Interviewer: Can you tell us about your career journey, from a hedge fund trader to a senior attorney at Shorty Roth and Zabel, to a banker at the Bank of New York Mellon, and finally, an entrepreneur in the FinTech industry?

Interviewee: My career journey has been quite a ride. I started as a hedge fund trader and later became a senior attorney at Schulte, Roth, and Zabel, a major global law firm specializing in the hedge fund investment management community. After that, I transitioned to the banking world and served as a managing director at the Bank of New York Mellon, a leading institution on the New York Stock Exchange, often referred to as the "bank for the banks" and governments.

Then, I ventured into entrepreneurship, where I was part of the founding team that built the first B2B FinTech lender in the United States. What made us unique was our exclusive use of machine learning in our underwriting process. We had a talented team from Israel, and even though we were based in the U.S., we serviced clients in the U.S., Canada, and Mexico.

Later on, I took on the challenge of turning around Lending Club, a personal credit lending giant in the U.S. I joined the company during a turbulent period and managed to grow its share price from less than $2 to over $24 before leaving. I was responsible for operations and legal departments during my tenure. I realized that for Lending Club to fulfill its original vision, it needed to become a bank. It was a challenging endeavor, especially since the company was under investigation by the SEC and DOJ, and it was struggling financially. But we embarked on the journey, started with the de novo bank application, found an acquisition target, and eventually became one of the first fintech companies in the U.S. to become a bank.

It's worth noting that very few fintechs achieve this status due to the complexity and maturity required. But after spending some time there, I received a call from a leading venture capital firm, which led me to meet a team in LA considering financing the SaaS economy. This meeting resulted in the creation of Pipe, which has become the fastest-growing fintech startup in history, reaching a valuation of over $2 billion in less than two years and generating nearly $100 million in revenue during that time. We even launched a fully regulated exchange for recurring revenue.

Today, I work alongside my co-founders, leading operations and capital markets at Pipe. But there's another challenge I've identified in the banking industry – the lack of asset diversification. Small and mid-sized banks on Pipe's exchange were eager for diversification, even venturing into esoteric assets to achieve it. This led me to believe that addressing the banking industry's lack of asset diversification is another significant problem that needs attention.

Interviewer: What would you say is the most interesting thing that has happened to you in your career journey?

Interviewee: Honestly, the most fascinating and rewarding aspect of my journey has been marrying my wife and becoming a proud father. It might sound surprising, but it's true. Charlie Munger once said that his greatest achievement was convincing his wife to lower her expectations and marry him. I can relate to that sentiment. I'm grateful that my wife chose to be with me and support me through this journey.

Interviewer: Can we quote your response to the question about your favorite life lesson or quote?

Interviewee: Absolutely, you can use that quote. Your best investment in life is your life partner. It's not your work or anything else. Nothing happens in isolation, and building a career or a business takes a village. That village can include your friends, family, and significant other. It's a fallacy to think of it as a solo endeavor.

Interviewer: What concerns you the most about the banking or payments industry today?

Interviewee: One of my primary concerns about the banking industry today is its lack of asset diversification. Banks tend to concentrate their portfolios in specific sectors or geographies, which can lead to significant risks. If we don't address this issue and enable banks to diversify their assets, we could face continuous financial instability and more industry consolidation. This lack of diversification is not in the best interest of customers either. Banks should have the ability to serve local businesses and diverse sectors effectively.

Interviewer: On the flip side, what excites you the most about the banking industry today?

Interviewee: What excites me the most about the banking industry is its fundamental role in our society. Banking and finance, including concepts like debt and capital markets, have been driving forces behind human progress for centuries. It's essential to recognize that, despite its challenges, the banking industry plays a pivotal role in fueling economic growth and providing access to opportunities. I find it exciting to work in an industry that has such a profound impact on the world.

Interviewer: Lastly, what are the key factors or principles one needs to create a highly successful career in the modern finance and banking industry?

Interviewee: To create a highly successful career in the modern finance and banking industry, here are the key factors and principles:

Be an Expert: Start by gaining a deep understanding of the industry. Learn the ins and outs, study the market, and engage in conversations with industry insiders. Knowledge is the foundation of success.

Focus: Maintain a clear and methodical approach to product development. Prioritize features based on their importance and avoid launching half-finished products. Focus on what truly matters to your customers.

Fully Built Products: In financial services, avoid the concept of a minimum viable product. Instead, aim to offer a fully built product suite from day one. Understand your customers' needs comprehensively to ensure your product is complete.

Play Nice: Be a professional and ethical leader. You don't have to be ruthless to succeed. Building a network of like-minded, ethical people around you can lead to long-term success.

Build Insanely Great Products: Following Steve Jobs' philosophy, aim to create products that are "insanely great." Strive to make a meaningful impact and put a dent in the universe. Your products should be remarkable and transformative.

These principles, when applied consistently, can help you navigate and excel in the modern finance and banking industry.