The Inspiring Journey of Jackie Reses: From Carnival Games to Fintech Pioneer
At Extreme Investor Network, we believe that the stories behind successful entrepreneurs can ignite a passion for innovation in all of us. One such remarkable story is that of Jackie Reses, who has carved a unique path in the world of finance and technology, emerging as a trailblazer in the fintech space.
Early Entrepreneurial Beginnings
Jackie Reses’ entrepreneurial journey began in the bustling environment of Atlantic City, where her grit and tenacity were forged at a young age. As a child, she and her brother ran carnival games on the Jersey Shore boardwalk, one of which she humorously recalls as "probably illegal now." This experience ignited her passion for business and self-reliance—a theme that has followed her throughout her career.
In a captivating interview with CNBC’s Julia Boorstin, Reses shared, "I think the thing that really drove me was my own desire to succeed and the security that I could create for myself." This mindset laid the foundation for a remarkable journey that would see her navigate complex challenges and seize opportunities within both traditional finance and the burgeoning fintech space.
A Diverse Business Portfolio
From her early ventures in running carnival games to operating custom t-shirt and taxi businesses during her college years, Reses was never one to shy away from a challenge. Her ambition took her to Wharton, where she refined her leadership skills, eventually leading to a promising career at Goldman Sachs.
It was here that she began to fashion the principles that would guide her through her future endeavors. Reses credits her formative experiences at Goldman Sachs with giving her the tools necessary to lead effectively in the fast-paced world of tech.
Transforming the Fintech Landscape
One of Reses’ most notable achievements came during her tenure at Square, where she played a pivotal role in transforming the tech company into a robust financial institution—a rarity in the fintech sector. She recalls, "I built it from the ground up, first line of code, first policy." This hands-on experience not only solidified her skills but also sparked her ambition to own a bank.
In 2022, Reses realized that dream by acquiring a community bank based in Kansas City, Missouri. Under her leadership, the institution evolved into Lead Bank, which now offers critical infrastructure to fintech companies. "Fintechs have put a beautiful sheen on the front end of an app, but the underlying infrastructure is often lacking," she explained. Reses aims to tackle these issues head-on, ensuring that the financial services sector becomes as reliable as it is user-friendly.
Rising to the Challenge During COVID-19
A defining moment for Reses occurred during the COVID-19 pandemic when she advocated for fintech’s role in disbursing emergency funds to small businesses. Collaborating with then-Treasury Secretary Steve Mnuchin, Reses described the experience as "stressful but incredible." Together, they built a product within two weeks to support Main Street America during a critical time.
"The larger banks simply didn’t have the reach or agility to serve those businesses effectively," she noted. Reses’ quick thinking and decisive actions not only helped countless small businesses stay afloat but also demonstrated the tangible impact that fintech solutions can have in crisis situations.
Innovative Leadership in Action
Prior to her fintech successes, Reses took on the challenging role of serving on the Alibaba board while working at Yahoo. Tasked with repairing a fractured relationship, she managed to broker a deal that gave Yahoo a 15% stake in Alibaba—worth an astounding $40 billion post-IPO. It’s a testament to her ability to build bridges, gain trust, and navigate complex corporate landscapes.
Her ability to come into challenging situations with a fresh perspective has become a hallmark of her leadership style. "I didn’t have any of the personal animus that was there prior to my showing up on the board of Alibaba," she reflected. Always looking to the future, Reses emphasizes the importance of starting over as a way to foster innovation.
Lessons in Resilience and Innovation
At Extreme Investor Network, we recognize that Reses’ story embodies key lessons in resilience, adaptability, and the relentless pursuit of innovation. Whether it’s overcoming personal challenges or tackling significant business hurdles, her journey offers invaluable insights for both aspiring entrepreneurs and established leaders.
As Reses herself has learned throughout her path, each new venture brings fresh challenges and opportunities for growth. For those looking to carve their niche in the entrepreneurial landscape, her experiences serve as a powerful reminder that innovation often comes from a place of grit, determination, and a willingness to embrace change.
For more inspiring stories and insights on innovation, be sure to explore our resources at Extreme Investor Network. Together, we can continue to nurture the entrepreneurial spirit and drive meaningful change in the world.