Cambrian Fintech with Rex Salisbury

Hosted by Rex Salisbury

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Dec 2025

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Conversations with founders, operators, and investors shaping the future of financial services. Hosted by the founder of Cambrian Ventures, Rex Salisbury. Rex previously was a Partner at A16Z, where he helped launch the fintech vertical. He has over a decade of experience working in finance & fintech primarily as a software engineer before becoming a venture capitalist. visit cambrianhq.com to learn more.

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35 recent

December 5, 202552 min

$70B Nubank Eyes US Banking (Co-Founder Reveals Strategy)

My Fintech Newsletter for more interviews and the latest insights: ↪︎ https://rexsalisbury.substack.com/ In this episode, Nubank co-founder Christina shares how they built a $70B fintech giant serving 99M users—60% of Brazil's primary banking relationships. From launching Brazil's first purple credit card to surviving regulatory crises, conquering Mexico/Colombia, and now applying for a US bank charter. She reveals their low-cost playbook, customer love strategy, and why they're bullish on America. Christina: https://www.linkedin.com/in/crisjunqueira/ 00:00:00 - Nubank's $70B Rise, US Charter News 00:03:34 - Why US? Cost Edge, Customer Demand 00:07:30 - Three Misfits Quit Bank to Start Nubank 00:10:16 - Capital One Lessons Shape Credit Cards 00:13:58 - Purple Card Launch: Viral Pull Effect 00:17:14 - Waitlist Fuels Organic Early Growth 00:20:05 - 2016 Crisis: Customers Save Nubank 00:23:04 - Accounts Launch: Self-Funded Destiny 00:26:28 - Inclusion Stats: 80% First-Time Savers 00:30:04 - Mexico 2019: Underpenetrated Market 00:33:32 - IPO at 8 Months Pregnant, No Finish Line 00:37:08 - US Team: Miami Hub, Tech Hires 00:41:54 - Stablecoins Real: #2 in Brazil 00:45:14 - AI Transforming Underwriting, Support 00:48:05 - Founder Advice: Homework, No Perfect Time 00:52:33 - Culture: Avoid Negativity, Hire Aligned ___ Rex Salisbury LinkedIn: ↪︎ https://www.linkedin.com/in/rexsalisbury Twitter: https://twitter.com/rexsalisbury TikTok: https://www.tiktok.com/@rex.salisbury Instagram: https://www.instagram.com/rexsalisbury/ #NubankUSExpansion #FintechDisruption #ChristinaNubank

November 5, 202537 min

How Claude's AI Financial Analyst is Changing Investing (Insider Unveils)

My Fintech Newsletter for more interviews and the latest insights: ↪︎ https://rexsalisbury.substack.com/ In this episode, Anthropic’s Nicholas Lin explains how vertical AI agents are reshaping financial services, from building real-time investment models to automating data analysis for some of the world’s largest funds. We explore why finance was chosen as Anthropic’s first enterprise vertical, the challenges and benchmarks in deploying safe, reliable AI, and how large organizations are integrating these tools across research and operations. Nicholas Lin also shares insights on the next era of AI adoption, collaboration with global partners, and the future role of financial analysts in an agent-powered economy. Nicholas Lin.: https://www.linkedin.com/in/cxl/ 00:00:00 - Anthropic demos real-time AI financial analyst 00:00:39 - Claude's rollout to global enterprise clients 00:01:27 - Why verticalize AI models for finance 00:02:36 - AI as a solution for complex industry problems 00:03:46 - Tackling regulated logic and audit trails 00:05:07 - Building “retrieve, analyze, create” agents 00:07:11 - Outperforming on industry research benchmarks 00:09:13 - Integrating AI with customer feedback loops 00:10:14 - Why AI-enabled spreadsheets matter 00:13:03 - Partnering with sovereign wealth funds 00:15:10 - Data integration and readiness for AI 00:17:13 - Changing workflows with live artifacts 00:20:04 - Customizing tools for technical teams 00:23:19 - Driving product development with design partners 00:25:12 - Future of “full-stack” autonomous agents 00:27:33 - Solving adoption and change management 00:29:01 - Enterprise-wide AI from consulting to accounting 00:30:53 - Most bankers still lack AI access 00:32:40 - Social impact of automating analyst work 00:34:31 - Favorite AI and finance tools 00:36:43 - The next wave of AI advances at Anthropic ___ Rex Salisbury LinkedIn: ↪︎ https://www.linkedin.com/in/rexsalisbury Twitter: https://twitter.com/rexsalisbury TikTok: https://www.tiktok.com/@rex.salisbury Instagram: https://www.instagram.com/rexsalisbury/

