"Fintech Disguise: Unveiling the Community Banker's Secret Titan"
Jackie Reses, the former head of Square Capital, is using her experience in fintech to transform a Missouri community bank, Lead Bank, into a technology-first, FDIC-insured institution that caters to fintech companies. Reses aims to help fintechs become more agile by providing them with a regulated banking platform for activities like taking deposits, transferring money, and originating loans. Lead Bank's growth is already accelerating, with revenue rising 9% in Q3 2023 and net profit jumping 50%. However, Reses must navigate a tough regulatory environment that is cracking down on crypto and scrutinizing fintech-bank relationships. Despite the challenges, Reses is determined to disrupt the industry and build a business that offers financial services within various apps and environments.