127: Money Talks #30 | Starling Goes Unicorn | Roblox Goes Public | Walmart Feeling Super | Square Goes Tidal | Ireland Accelerates

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Hey there, I'm Pete Townsend,
and this is money, never sleeps.

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We look inside the minds of
entrepreneurs and at the

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crossover of startups and
apprise Finance, technology and

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Life.
As We Know It, This episode of

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money.
Never sleeps is sponsored by Pat

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fintech training partner.
The demystifies fintech and

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digital Finance for financial
services professionals Owen,

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Fitzgerald and I are back with
another money talk segment this

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week when we trip through the
wires to Starling Banks, latest

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Ray's investing in Roblox direct
listing, Walmart super app

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versus the bank of Walmart, the
square and titled Jack Dorsey

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and Jay-Z tie up and National
startup accelerators,

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International startup
accelerators and pre

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accelerators.
All right here, on this week's

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episode of money.
Never sleeps.

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Hey pal, how's it going?
Good, and you, I'm doing great.

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Do it the day trading today.
We'll talk about that later on,

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okay?
It's not day trading.

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If you just buy and don't sell
right, that's true.

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As long as it doesn't happen in
one day then it's not day

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trading.
Exactly.

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Does the next day count?
It's just a by, but we'll talk

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about that will talk about.
We got so much to go through

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tonight.
I'm thinking as I'm going

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through a few of these stories
this morning and this afternoon

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that you could really go down a
rabbit hole here with some of

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these stories and it's the more
you're in this and the more you

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know about the different players
you start making These

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associations you start seeing
these patterns and saying, wait

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a second.
If you did this, this that and

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the other thing anywho, it's all
good stuff.

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Do you want to dig right into it
go first.

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Okay, first story, we're looking
at tonight is Starling our good

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friends at Starling bank, they
raised two hundred and seventy

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two million pounds at a 1.3
billion pound valuation.

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That was announced just a couple
of days ago and we've got a

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story where a number of these
things were covered by our

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friends at sifted.
People check that out.

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But Owen 50, put up their pay
wall.

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Did you see that?
I did.

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See that this really annoying?
No.

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I understand.
Obviously, I'm not sure.

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I'm not giving that about their.
They're trying to earn a living

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and everything.
It's really annoying for me who

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just want to pay our now, why I
shut down my ft subscription

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because sifted went live, right?
And now what I ended up paying

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for the Ft subscription
annually, I'll have to then now

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pay for sifted by what you gonna
do.

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Anyway, the series D round was
led by Fidelity management

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researcher fmr out of Boston.
Where I Did my career back in

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the 90s?
Alongside the Qatar investment

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Authority?
Got a good friend from Bermuda

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who is from Qatar, I'm sure he
knows some of the folks, their

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pension manager RPM.
I real pain and the investment

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for a millennium management who
I did a little project with a

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few years ago, called Bond
clearing, which I won't get into

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was terribly boring and terribly
insane at the same time.

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One of the other things, I noted
the investor one of the big

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investors from the early days.
Harry mcpike.

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He cashed out for cashed out a
portion.

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Did you read and bowden's book
backing on it?

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No, I read the book.
Now.

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Okay okay.
Anyway in the book banking on

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it, the Ann Bowden wrote that.
I just finished reading

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recently.
She talks about her initial

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investor.
Harry mcpike.

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He bankrolled Starling in the
early days with up to 48 million

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pounds that he invested in three
tranches for 67 percent of the

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equity.
That's a big number, right?

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Harry mcpike was the founder of
the quantitative trading firm,

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quantized he lives on board is
92 foot yacht in Nassau in the

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Bahamas off a little place
called Paradise Island.

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Yeah.
So he's pretty it's he's pretty

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Wealthy.
Yeah it was a strange person

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involved in the whole thing with
me because like you can

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understand everyone else's
involvement under background.

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He just seemed to be to bring
the money.

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A lot of money.
It does Harry was a needle in

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the haystack type Ambassador,
right?

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I mean I think Anne was at at a
point in time where it looked

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like it was pretty dire and the
funding was absolutely critical

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and through an introduction.
Through an old associate, she

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got the entry point to Harry,
she went to go see him in the

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Bahamas.
Don't want to ruin the story for

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anybody, right?
But from where it is right now,

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he still owns 40% of the
company.

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Okay?
So and is now down below, 25

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percent of the equity since
2019, and she's probably down to

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fifteen percent or less after
the last two rounds.

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But from reading the book
though, she's no Gordon Gekko.

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Right.
Her passion was never about the

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massive accumulation of wealth,
so and about the I win, you lose

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type of things, you know, just
different kind of individual and

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she was asked in the article
about the Comment from the UK

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pension fund, real pain on
whether it was risky for them to

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invest in Starling and and said,
it's absolutely fantastic.

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Pension funds.
Invest in large stable

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companies, Starling is bigger
now and profitable.

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They're not VCS.
These are investors that invest

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in real solid numbers with real
solid growth, which is a

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admirable position to be in
right now.

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For Ann Bowden and Sterling
Bank.

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That's it, like, it's a really
positive piece for them to

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pension fund investment because
even look at us, one's own

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Revolution.
Sounds like it's typically

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always VCS ponying up again.
Keeping the fund, the business,

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whereas from a from an exit
strategy long-term support when

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the view the pension fund is
potentially a better support,

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they're not looking to get
turned up money around very

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quickly.
Yep there's pockets of us you

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know far deeper pockets and with
with some of the individual

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VC's.
Yep.

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And it's reminiscent of coin
basis.

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Either series D or Series E
where tiger Global Management

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which is a private Equity Firm
but having a big name like tiger

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on a cryptocurrency.
Business was a big win and also

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Wellington Asset Management who
is one of the stalwarts from

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Boston for Fidelity or from they
came into the coinbase series

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dear series because it's a big
joke.

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You look at you look at that
list of investors and you have

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Fidelity and then you have real
pain as well.

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That's a very different group of
investors with a longer-term

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strategic view on it as opposed
to further funding from the VC.

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So I'd say it's the fundraising
is very positive.

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But actually the makeup of the
fundraisers is even more.

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Positive terms of the long-term
future of the.

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Yep.
Yep, I really like it.

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But I mean it's a stage that
they're at, you know, they're

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profitable to Starling book
revenues to 12 million pounds in

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the month of January and their
net income is more than one and

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a half million pounds.
So according to our friend,

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Brian McMahon from expert dojo
and his eye for early-stage

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startups, that have the
potential to get to 10 million

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in monthly recurring Revenue,
right?

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And and her team have done that
a few million better.

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So, who was the next darling
bank?

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If you think it's you, please
get in touch.

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Absolutely.
When, if it's you we're talking

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right?
Now, so just let me know.

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Yeah, yeah.
So if you can get to 10 million,

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in monthly recurring Revenue,
you're getting well.

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What's referred to as unicorn
material, dry fight your unicorn

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status.
I think exactly.

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So that is a 1 billion Revenue
valuation.

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If you're a 10 million monthly,
recurring Revenue, 120 million

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ARR, 7 to 8 x multiples of
Revenue to get to your valuation

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for a fintech and that is
conservative.

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All right.
That's it was going to say

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that's pretty reasonable.
Like I thought you would think

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on the face.
You are so cute.

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It were expecting 12 to 15 if
not more for a fintech.

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So to said that's quite
conservative, which keeps very

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conservative, it's kind of like
cutting it in half.

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I was talking to a couple of
Founders today about take all of

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your Revenue projections and cut
them in half, right?

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And it's going to take twice as
long to get to that level.

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Couple of guys, I was talking to
you today that were talking

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about the amount that they would
need for funding and they were

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both showing me their early
stage projections where they

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were profitable within three
months and I'm like, well if

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you're going to be profitable
within three months, you don't

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need.
Funding right.

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You don't usually see if you're
gonna be profitable in three

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months, right?
So but no got them going the

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right direction.
But I one of the other things

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with this is well is that the
new funding is being put towards

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launching Starling in Europe and
for anticipated ma perhaps a

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peer-to-peer lender to grow.
Its lending book.

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I know that you were tweeting
about that a couple of weeks

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ago, when you were saying, hey
my Ulster Bank have a loan book

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there.
That might be interesting.

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Yeah, seems that sort of thing
you would take make sense.

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Obviously, you know, I was
treating In relation to

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Revolution, maybe it doesn't
make sense for them with no

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background in lending and it's a
far different kettle of fish as

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they say.
But obviously with starting

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being more focused on the
business side of it, you could

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argue it as an opportunity for
them to look at loan books,

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peer-to-peer lenders or others
who might have a loan book for

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sale and acquire a decent chunk
of customers on that basis.

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So see the challenge with going
across Europe, is the different

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regulatory requirements and the
different Market requirements?

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You know, it's not easy.
A lot of that money will go

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towards, whatever is Needed to
go into new markets.

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So you know you could see
there's a it may not be enough

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given that to be a period of
time before they're starting to

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build up some profit in
Newmarket.

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Oh yeah.
But I'm sure if, if they were

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letting good old Harry, you
know, take a few tens of

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millions off the table.
They had to be in a position

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because are regulated bank now
of having capital adequacy and

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having them enough left in the
war chest, do what they wanted

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to do, right?
So the one of the Articles said

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there is still no date for the
Irish license and had said that

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they had Gun building out the
team there.

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We know that obviously with
Elaine DM shout-out to a lane.

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She heads up.
Starling in Ireland.

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It's a friend of the show.
So but European expansion.