October 21, 202546 min

Why AI will NEVER Replace Your Sales Job! - Stevie Case CRO @Vanta

My Fintech Newsletter for more interviews and the latest insights: ↪︎ https://rexsalisbury.substack.com/ In this episode, I sit down with Stevie Case from Vanta, a former pro gamer turned chief revenue officer, to discuss how AI is transforming the entire go-to-market function in B2B SaaS. Stevie shares insights on building agile sales organizations, how AI supercharges human roles rather than replacing them, and the evolving expectations for sales, customer success, and RevOps teams. The conversation covers AI tool adoption, hiring for an AI-native workforce, and why go-to-market roles are among the most exciting in tech today. Stevie Case: https://www.linkedin.com/in/steviecase/ 00:00:00 - AI’s Impact on Go-To-Market Functions 00:02:06 - Building Scalable Sales Organizations 00:04:47 - Specialization and Segmentation in Sales 00:06:28 - AI Supercharging Customer Success 00:08:23 - Hiring and Onboarding with AI Support 00:10:07 - Building AI-Driven Products with Customers 00:12:08 - Selling New Products to Existing Customers 00:15:02 - Early Product Adoption and Iteration 00:17:25 - Operating at All Levels in Organizations 00:20:01 - Creating Intense, High-Velocity Teams 00:22:15 - Hiring AI-Native, Curious Builders 00:25:05 - Measuring Success by Team Pride and Feedback 00:26:07 - Developing Agent Platforms 00:28:02 - Monetization and Business Model Evolution 00:30:49 - AI-Enabled Competitive Advantages in Fintech 00:32:31 - Top-Down AI Automation Demand 00:34:11 - Reinforcement Learning in Fraud Detection 00:38:00 - International Go-To-Market Expansion 00:41:33 - Designing Global Sales Footprints 00:45:04 - Resourcing RevOps and Systems Teams ___ Rex Salisbury LinkedIn: ↪︎ https://www.linkedin.com/in/rexsalisbury Twitter: https://twitter.com/rexsalisbury TikTok: https://www.tiktok.com/@rex.salisbury Instagram: https://www.instagram.com/rexsalisbury/

October 4, 202546 min

Figure CEO Reveals: How the World's No. 1 Tokenizer of Real World Assets Leads (Michael Tannenbaum)

My Fintech Newsletter for more interviews and the latest insights: ↪︎ https://rexsalisbury.substack.com/ Figure’s CEO Michael Tannenbaum shares how blockchain is transforming home equity and mortgage lending following one of the year’s biggest IPOs. Learn about Figure’s journey from a contrarian startup to market leader, real asset tokenization, and rapid loan closures. Explore how partners use their tech to save time and money, tackle standardization and audits, and navigate industry criticism. Get insights on blockchain’s future in finance, tokenized equities, and the evolving DeFi landscape. Michael Tannenbaum: https://www.linkedin.com/in/michaeltannenbaum/ 00:00:00 - Figure’s Massive IPO and Blockchain Vision 00:00:41 - Revolutionizing Home Equity Access 00:01:07 - Blockchain’s Key Benefits in Finance 00:01:43 - Why Consumers Care About Housing Innovation 00:02:43 - Slashing HELOC Costs and Timelines 00:03:49 - Shifting from Credit Cards to Home Loans 00:05:02 - Boosting Secondary Market Liquidity 00:06:30 - From Proof of Concept to $10B+ Loans 00:07:55 - Why Start with HELOCs as Green Field 00:09:21 - Tokenizing Assets Post-2008 Lessons 00:10:29 - Avoiding ICO Hype for Long-Term Build 00:11:46 - Scaling with 170+ Partners 00:13:14 - Launching Pure Marketplace Model 00:14:32 - Evolving to First-Lien Mortgages 00:15:46 - Attacking Core Mortgage Market 00:17:16 - Penetrating Mass Affluent Demographics 00:18:35 - How Blockchain Ensures Efficiency 00:20:10 - Immutable Data Cuts Audit Needs 00:21:42 - Perfecting Liens with DART Tech 00:23:34 - Comparing to Unsecured Loan Markets 00:25:28 - Addressing Banker Adoption Risks 00:27:03 - Flywheel of Growth and Evangelists 00:28:48 - Stablecoin Settlement Advantages 00:30:01 - Automating Servicing and Prepayments 00:31:37 - Responding to Decentralization Critics 00:33:05 - Connecting Assets to DeFi Future 00:34:39 - Tokenizing Equity for Cross-Collateral 00:35:40 - Democratize Prime: DeFi Marketplace ___ Rex Salisbury LinkedIn: ↪︎ https://www.linkedin.com/in/rexsalisbury Twitter: https://twitter.com/rexsalisbury TikTok: https://www.tiktok.com/@rex.salisbury Instagram: https://www.instagram.com/rexsalisbury/

