The Fintech Blueprint

In this episode, Lex speaks with Ravi Adusumilli - President and GM of the Americas at Airwallex. Ravi and Lex discuss how Airwallex has evolved into a global financial platform by offering businesses an integrated suite of cross-border payments, treasury, and banking services. Founded in 2015, Airwallex now supports 150,000 customers, processes $130 billion in annualized volume (up 73% YoY), and projects a $1 billion revenue run rate by year-end.The company’s success stems from its end-to-end infrastructure, homegrown payment rails, and multi-product strategy, with 80% of revenue now coming from customers using more than one product. Airwallex differentiates itself by focusing on global-first B2B use cases and building regional autonomy alongside centralized infrastructure. While not prioritizing stablecoins today, the company is exploring AI-driven financial operations and aims to reach $1 trillion in transaction volume by 2030. NOTABLE DISCUSSION POINTS:Airwallex’s Infrastructure: Proprietary Global Payment NetworkAirwallex operates a proprietary global payment infrastructure that processes 95% of its $130 billion in annualized transaction volume. The company has developed its own technology and regulatory framework in partnership with over 60 banks worldwide. This approach reduces dependence on legacy systems such as SWIFT and supports greater control over transaction speed, cost, and compliance.Expansion Through Multi-Product OfferingAirwallex has expanded its services beyond cross-border payments to include card issuance, spend management, treasury functions, and merchant acquiring. According to company data, 80% of revenue is generated from customers using multiple products. Payments now account for 70% of net revenue and are growing at three times the rate year over year.Decentralized Go-To-Market StructureAirwallex employs a regional management model, with General Managers responsible for performance and operations in specific geographies. This structure is supported by centralized functions such as product development, compliance, and engineering. With 1,700 employees in 26 offices, the company uses this hybrid model to manage growth and adapt to local regulatory environments across multiple regions, including Latin America and Asia-Pacific. TOPICSAirwallex, Stripe, Brex, Rippling, Shopify, Pinterest, Visa, fintech, global payments, e-commerce, cross-border transactions, paytech, embedded payments, CFO stack, stablecoins, AI ABOUT THE FINTECH BLUEPRINT🔥Subscribe to the Fintech Blueprint newsletter to stay at the forefront of Fintech and DeFi: https://bit.ly/3hyhlC2🤝 Partner with Fintech Blueprint through sponsorships: https://bit.ly/3UZllsV👉 Twitter: https://twitter.com/LexSokolin TIMESTAMPS1’02: Building Through Partnerships: The Platform Strategy Behind a $130B Fintech7’24: Why It’s Working: Scaling B2B Payments in a Crowded Fintech Market12’21: From Coffee Beans to Global Rails: How Cross-Border Payments Became the Wedge for Platform Expansion19’02: Sticky by Design: How Regional Autonomy and Multi-Product Depth Drove Global Expansion25’31: From Credibility to Scale: When Partnerships Start Driving Growth29’33: Beyond Point Solutions: Why Global Platforms Are Replacing Fragmented Payment Stacks34’47: Solving the CFO Stack: A Unified Approach to Global Money Movement38’14: Resilient by Design: How Airwallex Manages Multi-Bank, Multi-Market Complexity42’51: The Hidden Cost of Scale: Inside the Engineering Behind a $130B Network46’15: The Next Phase: Airwallex’s Vision for a Global Financial OS49’54: The channels used to connect with Ravi & learn more about Airwallex Disclaimer here — this newsletter does not provide investment advice and represents solely the views and opinions of FINTECH BLUEPRINT LTD.Contributors: Lex, Laurence, Matt, Farhad, Mike, DaniellaWant to discuss? Stop by our Discord and reach out here with questions. Disclaimer here — this newsletter does not provide investment advice and represents solely the views and opinions of FINTECH BLUEPRINT LTD.Contributors: Lex, Laurence, Matt, Farhad, Mike, DaniellaWant to discuss? Stop by our Discord and reach out here with questions.

