188: Money Talks #51 | Revolut on Tour | Starling Flies | Vitalik on the Metaverse | Crypto Regulation & Talent | Umba’s Big Deal

1
00:00:10,900 --> 00:00:13,700
Hey there, I'm Pete Townsend,
and this is money, never sleeps.

2
00:00:13,700 --> 00:00:15,500
We look inside the minds of
entrepreneurs, and at the

3
00:00:15,500 --> 00:00:18,200
crossover of startups,
Enterprise Finance, technology

4
00:00:18,200 --> 00:00:20,200
and Life.
As We Know It, This episode of

5
00:00:20,200 --> 00:00:22,100
money, never sleeps is sponsored
by Phillip Lee.

6
00:00:22,400 --> 00:00:24,900
One of Arlen's fastest growing
corporate law firms in expert

7
00:00:24,900 --> 00:00:26,500
advisors at the heart of the
doublet in.

8
00:00:26,500 --> 00:00:28,700
London startup fintech and
crypto communities.

9
00:00:29,300 --> 00:00:32,900
Just a heads up before we dive
in this is our Midsummer episode

10
00:00:32,900 --> 00:00:36,300
for August and we'll be back
with our regular weekly Cadence,

11
00:00:36,300 --> 00:00:40,100
come September.
As for this week on Fitzgerald,

12
00:00:40,100 --> 00:00:42,900
my Riff on my trip to the US
last month with a sheer

13
00:00:42,900 --> 00:00:46,100
Ridiculousness of the eight
different combinations of

14
00:00:46,100 --> 00:00:49,700
point-of-sale authorizations.
I experience with a single

15
00:00:49,700 --> 00:00:53,200
revolute card in two weeks,
Starling Banks reprioritization

16
00:00:53,200 --> 00:00:56,700
of a presence in the Irish
banking Market, the hunt for

17
00:00:56,700 --> 00:01:01,000
crypto Talent by EU Regulators
but Alex view on giving people

18
00:01:01,000 --> 00:01:04,800
what they want, the metaverse
fintech microlender, um buzz

19
00:01:04,800 --> 00:01:08,000
deal for diraja Lending and Tomo
credits, big round two.

20
00:01:08,200 --> 00:01:11,900
Credit scores obsolete.
All right here on money.

21
00:01:12,100 --> 00:01:19,700
Never sleeps.
Hey, Owen a piece.

22
00:01:20,200 --> 00:01:21,800
How you doing?
Not too bad?

23
00:01:21,800 --> 00:01:24,700
It's just on to me actually, as
we're introducing their we got

24
00:01:24,700 --> 00:01:26,200
the same color T-shirt going on
as well.

25
00:01:26,500 --> 00:01:29,200
We do, we do this great.
If we only have the same color

26
00:01:29,200 --> 00:01:32,100
hair, well, you know, it's my
next comment was going to be

27
00:01:32,100 --> 00:01:34,500
actually, I'm due to go back on
Friday to get the hair dyed and

28
00:01:34,500 --> 00:01:36,300
then we have the same color hair
because I'm going to going for

29
00:01:36,300 --> 00:01:38,000
that white look.
Yeah, there we go.

30
00:01:38,000 --> 00:01:39,300
No, you should.
You should I think.

31
00:01:39,308 --> 00:01:41,400
I think yours went whiter in
Tucson on your holiday.

32
00:01:41,400 --> 00:01:43,300
Did they did it?
Definitely did.

33
00:01:43,300 --> 00:01:47,500
And I'm actually gel free this
evening, because, okay, I had a

34
00:01:47,500 --> 00:01:50,900
late Late walk.
My big walk up in the hills here

35
00:01:50,900 --> 00:01:54,100
and step aside was week later
the day than expected with the

36
00:01:54,100 --> 00:01:57,600
kids home, not, you know, not in
Camp not in school.

37
00:01:58,200 --> 00:02:03,600
So you know it was 5:00 p.m.
instead of G 7 a.m. or whatever

38
00:02:03,600 --> 00:02:08,000
it is usually, but I know this
is obviously our first time

39
00:02:08,000 --> 00:02:11,800
doing this monthly and had the
break, the good break back in

40
00:02:11,808 --> 00:02:15,700
the US and with family, with
friends at a really good time,

41
00:02:15,700 --> 00:02:18,800
and lots of time and in water
and the way To the beach.

42
00:02:18,800 --> 00:02:20,200
The kids loved it.
Had a great time.

43
00:02:20,200 --> 00:02:24,200
So and but yeah, we pick up this
episode for the month of August,

44
00:02:24,200 --> 00:02:26,400
take another few weeks off and
then pick up in September.

45
00:02:27,100 --> 00:02:29,500
Yeah, she's nice for this is for
those of us who get to go away.

46
00:02:30,400 --> 00:02:31,700
Yeah, I know.
I know.

47
00:02:31,700 --> 00:02:34,300
I needed it.
You know, when where or some

48
00:02:34,400 --> 00:02:37,000
didn't go anywhere for the first
half of the year zero.

49
00:02:37,000 --> 00:02:41,200
Nothing sales, but no sorry.
We did do a weekend, a long

50
00:02:41,200 --> 00:02:44,900
weekend attached to a bank
holiday in Barna and lovely,

51
00:02:44,900 --> 00:02:46,400
Barna.
Shout out to Dave County beer

52
00:02:46,400 --> 00:02:47,900
that weekend.
Yeah.

53
00:02:48,000 --> 00:02:49,500
Yeah, it was good time.
It's go time.

54
00:02:49,800 --> 00:02:54,500
So speaking of the US, I want
you to start tonight with my

55
00:02:54,500 --> 00:03:00,700
observations from the ridiculous
number of payment processes that

56
00:03:00,700 --> 00:03:02,900
are in the US.
And this came from my trip.

57
00:03:03,000 --> 00:03:04,200
And we're over there for two
weeks.

58
00:03:04,800 --> 00:03:09,100
And before I left, I took, I
took my spending money for the

59
00:03:09,100 --> 00:03:14,000
two weeks and I converted it on
revolute from euro to US

60
00:03:14,000 --> 00:03:18,300
dollars, right?
Pretty much 141 which It's the

61
00:03:18,300 --> 00:03:22,700
first time that that's happened
since I don't know, 2002 were

62
00:03:22,700 --> 00:03:26,700
tipped way below. 121 them in
general, I was trying to use

63
00:03:26,700 --> 00:03:31,100
Apple pay as much as possible
and only really 75 to 80% a

64
00:03:31,100 --> 00:03:34,400
place is accepted that.
So here's the rundown of the

65
00:03:34,400 --> 00:03:39,000
rest of the combination.
So I used to use card tap a lot

66
00:03:39,000 --> 00:03:40,700
in Ireland, and then stopped
using card.

67
00:03:40,700 --> 00:03:44,600
Tap so much because Apple pay
just worked just as effectively

68
00:03:44,600 --> 00:03:48,000
and it was easier.
So what I found was that The

69
00:03:48,008 --> 00:03:50,000
u.s.
I didn't need to use the card

70
00:03:50,000 --> 00:03:53,400
tap either because if you could
tap, you could use Apple pay.

71
00:03:53,500 --> 00:03:57,800
It's got the, you know, the card
is an NFC chip that for tapping

72
00:03:57,900 --> 00:04:01,200
and Apple pay has NFC chip
embedded in that as well.

73
00:04:01,300 --> 00:04:05,900
Okay.
So the second thing was using

74
00:04:06,100 --> 00:04:10,300
that same revolute card with a
pin because they wouldn't accept

75
00:04:10,300 --> 00:04:13,400
Apple pay, they wouldn't accept
tap but you can put the card in

76
00:04:13,800 --> 00:04:17,300
and you could put your pin in
Now certain things happened

77
00:04:17,300 --> 00:04:21,600
after that either, just the card
with the pin was accepted, fine,

78
00:04:21,700 --> 00:04:27,000
transaction done, or you had to
also sign the screen, you're

79
00:04:27,000 --> 00:04:29,300
putting your card, you put in
your PIN but you also get a sign

80
00:04:29,700 --> 00:04:32,500
but conveniently, it's a nice
screen that you sign such at

81
00:04:32,500 --> 00:04:34,800
places like CVS, consumer Value
Store.