September 2, 202554 min

How Ryan Petersen Rebuilt Flexport Into an $8B Powerhouse

My Fintech Newsletter for more interviews and the latest insights: ↪︎ https://rexsalisbury.substack.com/ Chaos in the global supply chain and big regulatory shifts set the stage as Ryan Petersen, founder and CEO of Flexport, explains how his team steered through COVID disruptions, rapid growth, and major pivots. Learn how Flexport tackled crises, restructured after setbacks, and built fintech products—plus candid founder lessons, B2B marketing hacks, and the realities of working with changing government policies. 00:00:00 - Supply chain chaos: What’s really happening? 00:01:35 - Flexport’s origin and YC journey with Paul Graham 00:04:05 - The 2007 legal change that made Flexport possible 00:06:16 - COVID hits: Hospitals, chaos, and pivoting to crisis aid 00:09:37 - Airlifting masks & Flexport.org’s massive response 00:11:07 - Post-pandemic: Scaling pains and CEO turnaround story 00:13:27 - Surviving and fixing operational meltdown 00:15:39 - Should startups focus or diversify? Lessons from Convoy 00:17:46 - Acquisitions, exits, and core customer clarity 00:21:06 - Why every company is a fintech: Flexport Capital’s story 00:24:32 - Lending innovations: Maritime law, risk, and collections 00:26:52 - Asset-backed lending, funding growth, and private credit 00:32:05 - Stablecoins, international payments, and FX tradeoffs 00:37:04 - Direct mail, toy planes, and B2B marketing ROI 00:41:06 - Brand, ROI, and investing in event-based relationships 00:42:19 - Policy shocks: De minimis, tariffs, and rapid pivots 00:46:20 - Lobbying government: How Flexport approaches...

August 21, 202543 min

Why He Turned Down $1.2 Billion from Stripe to Build Airwallex (CEO & Founder Jack Zhang)

My Fintech Newsletter for more interviews and the latest insights: ↪︎ https://rexsalisbury.substack.com/ In this episode, Jack, founder of Airwallex, shares his journey—from working odd jobs in Australia to leading a company that rejected a $1.2B acquisition offer from Stripe and now generates close to $900M in annual revenue. Jack reveals how Airwallex evolved through three distinct phases—from FX infrastructure to a comprehensive business banking platform—serving 150,000 customers globally. We discuss pivotal moments with investors, rapid scaling, and the challenges of global money movement. Jack also shares candid views on stablecoins, go-to-market strategies—including major brand partnerships like McLaren F1 and Arsenal—and dives into Airwallex's ambitious AI plans that aim to revolutionize finance. Tune in to hear about bold decisions, lessons from near-bankruptcy, and what's next for one of fintech’s fastest-growing companies. Jack Zhang: linkedin.com/in/jack-zhang-05200222 00:00 - Why Airwallex turned down Stripe's $1.2B offer 00:37 - Jack’s journey: Odd jobs to founder 01:08 - Stablecoins and global money movement: Useless or gamechanger? 03:22 - Unlocking initial hypergrowth: Key customers and industries 05:20 - Pivoting product: What didn’t work and why 07:37 - Three phases of Airwallex’s growth 08:58 - Building a layered business banking platform 10:06 - From student magazines to diverse side businesses 13:37 - Lessons from early failures and successes 15:34 - Creating borderless financial infrastructure 16:56 - Are stablecoins really practical for payments? 19:18 - Scaling payments: Liquidity, costs, and geographies 21:36 - Airwallex today: Revenue and growth stats 22:23 - Market scope and expansion plans 24:18 - The million-dollar meeting: Raising capital 27:04 - Hardest fundraises and investor stories 29:28 - Go-to-market strategy: Brand and partnerships 33:25 - Investing in brand: The timing and payoff 34:24 - Founder visibility: Why Jack speaks out now 37:05 - Impact of storytelling on growth and hiring 38:32 - Life outside Airwallex: Hobbies & balance 38:44 - Expansion in the US: Offices and hiring plans 40:13 - Airwallex Copilot: AI agents for autonomous finance 41:42 - AI-powered products: The future of business ops 42:22 - Major product launches: Full-stack billing for AI companies 43:15 - Crossing $1B ARR: What’s next for Airwallex 44:13 - Airwallex Billing: Features, rollout, and free offer ___ Connect with Rex on social media: LinkedIn: https://www.linkedin.com/in/rexsalisbury/ Twitter: https://twitter.com/rexsalisbury TikTok: https://www.tiktok.com/@rex.salisbury Instagram: https://www.instagram.com/rexsalisbury/