Lex chats with Matthew Le Merle - CEO of Blockchain Coinvestors, a leading blockchain and AI fund-of-funds. He reflects on the limitations of large institutions in adopting disruptive technologies and why he chose to back innovators over incumbents, using stablecoins as an example of asymmetric value creation. Le Merle explains his evolution from angel investor to institutional LP, highlighting the benefits of leveraging top-tier venture capitalists’ expertise in inefficient early-stage markets. He outlines the psychological challenges of venture investing, where failures appear early and outsized wins often take a decade, contrasting this with the faster liquidity but higher existential risk in token markets. Finally, he critiques institutional allocators for over-relying on efficient markets, under-allocating to venture despite its role in driving future value, and positions his strategy as fully committed to early-stage blockchain and AI as the highest-returning segments. NOTABLE DISCUSSION POINTS:1. Innovation Threatens Incumbents, Benefits Disruptors: Major technological shifts, from the internet to blockchain and AI, create winners and losers. Incumbents often resist disruptive change because it threatens existing revenue models, while nimble startups and tech-first companies can rapidly capture new market opportunities.2. Venture Success Requires Navigating High Failure Rates: In early-stage investing, most portfolio companies will fail, often within the first 3–4 years. Returns are driven by a small number of outsized successes, usually via acquisitions rather than IPOs, requiring patience, resilience, and a disciplined investment strategy.3. Inefficient Markets Offer the Greatest Asymmetric Upside: Early-stage venture and emerging technologies like blockchain and AI are inefficient markets where superior access, insight, and execution can generate returns far above those available in traditional, efficient markets like public equities or bonds. TOPICSBlockchain Coinvestors, Band of Angels, AngelList, Blockchain Capital, Pantera, Sequoia, Andreessen, BlackRock, Fidelity, Blockchain, DeFi, Decentralized Finance, Investment, Venture Capital, Angel Investment, Fund of Funds ABOUT THE FINTECH BLUEPRINT🔥Subscribe to the Fintech Blueprint newsletter to stay at the forefront of Fintech and DeFi: https://bit.ly/3hyhlC2🤝 Partner with Fintech Blueprint through sponsorships: https://bit.ly/3UZllsV👉 Twitter: https://twitter.com/LexSokolin TIMESTAMPS1’33: From Consulting to Disruption: Matthew Le Merle on Pivoting from Advising Incumbents to Backing the Innovators9’56: From Angel Checks to Global Funds: Building One of the World’s Largest Blockchain Co-Investment Platforms16’50: Leveraging Top Venture Funds to Capture Blockchain and AI’s Biggest Winners: Evolving from Direct Deals to an LP Strategy24’50: The Emotional Reality of Venture Investing: Coping with Early Failures, Long Timelines, and Rare Big Wins32’13: Early Liquidity, Higher Risk: Why Most Token Projects Fail Without Ever Delivering Software35’20: Backing Winners in Inefficient Markets: What Makes a Venture Fund Worth Investing In42’59: Why Institutional Portfolios Miss the Future: The Case for Shifting Capital from Efficient to Inefficient Markets51’08: The channels used to connect with Matthew & learn more about Blockchain Coinvestors Disclaimer here — this newsletter does not provide investment advice and represents solely the views and opinions of FINTECH BLUEPRINT LTD.Contributors: Lex, Laurence, Matt, Farhad, Mike, DaniellaWant to discuss? Stop by our Discord and reach out here with questions. Disclaimer here — this newsletter does not provide investment advice and represents solely the views and opinions of FINTECH BLUEPRINT LTD.Contributors: Lex, Laurence, Matt, Farhad, Mike, DaniellaWant to discuss? Stop by our Discord and reach out here with questions.