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This sights are set on Ireland.
Ireland is a small country of 5

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million people, but it is the
first Natural Bridge for a UK

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business with English as its
first language to get into

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Europe, which seems crazy 50
years ago, that UK would need to

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seems crazy to get into Europe.
All right, but obviously, you

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know, strategically and
actually, I'm thinking back to

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my comment from a few minutes
ago, you know, getting the

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license in Ireland covers Europe
from the registry point of view,

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obviously.
So, you know is reduces the cost

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of going into some of those
markets.

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So it's a big thing, what you
get, you get it done in Ireland.

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First, I've talked to a few
companies about this is that

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Ireland's got a very unique
demographic for a country of

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five million people and you've
got a good proportion of

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tech-savvy individuals.
Just from all of the different

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00:10:02,300 --> 00:10:05,400
types of multinational
businesses that have been here

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across all different segments of
Technology over the last 3040

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years.
And what that's created in terms

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of how people engage with
technology in Ireland, right?

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00:10:14,300 --> 00:10:18,400
And being able to have that type
of population here in, what is I

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looked at some numbers recently
where the 6th wealthiest country

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in the world in terms of GDP per
capita because of all the

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revenue pump through Ireland's
it by the multinationals, right?

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It goes back out again.
It doesn't go into our pockets,

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00:10:32,400 --> 00:10:34,500
well, some of it.
But anyway, I think there is a

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very unique demographic.
So it makes for a good breeding

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ground for your European entry
point, right?

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Get it done here and then you're
going to 27 different unique

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cultures, right?
You know, and it's that's going

228
00:10:49,300 --> 00:10:53,500
to be a harder nut to crack.
Anyway, last point on this while

229
00:10:53,500 --> 00:10:57,600
Manzano revolution in 26, have
all raised at higher valuations

230
00:10:57,600 --> 00:11:00,000
than this one point.
Two billion Starling now out

231
00:11:00,200 --> 00:11:05,100
Pieces, all of them in terms of
value per user at 650 pounds per

232
00:11:05,100 --> 00:11:08,800
user, right?
That's, I think out of this

233
00:11:08,800 --> 00:11:11,100
entire story, I think that's the
one.

234
00:11:11,100 --> 00:11:15,300
Now, after reading the book from
Ann bowdan that she would point

235
00:11:15,300 --> 00:11:17,400
to would be the most proud of
yeah, definitely.

236
00:11:17,400 --> 00:11:19,200
Right.
It's not the big valuation.

237
00:11:19,200 --> 00:11:21,800
It's not the money coming in.
I'd say she's proud of the

238
00:11:21,800 --> 00:11:24,800
investor profiles that have come
in, but the fact that they've

239
00:11:24,800 --> 00:11:28,100
been able to pump up the value
per user to 650 pounds, that's

240
00:11:28,100 --> 00:11:29,900
pretty yeah.
Cool.

241
00:11:30,100 --> 00:11:32,700
All right, next one.
Speaking about pumping up,

242
00:11:33,100 --> 00:11:37,000
Roblox right there.
Direct listing went on to New

243
00:11:37,000 --> 00:11:40,500
York Stock Exchange today at
what was a reference price of

244
00:11:40,500 --> 00:11:44,800
$45 per share.
That opened up at 6450.

245
00:11:44,900 --> 00:11:48,600
I know, because I got in for a
small investment, very small

246
00:11:48,600 --> 00:11:50,600
investment, just to kind of
undo.

247
00:11:50,600 --> 00:11:53,800
Some of my frustrations about
the trading options that I have

248
00:11:53,800 --> 00:11:56,700
here in Ireland at.
I used one of my us accounts,

249
00:11:56,800 --> 00:12:00,000
not like, you know, Gordon Gekko
saying to Bud, Fox.

250
00:12:00,200 --> 00:12:03,600
Use the offshore accounts.
I'm using a, an account that is

251
00:12:03,600 --> 00:12:07,200
monitored by the IRS and we're
all gains are reported by

252
00:12:07,500 --> 00:12:11,400
Fidelity to the IRS.
So it's all good anywho so they

253
00:12:11,400 --> 00:12:14,500
went to direct listing.
Instead of an IPO like a number

254
00:12:14,500 --> 00:12:18,400
of companies before them Asana,
palantir Spotify and slack up

255
00:12:18,400 --> 00:12:20,500
coming from coinbase.
They're going to do one as well.

256
00:12:20,500 --> 00:12:23,800
So it's not backed by
Underwriters as the current

257
00:12:23,800 --> 00:12:26,600
shareholders just convert their
ownership into stock based on

258
00:12:26,600 --> 00:12:28,700
trading prices in private
markets, right?

259
00:12:28,800 --> 00:12:31,100
I don't know what they might
have been trading at in the

260
00:12:31,100 --> 00:12:34,700
secondary markets before they
went live on the New York Stock

261
00:12:34,700 --> 00:12:37,600
Exchange today because we've
seen that with some of these

262
00:12:37,600 --> 00:12:42,100
others where employee shares, or
employee share options, or

263
00:12:42,100 --> 00:12:45,300
derivative of those are trading
in secondary markets, right?

264
00:12:45,300 --> 00:12:50,800
But opening up at 6450, bounced
up to 70 up to 80 then back

265
00:12:50,800 --> 00:12:53,500
settled down around 70.
I think towards the close of the

266
00:12:53,500 --> 00:12:56,800
market today, just seeing them
go public knowing the revenue

267
00:12:56,800 --> 00:12:58,800
model, which I think we can get
into a little bit.

268
00:12:58,900 --> 00:13:00,000
It would kind of mind-blowing to
me.

269
00:13:00,100 --> 00:13:02,900
You see this video game that my
kids have been playing for the

270
00:13:02,900 --> 00:13:05,200
last couple of years?
Yeah we're one of the kids just

271
00:13:05,200 --> 00:13:08,000
walked over to me and said, Dad
Dad, can you download Roblox for

272
00:13:08,000 --> 00:13:09,000
me?
I'm like yeah, sure why not,

273
00:13:09,000 --> 00:13:10,100
what is that?
It's like, I don't know.

274
00:13:10,200 --> 00:13:12,300
One of the one of the guys
outside one of the kids outside

275
00:13:12,300 --> 00:13:14,100
said I need to play it like all
right here you go.

276
00:13:14,400 --> 00:13:17,000
Yeah that was kind of before we
have this control Mind Set On

277
00:13:17,000 --> 00:13:19,700
Top of iPads.
Look, same, you know, I try

278
00:13:19,700 --> 00:13:21,900
limited but actually, it's one
of the few games I don't mind

279
00:13:21,900 --> 00:13:24,800
them playing as long as that are
chatting to whoever random

280
00:13:24,800 --> 00:13:27,500
stranger in some parts of the
world, but actually from like

281
00:13:27,900 --> 00:13:30,800
usability and skills.
And Like coordination.

282
00:13:30,800 --> 00:13:33,900
All I like good stuff that you
get from gaming, whatever, build

283
00:13:33,900 --> 00:13:36,600
outings and the community side
of it, I think they really enjoy

284
00:13:36,600 --> 00:13:37,800
it.
So I have a lot of time for the

285
00:13:37,800 --> 00:13:40,100
kids playing Roblox in
particular, but I just think

286
00:13:40,100 --> 00:13:43,600
it's a fascinating business and
a potential opportunities of us

287
00:13:43,600 --> 00:13:47,100
especially to buying and selling
and the e-commerce platform and

288
00:13:47,100 --> 00:13:48,500
engine that runs within the
game.

289
00:13:49,000 --> 00:13:51,100
I think that's really cool and
there's no discount for that.

290
00:13:51,100 --> 00:13:53,100
Yeah, that was eye opening piece
for me.

291
00:13:53,100 --> 00:13:55,200
And obviously looking at this
before, pulling the trigger on

292
00:13:55,200 --> 00:13:56,700
the investment, getting my head
around it.

293
00:13:56,700 --> 00:14:00,500
A bit more is seeing how Jesus
Simon Taylor said, Weeks ago,

294
00:14:00,500 --> 00:14:04,000
everything is fintech right in
his fintech brain, food

295
00:14:04,000 --> 00:14:06,800
newsletter, and I'm thinking is
everything crypto here, right?

296
00:14:06,800 --> 00:14:11,000
Because Roblox developers can
get paid in Robux right and

297
00:14:11,000 --> 00:14:14,000
in-game currency.
Yeah, yeah exactly.

298
00:14:14,000 --> 00:14:18,900
That is used to buy new avatars
used to buy new gear for your

299
00:14:18,900 --> 00:14:21,700
avatar, right?
And there are now developers

300
00:14:21,700 --> 00:14:24,500
that are making a living off
this as you can convert that

301
00:14:24,500 --> 00:14:26,600
back into Fiat and how many
million people?

302
00:14:26,600 --> 00:14:29,000
What were the numbers?
The numbers in February, thirty

303
00:14:29,000 --> 00:14:31,200
two and a half million Daily
average users.

304
00:14:31,300 --> 00:14:35,100
It far exceeds the Facebook and
everything up from thirteen.

305
00:14:35,400 --> 00:14:37,200
Thirteen, fourteen million this
time last year.

306
00:14:37,200 --> 00:14:38,700
Wow.
But again, come back to what you

307
00:14:38,708 --> 00:14:40,800
were saying there.
It's the ability to build your

308
00:14:40,800 --> 00:14:44,000
own game within the world and
taught grade your character and

309
00:14:44,000 --> 00:14:46,400
then being able to cash out of
it like this huge opportunity.

