Sigal Mandelker, Normal Associate at Ribbit Capital — Selling Public & Personal Fintech Partnerships | by Anirudh Singh | Wharton FinTech | Apr, 2022


In as we speak’s episode I’m joined by Sigal Mandelker, Normal Associate at Ribbit Capital, an funding agency centered on monetary companies and know-how.

Sigal and I cowl a spread of subjects, together with:

Sigal’s Work within the Public Sector:
After receiving her legislation diploma from the College of Pennsylvania Carey Legislation Faculty, Sigal went on to carry various senior positions within the U.S. authorities, together with Deputy Assistant Normal within the Prison Division. A lot of Sigal’s work centered round counter-terrorism nationwide safety. In December of 2016, she acquired a proposal to function the Beneath Secretary of Treasury for Terrorism and Monetary Intelligence. As Beneath Secretary, she supervised 4 foremost elements of the Treasury — OFAC, FinCEN, the Workplace of Intelligence and Evaluation, and the Workplace of Terrorist Financing and Monetary Crimes. Throughout her time within the public sector, Sigal noticed an unbelievable alternative for development inside fintech, and in April of 2020, she joined Ribbit to assist bridge the hole between private and non-private partnerships.

Cryptocurrencies and Anti-Cash Laundering:
Throughout her time as Beneath Secretary, Sigal observed that incentives for monetary establishments to innovate in AML weren’t the place they need to be — banks spent a overwhelming majority of their time proving a adverse assertion. She labored to supply banks with the leeway to construct out AML programs extra effectively. Moreover, in the direction of the top of her time working within the public sector, Cryptocurrencies had turn out to be a significant speaking level. She centered on serving to the know-how and its use instances develop whereas limiting its use for nefarious actions. Sigal additionally factors out that cryptocurrencies are far more clear than conventional monetary infrastructure as a result of (for probably the most half) the blockchain they depend on is clear and immutable.

“For those who discuss to prosecutors and also you gave them the selection of their prison instances of going after money-laundering that occurred both in money… versus money-laundering that occurred in crypto, universally they are going to say sure, please give me the crypto instances.”

Ribbit’s Funding in Chainalysis:
Sigal had some publicity to Chainalysis throughout her time within the public sector — she used a Chainalysis report back to determine totally different connections to a sanctioned digital pockets. Quick-forward to Sigal’s time at Ribbit, and Chainalysis was one of many first offers Sigal participated in. She at the moment works as an advisor to the corporate.

Over the previous few weeks, Chainalysis has created various experiences on crypto flows into Ukraine. Ukraine raised $70M in cryptocurrencies in a number of weeks for humanitarian functions together with meals and provides. Sigal is a agency believer in the way forward for cryptocurrencies as an “enabler for humanitarian assist”. Chainalysis’ experiences additionally discover that cryptocurrencies haven’t been used at a big scale for sanction evasion.

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Sigal Mandelker:
Sigal Mandelker joined Ribbit Capital as a Normal Associate in April 2020. Ribbit is an funding agency centered on monetary companies and know-how. Previous to Ribbit, she served as Beneath Secretary of Treasury for Terrorism and Monetary Intelligence. As Beneath Secretary, Sigal supervised 4 foremost elements of Treasury (OFAC, FinCEN, the Workplace of Intelligence and Evaluation, and the Workplace of Terrorist Financing and Monetary Crimes). Earlier than serving as Beneath Secretary of Treasury, Sigal was a associate at Proskauer in New York. Sigal additionally beforehand served in various senior positions within the U.S. authorities, together with as Deputy Assistant Legal professional Normal within the Prison Division of the Justice Division, an AUSA within the Southern District of New York, Counselor to Secretary of Homeland Safety Michael Chertoff, and Counsel to the Deputy Legal professional Normal. Sigal can also be an Advisor to Chainalysis, is on the Board of the Monetary Expertise Affiliation, serves on the advisory group to the Digital Greenback Undertaking, and is Member of the US Holocaust Memorial Council.

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In regards to the Writer:
Anirudh Singh is a second-year MBA Candidate at The Wharton Faculty, the place he’s a part of the Wharton FinTech Podcast group. He has a ardour for financial growth, enterprise capital, monetary companies, and all issues FinTech. Don’t hesitate to succeed in out with questions, feedback, suggestions, and alternatives at singhan@wharton.upenn.edu.

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