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Weekly Episodes
November 4 - December 2

Engineering the SMB Capital Stack

Featured podcast: Unlocking Smarter Underwriting

Episode guest
Bernardo Martinez
Episode date
November 25, 2025
Episode details. 

In this episode, we explore one of the toughest challenges in small business lending: how do you underwrite diverse businesses efficiently and accurately?

Our guest, Bernardo Martinez from SoFi, joins us to share how digitalization, data, and platform partnerships are transforming the underwriting process for SMBs.

We dive into how banks and fintechs can use both financial and non-financial data to get a 360° view of a business, enabling faster, smarter lending decisions without overburdening the business owner. Bernardo also discusses the emerging role of AI, the importance of creating holistic solutions, and why time is the ultimate currency for entrepreneurs.

From making capital accessible in the moment it’s needed, to helping business owners make smarter financial decisions, this episode highlights how thoughtful underwriting and platform integration can empower SMBs to thrive.

Meet the guest. 

Bernardo Martinez leads SoFi’s Protect, At Work, Lantern, and Small Business (PALS) business unit, driving strategy and solutions that help SMBs access the capital and tools they need to grow. With over two decades of experience across PayPal, Bank of America, and American Express, Bernardo brings deep expertise in merchant lending, payments, and fintech innovation.

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Coming soon
EP.04

Nov 28 - Role of Banks (w/ Lead Bank: Jackie Reese)

Full episode list

Series details. 

Introducing Engineering the SMB Capital Stack, a new Fundbox mini-series hosted by Alex Johnson and Prashant Fuloria. Each episode breaks down a different piece of the SMB lending ecosystem, with leaders from Stripe Capital and Lead Bank joining the conversation.

Episode host. 

Alex Johnson is the founder of Fintech Takes, a media brand focused on the intersection of financial services, technology, and public policy. In his 2x weekly newsletter and weekly podcast, Alex explores the ideas and companies changing the way that money works, with plenty of analogies and pop culture references along the way!

Prior to founding Fintech Takes, Alex spent 20+ years in various marketing, strategy, and market research roles at companies, including Cornerstone Advisors, FICO, Mercator Advisory Group, and Zoot Enterprises.

Episode 001

The State of SMB Lending

Episode details. To open Engineering the SMB Capital Stack, Alex Johnson and Prashant Fuloria benchmark where small businesses actually stand. Drawing on recent small-business credit data, they explore a paradoxical picture: owners have stabilized, yet revenues haven’t fully rebounded; costs and payroll pressure remain high; cash-flow volatility is up; and firms are carrying more debt while receiving less of the financing they seek.

Episode 002

How Capital Finds Its Way to Small Businesses

Episode details. Our guest, Tanay Jaeel, Head of Product at Stripe Capital, joins us to share how Stripe reimagined lending, from serving merchants directly to powering embedded financing for SaaS platforms worldwide. We talk about what happens when access to capital becomes seamless, surfacing right when a business owner realizes they need it.

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