310
00:14:46,400 --> 00:14:48,000
A good reference point for
tonight.

311
00:14:48,000 --> 00:14:51,200
Had Travis Scott do his entire
concert with in the game.

312
00:14:51,300 --> 00:14:53,600
They made lots of money out of
that by having sponsorship

313
00:14:53,600 --> 00:14:56,500
associated with the concert, I
think it was packing McCormick.

314
00:14:56,500 --> 00:14:59,400
Had a really good article that
he wrote on a few months back

315
00:14:59,400 --> 00:15:01,700
about.
What he calls the metaverse.

316
00:15:01,900 --> 00:15:05,500
The online Universe, where buy
products to be developed purely

317
00:15:05,500 --> 00:15:08,700
online metagaming setting, like,
lots of money is going to be

318
00:15:08,708 --> 00:15:10,800
flowing towards out.
I love to find, this may be put

319
00:15:10,800 --> 00:15:13,100
in the show notes.
Again, it's pointed out that

320
00:15:13,100 --> 00:15:17,100
actually Within These Universe
of 32 million users everyday,

321
00:15:17,100 --> 00:15:20,400
the amount of opportunity to
build new products or do some

322
00:15:20,400 --> 00:15:22,800
really interesting stuff is
untapped potential there.

323
00:15:22,900 --> 00:15:25,300
Oh yeah.
I mean, yeah, I think metaverse

324
00:15:25,300 --> 00:15:28,800
is right word there.
It's just a whole new virtual

325
00:15:28,900 --> 00:15:30,400
economy.
That.

326
00:15:30,400 --> 00:15:34,000
And I was saying to someone the
other day that the danger of

327
00:15:34,000 --> 00:15:38,100
this digital working, right?
Or remote working is that you

328
00:15:38,100 --> 00:15:39,900
don't have to leave your house,
right?

329
00:15:39,900 --> 00:15:42,600
So making sure you get outside
every day is a big thing.

330
00:15:42,600 --> 00:15:45,800
We always want our kids to go
outside every day, right?

331
00:15:45,800 --> 00:15:48,400
So the more and more they get
hooked on this stuff but yeah.

332
00:15:48,400 --> 00:15:49,900
Just to take the controller
away.

333
00:15:49,900 --> 00:15:52,400
It's an interesting one because
obviously I laughed when you

334
00:15:52,400 --> 00:15:55,100
were saying everything is crypto
but something like grow box

335
00:15:55,100 --> 00:15:58,200
which is the in-game currency
like to me is the prime example

336
00:15:58,208 --> 00:16:01,300
of a digital currency.
See potential usage.

337
00:16:01,300 --> 00:16:03,700
You see Bitcoin obviously
starting to become more widely

338
00:16:03,700 --> 00:16:07,100
adopted but actually here's a
currency within a game that's

339
00:16:07,100 --> 00:16:09,500
been used potentially by 32
million people every day.

340
00:16:09,600 --> 00:16:10,900
It's a potential for that like
that.

341
00:16:10,900 --> 00:16:13,000
To me is what digital currency
could become.

342
00:16:13,000 --> 00:16:16,100
It's a closed loop environment
whereby that currency can be

343
00:16:16,100 --> 00:16:17,500
used in a hundred different
ways.

344
00:16:17,600 --> 00:16:19,900
Oh, yeah, absolutely.
And that's part one of the big

345
00:16:19,900 --> 00:16:21,400
things for me.
Would defy, right?

346
00:16:21,400 --> 00:16:25,100
Is that you hold eith, you can
stake, eat, you can earn other

347
00:16:25,100 --> 00:16:29,900
tokens you can then do swaps.
You can generate yield and

348
00:16:30,000 --> 00:16:34,300
Within this whole ecosystem, you
can just continue to earn you

349
00:16:34,300 --> 00:16:39,400
continue to invest, you can
borrow and without ever

350
00:16:39,400 --> 00:16:42,000
converting it to Fiat and
cashing out.

351
00:16:42,000 --> 00:16:44,700
But when you do want to cash
out, there is the absolute

352
00:16:44,700 --> 00:16:47,600
facility to be able to do that.
That one of the mind-bending

353
00:16:47,600 --> 00:16:51,000
things for this was in the CNBC
article that talked about it,

354
00:16:51,000 --> 00:16:54,900
where they started out the
article with Ethan garance key

355
00:16:55,000 --> 00:16:57,500
was about 10 years old.
When he discovered Roblox, he

356
00:16:57,500 --> 00:17:01,400
dove into its games mostly to
Eyes with other kids nowadays

357
00:17:01,400 --> 00:17:04,400
20.
He has his own Roblox game that

358
00:17:04,400 --> 00:17:07,900
he works on full time with his
girlfriend, l a couple met on

359
00:17:07,900 --> 00:17:10,900
the app earn more than forty,
nine thousand dollars in the

360
00:17:10,900 --> 00:17:12,900
past month, from their action
game.

361
00:17:12,900 --> 00:17:16,599
Called Bad Business by selling
outfits and weapons players can

362
00:17:16,599 --> 00:17:18,300
use to make their characters
look cooler.

363
00:17:18,300 --> 00:17:20,500
And perform better, right?
Absolutely.

364
00:17:20,599 --> 00:17:24,900
You are an in ecosystem where
there is a currency that you use

365
00:17:24,900 --> 00:17:27,599
to do things with and then when
you want to leave that

366
00:17:27,599 --> 00:17:30,600
ecosystem, you take your money
with you and Go use it somewhere

367
00:17:30,600 --> 00:17:31,600
else.
Wonderful.

368
00:17:31,700 --> 00:17:33,600
I think we're just going to see
in more and more and more of

369
00:17:33,600 --> 00:17:39,000
that and I think the wow yeah
the plugin of the nft world, the

370
00:17:39,000 --> 00:17:43,600
non fungible token world to
these links with other types of

371
00:17:43,600 --> 00:17:48,000
experiences I think is going to
be a gateway to so much more of

372
00:17:48,008 --> 00:17:49,600
this going to be pretty cool to
see.

373
00:17:49,600 --> 00:17:51,700
Definitely way more to come into
space.

374
00:17:52,200 --> 00:17:53,900
Definitely way more to come in
this space.

375
00:17:56,900 --> 00:17:58,200
This episode of money, never
sleeps.

376
00:17:58,200 --> 00:18:01,400
It's sponsored by Pat fintech.
Mystifying fintech and digital

377
00:18:01,400 --> 00:18:04,700
Finance for financial services
professionals, Pat fintech

378
00:18:04,700 --> 00:18:07,200
enable Financial Services
professionals to transform their

379
00:18:07,200 --> 00:18:10,400
capabilities into the digital
age with dedicated virtual

380
00:18:10,400 --> 00:18:13,200
training programs, geared
towards those that can develop

381
00:18:13,300 --> 00:18:17,200
deliver in monitor optimally
customized user experiences,

382
00:18:17,500 --> 00:18:19,700
balanced by appropriate
governance, control and

383
00:18:19,700 --> 00:18:22,300
oversight.
To learn more about Pat fintech.

384
00:18:22,400 --> 00:18:24,800
Go to money, never sleeps.
That IE /.

385
00:18:24,800 --> 00:18:32,500
P80 fintech.
On to the next one.

386
00:18:32,600 --> 00:18:34,200
Well, there we go.
Right.

387
00:18:34,200 --> 00:18:39,300
So speaking of everything being
fintech Walmart is proposing or

388
00:18:39,300 --> 00:18:42,800
suggesting subtly between the
lines or whatever, that

389
00:18:42,800 --> 00:18:47,500
everything is fintech and the
headline is Walmart's fintech

390
00:18:47,500 --> 00:18:50,300
ambition.
A super app, not the bank of

391
00:18:50,300 --> 00:18:52,800
Walmart.
Okay, so back in January,

392
00:18:52,900 --> 00:18:57,400
Walmart announced that they were
building a super app.

393
00:18:57,500 --> 00:18:59,500
This was kind of lost in the
headlines.

394
00:19:00,100 --> 00:19:02,800
I thought it was the bank of
Walmart, right?

395
00:19:02,900 --> 00:19:04,300
That they were going to be
building.

396
00:19:04,300 --> 00:19:11,800
Just a chime of n Mo a revolute
type app but that's not it.

397
00:19:11,800 --> 00:19:15,000
They announced in January this
partnership with rivet Capital

398
00:19:15,100 --> 00:19:18,100
to develop an offer modern
Innovative and affordable

399
00:19:18,100 --> 00:19:20,700
Financial Solutions.
That I just say Innovative.

400
00:19:20,800 --> 00:19:23,500
I said at the Irish way
wonderful but it's funny.

401
00:19:23,500 --> 00:19:26,200
I took a look at this, right?
I took a look at rivet Capital

402
00:19:26,300 --> 00:19:28,600
now they say it takes money to
change money, right?

403
00:19:28,600 --> 00:19:31,200
That is their part of They're
mantra', when they're making

404
00:19:31,200 --> 00:19:34,400
investments in early stage
fintech it does take lots of

405
00:19:34,400 --> 00:19:37,200
money to change money and lots
of money from Walmart, right?

