Untitled Playlist2

This week, Daniel Liebau, founding chairman of Lightbulb Capital, a research and advisory firm related to blockchain, joins Wei-Shen on the podcast. They discuss decentralized finance technology, and also Dan’s DeFi 2034 paper, as well as some possible future scenarios for TradFi and DeFi. 

https://www.linkedin.com/company/blockchain-scholars-podcast/?viewAsMember=true
https://link.springer.com/article/10.1007/s42521-023-00088-8#:~:text=Decentralized%20Finance%20(DeFi)%20is%20a,relying%20on%20traditional%20centralized%20intermediaries.
https://link.springer.com/article/10.1007/s11187-021-00539-9

2:30 – Dan joins the podcast and walks through his background and his company 
6:30 – Dan gives a preview of the DeFi 2034 research paper he’s working on
9:30 – Common misunderstandings on how DeFi will impact TradFi
12:30 – Dan explains some of the tools he used to utilize the data for his paper 
14:00 – Possible future scenarios for how DeFi will play out 
22:30 – Sending analog signals into a digital world
31:00 – Changing mindsets on “better, faster, cheaper”
33:00 – Warming up to public blockchains
35:30 – Examples of DeFi experimentation in the capital markets

Episode 280: An exploration of the DeFi world

In 2022, I was asked to contribute to a symposium at Yale Law School on the question, "How can the humanities inform tech policy and design to promote 'healthier' discourse and democracy online?"  The ultimate result was this article, published in the 2023 symposium issue of the Yale Journal of Law and the Humanities.  
A scanned pdf of the article can be found as an attachment here:  https://www.patreon.com/posts/100047377

I also gave a short presentation at the symposium in 2022; since visual evidence is important to the argument of this article, I hope to expand upon the slides that I used in that presentation in order to produce a video with a full-length visual track to accompany the article.

Film of Sumi Jo performing second half of Olympia's aria, "Les Oiseaux dans la Charmille," in Offenbach's "Tales of Hoffmann," at Opera de Lille, 1997:  https://www.youtube.com/watch?v=lW2iiZ8MyGI

Thank you to the editors and staff of the Yale Journal of Law and the Humanities and the Justice Collaboratory.

Article: "In the American Tempest: Democracy, Conspiracy, & Machine"

In the dynamic landscape of financial marketing and transformation, few figures stand out as prominently to me as Scott Goodson, CEO, and Chip Walker, Head of Strategy, at StrawberryFrog. 

I’ve spoken to these guys a few times over the years and they just get it. StrawberryFrog has been called the very best creative marketing, innovations, and transformation company in the world for financial brands, having worked with some of the most iconic financial brands including the largest banks such as Morgan Stanley, Truist, First Abu Dhabi Bank. SunTrust, Bank of America, Bank of Montreal, Harris Bank, Credit Suisse as well as tech brands like AfterPay and Thrive Global. 

We’re here to talk about activating brand purpose – throughout my conversation with Scott and Chip, we'll uncover the power of purpose in driving organizational change, how leaders can effectively activate purpose within their companies, and the impact of purpose-driven movements on both internal culture and societal change.

From real-world examples to actionable strategies, get ready to gain valuable insights that can help transform your approach to leadership, marketing, and beyond. So grab your headphones and join us on this insightful journey into the heart of purpose-driven branding and leadership. 

Let's dive in!

Here’s my conversation with StrawberryFrog’s Scott Goodson and Chip Walker.

The big ideas

Purpose-Driven Movements: The core concept discussed throughout the conversation is the idea of purpose-driven movements. These movements serve as powerful tools for organizations to not only differentiate themselves but also to address societal issues, engage employees, and drive meaningful change.

Global Perspective and Experience: Scott and Chip's extensive international experience underscores the importance of a global perspective in understanding consumer behavior, market dynamics, and cultural nuances. This broad view enables them to develop effective strategies for global brands and navigate challenges across diverse markets.

Leadership's Role in Purpose Activation: Effective leadership is essential for activating purpose within organizations. Leaders who embrace curiosity, openness, and a willingness to align personal purpose with corporate purpose can inspire employees, drive engagement, and spearhead movements that lead to tangible results.

Closing the Purpose Gap: The purpose gap highlights the importance of ongoing activation and alignment of purpose throughout the organization. Closing this gap requires sustained effort, engagement, and co-authorship at all levels to ensure that purpose remains central to organizational culture and strategy.