82
00:04:34,800 --> 00:04:38,900
Wonder, how many people know
what that means anymore and then

83
00:04:38,900 --> 00:04:41,600
you go on your way, your
transactions done.

84
00:04:41,800 --> 00:04:45,200
Some of it is you put in your
car to put in your PIN, but then

85
00:04:45,200 --> 00:04:48,500
you need to Paper receipt.
That was some of the other

86
00:04:48,500 --> 00:04:51,000
options at the fish market.
The lovely fish market and

87
00:04:51,000 --> 00:04:52,700
Point.
Judith outside of Narragansett

88
00:04:52,700 --> 00:04:54,200
are in Narragansett Rhode
Island.

89
00:04:54,800 --> 00:04:59,600
All right, also had the swipe so
they actually swiped my Revenue

90
00:04:59,600 --> 00:05:01,400
card.
And I had to do the paper

91
00:05:01,400 --> 00:05:04,100
receipt sign at a different
place completely was that where

92
00:05:04,100 --> 00:05:05,800
they run it down to side of the
machine?

93
00:05:05,800 --> 00:05:07,700
Yeah, yeah.
Oh girls, waiting for them to

94
00:05:07,700 --> 00:05:09,100
bring out the knuckle buster,
right?

95
00:05:09,100 --> 00:05:11,200
They take that thing that you
just move back and forth.

96
00:05:11,200 --> 00:05:12,500
The imprinted?
Yeah, yeah.

97
00:05:12,500 --> 00:05:16,400
The carbon copy.
Then we also had an experience

98
00:05:16,500 --> 00:05:20,500
where we had to write down the
card number on a piece of paper

99
00:05:20,500 --> 00:05:23,600
and with my email address and
phone number, which was kind of

100
00:05:23,608 --> 00:05:25,100
scary as hell.
I'm like, what's going to happen

101
00:05:25,100 --> 00:05:28,500
to that piece of paper?
And with this, you know, with

102
00:05:28,500 --> 00:05:32,400
the security code, not the pain
but this EV and the expiration

103
00:05:32,400 --> 00:05:36,300
date and because there was a
power outage so we were in

104
00:05:36,300 --> 00:05:37,800
chronics.
Massachusetts in the Berkshires,

105
00:05:37,800 --> 00:05:39,600
lovely Place.
Everyone to check it out.

106
00:05:39,900 --> 00:05:42,800
And you know in the middle of
some huge massive electrical

107
00:05:42,800 --> 00:05:47,100
storm And the power went out and
so they had to take my number

108
00:05:47,100 --> 00:05:50,100
down and key it in the next day,
when the power came back up,

109
00:05:50,100 --> 00:05:52,000
they sent me a picture here it
is.

110
00:05:52,000 --> 00:05:53,900
We put it through.
And I said can you tell me what

111
00:05:53,900 --> 00:05:55,700
you did with the details?
You're like I put it through the

112
00:05:55,700 --> 00:06:01,800
shed or my she said I put it
through the shredder myself so

113
00:06:01,800 --> 00:06:06,500
that was the last one.
The interesting thing was the

114
00:06:06,500 --> 00:06:10,000
final payment method, Obviously
good old-fashioned cash some

115
00:06:10,000 --> 00:06:13,600
please places like here in
Ireland and like some places in.

116
00:06:13,700 --> 00:06:17,700
Up only accept cash, right?
So that was the last one.

117
00:06:17,700 --> 00:06:21,200
Which was we were going swimming
at this place called Laurel Lake

118
00:06:21,500 --> 00:06:27,200
in Lennox and I needed to pay a
fiver to get into the car park.

119
00:06:27,500 --> 00:06:34,700
So that we could go swimming and
I had to go find an ATM parking

120
00:06:34,700 --> 00:06:36,600
lot attendant.
I said to the guy, like, you

121
00:06:36,608 --> 00:06:39,400
know, where the closest ATM is?
He's like, no, but Google will.

122
00:06:39,900 --> 00:06:45,700
I'm like text file went off to a
TM got the money came back to

123
00:06:45,700 --> 00:06:49,300
the car park.
I ended up having a five dollar

124
00:06:49,300 --> 00:06:53,200
bill in the secret pocket.
My swimming trunks from four

125
00:06:53,200 --> 00:06:55,200
years ago.
The last time I was in the u.s.

126
00:06:55,200 --> 00:06:58,400
wearing that swimsuit, long
story crazy.

127
00:06:58,400 --> 00:07:03,600
And just a heads up, do not try
to prepay gas with revolute at a

128
00:07:03,608 --> 00:07:07,400
gas station, it does not work
the whole process gets confused.

129
00:07:07,400 --> 00:07:10,000
You got to go inside, you got to
wait in a line, you need to have

130
00:07:10,000 --> 00:07:12,600
the cashier, run it through and
all these different tricks

131
00:07:12,800 --> 00:07:15,000
signed a few things.
Put in a few pins, tap, a few

132
00:07:15,000 --> 00:07:18,000
things, 10 minutes later, you
know, you're done.

133
00:07:18,500 --> 00:07:23,100
So this is the state of payment
systems in the u.s. compared to

134
00:07:23,100 --> 00:07:25,500
what we have over here in
Europe, which is just so much

135
00:07:25,500 --> 00:07:26,700
cleaner.
Yeah.

136
00:07:27,200 --> 00:07:30,300
And you know, I don't, I don't
see it going anywhere soon, just

137
00:07:30,300 --> 00:07:33,300
because it's obviously such a
big country with so many

138
00:07:33,300 --> 00:07:36,800
different old archaic payment
systems that everybody's just

139
00:07:36,800 --> 00:07:38,700
continuing to use.
And because so many people just

140
00:07:38,700 --> 00:07:40,500
carry around, cash is the
backup.

141
00:07:40,800 --> 00:07:44,000
It's always just there to people
just use and here is Stop

142
00:07:44,000 --> 00:07:47,700
carrying cash, you know, almost
completely put a few still to

143
00:07:47,700 --> 00:07:51,200
really good 3D good life.
Example of, you know, why there

144
00:07:51,200 --> 00:07:54,900
are so many Neo Banks and, you
know, cash app and equivalence

145
00:07:54,900 --> 00:07:59,500
and cell and PayPal and every
other payment method, still

146
00:07:59,500 --> 00:08:03,000
springing up over there because
they're still not need for, you

147
00:08:03,000 --> 00:08:04,700
know, different options, it is
easy.

148
00:08:05,200 --> 00:08:07,500
It is I heard about another one
grasshopper.

149
00:08:07,900 --> 00:08:11,000
Yeah, she had that, I was meant
going to send that on to you to

150
00:08:11,000 --> 00:08:13,100
discuss tonight.
Forgotten lost the link.

151
00:08:13,100 --> 00:08:15,400
Yeah, it was.
An SME back that just raised

152
00:08:15,400 --> 00:08:18,200
about 130 Million worth of
funding with a very non diverse

153
00:08:18,200 --> 00:08:21,000
looking management and board
which you know, isn't surprising

154
00:08:21,000 --> 00:08:23,300
the Middle America, but, you
know, not that that's an excuse,

155
00:08:23,300 --> 00:08:27,600
but they are, you know, I'm just
like, you need another one, when

156
00:08:27,600 --> 00:08:30,900
we barely have any banks here in
Ireland to pay him anymore.

157
00:08:31,600 --> 00:08:34,000
So leading on to the first
story.

158
00:08:34,000 --> 00:08:36,100
Starling Bank.
We miss this back in July.

159
00:08:36,900 --> 00:08:38,400
Yeah.
Because we weren't recording

160
00:08:38,400 --> 00:08:40,200
anything.
I wasn't even reading anything

161
00:08:40,200 --> 00:08:41,500
while I was away.
Yeah.

