Fintech Takes

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 He discusses how outdated operations and data gaps have hindered progress but highlights how digitization is transforming the landscape.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.

Kevin Moss, a seasoned senior advisor at Baselayer and former CRO, shares his insights into the evolving landscape of lending. He discusses the recent shifts in student loans, where repayment data is finally impacting credit scores and borrowers face significant wage garnishments. Kevin also dives into the implications of open banking, highlighting cost recovery and the Chase-Plaid deal. Lastly, he analyzes the competitive landscape of mortgage credit scoring, marking a pivotal moment for lenders as FICO’s monopoly begins to crumble.

Lacey Ford, CMO at ABC Fitness, shares her expertise in go-to-market strategies for vertical SaaS in the fitness sector. She highlights how gyms and studios are evolving into community hubs driven by Gen Z. Lacey describes distinct buyer behaviors across fitness segments and emphasizes the deep, personal connections operators have with customers. She illustrates how essential retention strategies are for growth, and discusses the role of AI in enhancing customer engagement and personalization. Her insights pave the way for actionable benchmarks in the fitness industry.