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Can cryptocurrency and blockchain drive fintech innovation? Stanford’s Lisa Nestor weighs in

cryptocurrency lisa nestor

Could cryptocurrency be the key to bridging financial gaps? Can it create a more inclusive global economy?

Digital assets like stablecoins and blockchain technology are reshaping how we think about money. Their potential to level the financial playing field is becoming clearer. In today’s episode of the Tearsheet podcast, I sit down with Lisa Nestor, Research Director at the Stanford Future of Digital Currency Initiative to discuss how fintech innovation is paving the way for broader financial inclusion.

Lisa’s expertise spans blockchain technology, cryptocurrency, and fintech innovation. This makes her a leading voice in understanding the intersection of these fields.

Lisa’s career reflects a deep commitment to financial inclusion. 

“When I started researching Stellar,” Lisa shares. “It brought together what I had seen [and demonstrated] the power of providing open-source financial infrastructure.” This passion for creating accessible financial systems has guided her work. It also included her current research on stablecoins and digital dollar adoption.  

Lisa explains how cryptocurrency, stablecoins, and blockchain can make finance fairer. Her insights show how these innovations affect cross-border payments and financial inclusion. She also discusses their role in the evolving fintech landscape.

Cryptocurrency and Financial Inclusion  

Cryptocurrency has the potential to address the uneven access to financial services worldwide. Blockchain technology allows people in underserved regions to access digital wallets and stablecoins.

With new financial tools, more people can save, transact, and even earn. “Access to financial services is not an even playing field,” Lisa notes. “Distributed ledger technology can help level that field. It can do so by providing accessible and stable financial options.”

Stablecoins: Beyond Trading to Real-World Impact

Stablecoins are already impacting cross-border payments and savings in regions with unstable economies. Lisa highlights Argentina as a case study. She says, “Argentina’s economic situation has created a huge demand for digital dollars, with stablecoins playing a crucial role in hedging inflation and providing financial security.”

Digital Dollar Economy and Cross-Border Payments 

Lisa emphasizes how digital dollars simplify cross-border payments, especially for regions with limited traditional banking infrastructure. “Being able to hold a stablecoin in a digital wallet and earning some yield on it is a small but significant step towards democratizing finance,” she says.

Tokenization of Real-World Assets

Another emerging trend Lisa identifies is the tokenization of real-world assets (RWA). Blockchain makes traditionally illiquid assets, like real estate and art, more liquid.

This opens up global markets. “This approach improves liquidity. It makes these assets move seamlessly across the globe,” Lisa explains.

Fintech Trends in Digital Asset Adoption  

Lisa explores CBDCs (Central Bank Digital Currencies) and private stablecoins. She looks at how governments and businesses are adopting digital assets. She also discusses the opportunities and challenges they face. “Most central banks are researching how to launch CBDCs without negatively impacting their banking industry,” she says. Lisa highlights a cautious yet growing interest in these tools.

The Big Ideas

1. Open financial infrastructure creates a global ledger accessible to all. “The idea is to create a ledger that every financial institution in the world can operate on but can’t buy. It is open and available to everyone.”

2. Stablecoins provide financial security in unstable economies. “In emerging markets like Argentina, stablecoins offer a way to hedge inflation. They secure savings amidst economic instability.”

3. Tokenizing real-world assets improves liquidity and global accessibility. “Tokenizing existing assets brings improved liquidity and global accessibility to traditionally illiquid markets.”

4. Governments explore CBDCs to complement existing banking systems. “Central banks are focused on introducing CBDCs that complement. Rather than compete with, existing banking systems.”  

5. Digital dollars empower individuals in the gig economy. “More individuals are earning in digital dollars through online work. This is creating new economic opportunities without physical migration.”  

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How Shopify is simplifying financial services for entrepreneurs w/ Vikram Anreddy

shopify Vikram Anreddy

What if the financial hurdles of running an e-commerce business — like cash flow struggles, banking complexities, and sales tax headaches — could be simplified into one seamless platform? In today’s episode of the Tearsheet podcast, our guest Vikram Anreddy, head of product for financial services at Shopify, addresses just that. He discusses how the platform is addressing the financial needs of e-commerce entrepreneurs. His experience stems from roles at companies like Instagram and McKinsey. Anreddy is passionate about creating tools, especially the ones that ease the financial struggles of small business owners.  