162
00:08:41,600 --> 00:08:43,600
So completely missed this and
thanks for sharing that.

163
00:08:43,799 --> 00:08:48,500
With me today, it was from RTE
News that Sterling Bank pulls

164
00:08:48,500 --> 00:08:50,700
plans to offer services in
Ireland.

165
00:08:50,700 --> 00:08:52,800
So I think was a couple of years
ago that they started the

166
00:08:52,800 --> 00:08:55,700
application process, but the
Central Bank of Ireland, all of

167
00:08:55,700 --> 00:08:59,900
this, obviously in the article
and just got to the point where

168
00:08:59,900 --> 00:09:02,900
it looks like they were in the
final stages and just pulled it.

169
00:09:02,900 --> 00:09:07,900
So one of two things happened or
a little bit of both one, they

170
00:09:07,900 --> 00:09:12,200
had made so much progress with
their banking as a service.

171
00:09:12,900 --> 00:09:15,600
Play or starlings, the service I
think, is they're calling it and

172
00:09:15,600 --> 00:09:19,300
saying that they've spent so
much money is spent so much time

173
00:09:19,300 --> 00:09:22,600
and done so well with building
their own native banking

174
00:09:22,600 --> 00:09:27,100
platform that they're just going
to license that basically white

175
00:09:27,100 --> 00:09:30,000
label it which is banking as a
service kind of, right?

176
00:09:30,500 --> 00:09:33,900
And or two, they just kind of
got to the point where perhaps

177
00:09:33,900 --> 00:09:36,600
they continue to do some
economic analysis on the

178
00:09:36,600 --> 00:09:40,700
profitability of having an Irish
based business and with it is a

179
00:09:40,700 --> 00:09:43,300
country of five million people
and that's it, which is Their

180
00:09:43,300 --> 00:09:46,000
cities in the UK that are bigger
than the entire population of

181
00:09:46,000 --> 00:09:49,700
Ireland, right?
So did they look at that from an

182
00:09:49,700 --> 00:09:53,100
economic situation and say your
p&l perspective, profitability

183
00:09:53,100 --> 00:09:56,100
perspective, even though they
were going to run the European

184
00:09:56,100 --> 00:09:58,800
strategy.
The European Union licensing out

185
00:09:58,800 --> 00:10:01,300
of Ireland and say, Hey, you
know, just not worth it.

186
00:10:01,600 --> 00:10:07,700
But when you think they licensed
as a bank, then curl, UK, and

187
00:10:07,700 --> 00:10:09,100
UK, no.
Okay.

188
00:10:09,900 --> 00:10:13,700
UK only probably comes down to,
I mean, it probably comes down

189
00:10:13,700 --> 00:10:15,400
to look at it economically,
ultimately.

190
00:10:15,400 --> 00:10:19,500
Then it's just funny because
they're announced her most

191
00:10:19,500 --> 00:10:21,700
recent results as well in the
last couple of weeks.

192
00:10:21,700 --> 00:10:24,400
And I one thing that stood out
for me was that they were, they

193
00:10:24,400 --> 00:10:28,200
showed profitability.
But what I think they were like

194
00:10:28,200 --> 00:10:33,500
30 million of losses but like,
31 million of money from the

195
00:10:33,500 --> 00:10:36,800
government because they were,
you know, of income or whatever,

196
00:10:36,800 --> 00:10:39,500
it wasn't called ink are defined
as income in that way.

197
00:10:39,700 --> 00:10:42,900
But it was the government money
that they are obviously being

198
00:10:42,900 --> 00:10:48,000
paid to put out a nor the
government covid support schemes

199
00:10:48,000 --> 00:10:49,600
or whatever they were issuing,
two businesses.

200
00:10:49,800 --> 00:10:52,400
Yeah.
And that effectively made up the

201
00:10:52,400 --> 00:10:54,600
last turn them is slightly
profitable.

202
00:10:54,600 --> 00:10:57,900
They're obviously doing very
well out of the UK and having

203
00:10:57,900 --> 00:11:00,400
that kind of government
engagement and contract and

204
00:11:00,408 --> 00:11:02,600
whatever it is that they have,
obviously been very beneficial

205
00:11:02,600 --> 00:11:05,200
to them.
It was an interesting move do

206
00:11:05,200 --> 00:11:07,700
because you only have to look
across to the US and you look at

207
00:11:07,700 --> 00:11:09,200
yourself.
I and who do we have?

208
00:11:09,200 --> 00:11:10,700
Who We were talking about
recently.

209
00:11:10,700 --> 00:11:14,300
It was a German wounded German
banks again that had gone down

210
00:11:14,300 --> 00:11:18,100
the route of a, of a license and
a talked about actually the

211
00:11:18,100 --> 00:11:21,500
positive impact on their bottom
line, ultimately in the cost of

212
00:11:21,500 --> 00:11:23,400
funds and how that had turned
them.

213
00:11:23,400 --> 00:11:26,800
Really help them turn a corner
and you see it in the US with

214
00:11:26,808 --> 00:11:29,400
the company's going after the
banking charger stuff that's you

215
00:11:29,400 --> 00:11:31,900
know it's really helping them
kind of drive profitability.

216
00:11:32,900 --> 00:11:36,300
So it seems like I don't know.
It seems like a strange one that

217
00:11:37,100 --> 00:11:39,400
You know, maybe maybe just
decided to roll back in us

218
00:11:39,400 --> 00:11:41,800
because of the cost and the
timing and everything else.

219
00:11:41,800 --> 00:11:44,800
Wilder like you said, building
out that bank as a service

220
00:11:44,800 --> 00:11:47,200
platform and whatever else.
Yeah.

221
00:11:47,400 --> 00:11:51,000
And just to bang on something
that Simon Taylor keeps saying

222
00:11:51,100 --> 00:11:55,700
is would revolute be better off
not as a bank, right?

223
00:11:55,700 --> 00:11:59,400
And, you know, they're in the
UK, they they had any money

224
00:11:59,500 --> 00:12:02,100
license here in Ireland, right?
Yeah.

225
00:12:02,100 --> 00:12:05,400
And they had pulled their
banking regulation, application

226
00:12:05,500 --> 00:12:07,400
and decided they weren't going
Going to do that.

227
00:12:07,600 --> 00:12:10,600
And that they were just going to
operate in Ireland, not on Annie

228
00:12:10,600 --> 00:12:15,900
money license, but on their
Lithuanian, domiciled European

229
00:12:16,200 --> 00:12:21,300
banking authorization.
And you know as a revolute user

230
00:12:21,300 --> 00:12:23,400
I was given notification.
Would you like to switch over

231
00:12:23,400 --> 00:12:27,200
from Yuri money institution to
revolutionize, usage to the

232
00:12:27,200 --> 00:12:29,800
Lithuanian and I switched over.
I've Lithuanian Heritage, that's

233
00:12:29,800 --> 00:12:33,300
fine with me.
So you know, maybe there is just

234
00:12:33,300 --> 00:12:38,600
this growing wave of hey.
We were in financial services

235
00:12:38,600 --> 00:12:41,900
were in banking we are you know
relics not yet profitable but

236
00:12:41,900 --> 00:12:45,700
Starling clearly our do we need
to actually carry all the cost

237
00:12:45,700 --> 00:12:50,300
and weight have a fully licensed
Bank in order to provide the

238
00:12:50,300 --> 00:12:54,100
services that we do and does
that restrict our opportunities

239
00:12:54,100 --> 00:12:56,800
to that restrict our product
development?

240
00:12:57,500 --> 00:13:00,200
If we don't have a banking
license and are there going to

241
00:13:00,200 --> 00:13:04,200
be ways to continue to grow and
to scale and to build a business

242
00:13:04,200 --> 00:13:07,600
without having that banking
license, And I think the answer

243
00:13:07,600 --> 00:13:09,700
is clearly, yes, yeah,
absolutely.

244
00:13:09,700 --> 00:13:12,200
Look at a comparison.
I'm working with a client at the

245
00:13:12,200 --> 00:13:17,000
moment and they're 15 months
into their kind of virtual asset

246
00:13:17,000 --> 00:13:18,700
authorization here at of
Ireland.