406
00:19:37,200 --> 00:19:41,400
So I wonder what the deal is
like for Walmart to be paying

407
00:19:41,400 --> 00:19:47,100
Ribbit capital and as I just
said, this isn't about building

408
00:19:47,100 --> 00:19:50,100
a digital Bank.
This is a heck of a lot more

409
00:19:50,100 --> 00:19:54,800
WeChat that have his Revolution
okay and one of the things about

410
00:19:54,800 --> 00:19:57,400
WeChat is that it's all based on
these things called mini

411
00:19:57,400 --> 00:19:59,700
programs that are running inside
a super app.

412
00:20:00,200 --> 00:20:02,800
You don't need to download a new
app from the app store for each

413
00:20:02,800 --> 00:20:04,700
new service that you want to
plug into this.

414
00:20:05,100 --> 00:20:09,600
You just you just go right and
I'm trying to think about Ribbit

415
00:20:09,600 --> 00:20:14,200
capital or only there's 20
some-odd faces on there a team

416
00:20:14,200 --> 00:20:16,900
page, right?
There's probably another I don't

417
00:20:16,900 --> 00:20:20,600
know 30 40 max that are with
Ribbit Capital.

418
00:20:20,900 --> 00:20:23,300
They're not gonna have the
bandwidth to build anything.

419
00:20:23,700 --> 00:20:28,400
Well they just be advising or if
you look at their Investments a

420
00:20:28,400 --> 00:20:30,800
firm, Brax chain, a little This
is coinbase.

421
00:20:30,800 --> 00:20:34,000
Credit Karma, figure revolute,
Robin Hood, lots of good names.

422
00:20:34,000 --> 00:20:36,200
Lots of knowledge, in-house
fishing.

423
00:20:36,200 --> 00:20:39,600
They're going to farm the
development of these many

424
00:20:39,600 --> 00:20:44,600
programs as side gigs to, some
of the portfolio companies.

425
00:20:44,700 --> 00:20:46,800
Definitely, definitely.
Look at this.

426
00:20:46,800 --> 00:20:48,700
This is a really interesting
one, because when you first

427
00:20:48,700 --> 00:20:51,600
think of Walmart's like, it's
not to do it over here but like

428
00:20:51,800 --> 00:20:55,400
I was looking at it earlier, 220
million customers on a daily

429
00:20:55,400 --> 00:20:57,200
basis.
Go through the doors of a

430
00:20:57,208 --> 00:20:58,600
Walmart.
They've got ten and a half

431
00:20:58,600 --> 00:21:01,400
thousand stores.
Globally become City majority in

432
00:21:01,400 --> 00:21:03,700
the u.s., you know, we're
talking again, it comes back to

433
00:21:03,700 --> 00:21:07,400
the Amazon conversations, we've
had in the past and Facebook and

434
00:21:07,400 --> 00:21:10,700
WhatsApp and so far, it's just
finding further ways to monetize

435
00:21:10,700 --> 00:21:12,700
your existing customer.
So people you go to Walmart

436
00:21:12,700 --> 00:21:14,500
everyday, like to continue
coming back.

437
00:21:14,800 --> 00:21:17,500
So now it's a case of how many
different solutions.

438
00:21:17,500 --> 00:21:19,400
Can we provide them in one
place?

439
00:21:19,400 --> 00:21:22,300
So, within our Walmart app and I
think they get the nail on the

440
00:21:22,300 --> 00:21:24,800
head there with the rivers
Capital piece, you know, their

441
00:21:24,800 --> 00:21:28,200
team can't do it, but they
clearly have the access to the

442
00:21:28,200 --> 00:21:30,000
even the list of names you
mentioned, there are Each of

443
00:21:30,008 --> 00:21:33,100
those has a specific value add
to Walmart, you know.

444
00:21:33,100 --> 00:21:34,700
Absolutely.
Absolutely.

445
00:21:34,800 --> 00:21:39,600
And the big news this week on
this whole thing with Walmart is

446
00:21:39,600 --> 00:21:42,200
they hired Omer.
Ishmael and David Stark from

447
00:21:42,200 --> 00:21:44,900
Goldman Sachs who are key,
players and leading Marcus's

448
00:21:44,900 --> 00:21:49,200
growth to more than 97 billion
dollars in deposits, right?

449
00:21:49,200 --> 00:21:55,100
So one of the Articles was
suggesting, hey, you five years

450
00:21:55,100 --> 00:21:59,800
ago, you started doing this with
Goldman, to build this city,

451
00:22:00,000 --> 00:22:01,900
Zap.
And what is now becoming an

452
00:22:01,900 --> 00:22:06,300
investing app at least in the
u.s. you want to go start all

453
00:22:06,300 --> 00:22:10,200
over again and do this for five
more years with Walmart, but the

454
00:22:10,208 --> 00:22:13,000
big thing is know, you're doing
something so much bigger than

455
00:22:13,000 --> 00:22:15,700
Marcus, right?
If they can pull this off, the

456
00:22:15,700 --> 00:22:18,400
opportunity set, that was being
referenced.

457
00:22:18,400 --> 00:22:23,200
So the super app would include
their Shopify Marketplace, which

458
00:22:23,500 --> 00:22:25,400
is good.
Wonderful connecting, the

459
00:22:25,400 --> 00:22:29,000
self-service online display ad
platform for partners that they

460
00:22:29,000 --> 00:22:31,800
bought a couple Of years ago,
something called Thunder, I

461
00:22:31,800 --> 00:22:34,600
think.
And this means that if with a

462
00:22:34,600 --> 00:22:37,800
fully online experience, you
still want to be able to pump up

463
00:22:37,800 --> 00:22:40,700
these display ads that people
would normally see when they're

464
00:22:40,700 --> 00:22:45,000
walking around Walmart, right?
So be able to do this in real

465
00:22:45,000 --> 00:22:47,700
time.
Figure out who's on throw up and

466
00:22:47,700 --> 00:22:50,600
add bid right away, who's going
to be the one that takes that

467
00:22:50,600 --> 00:22:53,900
users attention within
milliseconds and pops up an ad

468
00:22:53,900 --> 00:22:56,700
in their face, right?
So that's part of it health

469
00:22:56,700 --> 00:22:59,800
centers, existing investments in
e-commerce.

470
00:23:00,000 --> 00:23:02,700
Logistics supply chain and
inventory management to link

471
00:23:02,700 --> 00:23:06,300
everything up, right, this
on-demand replenishing of

472
00:23:06,300 --> 00:23:08,900
products into the warehouse and
a bunch of other products and

473
00:23:08,900 --> 00:23:10,500
services.
Not currently affiliated with

474
00:23:10,500 --> 00:23:12,700
Walmart, right?
Which is kind of everything.

475
00:23:12,700 --> 00:23:15,800
So, if they do this, right?
This could be massive, it's

476
00:23:15,800 --> 00:23:17,900
just, are they going to be able
to move quick enough?

477
00:23:18,300 --> 00:23:21,600
Given that it's Walmart and
looked at the key piece, maybe

478
00:23:21,600 --> 00:23:24,300
the river couple relationship
and that could be, it's a case

479
00:23:24,300 --> 00:23:26,700
of, let's not build it, let's
just integrate it, you know, if

480
00:23:26,700 --> 00:23:29,500
they can do that obviously their
potential then to move quickly

481
00:23:29,500 --> 00:23:30,300
or not.
Exactly.

482
00:23:30,300 --> 00:23:34,200
Like the interesting comparison
here is with Starbucks and I

483
00:23:34,208 --> 00:23:36,700
always use it anytime I do
guest, lecturing on fintech.

484
00:23:36,700 --> 00:23:39,200
I always talk about that heading
everything is a fintech and I

485
00:23:39,200 --> 00:23:42,000
use Starbucks as an example.
Because the last time it was

486
00:23:42,000 --> 00:23:45,000
publicly flagged, the amount of
I think it was around this time

487
00:23:45,000 --> 00:23:48,300
last year or maybe 18 months ago
at that in that particular

488
00:23:48,300 --> 00:23:51,000
quarter Starbucks, had more
customer deposits.

489
00:23:51,000 --> 00:23:54,400
If you want to call them not on
their Starbucks cards than most

490
00:23:54,600 --> 00:23:58,600
US Banks held in that quarter.
So if you take that example of

491
00:23:58,800 --> 00:23:59,700
what would I do?
My wall.

492
00:23:59,900 --> 00:24:02,300
Our card.
Well, I'd probably top it up or

493
00:24:02,300 --> 00:24:05,200
if I'm topping it up and there's
always going to be a consistent

494
00:24:05,200 --> 00:24:07,100
balance, just sitting there
have.

495
00:24:07,100 --> 00:24:09,700
I got some sort of investment
solution to some sort of

496
00:24:09,700 --> 00:24:11,400
short-term thing that aren't
some money for me.

497
00:24:11,400 --> 00:24:14,000
You know, you're looking at a
firm is obviously one of the

498
00:24:14,000 --> 00:24:16,700
companies they're working with
rivers, and they obviously just

499
00:24:16,700 --> 00:24:19,400
announced this week there, it
was a really strange

500
00:24:19,500 --> 00:24:22,500
announcement in the sense that
they announced a debit card for

501
00:24:22,500 --> 00:24:24,900
their buy.
Now pay later solution, so a

502
00:24:24,900 --> 00:24:28,600
debit card where you pay buy now
and pay later.

503
00:24:28,900 --> 00:24:31,200
Sounds to me like a That card.
But anyway, it's all the

504
00:24:31,200 --> 00:24:32,800
Democrats, but again, you could
see that.