“Entrepreneurship is such a tough game,” Anreddy says. “The odds of success are very low, and there’s so much friction.” He explains that Shopify is focused on reducing friction for e-commerce merchants. The company builds tailored solutions to help them succeed. Shopify Finance helps manage cash flow and simplify sales tax. It provides tools designed for small business owners. This lets them focus on their craft, not administrative tasks.

Anreddy details how Shopify Finance integrates deeply into the platform’s ecosystem. This allows merchants to manage their finances where they already operate their businesses. He also sheds light on innovative offerings like Shopify Capital Loans and Shopify Balance. These cater to the unique needs of small businesses. “Our goal is to stretch cash flows and end unnecessary complexities for our merchants,” Anreddy notes.

Shopify Finance: A suite of tools for e-commerce merchants

Shopify Finance addresses a critical pain point for merchants: managing their money. Traditional banking solutions often fail to cater to the unique needs of e-commerce entrepreneurs. This offers limited access to credit and complex processes. “Even opening a business bank account is hard for individual entrepreneurs,” Anreddy shares. The tech firm fills this gap with offerings like Shopify Balance, an alternative to traditional business banking. Merchants enjoy faster payouts, APY rewards, and seamless integrations.

Tackling cash flow management with Shopify Capital loans

Cash flow is a common challenge for small businesses, especially those managing inventory. Shopify Capital provides merchants with quick access to funds, enabling them to restock inventory or invest in growth opportunities. Since its launch in 2016, Shopify Capital has disbursed over $5 billion in funding. “It has become the rocket fuel for many of our merchants,” Anreddy highlights. He emphasizes the product’s impact on reducing cash flow constraints.

Automated sales tax management for entrepreneurs 

For many small business owners, managing sales tax is a daunting task, with over 11,000 tax jurisdictions in the U.S. alone. Shopify’s automated sales tax tools simplify this process by calculating taxes in real time. It allows merchants to set aside funds for remittance. “Sales tax is an enigma for entrepreneurs,” Anreddy admits. The platform’s integrated solution ensures merchants collect the right amount without extra headaches.  

Building merchant-centric financial tools

Shopify Finance products are designed with a deep understanding of merchants’ needs. They are derived from constant feedback and data insights. The platform integrates financial tools directly into its admin panel for ease. Features like APY rewards are designed to help merchants thrive. “Our merchants are incredibly driven and curious,” Anreddy says. “They adopt new tools quickly, which makes it easier to build for them.”

Future of Shopify Financial Services

Looking ahead, the platform plans to expand its financial services globally. It aims to integrate AI-driven insights to help merchants optimize their finances. “We are guided by two principles: stretch merchants’ cash flows and save them time,” Anreddy shares. The company also aims to enhance cross-product integrations. It wants to ensure seamless work management of features like Shopify Balance, credit cards, and sales tax management. This will help to reduce friction for merchants.

The Big Ideas

1. Shopify is breaking down barriers in small business banking. “Our merchants constantly tell us they’re underserved by traditional banks,” Anreddy explains. Shopify Finance bridges this gap. It does so by offering merchant-focused solutions like Shopify Balance and credit products.

2. Innovative go-to cash flow solutions. Shopify Capital loans provide quick access to working capital. This helps merchants overcome cash flow challenges. “It has become the rocket fuel for many merchants,” Anreddy notes.

3. Shopify ensures simplifying sales tax management. The platform’s automated tools take the complexity out of managing sales tax. This enables entrepreneurs to focus on their businesses. “It’s nearly impossible for small businesses to keep track of changing rules,” Anreddy says.

4. There is a deep integration of tools within the platform’s ecosystem. Financial tools like Shopify Balance and Capital Loans integrate into Shopify’s platform. This provides merchants with a one-stop solution. “This creates small moments of magic for our merchants,” Anreddy adds.

5. Shopify is looking ahead with AI and global expansion. The platform is investing in AI-driven insights. It aims to expand its financial services globally to bring more value to merchants. “We aim to make money a non-constraint for business success,” Anreddy concludes.