247
00:13:18,700 --> 00:13:23,300
And, you know, it's taking time.
It's taken cost some money, but

248
00:13:23,300 --> 00:13:25,900
the last feedback they got,
there was another kind of 90 or

249
00:13:25,900 --> 00:13:28,400
so questions that they had to
respond to which is going to add

250
00:13:28,400 --> 00:13:31,900
another 4 or 5 months to the
process, you know, Sophia

251
00:13:31,900 --> 00:13:34,700
multiple and that source for
obviously and authorization as a

252
00:13:34,700 --> 00:13:38,100
virtual assets service provider.
You multiply that to the

253
00:13:38,100 --> 00:13:42,700
magnitude of a banking license
for Europe and presumably the

254
00:13:42,700 --> 00:13:45,400
like to starting and others are
going into this with an idea of

255
00:13:45,400 --> 00:13:48,900
a timeline and it's dragging and
the cost and everything and it

256
00:13:48,900 --> 00:13:51,300
ends up like I said, is it
really worth it from a

257
00:13:51,300 --> 00:13:54,400
profitability point of view?
From a scale is a kind of him

258
00:13:54,400 --> 00:13:56,600
really impact on their ability
to offer the products.

259
00:13:56,600 --> 00:13:59,600
Probably not.
You know, maybe they just sit at

260
00:13:59,600 --> 00:14:01,100
a cost.
It's a cost-benefit thing.

261
00:14:01,100 --> 00:14:03,300
Well you know what if we want to
offer it up product we just

262
00:14:03,300 --> 00:14:06,000
partner with somebody.
Yeah exactly.

263
00:14:06,000 --> 00:14:07,700
Yeah.
And I think then I like the

264
00:14:07,700 --> 00:14:10,100
pain.
Yeah, I mean, personally, I was

265
00:14:10,100 --> 00:14:13,600
deeply saddened because I was
really looking forward to having

266
00:14:13,600 --> 00:14:17,200
Starling be my main banking
option for both business and

267
00:14:17,200 --> 00:14:20,400
for, for personal use.
And, you know, now that's no

268
00:14:20,400 --> 00:14:23,600
longer an option.
I've been, you know, with it's

269
00:14:23,600 --> 00:14:26,300
still just finally Bank of
Ireland.

270
00:14:26,300 --> 00:14:28,000
Got Apple pay.
I don't know last year or

271
00:14:28,000 --> 00:14:29,400
whatever it was, but I don't use
it.

272
00:14:29,400 --> 00:14:32,000
I use an 26.
And then, you know, the, I still

273
00:14:32,000 --> 00:14:34,700
can't get a notification on my
business account when I have a

274
00:14:34,700 --> 00:14:39,800
client pay.
It's like I know don't have to

275
00:14:39,800 --> 00:14:43,900
go into that stupid app that we
have to put in your PIN, like

276
00:14:43,900 --> 00:14:47,700
with every single action, you
take on the system.

277
00:14:48,000 --> 00:14:52,200
And I need to actually, and I'm
happy to say this now that

278
00:14:52,200 --> 00:14:54,600
they've tagged is no longer with
Bank of Ireland, he's McDonald

279
00:14:54,600 --> 00:14:57,500
KPMG.
So shout out to Dave, hopefully,

280
00:14:57,500 --> 00:14:58,900
we'll get to catch up with him
soon.

281
00:15:00,500 --> 00:15:01,600
But yeah.
No, I think dr.

282
00:15:02,400 --> 00:15:06,400
Marcus obviously doesn't, it
doesn't, you know, like yeah,

283
00:15:06,400 --> 00:15:08,600
well, revolute of two million
customers are so now they're

284
00:15:08,600 --> 00:15:12,100
saying nearly three.
Yeah, no, no, it is 2.

285
00:15:12,100 --> 00:15:16,400
It is 2 million and 26 are
providing, you know, a great

286
00:15:16,400 --> 00:15:19,500
service there.
A bunker looking for a country

287
00:15:19,500 --> 00:15:21,200
manager here.
So they're obviously expanding

288
00:15:21,200 --> 00:15:23,000
our presence and they're
offering here as well.

289
00:15:23,900 --> 00:15:26,500
Yep.
And I'd say the more and more

290
00:15:26,700 --> 00:15:29,700
crypto players that are here
that have the Consumer Financial

291
00:15:29,900 --> 00:15:32,500
It's type offerings around debit
cards.

292
00:15:32,900 --> 00:15:35,500
We're going to see those
continue, you know, obviously

293
00:15:35,500 --> 00:15:38,000
that's a longer-term play with
people being more comfortable,

294
00:15:38,400 --> 00:15:40,400
you know.
It converting from Fiat stable

295
00:15:40,400 --> 00:15:43,200
coins for their day-to-day
spending but there's, you know,

296
00:15:43,700 --> 00:15:48,000
a long, a long Arc to that.
Yeah, I am.

297
00:15:48,000 --> 00:15:50,800
I am worried about the banking
options here in Ireland.

298
00:15:50,900 --> 00:15:54,800
You know, obviously, there was
no existential threat to the

299
00:15:54,800 --> 00:15:58,000
High Ridge Nation.
Know how is only three Banks

300
00:15:58,000 --> 00:16:01,800
left, but it's just Just, you
know, and like you said,

301
00:16:01,800 --> 00:16:04,400
everyone's moved two revolute,
just because if you want a

302
00:16:04,400 --> 00:16:07,300
better, ux I better user
experience.

303
00:16:07,300 --> 00:16:10,600
You just move to, you know, a
fintech Nike and if you want

304
00:16:10,600 --> 00:16:12,400
that, oh my God.
Yes.

305
00:16:12,400 --> 00:16:16,800
Copper fast and strong security.
You, you know, and safety of

306
00:16:16,800 --> 00:16:20,000
being in an Irish bank and that
less and less people care about

307
00:16:20,000 --> 00:16:22,900
that and you know you keep the
majority of your your your

308
00:16:22,900 --> 00:16:24,300
wealth.
And we manage a lot of our

309
00:16:24,300 --> 00:16:27,500
household expenditure through
our joint kind of revolutes and

310
00:16:27,500 --> 00:16:29,700
the using the vaults and
everything divided Avenue.

311
00:16:30,300 --> 00:16:33,000
Salary comes in, I send X amount
across my Revolution.

312
00:16:33,000 --> 00:16:35,700
My wife does the same, and then
we manage everything else.

313
00:16:35,700 --> 00:16:38,600
Like, I don't even look at my
usual permit, he's the account

314
00:16:38,600 --> 00:16:42,200
that much anymore because the
day-to-day stuff goes through

315
00:16:42,200 --> 00:16:46,300
two revolute, mmm, because it's
think is that it's really easy

316
00:16:46,300 --> 00:16:47,700
to use.
It's very, you know,

317
00:16:48,300 --> 00:16:50,400
user-friendly, but obviously
adds offers a lot of

318
00:16:50,408 --> 00:16:52,700
functionality.
And then like, I see Kira and

319
00:16:52,700 --> 00:16:54,700
she's trying to send money, and
she had to take out a little

320
00:16:54,700 --> 00:16:57,300
little Gadget that she has to
stick the card in this card

321
00:16:57,300 --> 00:16:58,700
reader thing that they already
have.

322
00:16:59,200 --> 00:17:00,900
And it's like, Like it's almost
embarrassing.

323
00:17:01,200 --> 00:17:02,800
Oh yeah I was thinking about
that today.

324
00:17:02,900 --> 00:17:06,400
No there's so much old-school
some of this stuff is I would

325
00:17:06,400 --> 00:17:09,599
say that card readers and
Regulatory Focus but some of it

326
00:17:09,599 --> 00:17:13,800
is is regulatory driven.
For example, there is still

327
00:17:13,800 --> 00:17:18,200
something in Irish regulation or
Irish law that says a financial

328
00:17:18,200 --> 00:17:23,400
services business that has
face-to-face relationships with

329
00:17:23,400 --> 00:17:26,400
their customers is.
I don't know if it's preferred

330
00:17:26,400 --> 00:17:29,700
or if it's stated as being
obviously that's lower risk and

331
00:17:29,800 --> 00:17:34,400
So that's kind of one of the
measuring sticks of how risky or

332
00:17:34,400 --> 00:17:36,400
businesses do you have
face-to-face customers or not?