505
00:24:32,800 --> 00:24:35,600
I mean, even that slotting in
immediately as part of your

506
00:24:35,600 --> 00:24:38,400
Walmart card or whatever, your
customer card is the opportunity

507
00:24:38,400 --> 00:24:42,600
to buy on credit at the checkout
in store you know just multiple

508
00:24:42,600 --> 00:24:45,200
options for them and being able
to slot in or integrate.

509
00:24:45,200 --> 00:24:47,600
Those solutions could also do a
huge amount for some of those.

510
00:24:47,600 --> 00:24:49,900
Underlying companies I can
affirm if they start white

511
00:24:49,900 --> 00:24:52,400
labeling, certain Technology
Solutions that they have our

512
00:24:52,400 --> 00:24:54,800
offers that they have.
Oh yeah, yeah.

513
00:24:54,800 --> 00:24:57,600
And this is going to be a pi to
up the Wazoo, right?

514
00:24:57,700 --> 00:24:59,700
I was listening to Sam hinkie on
that podcast.

515
00:24:59,900 --> 00:25:02,400
So do you send me invest like
the best with Patrick

516
00:25:02,400 --> 00:25:04,700
O'Shaughnessy?
And he was saying something

517
00:25:04,700 --> 00:25:07,500
like, people don't use software
software uses software.

518
00:25:07,600 --> 00:25:10,600
Yeah, and it's just apis
everything and that's where this

519
00:25:10,600 --> 00:25:12,700
is all headed.
One of the things I thought as

520
00:25:12,700 --> 00:25:14,300
well.
Oh, and was thinking about the

521
00:25:14,300 --> 00:25:17,500
American culture, and you said,
220 million a day people going

522
00:25:17,500 --> 00:25:19,700
through their doors and buying
things whether online or

523
00:25:19,700 --> 00:25:21,900
offline.
You know, there is a huge

524
00:25:21,900 --> 00:25:26,600
concentration of folks in Middle
America, and well, all over the

525
00:25:26,600 --> 00:25:29,700
country where Walmart is just
kind of where you go forever.

526
00:25:29,800 --> 00:25:32,500
Nothing.
When I was visiting my sister

527
00:25:32,600 --> 00:25:36,100
and her family out in Reno.
Nevada, few years ago, Walmart

528
00:25:36,100 --> 00:25:38,200
was massive.
Everything was, are you need to

529
00:25:38,200 --> 00:25:39,900
go buy beer?
You went to Walmart, you need to

530
00:25:39,908 --> 00:25:42,400
go buy food, you went to
Walmart, you needed some new

531
00:25:42,400 --> 00:25:44,100
clothes, he went to Walmart, you
know?

532
00:25:44,100 --> 00:25:48,000
And so they've got that massive
customer base.

533
00:25:48,400 --> 00:25:51,000
You tried to do that in Europe,
you're not going to get too far

534
00:25:51,400 --> 00:25:55,400
Tesco but that's just UK and
Ireland, and with brexit, even

535
00:25:55,400 --> 00:25:59,400
complicating, that a bit, the
big one in France where we used

536
00:25:59,400 --> 00:26:01,900
to go To get our wine Kara for.
Yeah.

537
00:26:02,200 --> 00:26:03,300
You know you going to do that
now.

538
00:26:03,300 --> 00:26:06,000
It's not big enough, there's no
cross-border, retail, there's no

539
00:26:06,000 --> 00:26:07,600
cross border.
Each has, some of them will be

540
00:26:07,600 --> 00:26:10,400
big enough, a Demarcus, like
maybe a car for, but how far

541
00:26:10,400 --> 00:26:12,000
they're going to go on the
product side.

542
00:26:12,000 --> 00:26:13,700
Most of these guys offered
rewards.

543
00:26:13,700 --> 00:26:16,500
So make sense, if they offered
one or two other products but

544
00:26:16,500 --> 00:26:18,600
nothing of the scale of Alexa
Walmart.

545
00:26:18,600 --> 00:26:22,100
The reality is, it's Amazon who
already offer 10 of these

546
00:26:22,100 --> 00:26:23,800
products to their Prime
customers.

547
00:26:23,800 --> 00:26:26,200
Like you said, if you have
customers that, use Walmart for

548
00:26:26,200 --> 00:26:28,000
everything.
Well, then adding one, or two

549
00:26:28,000 --> 00:26:29,700
more services means they're
automatically.

550
00:26:29,800 --> 00:26:32,500
To get those customers.
Yep, absolutely.

551
00:26:32,500 --> 00:26:36,300
Just thinking about who could be
perhaps a tech player then that

552
00:26:36,300 --> 00:26:39,500
could build it in Europe.
Connecting the dots.

553
00:26:39,500 --> 00:26:42,400
I mean, even e-commerce.
So, fractured here, Amazon is

554
00:26:42,400 --> 00:26:44,900
not the biggest player.
It's all a bunch of national

555
00:26:44,900 --> 00:26:48,400
players that because it's just
become so complicated with the

556
00:26:48,400 --> 00:26:51,600
Amazon that European outlet, and
I was thinking about that today,

557
00:26:51,600 --> 00:26:56,100
when I was sending my godson, a
gift card was, is amazon.co.uk.

558
00:26:56,100 --> 00:26:59,300
Its UK business, right?
So, it's outside of Europe now,

559
00:26:59,400 --> 00:27:02,200
and Is all types complications
being applied on top of that.

560
00:27:02,200 --> 00:27:04,200
So people are just looking at
other places, you know.

561
00:27:04,300 --> 00:27:08,200
But anyway, someone is going to
have to find a way to accelerate

562
00:27:08,200 --> 00:27:11,100
this a bit in, in Europe,
because we're kind of on the

563
00:27:11,108 --> 00:27:14,000
fringes here, you know?
No, we chat and the US will

564
00:27:14,000 --> 00:27:16,000
Walmart are going to do it.
What's going to happen in

565
00:27:16,000 --> 00:27:17,900
Europe.
Speaking of accelerating other

566
00:27:17,900 --> 00:27:21,200
things that I thought were worth
mentioning here in Ireland, the

567
00:27:21,200 --> 00:27:23,900
applications are now open for in
drc's.

568
00:27:23,900 --> 00:27:26,700
New accelerator, the ndrc is a
national digital Research

569
00:27:26,700 --> 00:27:29,700
Center, Dogpatch Labs who have
been a big star.

570
00:27:29,800 --> 00:27:32,900
Startup hub for the last.
Jeez, it's been five years.

571
00:27:32,900 --> 00:27:36,000
Now, nearly maybe closer to six
years here in Dublin.

572
00:27:36,000 --> 00:27:39,600
Run by Patrick Walsh.
Ooh, CEO of Dogpatch Labs, but

573
00:27:39,600 --> 00:27:42,100
also the ndrc they want that
government contract.

574
00:27:42,100 --> 00:27:45,300
Shut up Patrick and the new
accelerator that they're

575
00:27:45,300 --> 00:27:49,000
running, what they announced
just recently was that one?

576
00:27:49,000 --> 00:27:51,800
It's a nationwide accelerator.
It's not just going to be run

577
00:27:51,800 --> 00:27:54,500
out of Dogpatch labs and Dublin.
It's also being run out of the

578
00:27:54,500 --> 00:27:58,400
RTI Hub and carry Republic, a
work and Cork and the porter

579
00:27:58,400 --> 00:28:01,400
shed and Galway were That are
based good friends of the show.

580
00:28:01,400 --> 00:28:03,100
Shout out to Ali Walsh and his
family.

581
00:28:03,400 --> 00:28:06,600
They are a great Bunch.
The other part of the big

582
00:28:06,600 --> 00:28:11,000
announcement is that they're
making 100,000 Euro Investments

583
00:28:11,000 --> 00:28:15,400
through safe, a simple agreement
for future equity and Owen.

584
00:28:15,400 --> 00:28:18,100
I know you and I had talked
about the safe a couple of times

585
00:28:18,200 --> 00:28:20,200
in different topics and we'll
leave it at that, or the last

586
00:28:20,200 --> 00:28:23,200
few years the safe, and it's
uncapped on the valuation with a

587
00:28:23,208 --> 00:28:27,500
20% discount on the valuation.
So, that is the first national

588
00:28:27,600 --> 00:28:31,700
accelerator in Ireland.
And that is making that scale

589
00:28:31,700 --> 00:28:35,500
and size of Investments, which
is going to be pretty classic

590
00:28:35,500 --> 00:28:38,200
fantastic for the sector.
As part of the program, there

591
00:28:38,200 --> 00:28:41,600
are 40, entrepreneurial mentors,
I applied but didn't get a call

592
00:28:41,600 --> 00:28:45,100
back, just so everyone knows I
haven't heard back from Jack

593
00:28:45,100 --> 00:28:47,700
Dorsey and Jay-Z either on their
Bitcoin, trust board.

594
00:28:47,700 --> 00:28:50,300
So, will, you know, I'm not
going to listen for that.

595
00:28:50,300 --> 00:28:52,600
But the accelerator has two
phases over six month.

596
00:28:52,600 --> 00:28:55,600
Period from the 21st of June,
through September is demo Day

597
00:28:55,600 --> 00:28:57,700
program.
Capper applications are open

598
00:28:57,700 --> 00:29:01,300
until Sunday.
The second of A so worth taking

599
00:29:01,300 --> 00:29:04,200
a look at if your startup now
accelerators are different from

600
00:29:04,200 --> 00:29:05,800
pre accelerators.
There's another one.

601
00:29:06,200 --> 00:29:09,400
So start a boost.
This is run by Gene Murphy and

602
00:29:09,500 --> 00:29:12,800
he's a co-founder, Blake
Caldwell, shoutout to Jean.

