FISPAN CEO Lisa Shields’ Journey From Naval Engineer to Fintech Innovator
Lisa Shields, the Founder and Chief Executive Officer (CEO) of FISPAN, is a trailblazing entrepreneur who founded the company in 2016 after noticing the pain points that businesses experienced utilizing bank services. With a background in engineering and a keen eye for innovation, Lisa drives FISPAN with a focus on attracting the right talent and building great products. This marked her second venture in the fintech space; Lisa founded and led global payments company Hyperwallet from 2000 to 2015 which was later acquired by PayPal in 2018.
Over the past seven years, Lisa has steered FISPAN to the forefront of the industry, offering cutting-edge embedded banking solutions to forward-looking organizations seeking to optimize their treasury operations. Collaborating with banking partners holding a collective $8 trillion in assets, including ten of the top 25 banks in North America, Lisa’s leadership has been instrumental in FISPAN’s ascent to market leadership in the provision of seamless banking solutions.
In a world where the paths to success often seem predefined, Lisa’s career journey stands out as a testament to resilience, determination, and the power of innovation. Transitioning from a career as a computational fluid dynamicist for America’s Cup to becoming a trailblazer in the payments industry, Lisa’s story is one of overcoming obstacles, seizing opportunities, and championing diversity and inclusion.
Lisa’s Journey of Resilience And Transformation
“Lisa embodies true grit. She is fiercely competitive, has unbelievable tenacity, and holds herself to the highest ethical standards.”
– Bill Crowley, Chief Product Officer of FISPAN
Lisa recalls her high school years in Ontario with a hint of nostalgia. “I was the socially awkward student who excelled in courses such as math and science,” she admits. When her counselor suggested she pursue engineering, Lisa had no idea what it entailed, but went along with the advice and found herself thriving in aeronautical engineering at the Massachusetts Institute of Technology (MIT). Lisa went on to pursue a graduate degree in ocean engineering.
Navigating New Horizons After Graduation
After graduating from MIT, Lisa was poised to enter a high-paced work environment. Due to limitations as a foreigner, she chose to look for opportunities outside the U.S. This led her to Australia, where she took on a start-up role as a computational fluid dynamicist, working on fluid flow analysis for America’s Cup racing yachts. “We were trying to gain every competitive edge possible,” she recounts.
The Catalyst for Lisa’s Fintech Journey
After the America’s Cup, the dawn of the Internet captured her attention. “I was drawn to any job related to the web, even if it meant stepping outside of my expertise,” she recalls. This curiosity led her to a position at a startup running software for online betting, where she worked on the e-commerce side, processing credit card payments and learning how to handle online transactions – a defining experience that sparked her fascination with financial services.
The Birth of Hyperwallet
This newfound interest set the stage for her next big adventure: Hyperwallet. “In a male-dominated industry, every step felt like a climb,” she reflects. From corporate transactions hitting unexpected roadblocks to navigating complex banking partnerships and the fallout of the dot-com boom, Lisa and her co-founder encountered hurdles that tested their resilience and determination. However, each obstacle served as an opportunity for growth, reinforcing her commitment to breaking down barriers and creating pathways for success for women in the payments sector.
By 2010, as companies like Uber and Airbnb emerged and began transforming the economy, Hyperwallet found its niche in facilitating payments for the gig economy–short-term, flexible jobs enabled by digital platforms–at a global scale. Lisa’s unwavering determination propelled Hyperwallet to success, capturing the attention of PayPal and solidifying her reputation as a pioneer in the payments industry.
FISPAN: A New Vision
While running Hyperwallet, Lisa had conversations with CFOs and treasurers of multinational companies about the growing need for payment systems, especially for small, cross-border payments.
“What’s important from a payments industry perspective, the median dollar size going through Hyperwallet’s network size was small and banks aren’t interested in processing small B2C payments, especially across the border.”
– Lisa Shields
She saw a gap in the market, noting that instead of competing with banks, “we could partner with them to fill those unmet needs.” Launched in 2016, a year after she stepped down as CEO of Hyperwallet, FISPAN was founded on the idea of partnering with banks aiming to enhance B2B vendor payment and foreign exchange capabilities through its embedded banking solutions. By addressing long-standing pain points like domestic and international B2B payments and cash management, FISPAN quickly carved out a niche in the fintech space.
Overcoming Challenges: The Struggles Behind Success
“Lisa remained steadfast. She was deeply committed to Hyperwallet customers, employees, and investors, consistently pushing forward despite the obstacles and unexpected challenges.”
– Bill Crowley
Lisa’s journey to success was not without its share of hardships. The first decade of Hyperwallet was marked with struggles, choosing to bootstrap the company in search of the right product direction. She experienced the financial hardships that often accompany entrepreneurship, vividly recalling the frustration of having her debit card declined while trying to purchase daily necessities.
“We initially aimed to build a consumer brand,” Lisa shares, “but after a while, it became clear that this model wasn’t sustainable.” Three years later, Hyperwallet pivoted to a white-label solution for credit unions, competing with established players like Interac. While they successfully onboarded 57 credit unions, this model ultimately did not generate sustainable revenue.
It wasn’t until their third pivot in 2008–eight years after its founding–that Hyperwallet began serving corporations needing to pay gig economy workers. This shift propelled the company towards success, attracting the attention of PayPal.
Empowering the Next Generation
“Lisa makes people around her feel energized because she herself is constantly energized, perpetually curious, and believes there isn’t a problem she can’t solve.”
– Mike Monty, Chief Operating Officer of FISPAN
Lisa is deeply committed to promoting diversity and inclusion within the payments industry while nurturing emerging talent. Drawing from her experiences, she advocates for gender diversity in leadership and addresses issues such as salary discrepancies, striving to create a more equitable and inclusive ecosystem for all.
“It’s cool to see people who I’ve worked with start their own businesses. The next generation of startups and founders. A couple have started from Hyperwallet, and I think there will be more out of FISPAN.”
– Lisa Shields
Her commitment to fostering a culture that empowers the next generation of leaders differentiates FISPAN in the industry. By embedding these values into FISPAN’s product development and service offerings, she ensures the company not only meets market demands but also champions innovation and inclusivity.