333
00:17:36,400 --> 00:17:39,100
And if you don't, then it's
okay, you're more risk.

334
00:17:39,100 --> 00:17:41,400
You need to have all these
different risk controls, you

335
00:17:41,400 --> 00:17:44,300
know, how are you identifying
customers all that type of thing

336
00:17:44,300 --> 00:17:47,400
and it's well we're using ID pal
or using whomever and also I got

337
00:17:47,400 --> 00:17:51,300
a request today for great.
I could provide a copy of my

338
00:17:51,300 --> 00:17:54,700
passport to a business that I'm
a director for for them to

339
00:17:54,700 --> 00:17:58,900
recertify, but I need to get a
certified copy of utility bill

340
00:17:59,600 --> 00:18:05,000
I'm like, I have to take out my
utility bill off of the website,

341
00:18:05,000 --> 00:18:08,300
print that out, bring it down to
the Guard Station at them, which

342
00:18:08,300 --> 00:18:11,500
is your father police station
for our us listeners and have

343
00:18:11,500 --> 00:18:15,300
them certify that that is
actually a true copy of my

344
00:18:15,300 --> 00:18:16,800
utility belt.
I'm like what do I need to bring

345
00:18:16,800 --> 00:18:20,000
my freaking you know laptop down
there with me to show them how I

346
00:18:20,008 --> 00:18:24,600
printed it.
It's like so that is just case

347
00:18:24,600 --> 00:18:28,100
in point that a lot of those old
school regulations still exists

348
00:18:28,100 --> 00:18:31,600
here in Ireland because The bulk
of business in Ireland.

349
00:18:31,600 --> 00:18:33,000
I don't know.
I don't know what the split is

350
00:18:33,000 --> 00:18:37,800
these days, but the domestic
economy is here supporting the

351
00:18:37,800 --> 00:18:39,700
five million people here in
Ireland.

352
00:18:40,100 --> 00:18:43,400
And the bulk of the regulation
that has been built up over the

353
00:18:43,400 --> 00:18:48,000
years and, you know, company
regulation and Company law is in

354
00:18:48,000 --> 00:18:50,800
support of the domestic economy
and it hasn't moved on yet and

355
00:18:50,800 --> 00:18:52,100
it's going to take a long time
for it to me.

356
00:18:52,100 --> 00:18:54,100
Yeah.
Slowly and slowly and slowly.

357
00:18:54,100 --> 00:18:58,400
And one of the things I picked
out was the European banking

358
00:18:58,400 --> 00:19:01,300
Authority.
Orange that Talent shortage will

359
00:19:01,300 --> 00:19:05,400
hamstring crypto regulation.
So, this was in fin extra

360
00:19:05,400 --> 00:19:08,000
yesterday.
The second of August and saying

361
00:19:08,000 --> 00:19:11,000
that, okay, lots of European
Regulators.

362
00:19:11,000 --> 00:19:12,600
It's hard for them to find
Talent.

363
00:19:12,700 --> 00:19:15,100
It's a, you look at any European
country.

364
00:19:15,200 --> 00:19:17,000
It's like word.
Does the skill go?

365
00:19:17,000 --> 00:19:20,100
Where does the talent go?
You know, you go, you know, that

366
00:19:20,100 --> 00:19:23,900
much about business models and
go to market strategies and all

367
00:19:23,900 --> 00:19:25,800
those types of things for
fintech, you're going to end up

368
00:19:25,800 --> 00:19:29,300
going to work for, you know, a
big Consulting shop, right?

369
00:19:29,800 --> 00:19:32,800
You know, and you get paid four
times as much as you know, by

370
00:19:32,800 --> 00:19:33,900
regulator.
Yeah.

371
00:19:34,000 --> 00:19:38,200
You know.
So I can you do like, how does

372
00:19:38,200 --> 00:19:43,200
the FCA do it right?
FCA people are, but you know,

373
00:19:43,200 --> 00:19:46,200
someone pulled the plug from an
FCA application recently,

374
00:19:46,200 --> 00:19:47,000
everybody.
It was.

375
00:19:47,000 --> 00:19:48,500
But they said, I heard.
Yeah.

376
00:19:48,500 --> 00:19:50,500
I heard look to not cover
themselves in glory either at

377
00:19:50,500 --> 00:19:54,100
the moment in terms of the
delays and being very in

378
00:19:54,100 --> 00:19:56,600
focused.
So I suppose there was probably,

379
00:19:56,600 --> 00:19:58,800
you know, there was, there was a
obviously a mandate there and

380
00:19:58,800 --> 00:20:00,700
you look at it.
Jeez like Singapore, does a

381
00:20:00,700 --> 00:20:03,200
mandate there to be more
proactive and to be more

382
00:20:03,200 --> 00:20:05,000
Innovative which is probably
attractive.

383
00:20:05,000 --> 00:20:09,000
Tend to someone who wants a
quasi government role and

384
00:20:09,000 --> 00:20:11,000
something interesting.
Yeah.

385
00:20:11,100 --> 00:20:13,600
What you know, that's not the
situation here and it's not the

386
00:20:13,600 --> 00:20:16,700
situation in other markets so
you can see why there would be

387
00:20:16,700 --> 00:20:18,500
an issue.
Why do you want to go and be the

388
00:20:18,500 --> 00:20:20,900
bad guy in those markets on the
regulatory side?

389
00:20:21,200 --> 00:20:25,600
You don't really want to be.
Yeah, I think, you know, getting

390
00:20:25,600 --> 00:20:28,900
all holistic and high level, I
mean, you know, banking

391
00:20:28,900 --> 00:20:30,600
technology.
G and financial services

392
00:20:30,600 --> 00:20:36,300
technology back in the 70s was
very, very slow, moving into the

393
00:20:36,300 --> 00:20:38,600
80s, into the 90s, into the
2000s.

394
00:20:38,600 --> 00:20:41,700
It took until the Advent of
fintech and cloud computing, and

395
00:20:41,700 --> 00:20:46,500
mobile, you know, in 2008, 2009
2010 for technology to start

396
00:20:46,500 --> 00:20:49,800
moving a hell of a lot faster
than regulation could ever try

397
00:20:49,800 --> 00:20:52,700
to keep up and so we are where
we are.

398
00:20:52,700 --> 00:20:56,100
I don't think there's much we
can do about this at this stage.

399
00:20:56,100 --> 00:21:00,400
I unless the, you know,
regulators Just offering much

400
00:21:00,400 --> 00:21:03,300
better salaries to draw people
in who want a nine-to-five and

401
00:21:03,300 --> 00:21:06,800
be able to sit there and opine
on the risk control model of

402
00:21:06,900 --> 00:21:10,400
fintech or a crypto player and
be able to give them some good

403
00:21:10,400 --> 00:21:13,300
guidance and be able to, you
know, Point them in the right

404
00:21:13,300 --> 00:21:16,800
direction.
And I think it's it's, I was

405
00:21:16,800 --> 00:21:17,800
going to say it's a long way
off.

406
00:21:17,800 --> 00:21:20,900
I'm like, I don't know how, you
know, the two shall ever meet

407
00:21:20,900 --> 00:21:26,100
again but, you know, like, even
in the US and just to call them

408
00:21:26,100 --> 00:21:28,000
out.
I mean, the majority of law is

409
00:21:28,000 --> 00:21:32,700
being based upon You know in in
the Securities industry in, you

410
00:21:32,700 --> 00:21:37,600
know, on 1933 law, right?
That was a long, long time ago.