Lex chats with Harish Natarajan - Practice Manager, Financial Inclusion and Infrastructure, Finance, Competitiveness & Innovation at the World Bank, and Carlos Brandt - The Senior Advisor for Pix at the Central Bank of Brazil. Together they discuss the remarkable success of Pix, Brazil's real-time payment system, which now sees over 6 billion transactions per month and is used by more than 90% of the adult population and 80% of companies. Lex explores how Pix was created by the Central Bank of Brazil with strong public-private collaboration, backed by regulatory authority and supported by a co-creation model with stakeholders. Key to its adoption were a low-cost centralized infrastructure, clear branding, mandatory participation by large banks, and a robust national communication strategy. Globally, Pix is seen as a leading example of fast payment system deployment, driven by the central bank acting as a neutral coordinator and scheme owner. Lex also examines the technical architecture, built in-house by a surprisingly small team of 55–65 people, and how scalable infrastructure and extensibility have enabled rapid growth and innovation. NOTABLE DISCUSSION POINTS: 1. Pix achieved mass adoption through public-private co-creation and legal mandate:Pix now processes over 6 billion transactions per month, with 90% of Brazil’s adult population and 80% of businesses actively using it. Its success stems from a strategic legal mandate in 2013 granting the Central Bank regulatory and operational authority over retail payments. The Central Bank then led a co-creation process involving both public and private stakeholders through the Pix Forum, fostering alignment, inclusivity, and strong network effects.2. A lean but powerful team built a nation-scale real-time payments system:The Pix infrastructure was built entirely in-house by a relatively small team, 30-40 people for the technical infrastructure layer and around 25 for the payment scheme layer. It operates 24/7 with real-time settlement and uses centralized infrastructure separate from Brazil’s traditional large-value payment rails. This centralized, purpose-built architecture dramatically lowered costs and enabled rapid rollout.3. Strategic communication and mandated participation drove adoption at scale:The Central Bank led a national communication campaign to build trust, establish a strong brand identity, and educate the public. Simultaneously, it mandated major banks (with over 500,000 active accounts) to join Pix, triggering widespread voluntary adoption from smaller PSPs. The rollout included a restricted pilot phase and emphasized user-friendly features like QR codes and aliases to boost convenience and usage from day one. TOPICS Pix, Central Bank of Brazil, World Bank, Visa, Citibank, M-Pesa, Alipay, SPI, fintech, payments, PSP, API, Fast Payments, Payments Infrastructure, PayTech ABOUT THE FINTECH BLUEPRINT 🔥Subscribe to the Fintech Blueprint newsletter to stay at the forefront of Fintech and DeFi: https://bit.ly/3hyhlC2 🤝 Partner with Fintech Blueprint through sponsorships: https://bit.ly/3UZllsV 👉 Twitter: https://twitter.com/LexSokolin TIMESTAMPS 1’19: Building Pix from the Ground Up: Carlos Brandt on Modernizing Brazil’s Payment Infrastructure 3’03: Fast Payments for Financial Inclusion: Harish Natarajan on the World Bank’s Role in Modern Payment Infrastructure 4’29: From Cash to 5 Billion Transactions a Month: How Pix Transformed Brazil’s Payment Ecosystem Through Public-Private Collaboration 10’41: Why Pix Succeeded Where Others Struggled: The Power of Neutral Coordination and Public-Private Synergy 12’40: Inside the Pix Forum: How Brazil Built a Collaborative Process for Payment Innovation 15’07: Fast Payments at Scale: Market Coordination, Infrastructure, and Global Lessons from Pix 20’55: Engineering Pix: How a Small Team Built Brazil’s 24/7 National Payments Infrastructure from Scratch 27’28: Driving Nationwide Adoption: How Strategic Communication and Mandates Powered Pix’s Rollout Across Brazil 34’14: Scaling for Success: Why Communication, Extensibility, and API Design Are Key to Evolving Payment Systems 37’23: Building Trust Through Cooperation: How Regulators Can Foster Innovation While Balancing Public and Private Interests 40’06: The channels used to connect with Carlos & learn more about The Central Bank of Brazil. 40’39: The channels used to connect with Harish & learn more about The World Bank Disclaimer here — this newsletter does not provide investment advice and represents solely the views and opinions of FINTECH BLUEPRINT LTD.Contributors: Lex, Laurence, Matt, Farhad, Mike, DaniellaWant to discuss? Stop by our Discord and reach out here with questions.