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Web3 companies also need payroll: Franklin’s CEO Megan Knab explores blockchain’s role in financial tools

crypto megan knab

Franklin bridges the gap between Web3 and traditional finance, rethinking how businesses manage payroll and payments. Today’s podcast features Megan Knab, Franklin’s CEO. She shares insights into the transformative role of blockchain in financial operations. She has a vision: leveraging blockchain to modernize payroll and financial tools. Megan has a rich fintech background comprised of roles at Serotonin, DriveWealth, and Veriledger.

As an accountant by trade, Megan is no stranger to navigating financial systems. She became passionate about blockchain in business school after discovering an accounting fraud at work. “Public blockchains,” she recalls, “have the power to create an open financial system.”  

Megan founded Franklin two years ago to simplify financial operations for Web3 businesses. She focuses on making finance easier and more efficient. She notes, “Anyone who’s used payroll software in the last 10 years knows it can be an antiquated experience.” Franklin integrates both fiat and on-chain payment capabilities. This strategy allows it to operate in both Web3 and traditional finance. As a result, Franklin is carving out a unique niche in both areas.

Crypto and financial tools  

Megan highlights blockchain’s potential to enhance back-office operations for B2B organizations. She notes, “Stablecoins can leapfrog current payroll technologies by facilitating faster payments.” She also explains that blockchain’s immutability ensures greater accuracy in financial reporting. This also builds trust in the data. “By using public ledgers, businesses can reduce errors and streamline audits. This creates efficiencies that traditional systems struggle to match,” Megan adds.

Blockchain’s ability to integrate with existing payment systems is driving innovation. This is creating new financial tools for modern business needs.

Tax compliance and crypto  

One of Franklin’s standout features is its focus on tax compliance. Megan explains, “We build tools that ensure every transaction adheres to federal and state regulations.”  She emphasizes that Franklin’s proactive approach simplifies navigating the regulatory maze. “With over 675 tax jurisdictions in the U.S., automation is critical for ensuring accurate reporting. And avoiding costly errors,” Megan notes. This commitment makes Franklin a trusted partner for businesses handling complex payroll systems.

Decentralized finance for B2B

Megan believes decentralized finance (DeFi) has practical use cases for businesses. ” We’re helping companies operate seamlessly in fiat and crypto. Whether it is multi-currency payroll or international remittances,” she says. 

She also highlights the cost advantages of DeFi. “Businesses can reduce transaction fees and enhance payment speed. It does so by eliminating intermediaries. These are critical factors for today’s global operations,” Megan explains.

Early Wage Access without loans

Franklin’s approach to early wage access differs from traditional models. Megan critiques typical earned wage access programs as “modern payday lending”. She advocates for faster money movement using stablecoins instead. She adds, “Why burden employees with hidden loan agreements when we can facilitate instant payouts?” This method empowers workers and also minimizes administrative overhead for businesses. Franklin uses stablecoins to provide an alternative to outdated payroll systems. This creates more flexibility for both employers and employees.

The Path Forward: Privacy and adoption of crypto

For broader blockchain adoption, Megan identifies a need for privacy technologies. “Financial institutions will continue experimenting rather than integrating. This will happen until we address privacy concerns.” she asserts.

She highlights solutions like zk-SNARKs as promising but notes their computational expense. “The key lies in enabling selective disclosure of transaction data. It includes ensuring both compliance and confidentiality,” Megan explains. She envisions a future where blockchain is a core part of financial infrastructure — not just an experiment. Advances in privacy tech can make this possible.

The Big Ideas  

1. Blockchain Drives Transparency and Efficiency. Megan states, “Public blockchains can create transparency in financial systems. But adoption in heavily regulated industries remains challenging.”

2. Multi-Currency Payroll Is a Necessity for Modern Businesses. Franklin’s tools enable businesses to pay in both fiat and stablecoins. “This flexibility is crucial for modern, remote-first teams,” Megan explains.

3. Tax Compliance Is Key to Crypto Adoption. “With over 675 tax jurisdictions in the U.S. alone,” Megan points out, “building a compliant payroll system is no small task, but it’s essential.”

4. Faster Payroll Cycles Empower Both Employers and Employees. Megan challenges traditional pay cycles. She asks, “Why should employees give interest-free loans to their employers? Stablecoins offer a faster alternative.”