411
00:21:37,700 --> 00:21:40,100
Yep.
Really going on 100 Years of

412
00:21:40,100 --> 00:21:41,900
that, kind of ruling.
The roost in terms of us

413
00:21:41,900 --> 00:21:44,700
Securities Law and financial
services, regulator even, I've

414
00:21:44,700 --> 00:21:47,600
been following it closely enough
actually to the cfpb.

415
00:21:47,600 --> 00:21:51,600
The Consumer Finance Protection
Bureau and they can, if they

416
00:21:51,608 --> 00:21:54,700
spoke out against Apple this
week with their BR their kind of

417
00:21:55,000 --> 00:21:58,100
a later solution that they're
offering and they've come out

418
00:21:58,100 --> 00:22:00,600
against a lot of the big Tech.
With the kind of from a data

419
00:22:00,600 --> 00:22:03,600
point of view because they're
looking at or their equivalent

420
00:22:03,600 --> 00:22:06,200
of open Banking and how that
would work and the value of us

421
00:22:06,200 --> 00:22:09,200
and they were quite that's both
the word.

422
00:22:09,200 --> 00:22:12,400
They were lukewarm to the idea
to the broader, you know, idea

423
00:22:12,400 --> 00:22:15,800
of it or value that I can bring
from a consumer point of view.

424
00:22:15,800 --> 00:22:18,200
But like that they've been very
kind of proactive with hunting

425
00:22:18,200 --> 00:22:20,300
down fines on a number of
fintechs.

426
00:22:20,300 --> 00:22:22,600
And like I said, coming out
against Apple quite openly.

427
00:22:22,600 --> 00:22:25,500
Now this week around what
they're doing with their

428
00:22:25,500 --> 00:22:28,400
consumer data, as it relates to
being able to offer products and

429
00:22:28,400 --> 00:22:30,800
stuff.
So You know, it's there's very

430
00:22:30,800 --> 00:22:34,600
much seems to be an antique
Wednesday anti fintech but so

431
00:22:34,600 --> 00:22:38,100
much anti innovation in the
financial services space anyway

432
00:22:38,700 --> 00:22:40,700
the US.
Oh yeah.

433
00:22:40,800 --> 00:22:43,000
Oh yeah I mean u.s. is a is a
mass.

434
00:22:43,200 --> 00:22:46,600
I can say that Balaji srinivasan
was on the temporary Show

435
00:22:47,000 --> 00:22:49,200
recently.
Talking about you know the

436
00:22:49,200 --> 00:22:53,100
difference between nation states
and nations in that a nation

437
00:22:53,100 --> 00:22:56,300
state, is while you've got a
nation it which is, you know, a

438
00:22:56,300 --> 00:22:59,100
culture of people that are
strongly connected connected by

439
00:22:59,100 --> 00:23:00,500
ID.
Beliefs and so on.

440
00:23:00,600 --> 00:23:03,900
And then you've got a nation
state, which is while you put a

441
00:23:03,908 --> 00:23:07,800
government around that nation
and the u.s. is now clearly two

442
00:23:07,800 --> 00:23:11,900
Nations under one state, right?
Which is not one nation under

443
00:23:11,900 --> 00:23:14,500
God anymore, indivisible with
liberty and justice for all.

444
00:23:14,500 --> 00:23:17,200
Like they teach us to say the
pledge allegiance to the flag.

445
00:23:17,200 --> 00:23:21,400
When I was in kindergarten
right, it heats the red State

446
00:23:21,400 --> 00:23:26,000
and the blue State.
And, you know, it's just so many

447
00:23:26,000 --> 00:23:27,500
different opposing views right
now.

448
00:23:27,500 --> 00:23:31,500
The polarization of America is
just is unbelievable.

449
00:23:31,600 --> 00:23:35,600
So I, you know, there's a long
there's a long Arc to that.

450
00:23:35,800 --> 00:23:37,800
Yeah.
And I don't know how that could

451
00:23:37,900 --> 00:23:40,900
ever be addressed, but I will
remain optimistic that someone

452
00:23:40,900 --> 00:23:45,900
will come along and sort that
out, you know, on that note, the

453
00:23:46,800 --> 00:23:51,400
I do like there's a couple of
firms here in Ireland that I

454
00:23:51,400 --> 00:23:54,300
know we need to bring up the
curve in terms of, you know,

455
00:23:54,300 --> 00:23:58,000
their their view on crypto,
their view on web three overall.

456
00:23:58,400 --> 00:24:01,700
And what I've done is I Listen,
you know, Rising tide lifts all

457
00:24:01,700 --> 00:24:03,300
boats.
Let's get everybody up the

458
00:24:03,308 --> 00:24:04,700
curve, to the same level and
said, listen!

459
00:24:04,700 --> 00:24:05,900
I'll come!
And I'll spend a couple hours

460
00:24:05,900 --> 00:24:08,700
with you guys.
Yeah, and just do a Q&A and

461
00:24:08,700 --> 00:24:11,100
answer all the questions, and
because there are people who are

462
00:24:11,108 --> 00:24:13,500
strategically, well, positioned
to really make an impact in the

463
00:24:13,500 --> 00:24:17,500
space, in crypto in, you know,
in terms of the growth of that

464
00:24:17,500 --> 00:24:20,900
and the acceptance of it, and
also the regulation of it, which

465
00:24:21,000 --> 00:24:24,100
obviously, is something that is
coming in Ireland while it's

466
00:24:24,100 --> 00:24:26,300
happening in Ireland.
Now, Gemini got the first one,

467
00:24:26,300 --> 00:24:28,800
there virtualized asset service
provider stamp, which is

468
00:24:28,808 --> 00:24:31,900
basically an Am L.
KY C registration saying that

469
00:24:32,000 --> 00:24:34,500
all you're risking controls
around, identifying customers

470
00:24:34,500 --> 00:24:37,300
and providing anti-money,
laundering controls and

471
00:24:37,300 --> 00:24:39,500
protection.
That all of that is, you know,

472
00:24:39,600 --> 00:24:43,800
it is up to scratch and, you
know, that will roll into Mica

473
00:24:43,800 --> 00:24:46,100
the market and crypto assets.
Like we talked about last time

474
00:24:46,100 --> 00:24:49,800
in 2024, so all that is coming
and all that is happening.

475
00:24:49,800 --> 00:24:54,000
So let's get people thinking
about this, strategically from a

476
00:24:54,000 --> 00:24:55,900
business perspective from
customer and Commercial

477
00:24:55,900 --> 00:24:59,100
perspective and how we grow and
develop that further.

478
00:24:59,100 --> 00:25:03,900
And No I won't go on record here
saying, I'll offer that to

479
00:25:03,900 --> 00:25:08,100
anybody but I will offer that
strategically to get the right

480
00:25:08,100 --> 00:25:10,800
parties to the right parties
with rights energy.

481
00:25:11,300 --> 00:25:12,400
Absolutely.
So no.

482
00:25:12,400 --> 00:25:17,300
But you know, joking aside like,
you know, really where where the

483
00:25:17,300 --> 00:25:19,600
opportunity is is for
regulators.

484
00:25:19,600 --> 00:25:21,800
And look, I'll just use the
central bank, as an example from

485
00:25:21,800 --> 00:25:24,700
an Irish perspective but you
know, if you don't necessarily

486
00:25:24,700 --> 00:25:28,600
have a mandate to drive
Innovation, a competition or

487
00:25:28,608 --> 00:25:32,500
whatever it is, At the very
least, what they should be able

488
00:25:32,500 --> 00:25:36,300
to do or what should, you know,
the the area Focus or whatever

489
00:25:36,300 --> 00:25:39,500
should be is to have them
engaged in the industry thing.

490
00:25:39,500 --> 00:25:43,100
So you know having industry
bodies, you know pulling

491
00:25:43,100 --> 00:25:47,000
together a report and you know
creating kind of strategies

492
00:25:47,000 --> 00:25:50,200
around fintech or you know
narrow or parts of a payments

493
00:25:50,200 --> 00:25:53,400
that sort of thing would oust
and you know input or even

494
00:25:53,400 --> 00:25:56,600
oversight or whatever from the
central bank or your regulator

495
00:25:56,600 --> 00:25:58,400
like that just doesn't make any
sense.

