Kalshi was founded by Tarek Mansour and Luana Lopes Lara, two MIT graduates who set out to create a regulated prediction market in the United States. Their journey from concept to CFTC-regulated exchange is one of the more remarkable startup stories in fintech. This article covers their backgrounds, the founding story, the advisory board, and how their leadership has shaped the platform.
Tarek Mansour: CEO and co-founder
Tarek Mansour serves as CEO of Kalshi. Born in Egypt, Mansour grew up in Dubai before attending MIT, where he studied finance and computer science. Before founding Kalshi, he worked at Goldman Sachs in their trading division, gaining direct experience with exchange infrastructure and derivatives markets.
Mansour's background in both technology and traditional finance positioned him well for the challenge of building a new type of exchange. His experience at Goldman gave him insight into how regulated markets operate, while his technical skills helped architect the platform's infrastructure.
As CEO, Mansour has been the public face of Kalshi's regulatory battles, testifying before Congress and engaging with CFTC commissioners to advance the case for legal prediction markets in the United States.
Luana Lopes Lara: Co-founder
Luana Lopes Lara co-founded Kalshi alongside Mansour at MIT. Originally from Brazil, Lopes Lara brought a deep background in quantitative analysis and engineering to the venture. She studied electrical engineering and computer science at MIT before working in venture capital and technology.
Lopes Lara played a central role in the company's early product development and regulatory strategy. Her technical expertise was critical in designing the exchange's matching engine and risk management systems. She has also been instrumental in building Kalshi's data infrastructure, which feeds the real-time odds that traders rely on.
The founding story
Kalshi's founding story begins at MIT in the late 2010s. Mansour and Lopes Lara recognized that prediction markets had enormous potential for price discovery and risk management but were effectively illegal for US retail traders. Academic research consistently showed that prediction markets outperformed polls and expert forecasts, yet no regulated US exchange existed for event contracts.
They founded Kalshi with the explicit goal of obtaining CFTC approval, a process that most industry observers considered extremely unlikely to succeed. The pair spent years working with regulators, designing contract specifications that met CFTC requirements, and building the technical infrastructure for a compliant exchange.
In 2020, Kalshi achieved what many thought impossible: it became the first CFTC-regulated exchange dedicated to event contracts. This approval gave Kalshi a significant first-mover advantage and regulatory moat that competitors have struggled to replicate. For more on Kalshi's regulatory status, see our guide on whether Kalshi is legal.
Kalshi's advisory board
Kalshi has assembled a notable advisory board that spans finance, technology, regulation, and academia:
- Henry Kissinger (former): The late former Secretary of State served on Kalshi's advisory board, lending significant credibility during the company's early regulatory push.
- Larry Summers: The former Treasury Secretary and Harvard president has been an advisor, bringing deep expertise in economic policy and financial regulation.
- Academic advisors: Several prominent economists and prediction market researchers have advised on contract design and market structure.
- Former regulators: Kalshi has engaged former CFTC and SEC officials to help navigate the complex regulatory landscape.
This advisory board has been crucial in legitimizing prediction markets in Washington and on Wall Street. The caliber of advisors reflects the seriousness of Kalshi's mission and has helped open doors with institutional investors and regulators.
How the founders shaped the platform
Several aspects of Kalshi's design reflect the founders' backgrounds and priorities:
Regulation-first approach: Unlike offshore prediction markets, Kalshi was built from day one to be fully compliant with US regulations. This means KYC verification, CFTC oversight, and segregated customer funds. It is slower to launch new markets but provides legal certainty. For context on how this compares to alternatives, see our Kalshi vs. Polymarket comparison.
Exchange model: Mansour's Goldman Sachs experience influenced Kalshi's central limit order book design. Unlike some prediction markets that use automated market makers, Kalshi uses a traditional exchange matching engine where buyers and sellers meet directly.
API-first design: The founders prioritized building a robust API from the start, recognizing that sophisticated traders and market makers need programmatic access. This decision has attracted quantitative traders and improved liquidity. Learn more in our Kalshi API guide.
Broad market coverage: Rather than focusing on one category like elections, Kalshi lists contracts across economics, weather, geopolitics, entertainment, and more. This diversified approach reflects the founders' belief that prediction markets should eventually cover any quantifiable future event.
Company growth under the founders
Under Mansour and Lopes Lara's leadership, Kalshi has grown from a two-person startup to a major prediction market platform. Key milestones include:
- CFTC approval (2020): The foundational regulatory achievement that made everything else possible.
- Election market launch: After winning a landmark legal battle against the CFTC, Kalshi launched political event contracts.
- Fundraising: Kalshi has raised significant venture capital from top-tier investors, valuing the company at over $750 million.
- Volume growth: Trading volume has increased dramatically, with billions of dollars traded on major events.
For more on the company's ownership and investors, see our article on who owns Kalshi.