Escheatment is a $70 billion problem hiding in plain sight: every state, territory, and dozens of countries have laws that hand dormant and unclaimed accounts over to the government after three to five years of inactivity. Allen Osgood, co-founder and CEO of Eisen, left a five-and-a-half-year run as a payments product manager at Coinbase to build the compliance infrastructure that helps banks, brokerages, and crypto platforms reunite customers with their money before the states ever claim it. In this conversation, Allen makes the case that crypto is about to collide with escheatment rules written in the 1960s, and that most institutions have no idea how large their own dormant balances really are.

What We Covered

• What escheatment actually is and how the state-by-state rules work
• The $70 billion states are holding for more than one in seven Americans
• Missingmoney.com and what happens after money is remitted
• Ohio's fight over using unclaimed property to fund a football stadium
• The Walter story: an E-Trade Amazon account liquidated to Delaware
• What counts as a "dormant" account and why logins matter
• Where Eisen plugs into the escheatment process
• Why reactivation beats remittance, and the Binance.US 48% case study
• Why institutions are blind to their largest dormant balances
• The 12-to-24-month gap where accounts just age untouched
• Displacing big-four spreadsheets with a single pane of glass, forecasting, and access controls
• Data volume as the hardest engineering problem, and where AI earns its keep
• The Claims Portal and QR-code reactivation
• Why crypto makes escheatment far more painful, from volatility to dust
• The coming wave of crypto liquidations and the tax problem
• Channel strategy with the cores like Fiserv, and the road to 1099 and tax reporting

Key Takeaways

• The best escheatment outcome is no escheatment at all. Eisen's real value is retention: keeping customers, deposits, and assets in the institution rather than shipping them to the state.
• Institutions routinely underestimate their exposure. One prospect thought it had 10,000 accounts about to escheat, the real number was 100,000. The disconnect sits between the compliance team and the data on the ground.
• Crypto changes the stakes. States generally require liquidation, so a dormant token gets sold, creating an unwanted taxable event and, if the market rips afterward, another Walter waiting to happen.
• Stale data is the enemy. The information that comes due for escheatment is by definition three to five years old, so address enrichment (LexisNexis, Socure, USPS NCOA) and early engagement are what actually move the reactivation numbers.

About Allen Osgood

Allen Osgood is the co-founder and CEO of Eisen, a compliance operations platform that automates escheatment and account offboarding for financial institutions. Before founding Eisen, he spent about five and a half years as a payments product manager at Coinbase, where he first ran into the strange world of unclaimed property and stayed through the company's IPO.

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Accounts payable has produced multiple billion-dollar companies, yet its mirror image, accounts receivable, remains almost entirely manual at most enterprises despite decades of software spend. In this episode, Caitlin Leksana, co-founder and CEO of Fazeshift, explains why AR has remained unsolved and how her company's AI agents are changing that. A mechanical engineer turned BCG consultant turned founder, Caitlin came to the problem the hard way, doing her own AR by hand at a previous startup, and her outsider's view of a stubborn back-office chore is exactly what makes the conversation worth your time.

What We Covered

• A million AR analysts doing manual work in the US
• Why accounts payable got solved and AR did not
• The leverage imbalance between AP and AR departments
• The swivel chair problem and fragmented data
• $200 million in unapplied cash on one balance sheet
• Fazeshift as a context layer, not a rip-and-replace
• Why traditional SaaS and if-then logic could never scale AR
• The collections, cash application, and AR inbox modules
• Human in the loop and building trust when AI touches money
• Training agents on historical data and tribal knowledge
• From Y Combinator to a Series A led by F-Prime
• The vision for the context layer and autonomous finance

Key Takeaways

• AR is the inverse of AP, and every bill is someone else's invoice, so the market is at least as large and mostly uncaptured.
• The real unlock is not the AI model but unifying fragmented data across the ERP, bank, CRM, and inbox into a single context layer.
• Human in the loop with full auditability is what earns risk-averse finance teams' trust, and it is how agents move toward full automation over time.
• Some of the best unsolved startup problems are the ones furthest removed from an engineer, because no one with the tools to fix them ever felt the pain.

About Caitlin Leksana

Caitlin Leksana is the co-founder and CEO of Fazeshift, a San Francisco startup building AI agents for accounts receivable. She earned bachelor's and master's degrees in mechanical engineering from Georgia Tech, advised Fortune 500 companies at BCG, and earned her MBA at Harvard Business School before founding a crypto marketing startup and then Fazeshift. The company went through Y Combinator's Summer 2024 batch, raised a $4M seed led by Gradient Ventures, and announced a Series A led by F-Prime in 2026.

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Sahej Suri is the founder of Blue Dot Investors, a late-stage growth equity firm that invests exclusively in fintech across both primaries and secondaries. Before Blue Dot, he built his career at J.P. Morgan, TPG, and as chief of staff to Nigel Morris at QED Investors. In this conversation, Sahej explains the scrappy origin story of the firm, the overlooked opportunity in fintech secondaries, and his new report with FT Partners on the coming fintech liquidity supercycle, including the finding that the top 100 private fintechs now out-earn the top 100 public ones.

What We Covered

• Sahej's path from J.P. Morgan to TPG to QED
• The 2008 recession and why access to financial services stuck with him
• The happenstance origin story of Blue Dot
• Why fintech is closer to biotech than to generalist tech
• The gap in the market for late-stage fintech specialists
• Why the top 10 names dominate secondary market activity
• Finding undervalued companies outside the marquee names
• The "Liquidity Supercycle" report with FT Partners and how it came together
• Why the top 100 private fintechs out-earn the top 100 public ones
• The state of the IPO window and the SpaceX bellwether
• Why the 2025 IPO cohort cleared a much higher bar
• The have versus have-nots dynamic in fintech fundraising
• The Blue Dot dinner series and building community
• His AI thesis and where the value creation will land
• A 10-year view on fintech as an asset class

Key Takeaways

• The best fintech companies are now private, and on the top 100 they out-earn their public peers on revenue, a finding Sahej says had never been put on paper before.
• Fintech rewards specialists. Banking, payments, capital markets, and insurance are almost different worlds, and most investors who piled in during 2021 without that depth are no longer around.
• The IPO window is real but conditional. The 2025 cohort was roughly three times the size on revenue and more profitable than historical norms, and the near-term window hinges on how bellwether listings perform.
• Sahej's bet on AI value creation is not the startups or the large AI labs, but the scaled fintechs that already own distribution and customer trust.

About Sahej Suri

Sahej Suri is the founder and Managing Partner of Blue Dot Investors, a New York-based late-stage growth equity firm investing exclusively in fintech across primaries and secondaries. He previously worked at J.P. Morgan in the financial institutions group, at TPG in growth equity and buyouts, and as chief of staff to Nigel Morris at QED Investors. Blue Dot came out of stealth in early 2026 and manages roughly $100M in assets, with a team of six and around 30 advisors. Peter is an advisor to Blue Dot Investors.

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