496
00:25:58,900 --> 00:26:02,600
Shirley Everyone wins like that
Rising tide everyone wins by

497
00:26:02,600 --> 00:26:05,200
having them all involve.
So running is an accelerator

498
00:26:05,200 --> 00:26:07,600
program and having a
representative from the

499
00:26:07,600 --> 00:26:11,000
regulator be part of it, for
example, like, 'you know with

500
00:26:11,000 --> 00:26:14,600
the techstars program, for
example, having the right person

501
00:26:14,600 --> 00:26:16,400
from the Central Bank in that
scenario.

502
00:26:17,400 --> 00:26:19,300
Go on that Journey with the
company's.

503
00:26:19,300 --> 00:26:23,600
Surely is of benefit everybody.
Absolutely, that's great idea

504
00:26:23,600 --> 00:26:24,800
for the next one.
Yeah.

505
00:26:24,800 --> 00:26:27,500
But nobody's it just makes sense
because like that, they're

506
00:26:27,500 --> 00:26:29,300
keeping close to what's going on
in the industry.

507
00:26:29,400 --> 00:26:30,700
Three.
They can see the different

508
00:26:30,700 --> 00:26:31,800
changes that different
challenges.

509
00:26:31,800 --> 00:26:34,500
Yes, they don't necessarily have
to give advice and you know I

510
00:26:34,508 --> 00:26:36,800
know a lot of regulators don't
want to be in a situation where

511
00:26:36,800 --> 00:26:40,700
they're giving advice but surely
you know, everyone benefits from

512
00:26:40,700 --> 00:26:46,400
the learning Hey everyone, this
is Pete.

513
00:26:46,500 --> 00:26:47,900
Let me tell you about the folks
at Phillip.

514
00:26:47,900 --> 00:26:51,100
Lee few years ago is that my
first Venture Capital industry

515
00:26:51,100 --> 00:26:53,800
dinner in Dublin and honestly I
felt a bit lost.

516
00:26:54,100 --> 00:26:56,900
I bumped into and Rita's Ali.
One of the partners at Phillip

517
00:26:56,900 --> 00:26:59,200
Lee.
He bought me a pint introduced

518
00:26:59,200 --> 00:27:02,400
me to the team and they took me
under their wing that take you

519
00:27:02,400 --> 00:27:04,200
under their wing approach has
been what I've heard

520
00:27:04,200 --> 00:27:07,200
consistently from fintech.
And crypto startups who I know

521
00:27:07,200 --> 00:27:10,200
have worked with Phillip Lee in
Dublin and London to help them

522
00:27:10,200 --> 00:27:13,300
wrap the right legal framework
around their Fundraising and

523
00:27:13,300 --> 00:27:16,100
Regulatory needs and I can't
recommend them enough.

524
00:27:16,500 --> 00:27:19,300
Get in touch with a team at
Philip lead that IE or on money.

525
00:27:19,300 --> 00:27:21,800
Never sleeps.
That IE /, Phillip Lee to learn

526
00:27:21,800 --> 00:27:28,800
more.
Yeah, but look, for example,

527
00:27:28,800 --> 00:27:32,100
obviously you know I got huge
learning from being involved in

528
00:27:32,100 --> 00:27:35,200
the textures program, you know?
And like that was for my own

529
00:27:35,200 --> 00:27:37,900
kind of personal benefit but
also from an organization point

530
00:27:37,900 --> 00:27:40,600
of view, you know, we won't we
might necessarily see many as a

531
00:27:40,600 --> 00:27:44,400
state agency, might see many web
tree companies at the moment and

532
00:27:44,408 --> 00:27:46,600
obviously they weren't all Irish
companies that they weren't all

533
00:27:46,600 --> 00:27:50,500
relevant in that respect to end
up with Arden, but it was of

534
00:27:50,500 --> 00:27:53,000
benefit from Anna learning as to
what's going on in the industry

535
00:27:53,000 --> 00:27:55,200
and seeing some live.
Use cases.

536
00:27:55,700 --> 00:27:57,800
Yep.
So why wouldn't you apply the

537
00:27:57,800 --> 00:28:00,300
same thinking to from a
regulatory point of view to say,

538
00:28:00,300 --> 00:28:01,500
okay.
Well, let's let's just be

539
00:28:01,500 --> 00:28:03,700
involved in.
What's going on in the industry?

540
00:28:04,200 --> 00:28:08,600
Let's sit on the industry bodies
or let's let's as the industry

541
00:28:08,600 --> 00:28:10,100
body.
Let's share the information with

542
00:28:10,100 --> 00:28:12,300
the regulator, you know, kind of
real time.

543
00:28:12,900 --> 00:28:17,300
Why wouldn't we totally do
totally and I'm thinking of a

544
00:28:17,300 --> 00:28:20,100
few Folks at the Central Bank of
Ireland that I'd be happy to

545
00:28:20,100 --> 00:28:23,900
invite in to give me a look.
That work at The Innovation Hub

546
00:28:24,200 --> 00:28:27,200
with In the central bank.
So I will be in tow and look,

547
00:28:27,200 --> 00:28:30,200
I've, you know, we're not it's
not a sort of Central Bank

548
00:28:30,200 --> 00:28:31,600
bashing.
It says we're just using as an

549
00:28:31,600 --> 00:28:34,300
example, but I look, I've had
very good engagement with the

550
00:28:34,300 --> 00:28:36,500
team there, you know, the very
kind of proactive.

551
00:28:36,500 --> 00:28:39,100
I had a keen to understand, I've
had, I think great engagement

552
00:28:39,100 --> 00:28:41,400
with the team there and it's
more, it's more broadly.

553
00:28:41,400 --> 00:28:44,100
If the Challenge from European
point of view is going to be,

554
00:28:44,100 --> 00:28:47,000
you know, is the talent going to
be there to kind of keep up with

555
00:28:47,000 --> 00:28:49,400
the market as well, you know, in
the absence of us.

556
00:28:49,500 --> 00:28:53,100
Well, then being as connected or
having them as informed as to

557
00:28:53,100 --> 00:28:54,300
what's going on in the market,
then.

558
00:28:54,500 --> 00:28:56,400
Least is one way to kind of
address that.

559
00:28:57,000 --> 00:28:59,800
Yeah, absolutely.
It, you know, some of it may be

560
00:28:59,800 --> 00:29:01,900
too late, just too much
involvement.

561
00:29:02,000 --> 00:29:06,400
On the commercial side of things
may, then give the perception to

562
00:29:06,400 --> 00:29:08,800
the public that they have
competitive mandate, which they

563
00:29:08,800 --> 00:29:10,500
don't ya.
Right.

564
00:29:10,500 --> 00:29:13,800
So I think we got to find a
happy medium there and but on

565
00:29:13,800 --> 00:29:17,000
the note of crypto in web three,
we had a very interesting

566
00:29:17,100 --> 00:29:20,200
pronouncement from vitalik boot
Aaron, who is the of the

567
00:29:20,208 --> 00:29:23,700
cofounders of etherium and
basically the, you know, the

568
00:29:23,700 --> 00:29:27,500
leader Of a theorem we want to
call him that and that he was

569
00:29:27,500 --> 00:29:32,900
talking about the metaverse and
the metaverse being this, you

570
00:29:32,900 --> 00:29:37,900
know, experience driven
simulation of the world and that

571
00:29:37,900 --> 00:29:42,100
is starting right now with
basically things like sandbox

572
00:29:42,100 --> 00:29:46,200
and decentraland.
And these flat 2D screen with

573
00:29:46,200 --> 00:29:50,200
some 3D imagery behind it
experiences that are meant to

574
00:29:50,200 --> 00:29:52,600
evolve into things.
Like what we see in Ready

575
00:29:52,600 --> 00:29:54,300
Player, one, and shout out to
Dave Henderson.