5. Bridging Traditional Finance and Decentralized Systems Is the Real Opportunity. Megan underscores the importance of hybrid models. She says, “Real market potential lies in bridging traditional finance with decentralized systems.”

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Uprise makes entrepreneurial finance simple feat. CEO Jessica Chen Riolfi

Uprise Jessica Chen

Launching a startup is challenging. It becomes even more difficult when tackling personal and business finances that confound entrepreneurs. Enter Uprise, the brainchild of Jessica Chen Riolfi and her co-founders. Uprise offers human-driven financial advisory services embedded into small business (SMB) platforms, like banks or personal finance sites.

Uprise addresses the unique financial needs of entrepreneurs which include dealing with personal and professional cashflow. Jessica has extensive experience from companies like Robinhood, Earnin, Wise, and eBay. This background drives her approach to financial services.

Jessica shares, “Financial advisory, in this context, combines personal and business finances. It helps entrepreneurs make holistic financial decisions.” Lack of personalized financial advisory services at Robinhood inspired the genesis of Uprise, especially for SMBs. Jessica shares a passion for simplifying financial products with her co-founders Chris and Nantha. Together, they work to make financial solutions more accessible, bridging the gap between business and personal finance for small business owners.

Uprise initially targeted Gen Z and millennials but quickly pivoted to focus on older SMB owners. This shift met the growing demand for comprehensive financial advice. It specifically targeted consultants, freelancers, and creators. “The small business world is one where personal and financial lives are intermingled,” Jessica notes. She underscores the intricate needs of her firm’s clientele.

The genesis of Uprise

Uprise emerges from a vision shared by Jessica and her co-founders, Chris and Nantha. They noticed the gap in financial advisory services for SMBs, where personal and business finances often overlap. As Jessica puts it, “We help them make financial decisions. And we kind of ignore the line between business and personal.” This approach recognizes the unique needs of entrepreneurs.

Role of embedded finance in Small Business growth

Embedded finance is at the core of Uprise’s model. It is integrated into SMB platforms and Jessica explains, “Every small business owner interacting with our platform is assigned a human advisor.” This strategy not only builds trust but also addresses the specific financial advisory needs of SMBs. It offers a personalized experience. Jessica highlights the importance of understanding the distinct needs of different SMB sectors.

For example, therapists using the vertical SaaS platform, Heard, prioritize personal relationships. This prompted Uprise to offer more direct communication channels like Zoom calls. “Calls matter a lot to therapists,” Jessica observes. She illustrates Uprise’s adaptability to various client preferences.

Financial planning for entrepreneurs

Uprise has tailored its services to the intricate financial landscapes faced by entrepreneurs. Jessica emphasizes the importance of understanding personal and business finances. She highlights how they are interconnected. She offers advice on entity setup, retirement account options, and mortgage applications. “These are business-related questions, but they very much impact their finances,” Jessica emphasizes. She highlights Uprise’s holistic approach.

Building successful partnerships with SMB platforms

Uprise’s success is intertwined with its partnerships, where Jessica sees a collaborative effort. She notes, “It’s very much a revenue driver for our partners, who are SMB platforms.” Uprise customizes its offerings to meet the unique needs of each platform. This ensures that both partners and end users enjoy their financial advisory services.

The Big Ideas

Uprise focuses on the integration of personal and business finances. “We help them make financial decisions and we kind of ignore the line between business and personal” Jessica explains. She emphasizes the interconnected nature of entrepreneurs’ financial lives.

Personalized financial advisory as offered by Uprise. Jessica states, “Every small business owner who interacts with our platform is assigned to a human advisor.” This ensures that tailored financial advice is adapted to individual circumstances.

Crawl, Walk, Run Approach: “We very much believe in sort of a crawl-walk-run type of embedded approach,” Jessica describes. She highlights Uprise’s phased integration strategy with partners. The purpose is to ensure successful deployment and user adoption.

Uprise focuses on revenue generation for partners. “It’s very much a revenue driver for our partners, who are SMB platforms,” Jessica notes. She highlights how Uprise’s model serves as a revenue generator for its SMB platform partners.