Movement Thinking in Marketing Strategy: Movement thinking offers a strategic approach to marketing that goes beyond traditional advertising tactics. By weaving purpose into storytelling and leveraging diverse platforms, brands can create multi-layered narratives that captivate audiences, drive engagement, and foster advocacy.

Impact on Organizational Culture: Purpose-driven movements have a profound impact on organizational culture, fostering a sense of belonging, empowerment, and shared values among employees. When purpose is embedded in the fabric of an organization, it drives alignment, collaboration, and innovation.

Societal Impact and Change: Beyond organizational benefits, purpose-driven movements have the potential to drive significant societal change. By addressing pressing issues such as mental health, financial literacy, and societal inequalities, brands can become catalysts for positive social impact and contribute to a more sustainable and equitable world.

Unleashing the power of brand purpose in financial services with StrawberryFrog

This week, on the Global Research News Hour, first broadcasting on the Ides of March, we are viewing the prospect of war, possibly the ultimate nuclear war, erupting in the wake of current affairs happening in the battle field and in our own movie-going culture. In our first half hour, writer and documentary film Maker Greg Mitchell returns to the show to talk about the ways in which the anti war anti-nuclear movement is betrayed in Chris Nolan’s Oscar Award winning film and how Hollywood itself is a producer of pro-war propaganda. Then in our second half hour, we talk to journalist, and geopolitical and military analyst Drago Bosnic about the slow motion victory by Russia in Ukraine and how NATO’s determination to prevail may force us to endure the reality of what Oppenheimer warned us about decades ago.

March. The Month of War. Could Recent Developments in Ukraine Launch World War III?

Register to 4dFI's mailing list to stay updated on our investment opportunities, events, news: https://www.library.tearsheet.co/4dfi

Today I'm excited to introduce you to 4dFI Capital Partners — or as we call it, 4dFI — a new initiative bringing together the worlds of traditional finance and innovative fintech.

In this episode, we're diving into three key themes reshaping global financial services:

Hidden Innovations in Emerging Markets

As Russell Weiss points out, "There's some incredible innovations happening in emerging markets, and oftentimes investors and executives in the US and Europe are sort of missing it. They're not hearing those stories. They're not getting access to that technology." We'll explore how companies like Nubank are just the beginning of a wave of groundbreaking financial solutions coming from regions outside traditional financial centers.

From Fintech to Impact Investment

In regions where traditional credit infrastructure is lacking, services like earned wage access aren't just convenient—they're transformative. Josh Liggett explains how these solutions are "where a FinTech turns from a FinTech company to also an impact investment," creating both financial returns and meaningful change in consumers' lives.

Building a Value-Add Investment Community

Beyond just providing capital, Fortify aims to create a network of experienced professionals who can offer expertise, connections, and insights to emerging market fintechs. This collaborative approach benefits everyone involved—investors gain exposure to new models, startups receive valuable guidance, and ultimately, consumers get better financial products.

I'm joined today by my partners Russell Weiss and Josh Liggett, who bring complementary skills in data science, VC deal-making, and fintech expertise to this exciting venture. Whether you're a financial industry veteran looking for new horizons or simply curious about where global fintech is heading, today's conversation offers valuable insights into the future of finance beyond traditional markets.

Let's dive in.

Beyond Borders: The 4dFI fintech investment series, Part 1

In late January, Upbound Group completed its acquisition of Brigit, a leading financial health technology company. This deal brings together Upbound’s established brands like Rent-A-Center and Acima with Brigit’s digital platform that offers earned wage access, credit building products, and financial wellness tools. The combined company now serves approximately four million active customers, including Brigit’s impressive base of over one million paying subscribers.

I’m thrilled to welcome Zuben Mathews, co-founder of Brigit, to our podcast today. Zuben continues to lead the Brigit team as they now operate as a business segment within Upbound Group, alongside his co-founder Hamel Kothari.

In our conversation today, we’ll explore the strategic vision behind this acquisition, how Brigit’s technology will enhance Upbound’s existing services, and what this means for millions of Americans who have been traditionally underserved by mainstream financial institutions. We’ll also discuss how Brigit’s proprietary cash flow underwriting technology and machine learning capabilities might change the landscape for accessible financial products.

From startup to acquisition: Zuben Mathews on Brigit's social impact journey

Joe Heck, CEO of Zip, joins me on the Tearsheet Podcast to discuss the evolution of alternative payment solutions in the US. Zip is a leading Buy Now, Pay Later (BNPL) company. Joe shares lessons from his 20 years of experience in consumer lending and fintech payment solutions. Heck brings insights from his previous leadership roles at Happy Money and TrueStage.