July 20, 202532 min

The Battle Over Tokenized Private Equity (with Expert Lex Sokolin)

In this episode, we sit down with Lex Sokolin, a fintech veteran and founder of Generative Ventures, to unpack the latest in tokenized assets, crypto infrastructure, and the future of payments. Lex shares his insights on Robinhood's controversial OpenAI token launch, the evolution of security tokens, and why fintech giants like Stripe and Coinbase are racing to build AI-native payment systems. We dive into the regulatory hurdles, the shift from old financial factories to blockchain-powered rails, and how stablecoins could enable seamless commerce for AI agents. Lex also discusses the messy realities of public vs. private markets, the power of self-custody, and his new fund focused on the machine economy. Lex Sokolin: linkedin.com/in/alexeysokolin 00:00:00 - OpenAI Tokens on Robinhood: What Happened? 00:00:50 - Inside Robinhood's Arbitrum-Based Platform 00:01:35 - Why Security Tokens Failed in 2018 00:02:38 - From ICOs to Enterprise Blockchain Attempts 00:03:53 - How Robinhood's Product Is Really a Derivative 00:05:13 - Eurodollars & Stablecoins: Regulatory Parallels 00:06:21 - Launching Meme Coins vs. Tokenized Equity 00:07:21 - Why Exchanges Build Their Own Chains 00:08:30 - Who Controls Trading Rights for Private Equity? 00:09:48 - Public Markets: Now Just for Cashing Out? 00:11:06 - Why Exclude Private Equity from Financialization? 00:12:19 - Rent Control for Assets? Markets Want to Flow 00:13:37 - Fintech's Shift to Crypto-Native Products 00:15:15 - How Commerce Drives Payment Processor Changes 00:16:36 - Stripe vs. Coinbase: Battle for AI Agent Payments 00:18:11 - Web2's Original Sin: No Native Payments 00:19:27 - Stablecoins as Internet-Native Dollars 00:20:57 - APIs for AI Agents: Machine-Speed Transactions 00:22:17 - Where Are We in the Internet Payments Journey? 00:24:07 - From Bitcoin to Stablecoins: What Changed? 00:26:01 - Better Dispute Resolution with 402 Protocol 00:27:42 - Why Blockchain Software Is Profoundly Better 00:29:02 - Custody Risks: Lessons from Lehman & Hyperinflation 00:30:24 - Self-Custody as an Option, Not a Requirement 00:31:40 - Inside Generative Ventures & Machine Economy ___ Connect with Rex on social media: LinkedIn: https://www.linkedin.com/in/rexsalisbury/ Twitter: https://twitter.com/rexsalisbury TikTok: https://www.tiktok.com/@rex.salisbury Instagram: https://www.instagram.com/rexsalisbury/

July 10, 202540 min

This Man Stopped $100s of Billions in Fraud (Interview with Johnny Ayers, CEO of Socure)

