The Fintech Blueprint

• Forty Billion Reasons to Trust the Future of DeFi, with Aave Founder Stani Kulechov

  Lex chats with Stani Kulechov - founder and CEO of Aave, a leading decentralized finance (DeFi) protocol. They explore the evolution of DeFi, Aave’s growth, and its architectural shift from a peer-to-peer model to pooled liquidity. Stani reflects on the early days of DeFi, the impact of the FTX collapse, and the increasing adoption of DeFi over centralized exchanges. They discuss Aave’s strategies for attracting assets, the importance of capital efficiency, and future innovations, including the tokenization of real-world assets and the role of stablecoins. Notable discussion points: 1. Aave Reaches $40 Billion in Net Deposits: Stani Kulechov shared that Aave has achieved a record-breaking $40 billion in net deposits and $25 billion in active liquidity, making it the largest DeFi lending protocol ever by total value locked (TVL). 2. DeFi’s Evolution from Peer-to-Peer to Liquidity Hubs: The conversation detailed Aave’s architectural shift from early peer-to-peer lending models to pooled liquidity and now to a hub-and-spoke model with Aave V4 — designed to balance capital efficiency and risk segregation for both native crypto and real-world assets (RWAs). 3. The Rise of Real-World Assets and Stablecoins in DeFi: Kulechov emphasized that tokenized real-world assets (like treasuries) and decentralized stablecoins (such as Aave's GHO) are reshaping the DeFi landscape, predicting RWAs will outgrow both stablecoins and native crypto assets in total value locked within five years. MENTIONED IN THE CONVERSATION Topics: Aave, Lens Protocol, GHO, Horizon, FTX, Project Guardian, AaveDAO, MakerDAO, Web3, DeFi, Lending, stablecoins, tokens, RWA, decentralized finance, capital markets, DAO, Digital Assets ABOUT THE FINTECH BLUEPRINT 🔥Subscribe to the Fintech Blueprint newsletter to stay at the forefront of Fintech and DeFi: https://bit.ly/3hyhlC2 🤝 Partner with Fintech Blueprint through sponsorships: https://bit.ly/3UZllsV 👉 Twitter: https://twitter.com/LexSokolin TIMESTAMPS 1’11: DeFi at $40B: How a Lending Protocol Redefined Blockchain Finance 9’06: From Peer-to-Peer to Liquidity Hubs: Evolving the Architecture of DeFi Lending 15’01: DeFi's Growth Curve: From Airdrops to Institutional Adoption After FTX 20’49: Scaling Safely: How a Lending Protocol Outpaced Rivals Through Capital Efficiency and Brand Trust 24’34: Beyond Infrastructure: Why Token Issuers Need Capital Markets, Not Just DeFi Hype 28’33: Building Beyond Lending: How a Stablecoin and Institutional Arm Power DeFi Profitability 31’33: From JPMorgan to BlackRock: How Horizon Bridges Institutions to On-Chain Finance 35’18: Tokenized Treasuries and the Future of DeFi: Why RWAs Will Eclipse Stablecoins by 2030 39’36: From Fragmentation to Focus: Why DeFi’s Future Depends on Application Layers, Not More Chains 41’47: The channels used to connect with Stani & learn more about Aave and Avara Disclaimer here — this newsletter does not provide investment advice and represents solely the views and opinions of FINTECH BLUEPRINT LTD.Contributors: Lex, Laurence, Matt, Farhad, Mike, DaniellaWant to discuss? Stop by our Discord and reach out here with questions.

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• Inside the Platform Powering +$171B in Private Capital, with AngelList CEO Avlok Kohli

