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Weekly Episodes
November 4 - December 2

Engineering the SMB Capital Stack

Featured podcast: The Role of Banks

Episode guest
Jackie Reses
Episode date
November 28, 2025
Episode details. 

In this episode, our guest, Jackie Reses, CEO of Lead Bank and former Head of Square Capital, shares how embedded lending reshaped access to credit for millions of SMBs and why modern infrastructure is essential for safe, scalable lending.

We also dive into how banks and fintechs can partner more effectively, the “maturity curve” of unbundled lending, and the regulatory trends shaping what’s possible for entrepreneurs in the years ahead.

From expanding access for underserved business owners to rebuilding the infrastructure behind fintech lending, this episode offers a grounded look at where banks fit in the future of SMB credit.

Meet the guest. 

Jackie Reses is Chair, CEO, and co-founder of Lead Bank, a banking-as-a-service platform for innovators. She previously led Square Financial Services and brings decades of experience in fintech, banking, and entrepreneurship.

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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.

Episode 003

Unlocking Smarter Underwriting

Episode details. 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.

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