In this episode, we sit down with Johnny Ayers, founder and CEO of Socure, to uncover why government fraud rates remain stubbornly high compared to the private sector—and what it will take to fix them. Johnny shares lessons from working with 17 of the nation’s 20 largest banks, state and federal agencies, and over 600 fintechs. Together, we explore the flaws in identity infrastructure, the challenges of updating records like the Death Master File, and the cultural and incentive misalignments that allow billions in fraud to persist. The conversation dives into the realities of Social Security, Medicare, Medicaid, and unemployment insurance fraud, the evolution of scams during the pandemic, and the urgent need for better data sharing, technology, and legislation. If you’re interested in the intersection of technology, policy, and the future of fraud prevention, this episode is for you. Johnny Ayers: https://www.linkedin.com/in/johnnyayers/ 00:00:00 - Why Is Government Fraud So Persistent? 00:01:05 - Introducing Johnny Ayers & Socure’s Mission 00:01:20 - The Biggest Problems at Federal Agencies 00:02:15 - Death Master File: Flaws and Opportunities 00:04:43 - How Big Is Government Fraud? The Numbers 00:06:37 - Identity Is a State, Not Federal, Issue 00:08:19 - Data Sharing Gaps & The $5 Billion Problem 00:09:24 - Medicare & Medicaid: How Fraud Slips Through 00:10:09 - What AI Can Do for Fraud Detection 00:11:25 - SBA & PPP Loan Fraud During the Pandemic 00:12:24 - Why Did COVID Relief Lose 10% to Fraud? 00:14:32 - Incentive Alignment Problems in Government 00:16:02 - Getting Contractors Onboard with Fraud Prevention 00:17:11 - Why It’s Hard to Access Benefits You Deserve 00:18:21 - What’s a “Leakage Rate” in Unemployment? 00:19:04 - How Can 80% of Claims Be Improper? 00:20:00 - Why State Tech Gaps Make Fraud Easy 00:22:08 - Medicare Abuse vs. Classic Fraud 00:23:17 - Should the Public or Private Sector Own Identity? 00:24:00 - The Battle Over Digital Identity in the US 00:26:05 - Which States Are Leading on Digital ID? 00:27:13 - The Role of Motor Vehicle Associations 00:28:39 - Why US Identity Infrastructure Is Broken 00:30:33 - How the Private Sector Tackles Fraud 00:33:00 - Are We Making Progress? Lessons Learned 00:34:01 - Can AI and Data Fix Government Fraud? 00:36:35 - Measuring Success in Fraud Reduction 00:37:37 - Approving the Right People Faster 00:38:09 - Final Thoughts and What’s Next ___ Connect with Rex on social media: LinkedIn: https://www.linkedin.com/in/rexsalisbury/ Twitter: https://twitter.com/rexsalisbury TikTok: https://www.tiktok.com/@rex.salisbury Instagram: https://www.instagram.com/rexsalisbury/

June 29, 202525 min

Zelle's Secret Roadmap to the Next Trillion (Exclusive Interview - Denise Leonhard)

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 ___ Connect with Rex on social media: LinkedIn: https://www.linkedin.com/in/rexsalisbury/ Twitter: https://twitter.com/rexsalisbury TikTok: https://www.tiktok.com/@rex.salisbury Instagram: https://www.instagram.com/rexsalisbury/

June 22, 202544 min

From Punch Cards to IPO - Bill.com's 20-Year Journey to $1 Billion Revenue

In this episode, I sit down with René Lacerte, founder and CEO of Bill. René shares his entrepreneurial journey from growing up in a fintech family to building one of the most successful SMB financial platforms. We dive into his failed pitch to Intuit that led to his first company, why he parted ways with PayCycle to start Bill, and how he navigated the company through the Great Recession while dealing with personal loss. René also discusses his decision to go public in 2019, the strategic acquisition of Divvy, and why he believes accountability drives performance. We explore how AI is transforming financial operations and his insights on building for the underserved SMB market. René Lacerte: https://www.linkedin.com/in/renelacerte/ 00:00:00 - There's Nothing Like Being a Public Company 00:00:31 - René's Journey: From Fintech Family to Founder 00:02:08 - What Was Your Mother Doing the Night You Were Born? 00:03:16 - The Dinner Table MBA: Learning Business from Family 00:05:22 - From Florida to Silicon Valley: Early Tech Roots 00:07:18 - The Failed Intuit Pitch That Started Everything 00:09:16 - PayCycle: From Nanny Payroll to Accounting Firms 00:11:14 - Why René Left PayCycle to Start Bill 00:14:20 - The Great Recession: Laying Off 40% of the Team 00:18:36 - Why Solo Founders Make Faster Decisions 00:22:16 - How to Reach SMBs: Go Where They Trust 00:24:34 - The Scale That Unlocked Bill's IPO Journey 00:27:05 - Why Accountability Drives Better Performance 00:31:07 - The Problem with Dual Class Share Structures 00:33:22 - The Divvy Acquisition: Getting 100% of Spend Data 00:38:15 - Bill vs Competition: We Started with Financial Ops 00:42:10 - How AI Will Create Fortune 500 Teams for SMBs 00:44:36 - Building for SMBs: Passion and Hacking Solutions ___ Connect with Rex on social media: LinkedIn: https://www.linkedin.com/in/rexsalisbury/ Twitter: https://twitter.com/rexsalisbury TikTok: https://www.tiktok.com/@rex.salisbury Instagram: https://www.instagram.com/rexsalisbury/