   Lex chats with Avlok Kohli - the CEO of AngelList, about the company's significant evolution. Initially a platform for startups to connect with venture capitalists, AngelList has transformed into a comprehensive fintech entity encompassing private equity and cryptocurrency. Avlok discusses the strategic pivots, including the introduction of syndicates and rolling funds, that have redefined the company's business model. The episode also explores the broader implications of crowdfunding and the unique challenges in the crypto space, offering a deep dive into AngelList's impact on the financial services industry. Notable discussion points: 1. AngelList’s Second Founding: Reinvention as a Fintech Platform: Since 2019, AngelList has transformed from a mixed-use startup platform into a focused fintech infrastructure business for fund managers. Avlok Kohli spun out the syndicates arm and built a scalable product offering that includes SPVs, venture funds, and innovative structures like Rolling Funds and Roll Up Vehicles. This pivot catalyzed explosive growth—from ~$1B in AUM in 2019 to $171B+ today—by enabling fund creation and deployment at scale. 2. Product Innovation as a Strategic Advantage: Instead of competing with well-capitalized incumbents like Carta on sales and marketing, AngelList focused on building category-defining products. The launch of Rolling Funds—allowing fund managers to raise publicly and continuously—was a breakout moment. It created viral word-of-mouth growth and redefined how emerging fund managers could access capital, illustrating the principle: “You can’t win by playing someone else’s game.” 3. AI and the Future of Private Markets Infrastructure: AngelList is embedding AI across three strategic layers: (1) Back-office automation, replacing manual workflows, (2) Customer service enhancement, enabling agents to respond to LPs with real-time data, and (3) Data reasoning products, like Fin, which analyzes anonymized fund and secondary data to deliver actionable private market insightsThis positions AngelList not only as an admin platform but as a data intelligence layer over the private capital markets. MENTIONED IN THE CONVERSATION Topics: Fintech, Web3, Venture, VC, Venture capital, private markets, fundraising, crowdfunding, crypto, web3, AI, Angellist, Coinlist, Carta, Gumroad ABOUT THE FINTECH BLUEPRINT 🔥Subscribe to the Fintech Blueprint newsletter to stay at the forefront of Fintech and DeFi: https://bit.ly/3hyhlC2 🤝 Partner with Fintech Blueprint through sponsorships: https://bit.ly/3UZllsV 👉 Twitter: https://twitter.com/LexSokolin TIMESTAMPS 1’09: AngelList Reimagined: How Avlok Kohli Transformed a Startup Directory into a Fintech Powerhouse 6’43: Syndicates vs. Crowdfunding: Solving the Signal Problem in Startup Investing 11’43: From Community to Capital: Rebuilding AngelList Through Business Model Reinvention and Rolling Fund Innovation 16’49: Playing a Different Game: How AngelList Scaled by Redefining the Category Through Product Innovation 21’59: Creating the Category: How Rolling Funds Sparked a Movement and Redefined Venture Fundraising 28’51: From $1 Billion to $125 Billion: How AngelList Scaled by Saying No Before Saying Yes 32’56: The Liquidity Mirage: Why Private Market Access Remains Elusive for Most Investors 37’57: AI Meets Private Markets: Automating Back Offices, Enhancing Customer Touchpoints, and Powering Intelligent Fund Infrastructure 42’26: The channels used to connect with Avlok & learn more about Angellist   Disclaimer here — this newsletter does not provide investment advice and represents solely the views and opinions of FINTECH BLUEPRINT LTD.Contributors: Lex, Laurence, Matt, Farhad, Mike, DaniellaWant to discuss? Stop by our Discord and reach out here with questions.

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• 400 Startups Building the Post-Web Economy, with Outlier Ventures Founder Jamie Burke