Lex speaks with Ali Niknam, CEO and founder of Bunq, a leading European neobank. Ali shares Bunq’s journey from its founding during the financial crisis to becoming Europe’s second-largest neobank. The conversation explores Bunq’s user-centric philosophy, innovative products, and unique organizational design. Ali discusses overcoming regulatory challenges, prioritizing cultural values, and fostering accountability within teams. The episode also examines the complexities of the European fintech landscape and Bunq’s mission to revolutionize banking by focusing on user needs and continuous improvement. MENTIONED IN THE CONVERSATION Topics: Bunq, ING, Revolut, Betterment, Synapse, TransIP, Fintech, banking, crypto, neobank, challenger bank, culture, Europe, VC ABOUT THE FINTECH BLUEPRINT 🔥Subscribe to the Fintech Blueprint newsletter to stay at the forefront of Fintech and DeFi: https://bit.ly/3hyhlC2 🤝 Partner with Fintech Blueprint through sponsorships: https://bit.ly/3UZllsV 👉 Twitter: https://twitter.com/LexSokolin TIMESTAMPS 1’09: Bunq’s Bold Mission: Ali Niknam on Reinventing Banking for the Modern User 6’27: Building from the Core: Why Bunq Chose the Hard Road to Reinvent Banking 10’08: Bootstrapped Banking: Building Bunq Without External Capital or Compromise 13’56: Launching the Future: Bringing Innovation to Market with Bunq’s First 45-Person Team 17’35: From Payments to Personalization: How Users Drove a Decade of Product Innovation 19’52: Designing for Eva: How Bunq Rebuilt Its Organization Around the User, Not the Org Chart 22’02: Beyond Titles: How Bunq’s Ownership-Driven Culture Redefines Teams, KPIs, and Hierarchy 28’14: Culture Over Compensation: How Bunq Attracts Mission-Aligned Talent Without Relying on Equity 35’06: Europe’s Tech Paradox: Why Innovation Thrives Despite Fragmentation—and What Must Change 39’11: The channels used to connect with Ali & learn more about Bunq 43’07: The channels used to connect with Edward & learn more about Zerohash  Disclaimer here — this newsletter does not provide investment advice and represents solely the views and opinions of FINTECH BLUEPRINT LTD.Contributors: Lex, Laurence, Matt, Farhad, Mike, DaniellaWant to discuss? Stop by our Discord and reach out here with questions.

In a fascinating discussion, Edward Woodford, CEO of Zerohash, an embedded crypto platform, shares insights on the explosive growth of stablecoins, which now account for over 50% of their volume. He highlights regulatory shifts that are paving the way for institutional adoption of crypto. Edward delves into the convergence of brokerage and payments, revealing how banks are embedding stablecoin infrastructure. The conversation also touches on the necessity for collaboration between fintechs and traditional finance to navigate usability challenges and regulatory clarity.

Yuval Rooz, CEO and co-founder of Digital Asset, shares his journey in transforming blockchain for financial institutions. He highlights the Canton Network’s innovative tokenomics, where developers and users enjoy 70% of block rewards, promoting sustainable ecosystem growth. Rooz also reflects on the critical lessons from the Australian Stock Exchange's blockchain migration, advocating for gradual upgrades. The discussion critiques superficial tokenization models, emphasizing the need for true asset tokenization that transforms finance fundamentally.

Stani Kulechov, Founder and CEO of Aave, discusses the remarkable journey of decentralized finance (DeFi), highlighting Aave’s achievement of $40 billion in net deposits. He dives into the shift from peer-to-peer lending to pooled liquidity models and the emergence of real-world assets and stablecoins. Stani predicts that tokenized assets will surpass native crypto in value locked within five years. The chat also touches on how Aave is innovating to enhance capital efficiency and attract users in a rapidly evolving landscape.

In this engaging discussion, Avlok Kohli, CEO of AngelList, shares insights on the platform's remarkable transformation from a fundraising site to a powerhouse managing over $171 billion in private capital. He delves into innovative products like Rolling Funds, which revolutionize how fund managers raise capital. Avlok also discusses the challenges of maintaining quality in startup funding and the importance of navigating regulatory hurdles in the evolving fintech landscape. The conversation wraps up with a look at how AI is reshaping customer interactions and back office operations in finance.

