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<!DOCTYPE html><html lang="en"><head><meta charSet="utf-8"/><meta name="viewport" content="width=device-width"/><title>Leo Schwartz | Fortune</title><meta name="msapplication-TileColor" content="#ffc40d"/><meta name="theme-color" content="#FFFFFF"/><meta name="description" content="Leo Schwartz is a reporter at Fortune covering fintech, crypto, venture capital, and financial regulation. He also writes the Monday edition of Fortune's weekday deals newsletter, Term Sheet, with a focus on New York venture capital. He previously worked at Rest of World, covering tech from Mexico City. His work has also appeared in the Washington Post, PBS NewsHour, and The Nation. He graduated with a dual master's in journalism and Latin American studies from New York University and a bachelor's from Columbia University. Got a tip? Contact Leo securely via encrypted messaging app Signal at 856-872-2064 or on X @leomschwartz. 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Contact Leo securely via encrypted messaging app Signal at 856-872-2064 or on X @leomschwartz. 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He also writes the Monday edition of <em>Fortune</em>'s weekday deals newsletter, <a href=\"https://fortune.com/newsletters/term-sheet?&itm_source=fortune&itm_medium=author_bio&itm_campaign=term_sheet&itm_content=leo_schwartz\">Term Sheet</a>, with a focus on New York venture capital. He previously worked at Rest of World, covering tech from Mexico City. His work has also appeared in the <em>Washington Post</em>, PBS NewsHour, and <em>The Nation</em>. He graduated with a dual master's in journalism and Latin American studies from New York University and a bachelor's from Columbia University.</p>\n<p>Got a tip? 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'/%3E%3C/svg%3E")" sizes="100vw" srcSet="https://fortune.com/img-assets/wp-content/uploads/2022/08/Schwartz.jpg?w=320&q=75 320w, https://fortune.com/img-assets/wp-content/uploads/2022/08/Schwartz.jpg?w=384&q=75 384w, https://fortune.com/img-assets/wp-content/uploads/2022/08/Schwartz.jpg?w=480&q=75 480w, https://fortune.com/img-assets/wp-content/uploads/2022/08/Schwartz.jpg?w=576&q=75 576w, https://fortune.com/img-assets/wp-content/uploads/2022/08/Schwartz.jpg?w=768&q=75 768w, https://fortune.com/img-assets/wp-content/uploads/2022/08/Schwartz.jpg?w=1024&q=75 1024w, https://fortune.com/img-assets/wp-content/uploads/2022/08/Schwartz.jpg?w=1280&q=75 1280w, https://fortune.com/img-assets/wp-content/uploads/2022/08/Schwartz.jpg?w=1440&q=75 1440w" src="https://fortune.com/img-assets/wp-content/uploads/2022/08/Schwartz.jpg?w=1440&q=75"/></div><div class="sc-25d82a6f-3 lclZQu"><p>Leo Schwartz is a reporter at <i data-stringify-type="italic">Fortune</i> covering fintech, crypto, venture capital, and financial regulation. He also writes the Monday edition of <em>Fortune</em>'s weekday deals newsletter, <a href="https://fortune.com/newsletters/term-sheet?&itm_source=fortune&itm_medium=author_bio&itm_campaign=term_sheet&itm_content=leo_schwartz" target="_self" aria-label="Go to https://fortune.com/newsletters/term-sheet?&itm_source=fortune&itm_medium=author_bio&itm_campaign=term_sheet&itm_content=leo_schwartz" class="sc-93594058-0 ctOlNq">Term Sheet</a>, with a focus on New York venture capital. He previously worked at Rest of World, covering tech from Mexico City. His work has also appeared in the <em>Washington Post</em>, PBS NewsHour, and <em>The Nation</em>. He graduated with a dual master's in journalism and Latin American studies from New York University and a bachelor's from Columbia University.</p><p>Got a tip? 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