603
00:29:12,800 --> 00:29:14,100
He is a friend of the show as
well.

604
00:29:14,100 --> 00:29:17,200
He was on episode 94.
Only videocast, remember how

605
00:29:17,200 --> 00:29:21,800
could we forget?
And their spring cohort has

606
00:29:21,800 --> 00:29:25,600
their applications which will
close on Monday March 22nd.

607
00:29:25,600 --> 00:29:27,500
Now it's really interesting,
this interplay between

608
00:29:27,500 --> 00:29:29,600
accelerators and pre
accelerators, right?

609
00:29:29,700 --> 00:29:32,000
Accelerators.
I think just taking the

610
00:29:32,000 --> 00:29:36,300
techstars metric and techstars
or a big Global accelerator.

611
00:29:36,300 --> 00:29:40,100
They say that 70% of the
startups to go through their

612
00:29:40,100 --> 00:29:43,100
program, get funded, right?
Which is a very positive stat

613
00:29:43,100 --> 00:29:47,700
and the whole idea of a pre
accelerator is to get you into

614
00:29:47,700 --> 00:29:50,400
those accelerators, right?
So I don't know what startup

615
00:29:50,400 --> 00:29:53,200
boost metrics are but you know,
let's say it's okay. 70 percent

616
00:29:53,200 --> 00:29:56,000
of the graduates get into and
accelerate, right?

617
00:29:56,000 --> 00:29:59,700
And then 70% 80% of the
accelerator, get into a VC.

618
00:29:59,800 --> 00:30:04,500
Situation, right?
So some good stories there, the

619
00:30:04,700 --> 00:30:06,800
programs that start a boost or
running.

620
00:30:06,800 --> 00:30:09,900
As I mentioned there is an Irish
cohort but the one that they are

621
00:30:09,900 --> 00:30:14,100
accepting applications for now
all running remotely, obviously

622
00:30:14,100 --> 00:30:18,000
they're based in Detroit Kenya
LA to Pittsburgh Toronto UK and

623
00:30:18,000 --> 00:30:20,700
Vancouver with new programs,
launching in South, Florida, and

624
00:30:20,700 --> 00:30:24,000
Washington, d.c., right?
So they're scaling this big

625
00:30:24,000 --> 00:30:25,900
time, which is great to see the
third one.

626
00:30:25,900 --> 00:30:28,900
I wanted to mention was expert
dojo we had Brian McMahon on the

627
00:30:28,900 --> 00:30:30,900
show.
Back he Is episode 108.

628
00:30:30,900 --> 00:30:33,500
They have their applications
open for their next cohort,

629
00:30:33,500 --> 00:30:36,800
kicking off on the 5th of April,
their tagline is investing in

630
00:30:36,800 --> 00:30:39,300
international companies looking
to take over the world, right?

631
00:30:39,300 --> 00:30:41,600
So it's kind of the Unicorn
Camp, right?

632
00:30:41,600 --> 00:30:44,200
You are not a unicorn yet.
We got we got to get you there.

633
00:30:44,600 --> 00:30:48,600
And they are later stage than
startup boost and to kind of

634
00:30:48,600 --> 00:30:51,200
contrast them with ndrc in
Dogpatch Labs.

635
00:30:51,600 --> 00:30:54,600
Expert Dojo is based in Southern
California and they're connected

636
00:30:54,600 --> 00:30:57,700
with all the top us startup
investors, right?

637
00:30:57,800 --> 00:30:59,600
So that's a little bit of a
different story.

638
00:31:00,100 --> 00:31:04,800
Expert Dojo based in California
entry point into the US market

639
00:31:04,800 --> 00:31:07,700
connected with investors.
So little bit of a different

640
00:31:07,700 --> 00:31:10,300
story there for the two of them
and then start of boost

641
00:31:10,300 --> 00:31:12,500
obviously, being a pre
accelerator, which is, you know,

642
00:31:12,500 --> 00:31:15,700
one stage before that.
But lots of good stuff going on

643
00:31:15,700 --> 00:31:18,100
there.
Expert Dojo obviously run by

644
00:31:18,100 --> 00:31:20,400
Ryan with man, who's a native
Irishman in Santa Monica,

645
00:31:20,400 --> 00:31:22,400
California.
He was like, I said, he was on

646
00:31:22,400 --> 00:31:25,100
episode 108.
I am sourcing Irish Investments

647
00:31:25,100 --> 00:31:26,800
for them.
So get in touch, if you've got

648
00:31:26,800 --> 00:31:29,700
the potential to hit that magic
number of 10 million dollars,

649
00:31:29,900 --> 00:31:33,000
Monthly recurring Revenue.
So we got a few more there but

650
00:31:33,000 --> 00:31:34,800
there's a lot looking at some of
these.

651
00:31:34,800 --> 00:31:36,900
Oh, and is there any that you
want to pick it?

652
00:31:36,900 --> 00:31:38,500
Did.
What I thought was interesting,

653
00:31:38,500 --> 00:31:40,500
it was a couple of things in
relation to square, it, add some

654
00:31:40,500 --> 00:31:43,100
big announcements or last couple
weeks and she had picked up on a

655
00:31:43,108 --> 00:31:46,900
tweet from Pascal and Pascal.
Bouvier and middlegame showed it

656
00:31:46,900 --> 00:31:49,400
to Pascal was specifically
around their acquisition of

657
00:31:49,400 --> 00:31:52,200
title, which is a music
streaming service owned by Jay-Z

658
00:31:52,200 --> 00:31:56,000
and of tjz came on board, then
which was just fantastic anyway,

659
00:31:56,100 --> 00:31:58,500
but the really interesting thing
was, you know, around was a lot

660
00:31:58,500 --> 00:32:01,500
of noise in the market.
As in didn't seem like a good

661
00:32:01,500 --> 00:32:05,300
move, my view on it, I think
it's focusing on a creators and

662
00:32:05,300 --> 00:32:08,600
the opportunity with our title,
obviously allowed artist to make

663
00:32:08,600 --> 00:32:11,600
money and to control their own
rights and controlled how their

664
00:32:11,600 --> 00:32:13,700
music is distributed.
It gave him a lot of ownership

665
00:32:13,700 --> 00:32:16,800
on it and to me the opportunity
then going through a process of

666
00:32:16,800 --> 00:32:20,300
acquiring, the like the title is
that it gives Square the

667
00:32:20,300 --> 00:32:23,000
opportunity then to provide
Financial Services or product

668
00:32:23,000 --> 00:32:25,700
Partnerships or whatever with
the Creator's who then obviously

669
00:32:25,700 --> 00:32:28,400
have that massive distribution
Network to the fans.

670
00:32:28,500 --> 00:32:31,400
So actually charge for what I
was sitting 200 million dollars,

671
00:32:31,400 --> 00:32:34,400
it probably seemed like a fairly
low price in the scheme of

672
00:32:34,400 --> 00:32:35,600
things.
When you think about the

673
00:32:35,600 --> 00:32:39,100
potential, wider hundreds of
millions of fans that their

674
00:32:39,100 --> 00:32:41,900
potential accessed and through
the creators that apartment.

675
00:32:42,000 --> 00:32:44,000
And I'm sure there's a lot of
different product lines that

676
00:32:44,000 --> 00:32:46,400
could be rolled out in terms of
working with some of the

677
00:32:46,408 --> 00:32:48,100
artists.
So I actually thought like I

678
00:32:48,108 --> 00:32:50,200
said I taught for three hundred
million dollars I think they're

679
00:32:50,200 --> 00:32:52,700
getting a good deal given the
potential opportunity but it's

680
00:32:52,700 --> 00:32:54,200
called.
Yeah I know I saw that too.

681
00:32:54,200 --> 00:32:57,800
And I mean do you think that
there's going to be some okay

682
00:32:57,800 --> 00:33:01,600
you have a mechanism there for
Artists get paid, you have

683
00:33:01,600 --> 00:33:04,800
square.
That makes it easier for people

684
00:33:04,800 --> 00:33:09,100
to send and receive money.
Is there going to be just

685
00:33:09,100 --> 00:33:13,500
sharing of pipes and plumbing?
Do you think and that the square

686
00:33:13,500 --> 00:33:17,300
technology will become more of
an enabler for a better title

687
00:33:17,300 --> 00:33:19,600
outcome for artists getting
paid?

688
00:33:19,700 --> 00:33:21,600
Or do you think it might go the
other way as well?

689
00:33:21,600 --> 00:33:23,500
If you look at some of the other
things that are almost like

690
00:33:23,500 --> 00:33:27,800
there's only fans and Cameo and
its most other products that are

691
00:33:27,800 --> 00:33:31,400
in the market, that allows
celebrities Artists to monetize

692
00:33:31,400 --> 00:33:33,400
themselves.
This brings it all into one

693
00:33:33,400 --> 00:33:34,700
roof.
How does the artist take

694
00:33:34,700 --> 00:33:36,600
advantage of the access to
square?

695
00:33:36,600 --> 00:33:38,200
Do you know?
There's more immediately truth

696
00:33:38,200 --> 00:33:40,600
are sayings and their
Distribution on the ticket

697
00:33:40,600 --> 00:33:43,300
ownership and the ticket revenue
and stuff like that square doing

698
00:33:43,300 --> 00:33:45,100
a huge amount with Bitcoin and
Kasia.

699
00:33:45,100 --> 00:33:48,200
And you talked about nft Zoran
tokens sort of probably further

700
00:33:48,200 --> 00:33:50,000
development Jack made it very
clear.