  Lex chats with Jamie Burke - founder of Outlier Ventures, about the current state and future of Web3, decentralized finance, and the metaverse. Jamie highlights Outlier Ventures' impressive growth, with a portfolio of around 400 startups, and discusses successful projects like IOTA and Fetch.ai. The conversation delves into the open metaverse, emphasizing the importance of infrastructure and middleware in blending physical and digital realities. Jamie also explores the transformative role of AI in the metaverse and offers practical advice for entrepreneurs navigating this rapidly evolving landscape. Notable discussion points: 1.The “Post-Web” Is an Intent-Led Internet: Jamie Burke outlines a shift from today’s attention-based web to an intent-driven internet, powered by AI agents, Web3 infrastructure, and DePIN. In this model, agents act on user intent, radically streamlining interactions and replacing much of today’s web interface. 2. Web3 Will Be Run by Machines, Not People: Burke predicts that autonomous agents—not humans—will become the primary users of blockchains, making crypto “machine money.” As a result, products, brands, and processes matter less, while incentive systems and on-chain automation take center stage. 3. Founders Must Embrace Systems Thinking: In the Post-Web era, survival depends on designing self-optimizing systems, not just building products. Burke stresses that token engineering, incentive design, and value flow mapping will define the next generation of durable startups. MENTIONED IN THE CONVERSATION Topics: Web3, decentralized finance, metaverse, Open metaverse, Post web, Outlier Ventures, IOTA, Fetch.ai, accelerator program, AI, artificial intelligence, Agentic AI, agents, Web3, post-web, digital economy, blockchain technology ABOUT THE FINTECH BLUEPRINT 🔥Subscribe to the Fintech Blueprint newsletter to stay at the forefront of Fintech and DeFi: https://bit.ly/3hyhlC2 🤝 Partner with Fintech Blueprint through sponsorships: https://bit.ly/3UZllsV 👉 Twitter: https://twitter.com/LexSokolin TIMESTAMPS 1’18: Outlier Ventures in 2025: From IOTA to Fetch.ai, Backing the Infrastructure Behind Intelligent Web3 10’24: The Open Metaverse Revisited: Outlier’s Long-Game Bet on Augmented Reality, Middleware, and AI-Driven Agents 26’01: FThe Post-Web Era: How AI Agents, Web3 Infrastructure, and Delegation Will Redefine the Internet 35’57: From Attention to Intention: How AI Agents and Web3 Are Flipping the Internet on Its Head 49’39: Surviving the Post-Web Paradigm: Why Founders Must Shift from Startup Thinking to Systems Design 57’49: The channels used to connect with Jamie & learn more about Outlier Ventures Disclaimer here — this newsletter does not provide investment advice and represents solely the views and opinions of FINTECH BLUEPRINT LTD.Contributors: Lex, Laurence, Matt, Farhad, Mike, DaniellaWant to discuss? Stop by our Discord and reach out here with questions.

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• The $500MM Startup Making Payroll Painless, with Gusto Co-Founder Joshua Reeves

  Lex interviews Josh Reeves, co-founder of Gusto, a company specializing in payroll, HR, and benefits solutions for small businesses. Josh shares his journey from academia to entrepreneurship, highlighting the challenges and strategies involved in building Gusto. The discussion covers the evolution of technology from Web 2.0, the importance of understanding customer needs, and maintaining strong unit economics. Josh emphasizes Gusto's mission to simplify payroll and HR tasks for small businesses, aiming to improve their survival rates and overall efficiency. The episode underscores the significance of product quality and customer satisfaction in navigating industry competition. Notable discussion points: 1. Solving Payroll as a Massive, Underserved SMB Pain Point: Reeves highlighted how in 2011, 40% of small businesses were fined annually due to manual payroll errors. Gusto addressed this pain using cloud and mobile tech, making payroll fast, accurate, and accessible—especially for non-experts. 2. Product Sequencing and the Power of a Payroll-Centric Ecosystem: Starting with payroll, Gusto built a sticky, horizontal product with strong retention. From there, they expanded into benefits, time tracking, and more—adding products based on customer pull and reinforcing their ecosystem. 3. Organizational Evolution: From Founder-Led to Functional and Matrixed: Gusto grew from 3 co-founders to 2,600+ employees by evolving from a hands-on team to a matrix structure. Reeves emphasized hiring leaders suited to each stage and giving small, focused teams autonomy to drive new product development. MENTIONED IN THE CONVERSATION Topics: Fintech, Gusto, Payroll, HR, Zazzle, SMB, CAC, Customer, Scaling, Growth, Web2.0 ABOUT THE FINTECH BLUEPRINT 🔥Subscribe to the Fintech Blueprint newsletter to stay at the forefront of Fintech and DeFi: https://bit.ly/3hyhlC2 🤝 Partner with Fintech Blueprint through sponsorships: https://bit.ly/3UZllsV 👉 Twitter: https://twitter.com/LexSokolin TIMESTAMPS 1’13: From PhD Dropouts to Payroll Pioneers: Joshua Reeves on Building Gusto and Solving Real Problems with Technology 4’21: The Web2 Reawakening: Democratizing Creation and Commerce Through the Internet 8’14: From Pen and Paper to the Cloud: Tackling Payroll Pain and Modernizing SMB Operations 11’15: Is Gusto a Fintech?: Ignoring Labels, Solving Problems, and Building for Small Business from Day One 16’07: Cracking the SMB Code: Building Scalable Products with Strong Unit Economics and Organic Growth 19’39: The Fundamentals of Scaling: Navigating CAC, LTV, and Retention in Subscription Businesses 22’49: Building Beyond Payroll: How Customer Demand and Smart Sequencing Shaped a Scalable Product Organization 27’16: Scaling with Intention: Evolving Leadership, Structure, and Talent from 10 to 2,600 People 33’00: Structuring for Scale: Balancing Autonomy, Focus, and Flexibility in a Multi-Product Organization 36’22: From Traction to Tenure: Scaling Impact, Navigating Competition, and Building for the Next Decade 41’12: The channels used to connect with Joshua & learn more about Gusto Disclaimer here — this newsletter does not provide investment advice and represents solely the views and opinions of FINTECH BLUEPRINT LTD.Contributors: Lex, Laurence, Matt, Farhad, Mike, DaniellaWant to discuss? Stop by our Discord and reach out here with questions.

