In this episode, Denise Leonhard, CEO of Early Warning (the company behind Zelle), joins us to discuss her journey from American Express and PayPal to leading one of the largest real-time payment networks in the US. Denise shares how Zelle became a $1 trillion powerhouse, what makes it different from other P2P networks, and how it’s expanding into small business payments. We dive into Zelle’s unique bank-owned structure, the challenges of fraud, and the roadmap for growth—including new tools for SMBs and disbursement payments. Denise also offers candid insights on building teams, product innovation, and the future of real-time payments.Denise Leonhard: https://www.linkedin.com/in/denise-leonhard-4b93918/00:00:00 - Why Zelle’s Office is Always Full in SF00:01:34 - Denise’s Journey: From Venmo Rival to Zelle CEO00:02:57 - Early Wallets at Amex and PayPal’s Public Era00:05:05 - Leading Venmo and Taking a Break00:05:36 - Meeting Early Warning: The Banks Behind Zelle00:06:20 - How Zelle Was Born and Grew to $1 Trillion00:07:09 - Early Warning’s Mission: Fighting Fraud00:08:17 - Small Business Stories and Financial Inclusion00:09:02 - What Makes Zelle Different from Venmo?00:10:12 - Real-Time Money: Stories of Instant Relief00:11:20 - Zelle’s Biggest Days: Rent, Payday, and SMB Growth00:12:14 - How SMBs and Consumers Use Zelle Differently00:13:30 - Can Non-Bank Apps Join the Zelle Network?00:14:55 - Zelle’s Roadmap: SMB Tools, Tags, and QR Codes00:16:01 - Disbursements: The Hidden Power of Zelle00:17:43 - Tackling Fraud: Tech, Product, and Education00:19:24 - Who Owns Fraud? Banks, Consumers, and Liability00:20:53 - How Zelle’s Settlement Infrastructure Works00:21:25 - Product Roadmap: Network Growth and SMB Focus00:23:01 - Building the Team: Product, Ops, and Fraud00:24:16 - Strengthening Bank Relationships for Expansion00:25:13 - Why Zelle Builds Fraud Tools In-House00:25:19 - Hiring Across New York, SF, and Scottsdale00:26:31 - Celebrating $2 Trillion and Planning the Next Trillion00:26:41 - Advice for Fintech Founders and Operators___Connect with Rex on social media:LinkedIn: https://www.linkedin.com/in/rexsalisbury/Twitter: https://twitter.com/rexsalisburyTikTok: https://www.tiktok.com/@rex.salisburyInstagram: https://www.instagram.com/rexsalisbury/