Heck’s background plays a role in his approach to financial services. Growing up in Flint, Michigan, he understands the challenges of paycheck-to-paycheck living. “There’s a consumer base largely ignored by traditional financial systems,” Heck explains. “FICO doesn’t serve them well, but they have a great ability to pay.”

Zip focuses on providing financial flexibility to these consumers. It offers structured repayment plans that don’t push them into revolving debt. According to Heck, “We win when the consumer wins. If they can’t pay us back, our model doesn’t work either.”

The Big Ideas

BNPL’s Growth Potential in the US – With only 2% of payments currently in BNPL, there is significant room for expansion compared to markets like Europe and Australia.

Financial Inclusion for Underserved Consumers – Zip is focusing on consumers who don’t fit traditional credit models but have strong repayment potential. “We provide access when and where they need it,” says Heck.

Strategic Partnerships Drive Accessibility – Integrations with Stripe and retailers like GameStop are making BNPL more available to consumers.

A More Transparent Alternative to Credit Cards – Unlike credit cards that encourage revolving debt, BNPL provides structured, predictable payments. “We’re not built in a way that traps consumers in debt,” Heck emphasizes.

The Role of Cash Flow Management in BNPL’s Future – Zip is investing in tools that help consumers manage unpredictable income streams, ensuring more repayment flexibility.

Zip CEO Joe Heck: Expanding financial inclusion through Buy Now, Pay Later innovation

Artificial intelligence is rapidly transforming the financial landscape, creating new opportunities for innovation while reshaping consumer expectations around speed, personalization, and security. As financial institutions and businesses race to integrate AI capabilities, we're witnessing a fundamental shift in how payments are processed, how fraud is detected, and how financial services are delivered.

Today, I'm delighted to welcome Davi Strazza, President of North America at Adyen, a global financial technology platform that's at the forefront of this AI evolution. Davi leads Adyen's North American operations, where the company is leveraging artificial intelligence as a strategic growth driver through initiatives like their recently launched Uplift platform.

In our conversation today, we'll explore how Adyen is implementing AI solutions to enable hyper-personalization, enhance fraud detection, and automate complex financial processes. Davi will also share his insights on the state of real-time payments in the US and what companies need to do to make instant payments a more fundamental part of our commerce and financial system.

"Taking the hardest path in payments": How Adyen's AI platform boosts conversion and reduces fraud

Investment in data is the hallmark of successful Gen AI implementations, according to Citizens’ Chief Data and Analytics Officer, Krish Swamy. 

Giving us a system wide view of how Citizens is leveraging Gen AI, Swamy joins the podcast to talk about harnessing the power of data to drive decision-making, enhance customer experiences, and navigate the complexities of digital transformation in the banking sector. 

Our conversation delves into the challenges and opportunities of building a data-driven culture within a traditional banking environment, and how Citizens is positioning itself at the forefront of financial innovation through strategic analytics initiatives.

Swamy, who also heads the firm’s Generative AI Council, shares his vision for the future of data in banking and the tangible ways Citizens is turning data insights into meaningful actions that benefit both the institution and its customers.


How Citizens Bank is building GenAI with a five-year vision, not just quick fixes

Tearsheet is excited to launch 4dFI Capital Partners, an exclusive group of out-of-the-box builders and investors building a community to invest in the next wave of fintech startups around the world. If you are an accredited investor and want to learn more, sign up here

Across Latin America, we’re witnessing a massive shift as regions traditionally dominated by cash transactions begin embracing digital financial tools. This transition represents more than just technological adoption—it’s creating new economic opportunities, enhancing financial inclusion, and building resilience against growing cybersecurity threats.

The numbers tell a compelling story: a $448.4 billion digital payment opportunity exists across Latin America, the Caribbean, and the U.S. With nearly 12 million small retailers processing $362 billion in B2C sales — 43% still in cash —a nd 90% of B2B transactions between small retailers and suppliers handled through traditional methods, we’re looking at a financial transformation that’s just beginning.

Today, I’m joined by someone at the forefront of this transition. Walter Pimenta serves as Executive Vice President of Commercial and New Payment Flows for Mastercard Latin America, where he’s leading initiatives to expand SME acceptance solutions, scale enablement through strategic partnerships, and strengthen cross-border payment capabilities.

Walter’s team is also tackling another critical trend: the growing cybersecurity challenges facing SMEs, with recent research showing 46% of small businesses have experienced cyber-attacks, resulting in bankruptcy for nearly 1 in 5 affected companies.