Continuous product evolution is a key attribute of Uprise. “Making sure that our product continues to scale with the new customers coming on board,” Jessica says. She emphasizes Uprise’s commitment to ongoing product development. The aim is to enhance advisor efficiency and meet diverse client needs.

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Why Coast’s live API demos matter in fintech feat. Kara Parkey 

Coast Kara Parkey

Coast stands out in fintech with its interactive API demos.

Kara Parkey, head of strategic accounts at Coast, shares insights on the Tearsheet podcast as to why her firm is working with many of the best fintech brands. It’s that Coast visually simplifies the complexity of API products, making their service essential in today’s fast-changing financial world.

Coast lets users view APIs in action, making vendor and partner presentations interactive. It turns static PowerPoints into dynamic, live experiences. According to Kara, “It’s like seeing APIs come to life.” This is especially valuable for fintech companies focused on the API economy and open banking. It resonates with those driving innovation in these areas.

How Coast pioneers API demos in fintech

Kara explains that Coast’s demos are not just about showcasing APIs. They are about transforming how potential clients experience them. Traditionally, fintech companies relied on static prototypes or lengthy technical documentation. Coast provides a live demo environment. Kara describes it as “a unique URL branded for the client.” This allows users to interact with the APIs in a realistic setting. This approach is especially appealing in fintech, where embedded finance is becoming more common, aligning with the growing trend in the industry.

Impact on sales cycle and Time to Value

One of the significant advantages Coast offers is the reduction of time of the sales cycle. Kara highlights a case study with Sardine, where Coast helped cut the sales cycle by 20% to 25%. This efficiency comes from cutting down the time needed to build demos. It also gives account executives a tool to easily explain complex APIs. As a result, the process is faster and simpler. “It’s huge for embedded technology,” Kara emphasizes. She points out how it aids in reaching both technical and non-technical buyers.

Facilitating API integration and onboarding

Coast’s technology also simplifies the onboarding process, enabling clients to get up and running swiftly. Kara notes that while typical onboarding can take 30 days to 60 days, some clients go live within a week. Coast enables quick setup by using existing API documentation. Companies can import their APIs and build stories around them easily. No deep technical integration is required.

How Coast meets the needs of Financial Institutions

As Open Banking and Section 1033 expand, financial institutions are updating their APIs. The pressure to upgrade is increasing. Kara mentions that Coast is actively engaging with banks to help them “increase adoption of their APIs and make it more scalable.” The ability to visualize complex data flows in a secure environment is crucial for banks. It helps them navigate these new regulatory landscapes.

Ensuring security and compliance within Coast

Security is paramount in the fintech industry. Kara says that Coast takes this seriously. Coast reduces compliance risks by serving as a visual overlay instead of storing sensitive information. This approach minimizes data security concerns. Kara states, “We are your API documentation, just a visual representation.” She says that Coast’s solutions integrate without compromising data integrity.

The Big Ideas with Coast

  1. Coast’s Interactive Demos transform static API presentations into dynamic, live experiences. This enhances client engagement. Kara explains, “We visually simplify the complexity of API products. You can see APIs firing live… marrying that journey for technical and non-technical buyers.”

  2. Sales cycle efficiency is prioritized. Coast’s tools help fintechs like Sardine significantly reduce their sales cycles. This improves time to value. Kara shares a case study, stating, “We did a case study with Sardine… collapsing their sales cycle time to value by 20% to 25%.”

  3. Coast focuses on streamlined onboarding. It facilitates quicker API integration, enabling clients to go live in record time. Kara notes, “We’ve had clients go live in a week… it’s a visual representation of your API documentation.”

  4. Security and compliance focus is integral to the company. Coast ensures data integrity by acting as a visual representation of API documentation. It does so without storing sensitive information. Kara assures, “We are your API documentation, just a visual representation… no PII or anything like that.”

  5. Coast focuses on partnerships with Financial Institutions. The tech firm supports banks in adopting Open Banking standards by offering scalable API visualization solutions. Kara mentions, “We are looking to work with a lot of banks, very focused on helping them increase adoption of their APIs.”

