becoming the new distribution channels for lenders And what “Generative Engine Optimization” (GEO) might mean for the next phase of search Tune in for Carlos’s take on how lenders, publishers, and fintechs can survive the SEO extinction event (and what it’ll take to win attention in the AI age). Plus, we reference these three Free Toaster pieces throughout the conversation; consider them required reading: The SEO Apocalypse Has Arrived How New Balance's CMO Turned Around A 15-Year Decline Reddit Isn't an Affiliate Channel This episode was brought to you by Marqeta. Don’t sacrifice agility for stability. With Marqeta, launch payments experiences that perform at scale and flex with your business. Learn more at https://marqeta.com/ftt Sign up for Alex’s Fintech Takes newsletter for the latest insightful analysis on fintech trends, along with a heaping pile of pop culture references and copious footnotes. Every Monday and Thursday: https://workweek.com/brand/fintech-takes/ And for more exclusive insider content, don’t forget to check out my YouTube page. Follow Carlos Caro: LinkedIn: https://www.linkedin.com/in/the-carlos-caro/ Follow Alex Johnson:  YouTube: https://www.youtube.com/channel/UCJgfH47QEwbQmkQlz1V9rQA/videos LinkedIn: https://www.linkedin.com/in/alexhjohnson X: https://www.twitter.com/AlexH_Johnson

Bernardo Martinez, a seasoned small business lending executive at SoFi, dives into the complexities of SMB underwriting. He discusses how outdated operations and data gaps have hindered progress but highlights how digitization is transforming the landscape. The conversation explores the benefits of integrating various transaction data for a comprehensive cash-flow picture, and he touches on the role of non-financial signals and generative AI in enhancing lending strategies. Ultimately, Bernardo emphasizes the need for banks to evolve into supportive CFO partners for SMBs.

Welcome back to the Fintech Takes podcast. I’m Alex Johnson, joined by Mike Milotich, CEO of Marqeta (who stepped into the role after serving as CFO,) and now leads a cloud based issuing platform approaching 400B in annual payment volume.  First up, we focus on Marqeta’s platform. It’s built out of configurable building blocks, and Mike gets specific about what that means in practice; walking us through clear examples, including how delivery platforms used virtual credentials to remove driver fraud, and how early BNPL providers relied on Marqeta to pay merchants behind the scenes (without integrating with every retailer). From there, we shift to agentic commerce and why the issuer’s vantage point changes the conversation. Issuers face different constraints. They create the credential, set the controls, and carry the risk when something goes wrong. Mike unpacks how an AI agent could fund and configure a virtual card with narrow parameters so it can only execute the purchase the user intended, and how AI is being applied to fraud, risk, and disputes (plus how dynamic rewards will push cards toward real personalization). We also dig into the insights Marqeta is seeing across its network. BNPL is moving into more everyday categories as a cashflow tool. And SMBs are starting to treat modern payments as real operational leverage (because automated controls and real-time tools replace the manual work that used to eat their time).  For more insights, their 2025 State of Payments Report is linked below. Thanks for listening!   This episode was brought to you by Marqeta. Don’t sacrifice agility for stability. With Marqeta, launch payments experiences that perform at scale and flex with your business. Learn more at https://marqeta.com/ftt Sign up for Alex’s Fintech Takes newsletter for the latest insightful analysis on fintech trends, along with a heaping pile of pop culture references and copious footnotes. Every Monday and Thursday: https://workweek.com/brand/fintech-takes/ And for more exclusive insider content, don’t forget to check out my YouTube page. Follow Mike Milotich: LinkedIn: https://www.linkedin.com/in/mike-milotich-7b78402/ Access Marqeta’s 2025 State of Payments Report here:  https://www.marqeta.com/asset/state-of-payments-2025 Follow Alex Johnson:  YouTube: https://www.youtube.com/channel/UCJgfH47QEwbQmkQlz1V9rQA/videos LinkedIn: https://www.linkedin.com/in/alexhjohnson X: https://www.twitter.com/AlexH_Johnson

Join Jennifer Tescher, founder and CEO of the Financial Health Network, as she reveals the alarming $455B that U.S. households paid in interest and fees last year. Discover how student loans and credit card debt have heightened financial fragility. She discusses the unintended consequences of Buy Now, Pay Later schemes and the risks of AI becoming merely a sales tool. Tescher also shares insights on new product standards that could reshape financial health, emphasizing the importance of balancing friction in finance for better consumer outcomes.

Tanay Jaeel, Head of Product at Stripe Capital, shares insights on embedded lending and how it addresses small businesses' capital access challenges. He highlights the shift towards powering financing via vertical SaaS platforms instead of direct lending. Tanay explains the key role of AI in providing contextual lending solutions, ensuring financing appears precisely when needed. The conversation also covers Stripe's partnership strategies for international expansion and the benefits of using platform data to enhance lending structures.

Live from Money20/20, the buzz around AI takes center stage as industry leaders discuss practical use cases for agentic AI in compliance. Stablecoins are hot topics too, especially in cross-border payments for inflation-hit economies. A glance at the flood of comments on open banking reveals banks wrestling with cost recovery while smaller institutions seek support. Meanwhile, the rapid rise of Erebor Bank raises eyebrows about possible political influence in new banking charters. Plus, debates around crypto lobbying stir up controversy!

Prashant Fuloria, CEO of Fundbox and an expert in small-business lending, dives into the current landscape of SMB credit. He discusses stark trends from the Federal Reserve's findings, revealing that many SMBs are struggling to thrive. Rising costs and shifting borrower behaviors are impacting lending dynamics. Prashant also explores how embedded finance is reshaping lending practices, the challenges standalone lenders face, and the importance of aligning banks and fintechs for sustainable growth. This insightful talk is a must-listen for anyone invested in the future of SMB capital.

Join Steve Smith, co-founder and CEO of Invela with a rich background in open banking; Todd Taylor, a legal expert in technology transactions; and Dan Murphy, a former CFPB program manager, as they dissect the critical but often overlooked issues of risk and liability in data sharing. They explore why banks cling to outdated guidelines, the tension between consumer protection and regulation, and the pressing need for standardized accreditation. Their insights spark a discussion on how to navigate the evolving landscape of open banking.

Dara Buckley, Founder and CEO of Increase, previously an early employee at Stripe, dives into the intricacies of scaling vertical SaaS companies. He discusses the delicate balance between specialization and growing into adjacent markets while emphasizing how real-time AI monitoring can transform financial oversight. The conversation includes insights on how tailored products can empower small businesses, the importance of transparency in banking, and the evolving roles within the fintech ecosystem. Buckley highlights staying close to users as a key to avoiding stagnation.