701
00:33:50,000 --> 00:33:52,900
He really wants to support the
Creator economy and that's

702
00:33:52,900 --> 00:33:55,600
really brought he's going after
the celebrities and that the

703
00:33:55,600 --> 00:33:58,800
high profile ones at the start.
If we look at the different

704
00:33:58,800 --> 00:34:00,800
segments of the market, Market
that you could argue or

705
00:34:00,800 --> 00:34:04,900
underserved, there isn't really
a digital bank for the Creator

706
00:34:04,900 --> 00:34:07,700
economy on the basis that they
don't fit the normal type of

707
00:34:07,700 --> 00:34:10,400
Bank customer.
If you drill down to the smaller

708
00:34:10,400 --> 00:34:12,800
artists and musicians, you know,
maybe there's a bigger play

709
00:34:12,800 --> 00:34:16,000
there, so maybe this ends up
being the bank of choice for

710
00:34:16,000 --> 00:34:18,600
artists, and musicians and
creators.

711
00:34:18,600 --> 00:34:21,300
It's yeah, it's enabling people
get paid, right?

712
00:34:21,300 --> 00:34:23,900
It's the royalties.
As soon as the song gets played,

713
00:34:23,900 --> 00:34:26,300
you get you get a few pennies
dropped into your cash app

714
00:34:26,300 --> 00:34:30,900
account, right?
Cash app, I saw today, are For a

715
00:34:30,900 --> 00:34:33,400
general manager for the UK.
Pretty quick.

716
00:34:33,400 --> 00:34:35,600
Start out as well.
How is Dublin to yeah?

717
00:34:35,699 --> 00:34:37,199
No, no, it's based out of
Dublin, actually.

718
00:34:37,199 --> 00:34:39,100
Yeah, yeah, yeah.
That popped out like so that,

719
00:34:39,100 --> 00:34:41,100
that's interesting.
Yes, big story.

720
00:34:41,100 --> 00:34:43,800
More and more teaser so many
that are coming over.

721
00:34:43,800 --> 00:34:46,000
It's ridiculous, but it's us
companies.

722
00:34:46,000 --> 00:34:49,300
Moving in UK companies already.
There that are moving over to

723
00:34:49,300 --> 00:34:51,500
Ireland.
It's just n Fuego right now.

724
00:34:51,600 --> 00:34:54,400
So I just thought that was an
interesting one given in a

725
00:34:54,400 --> 00:34:57,200
similar vein is to Cairo.
Block example whereby, it's

726
00:34:57,200 --> 00:35:00,900
just, you know, there's a way to
potentially Sighs within a

727
00:35:00,908 --> 00:35:03,500
particular service or whatever
and it's truly a completely

728
00:35:03,500 --> 00:35:05,800
different approach banking
financial services.

729
00:35:05,800 --> 00:35:07,000
And that's what typically out
there.

730
00:35:07,000 --> 00:35:08,900
Oh yeah.
I mean we Jack Dorsey at the

731
00:35:08,900 --> 00:35:11,300
steering wheel here and his love
of Bitcoin.

732
00:35:11,400 --> 00:35:15,800
He you got imagine his love he's
got enough love to go around a

733
00:35:15,800 --> 00:35:19,600
few more tokens, right?
Especially like you said the non

734
00:35:19,600 --> 00:35:23,100
fungible type and ftes.
We saw Kings of Leon just on

735
00:35:23,100 --> 00:35:26,800
Friday, put out their new record
as an NF T, right?

736
00:35:27,000 --> 00:35:31,500
And you know there, You a shins
around, these things are going a

737
00:35:31,508 --> 00:35:36,500
bit Lula right now, but I think
it's just early days exuberance

738
00:35:36,600 --> 00:35:41,300
that is driving some of this.
It will settle down but it is a

739
00:35:41,300 --> 00:35:45,400
legitimate way for an artist.
Get paid every single time that

740
00:35:45,400 --> 00:35:48,500
token changes hands.
You've got a little bit of a cut

741
00:35:48,500 --> 00:35:51,500
going back to the artist right?
Because I am in typically, it's

742
00:35:51,500 --> 00:35:53,300
awesome interview with Ed
Sheeran A couple of years ago.

743
00:35:53,300 --> 00:35:55,800
We talked about how he's made
all his money by doing his big

744
00:35:55,800 --> 00:35:57,800
Stadium tours.
Like he has to because he

745
00:35:57,808 --> 00:35:59,600
doesn't get much of a cost
necessarily.

746
00:35:59,700 --> 00:36:02,200
From the record sales, whereas
this could potentially be a

747
00:36:02,207 --> 00:36:03,900
direct way.
Like I said to gas for your

748
00:36:03,900 --> 00:36:07,300
royalties from the song, to be
played your direct sales of your

749
00:36:07,300 --> 00:36:09,800
tickets so that you're getting
the majority of the fee.

750
00:36:09,800 --> 00:36:12,300
As the artist, the guys
providing a ticket sales or

751
00:36:12,300 --> 00:36:14,600
whatever Ticketmaster and are
getting a coat of it, but

752
00:36:14,600 --> 00:36:15,900
actually, you're collecting the
rest.

753
00:36:16,000 --> 00:36:18,500
It's very straightforward to
flow through and the process and

754
00:36:18,500 --> 00:36:21,400
everything is very transparent.
So you know, I think it could be

755
00:36:21,400 --> 00:36:23,800
a really interesting space to
watch.

756
00:36:23,800 --> 00:36:24,500
Yep.
Yep.

757
00:36:24,500 --> 00:36:27,500
I think so one of the thing I
wanted to mention this was again

758
00:36:27,500 --> 00:36:29,600
the same hickey stuff.
The same hiki.

759
00:36:29,700 --> 00:36:32,700
You put into the newsletter on
was just brilliant and I knew

760
00:36:32,700 --> 00:36:35,600
about them and I thought I had
been following the 76ers.

761
00:36:35,600 --> 00:36:37,600
And like I said, when I was
writing this, okay, you know,

762
00:36:37,600 --> 00:36:40,100
I'd always been more than a
passing interest, but I think

763
00:36:40,500 --> 00:36:44,000
our shared interest in
Innovation, but in areas, you

764
00:36:44,008 --> 00:36:46,700
don't expect it.
I read it a couple of times

765
00:36:46,700 --> 00:36:50,300
including the news that his
resignation letter is genuine

766
00:36:50,300 --> 00:36:52,800
need fantastic.
Insight into his business

767
00:36:52,800 --> 00:36:56,200
philosophy, and his mindset
around long term Innovation and

768
00:36:56,200 --> 00:36:58,700
its really interesting article
for people to read and

769
00:36:58,700 --> 00:37:01,600
understand and the He goes about
explaining it and the long-term

770
00:37:01,600 --> 00:37:04,300
process like I just, I couldn't
believe as I got deeper and

771
00:37:04,300 --> 00:37:05,900
deeper into it.
Like, you know, this is actually

772
00:37:05,900 --> 00:37:08,500
incredible view on approach to
take to it and it's a shared

773
00:37:08,500 --> 00:37:11,700
view well fed and Charlie
Munger, I need a mosque and Jeff

774
00:37:11,700 --> 00:37:14,000
Bezos and I just thought it was
fascinating and then obviously,

775
00:37:14,000 --> 00:37:17,200
I came across it interviewed I
sent on to you with Patrick

776
00:37:17,200 --> 00:37:19,500
O'Shaughnessy and invest like
the best that the more and more.

777
00:37:19,500 --> 00:37:20,800
I read about it.
I mean, everything in

778
00:37:20,900 --> 00:37:22,800
tomorrow's.
I just guys fascinating business

779
00:37:22,800 --> 00:37:25,300
mind way approaches.
I was really hoping and he

780
00:37:25,300 --> 00:37:28,100
hasn't as of yes replied to my
tweet where I mentioned them in

781
00:37:28,100 --> 00:37:30,100
the newsletter.
So I'm hoping maybe The showed

782
00:37:30,100 --> 00:37:32,600
out on the show will give us the
reason to for me to tweet at

783
00:37:32,600 --> 00:37:35,100
them and get them on the show.
Yeah yeah.

784
00:37:35,400 --> 00:37:37,700
We will definitely put the
podcast Link in the show notes

785
00:37:37,700 --> 00:37:40,800
and what I like, the best coming
out of that was Patrick

786
00:37:40,800 --> 00:37:43,600
O'Shaughnessy.
Asked him, what did you bring

787
00:37:43,600 --> 00:37:46,900
from business into basketball?
And what did you bring from

788
00:37:46,900 --> 00:37:49,500
basketball into business?
I forget, but the first one was,

789
00:37:49,500 --> 00:37:53,400
but the second one was, it's the
power law rule, right?

790
00:37:53,500 --> 00:37:56,500
That he brought from basketball
back into business, was that

791
00:37:56,500 --> 00:38:00,200
something ridiculous such as 10
years in a row Errol, when

792
00:38:00,200 --> 00:38:03,700
LeBron wasn't hurt, his team,
went to the finals, right?

793
00:38:03,700 --> 00:38:06,100
That the best player can drive
things.

794
00:38:06,100 --> 00:38:09,100
He told the story about
acquiring James Harden, as a 22

795
00:38:09,100 --> 00:38:11,300
year old and getting everybody
to tuck in their shirts.

796
00:38:11,400 --> 00:38:12,300
Right?
Okay.