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How Microsoft and Wipro are elevating financial services with responsible AI and cognitive assistants

Azure OpenAI, Microsoft Wipro

Today, we’re joined by Bill Borden, Corporate Vice President, Worldwide Financial Services, at Microsoft, and Suzanne Dann, CEO for the Americas at Wipro. Together, they discuss their collaboration on leveraging Azure OpenAI to enhance generative AI in finance. This partnership focuses on improving customer experiences, streamlining processes, and ensuring responsible AI practices in the financial industry.

As Suzanne puts it, “My role is to help clients digitally transform by bringing together the right industry expertise, technology, and integration experience.” Bill adds, “Our goal at Microsoft is to build products and services that truly meet the unique needs of financial institutions.”

We’ll explore how cognitive assistants, powered by generative AI, are reshaping customer interactions, loan origination, and even the broker experience, all while maintaining a focus on security, reliability, and expanding AI access across the sector.

Powered Cognitive Assistants for GenAI in Finance

Cognitive assistants are intelligent systems designed to enhance the capabilities of financial professionals. They do this by providing real-time insights and personalized customer interactions. Unlike traditional chatbots, these assistants leverage generative AI and natural language processing. This aims to offer deeper, context-aware support.

“It’s not like a chatbot that is not intelligent. It has all the intelligence built in, and that’s the real differentiator,” explains Suzanne.

Enhancing Customer Interactions

Cognitive assistants can transform how banks and financial institutions interact with their clients. These AI tools offer personalized advice by understanding a customer’s history and preferences. It makes interactions more meaningful and efficient.

“It’s almost like you’re talking to a human who has all the knowledge,” Suzanne notes. She highlights the human-like intelligence of these assistants.

Loan Origination and Investor Onboarding

The partnership between Microsoft and Wipro is focusing on two critical areas. First, loan origination and second, investor onboarding. These processes are often time-consuming and data-intensive. This makes them ideal candidates for AI-driven optimization. “Half the time is spent on loan processing and manual data entry. That can all be removed,” Suzanne points out, emphasizing the efficiency gains from AI.

Improving Broker Experience

Large insurance companies may use Azure OpenAI to improve the broker experience. Cognitive assistants improve productivity. They focus on customer satisfaction by organizing data and giving quick, relevant responses.

“Now they can use this cognitive assistant either through the contact center agent. Or directly to answer their questions,” Suzanne explains.

Responsible AI and Governance: Accuracy and Reliability

The rapid adoption of generative AI brings with it challenges related to accuracy and reliability. Microsoft and Wipro are dedicated to creating safe, secure, and compliant AI systems. “We’re building all types of tools and capabilities into our approach that allows for safety and security,” Bill elaborates.

Democratizing Gen AI in Finance

One of the significant achievements of this partnership is the democratization of AI. It makes advanced tools and platforms accessible to a broader audience. This democratization ensures that AI benefits are widespread and inclusive. “It has democratized AI and made it available to anyone,” Suzanne states.

Data Modernization for GenAI in Finance

Combining Wipro’s consulting experience with Microsoft’s technology creates seamless AI solutions. Generative AI gets better at giving accurate and personalized responses as it learns over time. “Generative AI… is constantly learning. And it is about what data you can provide it to learn from,” Suzanne says. “The power of large language models at a scale that we now can access anybody can access… is the unlock”, Bill explains.

The Big Ideas

  1. Generative AI in financial services is evolving by offering personalized and efficient solutions. “What generative AI offers us and these cognitive assistants is the power to learn and iterate,” says Suzanne. She sheds light on the future of AI in banking.

  2. Microsoft and Wipro’s Partnership combines technology with industry expertise. By doing so, it helps to build AI solutions that address real-world problems. “Our opportunity and excitement at Microsoft is extending our cloud capabilities to specific financial services,” Bill explains.

  3. Cognitive assistants in banking are the next frontier. They are not just advanced chatbots, they are intelligent systems that enhance human capabilities. “It’s almost like having the smartest person next to you who knows everything about what you do,” Suzanne notes.

  4. Responsible AI Practices are crucial to building such AI systems. It includes ensuring that AI systems are accurate, reliable, and compliant is crucial. “We’re building responsible AI that’s safe and secure, but also usable by all,” Bill emphasizes.

  5. The real-world impact focuses on several aspects of generative AI. Improving broker experiences and automating loan origination show AI’s real benefits. “We’re seeing so many of these POCs moving to production,” Suzanne highlights.

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