Cambrian Fintech with Rex Salisbury

Rex Salisbury
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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.

  1. 2 SEPT

    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...

    54 min

  2. 21 AUG

    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/

    44 min

  3. 20 JUL

    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/

    33 min

  4. 10 JUL

    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/

    41 min

  5. 29 JUN

    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/

    26 min

  6. 22 JUN

    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/

    45 min

  7. 13 JUN

    Near Failure to $15B IPO - Building Marqeta w/ Jason Gardner

    In this episode, I sit down with Jason Gardner, founder and CEO of Marqeta. Jason shares his journey from the early days of San Francisco's tech scene through building a modern card issuing platform that serves companies like Cash App, DoorDash, and Affirm. We dive into the big pivot that almost broke the company, how DoorDash became their defining customer, and the challenges of scaling a fintech business. Jason also discusses his decision to go public in 2021, his biggest repeated mistake as a founder, and why he believes the future of fintech lies in the Middle East. Jason Gardner:    / jasonmatthewgardner   00:00:00 - Introduction to Jason and Marqeta's Success 00:00:27 - The Big Pivot That Almost Broke the Company 00:01:02 - Why Oakland? Building in the Bay Area 00:02:21 - San Francisco's Early Tech Scene in the 90s 00:04:37 - Starting Marqeta: Why Nobody Believed in 2010 00:06:03 - Building Card Issuing Infrastructure from Scratch 00:06:56 - Facebook's Gift Card Challenge Changes Everything 00:08:00 - Finding the First Big Customer That Defined Marqeta 00:09:00 - DoorDash: From Veterinarian Office to Partnership 00:10:18 - How Marqeta Solved the Prepaid Card Fraud Problem 00:11:19 - Cash App: The Consumer Bet That Made or Broke Us 00:13:10 - How Do You Know When to Bet on a Customer? 00:14:56 - The Hardest Part: Scaling Without Dying 00:17:26 - Going Public in 2021: Timing the Perfect Window a...

    41 min

  8. 5 APR

    Zapier’s AI Revolution Hits NOW (Bootstrapped to $1M ARR w/ CEO Wade Foster)

    In this episode I sit down with Wade Foster, the founder and CEO of Zapier. We explore Zapier’s unique path, from building its first integrations on nights and weekends in Missouri to scaling with minimal funding through Y Combinator. Wade shares how “don’t hire till it hurts” became a guiding mantra, why Zapier embraced remote work early on, and how the rise of AI is unlocking new automation possibilities through Zapier Agents. Whether you’re curious about seedstrapping, enterprise workflows, or the frontier of AI benchmarks, this conversation delivers practical insights for building a lean, innovative company. 00:00:00 - “Don’t Hire Till It Hurts” Mantra 00:01:24 - The First Zap & Early Users 00:03:42 - Joining YC & Minimal Funding 00:05:09 - Profitability & Lean Hiring 00:06:57 - SEO for Marketplace Growth 00:08:10 - AI Agents & Unstructured Data 00:10:28 - Enterprise Playbook & GTM 00:13:14 - ARC Prize & Future of AGI 00:17:29 - Remote Culture at Zapier 00:20:29 - Seedstrapping Advice in AI 00:25:09 - Reimagining Processes w/ AI 00:28:54 - Final Insights & Future

    59 min
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About

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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