Inside Mastercard's push to move LATAM's small retailers beyond cash

The financial services industry is undergoing deep technological change. API-first architectures are creating new possibilities for integration. Digital platforms are democratizing access to investing. Artificial intelligence is personalizing wealth management. Digital-first brokerages are redefining what's possible. Global investing barriers are falling. Traditional firms are navigating complex digital transformations. And infrastructure companies are scaling to meet growing demands.

To help us understand these critical trends, we're joined by Harry Temkin, Chief Digital Officer at DriveWealth. DriveWealth is at the forefront of embedded investing technology, powering fractional trading and digital investment experiences for partners across the globe. As CDO, Harry leads the company's technology strategy and digital innovation initiatives, bringing decades of experience in financial technology.

“Embedded investing isn't a feature — it’s a platform”: DriveWealth’s Harry Temkin on the future of investing

Welcome to the Tearsheet Podcast, where we explore financial services together with an eye on technology, innovation, emerging models, and changing expectations. I'm Tearsheet's editor in chief, Zack Miller.

As digital assets mature beyond speculation into practical financial tools, forward-thinking institutions are evaluating how programmable money fits into their product strategies. For traditional banks, it's an opportunity to modernize settlement systems and explore new revenue streams. For fintechs, it's about embedding digital asset capabilities without the regulatory and technical overhead.

Today, I'm joined by Ben Milne, whose journey from founding payments innovator Dwolla to now leading Brale offers interesting insights into the evolution of financial infrastructure. At Dwolla, Ben built an API-first payments platform that helped modernize ACH transfers. Now with Brale, he's creating the infrastructure layer for compliant stablecoin issuance across multiple blockchains.

What's particularly notable about Ben's transition is how it reflects broader shifts in the financial services landscape—from renovating legacy rails to building entirely new ones. In our conversation, we'll unpack how this experience shapes Brale's approach to working with both incumbents and challengers, the strategic considerations for institutions exploring stablecoins, and what product and strategy executives should be planning for in this rapidly evolving space.

From ACH to stablecoins: Ben Milne's infrastructure evolution

While attention often focuses on developed markets, the most exciting fintech innovations are emerging where mobile technology, young digital-native populations, and gaps in traditional banking converge. These regions aren’t just adopting Western models – they’re creating entirely new paradigms that may eventually reshape global finance.

Today I’m joined by Nadia Costanzo, Director of Banking for the Middle East, Africa, and Latin America at Wise. Nadia drives Wise’s expansion across these regions by building banking relationships, securing licenses, and navigating complex regulatory frameworks.

Her background is uniquely valuable – before Wise, she worked with Kiva in Nairobi facilitating microfinance across Africa, contributed to the World Bank’s Universal Financial Access agenda, and worked directly with microfinance institutions in Paraguay.

Today, we’ll explore how fintech evolves differently across emerging markets, examine key challenges, and discuss surprising innovations where traditional banking is limited. We’ll also consider what these developments mean for established financial institutions looking to engage with these dynamic markets.

How Wise captured 25% of Brazil's cross-border market

The venture capital world has a liquidity problem. With IPOs scarce and M&A exits few and far between, investors have been stuck in positions for years, unable to return capital to their LPs or move into new opportunities. But while traditional exit doors have stayed shut, technology has opened up new ones—specifically, platforms that make it possible to create and trade Special Purpose Vehicles at scale, something that used to require armies of lawyers and fund administrators.

Today I’m joined by Nik Talreja, the CEO and co-founder of Sydecar, a platform that’s turned what used to be a manual, months-long process into something you can do in days. He started his career as a securities attorney at firms like Weil Gotshal and Cooley, where he spent his days drafting the same documents over and over for venture deals. That experience showed him that much of what venture capitalists were paying lawyers to do could be standardized and automated, which led him to found Sydecar in 2021.

In our conversation, he explains how technology is reshaping private market infrastructure, what gets automated and what still needs human expertise, and how software is changing who can participate in venture investing.

Why venture capital infrastructure is finally getting automated

Tearsheet is news, opinion, and analysis on the business of finance.

Candid conversations with senior executives, fintech entrepreneurs, investors, industry experts -- all weigh in on the trends impacting the industry and the disruptive impact technology is having on the business.

Where social media, technology and finance intersect.

Unleashing the power of brand purpose in financial services with StrawberryFrog

Tearsheet Podcast

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