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• Reinventing Traditional Services through Modern Platforms, with David Snider CEO of Harness Wealth

  Lex interviews David Snider - founder and CEO of Harness Wealth. David shares his extensive fintech journey, including his pivotal role at Compass, a real estate technology firm. He discusses the challenges of aligning agents with new technology and the evolution of Compass's business model to empower agents with better tools and incentives. Transitioning to Harness Wealth, David explains his vision to enhance tax advisory services through a modern platform, addressing complex financial needs. The episode underscores the importance of innovation and human expertise in fintech and real estate. Notable discussion points: Empowering Advisors in Complex Industries: David Snider has built platforms that enhance human advisors rather than replace them—first in real estate with Compass - a technology-powered real estate brokerage, now in tax with Harness Wealth. In industries with high complexity and large transaction sizes, like wealth management and real estate, human expertise remains essential. His approach emphasizes that technology should enable, not displace, trusted advisors. Compass Pivoted to Power Top Agents: Compass began with a plan to disrupt real estate agents but pivoted to support top performers with better tech and economics. This shift—paired with smart execution—enabled rapid growth and market leadership by focusing on high-value agents and transactions, rather than cutting them out of the process. Harness Wealth Modernizes Complex Tax Advisory: Harness Wealth applies a Compass-like model to tax, serving clients with equity comp, crypto, and private investments by connecting them to top advisors through a modern, tech-enabled experience. The platform improves both advisor workflows and client usability, targeting a large, underserved market that DIY tools can’t effectively serve. MENTIONED IN THE CONVERSATION Topics: Fintech, Harness Wealth, Compass, AI, RealEstate, Platform-As-A-Service, Advisory, Data, Tax, WealthTech, TaxTech, CryptoTax, PersonalFinance, FinancialAdvisors ABOUT THE FINTECH BLUEPRINT 🔥Subscribe to the Fintech Blueprint newsletter to stay at the forefront of Fintech and DeFi: https://bit.ly/3hyhlC2 🤝 Partner with Fintech Blueprint through sponsorships: https://bit.ly/3UZllsV 👉 Twitter: https://twitter.com/LexSokolin TIMESTAMPS 1’06: From Bain to Compass: David Snider on Navigating Finance, Real Estate, and the Rise of Advisor-Enabled Tech 5’42: Evolving Real Estate Through Tech: Market Levers, Rollups, and Building Compass's Super Agent Model 13’20: Digital vs. Human: Why Tech Wins in Some Industries—and Advisors Thrive in Others 17’16: Scaling Compass: How Tech, Economics, and a New Go-to-Market Strategy Fuelled Rapid Agent Growth 22’20: Overcoming Resistance: The Grind Behind Compass’s Data Integration and Agent Tech Adoption 26’13: From Compass to Harness: Building a Tech-Driven Platform to Simplify Complex Tax and Financial Advice 31’05: Serving the Underserved: How Harness Wealth Empowers Advisors and Clients Navigating Complex Tax Needs 34’16: Building Smarter Tax Tech: Harness’s Curated Approach to Streamlined Data, Insights, and Advisor Collaboration 36’02: Scaling with Purpose: Harnessing Data, Advisor Value, and a Massive Market Opportunity in Tax 37’46: The channels used to connect with David & learn more about Harness Wealth Disclaimer here — this newsletter does not provide investment advice and represents solely the views and opinions of FINTECH BLUEPRINT LTD.Contributors: Lex, Laurence, Matt, Farhad, Mike, DaniellaWant to discuss? Stop by our Discord and reach out here with questions.

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