Jamie Burke, Founder of Outlier Ventures and a prominent Web3 investor, discusses the future of the decentralized economy. He emphasizes a shift from an attention-based web to an intent-led internet where autonomous agents drive blockchain interactions. Jamie highlights successful projects like IOTA and Fetch.ai, and stresses that founders must adopt systems thinking to thrive in this new landscape. The conversation also touches on the importance of infrastructure in the open metaverse and how AI will redefine online engagement.

Lex interviews Josh Reeves, co-founder of Gusto, a company specializing in payroll, HR, and benefits solutions for small businesses. Josh shares his journey from academia to entrepreneurship, highlighting the challenges and strategies involved in building Gusto. The discussion covers the evolution of technology from Web 2.0, the importance of understanding customer needs, and maintaining strong unit economics. Josh emphasizes Gusto's mission to simplify payroll and HR tasks for small businesses, aiming to improve their survival rates and overall efficiency. The episode underscores the significance of product quality and customer satisfaction in navigating industry competition. Notable discussion points: 1. Solving Payroll as a Massive, Underserved SMB Pain Point: Reeves highlighted how in 2011, 40% of small businesses were fined annually due to manual payroll errors. Gusto addressed this pain using cloud and mobile tech, making payroll fast, accurate, and accessible—especially for non-experts. 2. Product Sequencing and the Power of a Payroll-Centric Ecosystem: Starting with payroll, Gusto built a sticky, horizontal product with strong retention. From there, they expanded into benefits, time tracking, and more—adding products based on customer pull and reinforcing their ecosystem. 3. Organizational Evolution: From Founder-Led to Functional and Matrixed: Gusto grew from 3 co-founders to 2,600+ employees by evolving from a hands-on team to a matrix structure. Reeves emphasized hiring leaders suited to each stage and giving small, focused teams autonomy to drive new product development. MENTIONED IN THE CONVERSATION Topics: Fintech, Gusto, Payroll, HR, Zazzle, SMB, CAC, Customer, Scaling, Growth, Web2.0 ABOUT THE FINTECH BLUEPRINT 🔥Subscribe to the Fintech Blueprint newsletter to stay at the forefront of Fintech and DeFi: https://bit.ly/3hyhlC2 🤝 Partner with Fintech Blueprint through sponsorships: https://bit.ly/3UZllsV 👉 Twitter: https://twitter.com/LexSokolin TIMESTAMPS 1’13: From PhD Dropouts to Payroll Pioneers: Joshua Reeves on Building Gusto and Solving Real Problems with Technology 4’21: The Web2 Reawakening: Democratizing Creation and Commerce Through the Internet 8’14: From Pen and Paper to the Cloud: Tackling Payroll Pain and Modernizing SMB Operations 11’15: Is Gusto a Fintech?: Ignoring Labels, Solving Problems, and Building for Small Business from Day One 16’07: Cracking the SMB Code: Building Scalable Products with Strong Unit Economics and Organic Growth 19’39: The Fundamentals of Scaling: Navigating CAC, LTV, and Retention in Subscription Businesses 22’49: Building Beyond Payroll: How Customer Demand and Smart Sequencing Shaped a Scalable Product Organization 27’16: Scaling with Intention: Evolving Leadership, Structure, and Talent from 10 to 2,600 People 33’00: Structuring for Scale: Balancing Autonomy, Focus, and Flexibility in a Multi-Product Organization 36’22: From Traction to Tenure: Scaling Impact, Navigating Competition, and Building for the Next Decade 41’12: The channels used to connect with Joshua & learn more about Gusto Disclaimer here — this newsletter does not provide investment advice and represents solely the views and opinions of FINTECH BLUEPRINT LTD.Contributors: Lex, Laurence, Matt, Farhad, Mike, DaniellaWant to discuss? Stop by our Discord and reach out here with questions.