797
00:38:12,300 --> 00:38:13,800
You dog in town?
Yeah.

798
00:38:13,800 --> 00:38:16,100
Right.
And that you can take some of

799
00:38:16,100 --> 00:38:20,700
this Superstar mentality and
apply it into the startup world

800
00:38:20,700 --> 00:38:22,600
right now.
You need a team, right?

801
00:38:22,600 --> 00:38:26,000
You absolutely need a team but I
have seen such the big

802
00:38:26,000 --> 00:38:29,100
difference that charismatic
leaders make in start-up land.

803
00:38:29,100 --> 00:38:32,000
Its Absolutely crazy.
One of the other things he

804
00:38:32,000 --> 00:38:34,900
mentioned was in this was the
j.p.

805
00:38:34,900 --> 00:38:38,800
Morgan poking and prodding story
around.

806
00:38:38,800 --> 00:38:42,100
They killed Chase pay right?
And that Sam hinkie mentioned

807
00:38:42,100 --> 00:38:45,800
something about a fictitious
10-person startup where the big

808
00:38:45,800 --> 00:38:47,900
boss comes in and says we need
to build new payment

809
00:38:47,900 --> 00:38:50,500
infrastructure and one of the
guys pipes up and said, have you

810
00:38:50,500 --> 00:38:52,400
been to Townsend Avenue in San
Francisco?

811
00:38:52,400 --> 00:38:54,200
And I love the fact that it's
Townsend Avenue.

812
00:38:54,200 --> 00:38:55,700
Do you know these guys called
stripe?

813
00:38:55,700 --> 00:38:57,300
Their kind of building all this
stuff?

814
00:38:57,700 --> 00:38:59,200
So it's kind of like Jamie
dimon.

815
00:38:59,200 --> 00:39:01,100
Would you?
Signed off on Chase pay before

816
00:39:01,100 --> 00:39:03,300
you killed it last week.
But when you originally signed

817
00:39:03,300 --> 00:39:05,700
off on it had you not been
downtown San Avenue in San

818
00:39:05,700 --> 00:39:07,000
Francisco.
And seeing what's right?

819
00:39:07,000 --> 00:39:10,700
We're doing right.
And then also today as reversal

820
00:39:10,800 --> 00:39:14,500
a Jamie dimon reverse triple
backflip that JPMorgan are

821
00:39:14,500 --> 00:39:17,500
launching a crypto currency,
exposure basket of Bitcoin proxy

822
00:39:17,500 --> 00:39:19,700
stocks, right?
So thanks to my friends in the

823
00:39:19,707 --> 00:39:22,700
crypto Club out in asia-pac.
One of them who goes by the

824
00:39:22,700 --> 00:39:26,200
pseudonym crypto, as they put me
onto one of their signal groups,

825
00:39:26,200 --> 00:39:29,500
just after crypto baz and I had
a booty call.

826
00:39:30,000 --> 00:39:35,200
We had a virtual Rendezvous in
talking crypto, on Sunday, of

827
00:39:35,200 --> 00:39:36,900
all days.
My kids weren't very happy about

828
00:39:36,900 --> 00:39:38,400
that, but he's an old friend for
Bermuda.

829
00:39:38,400 --> 00:39:41,000
So II, went ahead with that.
I don't think he wants me to

830
00:39:41,000 --> 00:39:43,400
share his real name because he
is trading during the day.

831
00:39:43,400 --> 00:39:46,600
So, but it's just a time zone
difference thing anyway, so

832
00:39:46,600 --> 00:39:50,500
Jamie's, you know, flagellation
's a couple years ago around

833
00:39:50,500 --> 00:39:52,600
Bitcoin being a Ponzi scheme and
all that type of stuff.

834
00:39:52,600 --> 00:39:55,300
So I guess there is something to
this cryptocurrency thing after

835
00:39:55,300 --> 00:39:58,200
all, Jamie is their most and I
only really give him a hard

836
00:39:58,200 --> 00:40:00,300
time.
Obviously, he's Built incredible

837
00:40:00,300 --> 00:40:02,100
business, he's heading up an
incredible business.

838
00:40:02,100 --> 00:40:05,400
He says a lot of things but you
know, due respect to the guy.

839
00:40:05,400 --> 00:40:07,700
The only reason I poke fun at
him as I think he's prepping for

840
00:40:07,700 --> 00:40:09,800
a running for president us but
we'll see.

841
00:40:09,900 --> 00:40:11,800
And apparently there's a similar
announcement coming from Black

842
00:40:11,800 --> 00:40:14,600
Rock Around what they're doing
around crypto as well.

843
00:40:14,600 --> 00:40:17,700
So anyway, fun stuff.
Thank you.

844
00:40:17,700 --> 00:40:21,100
Jamie dimon anywho.
Anything else?

845
00:40:21,100 --> 00:40:23,900
That was tickling your brain
today?

846
00:40:24,000 --> 00:40:25,700
No, no.
That's kind of fish.

847
00:40:25,700 --> 00:40:28,000
That's all of the stuff I've
been looking at the moment

848
00:40:28,000 --> 00:40:30,600
because a really interesting
project, Slides that I'm working

849
00:40:30,600 --> 00:40:32,500
with at the moment.
Seeing some really interesting

850
00:40:32,500 --> 00:40:36,000
stuff in the e-commerce space,
amazing growth like absolutely

851
00:40:36,000 --> 00:40:37,900
ridiculous growth.
That is somewhat of a company

852
00:40:37,900 --> 00:40:40,600
has to open working with
recently in the e-commerce space

853
00:40:40,600 --> 00:40:42,400
couldn't believe it in the nine
months that they're in

854
00:40:42,400 --> 00:40:44,600
operation.
But the more we're looking us it

855
00:40:44,600 --> 00:40:46,800
was collected.
Read the superhot model and try

856
00:40:46,800 --> 00:40:49,500
to take that piece and apply it
to some of the clients and

857
00:40:49,500 --> 00:40:51,900
working with saying very much
from a point of view of, you

858
00:40:51,900 --> 00:40:55,300
know, the more smaller players
and I'm meeting it's like, okay

859
00:40:55,300 --> 00:40:58,200
well you know, maybe I have
another client whereby, if they

860
00:40:58,200 --> 00:41:01,000
were to take a bigger picture,
In terms of The Wider product or

861
00:41:01,000 --> 00:41:03,600
service, they want to offer to
their customers.

862
00:41:03,600 --> 00:41:06,400
Maybe you two guys should have a
chat because you could slide

863
00:41:06,400 --> 00:41:09,300
into the other one, you know, as
part of their ecosystem.

864
00:41:09,300 --> 00:41:11,700
And so spend a lot of time
thinking about things as an

865
00:41:11,700 --> 00:41:14,800
ecosystem, at the moment trying
to get people to think about

866
00:41:15,000 --> 00:41:16,900
their business model at the
moment like that.

867
00:41:16,900 --> 00:41:20,500
Absolutely nfx.
Came up with a new definition of

868
00:41:20,500 --> 00:41:23,600
some Gateway Marketplace, or
something like that.

869
00:41:23,700 --> 00:41:26,500
Enterprise Gateway Marketplace
is being a new definition of

870
00:41:26,500 --> 00:41:28,300
startup, right?
Which to me feels like

871
00:41:28,300 --> 00:41:31,100
ecosystem.
I'm aware Of three new

872
00:41:31,200 --> 00:41:37,100
Marketplace ecosystem, digital
stores that have a Irish story

873
00:41:37,300 --> 00:41:41,000
as part of their business that
are landing in Ireland, in the

874
00:41:41,000 --> 00:41:43,200
coming months.
Everything's coming at us from

875
00:41:43,200 --> 00:41:44,900
so many different directions
here.

876
00:41:44,900 --> 00:41:47,000
It's wonderful.
Glad I started this five years

877
00:41:47,000 --> 00:41:47,800
ago.
You know.

878
00:41:47,900 --> 00:41:49,400
Yeah, definitely.
All right, pal.

879
00:41:49,500 --> 00:41:51,300
We'll cut it there tonight.
That's it.

880
00:41:51,400 --> 00:41:54,100
Enjoy have a good ones you too.
Adios.

881
00:41:59,300 --> 00:42:01,500
That does it for this week folks
and you can learn more about the

882
00:42:01,500 --> 00:42:03,900
stories we covered in the show,
notes on our website money,

883
00:42:03,900 --> 00:42:06,300
never sleeps that I eat.
So check us out online and

884
00:42:06,300 --> 00:42:08,800
subscribe to our weekly.
Money never sleeps newsletter as

885
00:42:08,800 --> 00:42:10,900
well.
Also, thanks to Conan Brophy,

886
00:42:10,900 --> 00:42:14,200
from create town, for mixing and
editing this episode coning is

887
00:42:14,200 --> 00:42:16,300
an excellent medium and get in
touch with when you're thinking

888
00:42:16,300 --> 00:42:17,800
about launching your own
podcast.

889
00:42:18,200 --> 00:42:20,900
As for me, I'm the founding
partner Nuria Ventures.

890
00:42:21,000 --> 00:42:24,300
And I'm an early stage startup
advisor, and investor focused on

891
00:42:24,300 --> 00:42:27,200
fintech and digital assets.
You'd like to talk to me about

892
00:42:27,200 --> 00:42:29,000
your business.
Drop me a voicemail.

893
00:42:29,100 --> 00:42:32,000
On money never sleeps that I eat
finally till next time.

894
00:42:32,000 --> 00:42:33,300
Thanks for listening.
See you