576
00:29:54,500 --> 00:29:57,700
And who watch the demo Day Live
stream on YouTube for Tech Stars

577
00:29:58,100 --> 00:30:01,700
and said, you know, watch out
for we can play, bingo with how

578
00:30:01,700 --> 00:30:03,200
many times pizza is ready
player?

579
00:30:03,200 --> 00:30:06,700
One, which probably right out
here, reading, Ready Player to

580
00:30:06,700 --> 00:30:08,300
right now.
Yes.

581
00:30:08,400 --> 00:30:10,700
But I don't think that's gonna,
I don't think that's going to

582
00:30:10,708 --> 00:30:13,100
solve this.
But anyway, what he's saying is

583
00:30:13,100 --> 00:30:15,200
that Facebook obviously changed
their name to Metta.

584
00:30:15,800 --> 00:30:18,400
So, vitalik is talking about
this and saying that the

585
00:30:18,400 --> 00:30:20,300
corporate version of this
metaverse.

586
00:30:20,300 --> 00:30:25,400
This VR type experience all
built On blockchains because

587
00:30:25,400 --> 00:30:28,200
blockchains enable this value
transfer to take place in these

588
00:30:28,200 --> 00:30:31,200
public permissionless.
Metaverse zones, metaverse

589
00:30:31,200 --> 00:30:33,300
experiences.
He's saying that the corporate

590
00:30:33,300 --> 00:30:36,000
version just isn't going to work
because people don't know what

591
00:30:36,000 --> 00:30:37,800
they want yet.
Yeah, right.

592
00:30:37,800 --> 00:30:44,100
So, how do you actually put a,
you know, a big billion trillion

593
00:30:44,100 --> 00:30:50,100
dollar spend or some meta, IE,
Facebook, driven, metaverse

594
00:30:50,100 --> 00:30:53,400
experience, and say that that's
what people want and have that

595
00:30:53,400 --> 00:30:55,800
people, you know?
Spinning around in board rooms

596
00:30:55,800 --> 00:31:00,400
with just these Advocates around
the waist up, right?

597
00:31:00,400 --> 00:31:04,900
And that's all you see.
I just and I'm tending to see it

598
00:31:04,900 --> 00:31:07,600
and he made a very very good
point is that people don't know

599
00:31:07,600 --> 00:31:11,500
what they want yet.
And so when you're looking at

600
00:31:11,500 --> 00:31:14,600
this and breaking it down to the
core of startups in the core of

601
00:31:14,600 --> 00:31:17,500
problem solving.
When you know what people want,

602
00:31:17,500 --> 00:31:22,100
you know, what problem to solve
with a brand new user experience

603
00:31:22,100 --> 00:31:24,300
with was the smartphone solving
a problem.

604
00:31:24,400 --> 00:31:26,800
Mm was the iPhone solving a
problem though.

605
00:31:26,800 --> 00:31:28,400
It wasn't.
It was giving people new

606
00:31:28,400 --> 00:31:29,800
options.
It was giving people New

607
00:31:29,800 --> 00:31:35,200
Opportunities, new access that
they hadn't had before new ways

608
00:31:35,200 --> 00:31:38,300
of life, even Jesus Christ with
what's happened with with

609
00:31:38,300 --> 00:31:41,400
smartphones and teenagers and
whatever you want to call it,

610
00:31:41,400 --> 00:31:43,900
right?
But it's going to take a while

611
00:31:43,900 --> 00:31:48,200
for this to evolve for and
another long Arc.

612
00:31:48,200 --> 00:31:52,100
I keep saying that, but that he
said that the meta version of

613
00:31:52,100 --> 00:31:54,100
the metaverse of the Facebook
version of it will ultimately

614
00:31:54,400 --> 00:31:56,700
Fail.
Because how do you actually try

615
00:31:56,700 --> 00:31:59,800
to design something that big and
that immersive that expensive

616
00:32:00,200 --> 00:32:04,600
without actually being able to
do some a/b testing and work on

617
00:32:04,600 --> 00:32:08,000
this at the consumer level?
Yeah with individuals who are

618
00:32:08,000 --> 00:32:10,800
already kind of up the curve a
little bit with regards to, you

619
00:32:10,800 --> 00:32:14,300
know what, what a metaphor is
really means to them.

620
00:32:15,600 --> 00:32:19,300
And it's an interesting point
because, like, you spot on, I

621
00:32:19,300 --> 00:32:21,700
think, you know, Facebook was
trying to.

622
00:32:21,800 --> 00:32:25,400
And I, you know, I respect
Zuckerberg is kind of vision as

623
00:32:25,400 --> 00:32:28,400
to where things are going but
like that Facebook is probably

624
00:32:28,400 --> 00:32:31,400
not the right vessel if you want
to call it that too.

625
00:32:31,400 --> 00:32:34,300
I suppose bring the masses to
the matter verse because it's so

626
00:32:34,300 --> 00:32:38,000
it was it feels like such a jump
from their business from why

627
00:32:38,000 --> 00:32:41,600
people are using Facebook and
diverse instance like to me and

628
00:32:41,600 --> 00:32:44,600
we've talked about it before low
the time, but to me, the

629
00:32:44,600 --> 00:32:48,600
metaverse kind of explosion and
the, you know, what's going to

630
00:32:48,600 --> 00:32:52,800
drive users of the metaverse is
something that feels not that

631
00:32:52,800 --> 00:32:54,300
different from what they're
already doing.

632
00:32:54,400 --> 00:32:56,800
Doing and to me, that's kind of
gaming and stuff like that.

633
00:32:56,800 --> 00:33:00,200
It's, you know, as far as I'm
concerned, my son is already in

634
00:33:00,200 --> 00:33:02,400
metaverse, with all the with
dementia times, he plays in

635
00:33:02,400 --> 00:33:04,900
Fortnight and he has his Avatar
in his skins and all that sort

636
00:33:04,900 --> 00:33:06,200
of stuff.
So he's living in that

637
00:33:06,200 --> 00:33:10,000
environment already.
So jumping to a new version of

638
00:33:10,000 --> 00:33:11,900
that isn't going to be a big
leap for him.

639
00:33:12,000 --> 00:33:13,900
It is for someone using
Facebook.

640
00:33:14,700 --> 00:33:17,600
Yeah you know.
So to me the adoption is going

641
00:33:17,600 --> 00:33:21,000
to come from that side but I
don't even mean just like it

642
00:33:21,000 --> 00:33:23,600
from an age point of view but
more so from people who are

643
00:33:23,600 --> 00:33:26,300
already living in, In a kind of
metal versus environment or, you

644
00:33:26,300 --> 00:33:29,700
know, on a regular basis, be a
gaming or some sort of online

645
00:33:29,700 --> 00:33:32,900
experience, you know, Esports
that sort of thing.

646
00:33:32,900 --> 00:33:34,700
It's not a big jump for them.
Yeah.

647
00:33:34,700 --> 00:33:37,700
And that was, I was reading
something else today that was

648
00:33:37,700 --> 00:33:42,000
about the alignment between
Esports and crypto and saying

649
00:33:42,000 --> 00:33:44,500
that got a lot of people playing
video games.

650
00:33:44,500 --> 00:33:48,900
IEEE sports that are also added
to crypto and you've got a lot

651
00:33:48,900 --> 00:33:51,800
of people mad into crypto that
are also playing video games.

652
00:33:52,300 --> 00:33:55,100
So there's this natural.
Out there.

653
00:33:55,400 --> 00:33:58,100
And that, that's going to be the
fastest adoption curve.

654
00:33:58,600 --> 00:34:02,100
And you've got something like,
what is it, two billion Gamers

655
00:34:02,600 --> 00:34:06,700
worldwide and that number is
only growing and, you know, Jeff

656
00:34:06,700 --> 00:34:09,500
Donnelly from Mega fan, shout
out to Jeff talks about, you

657
00:34:09,500 --> 00:34:12,500
know, getting the next 1 billion
users of gaming online through

658
00:34:12,500 --> 00:34:16,100
mobile gaming.
And so, you know, those that are

659
00:34:16,100 --> 00:34:19,199
are that much into their phones
and using mobile gaming that

660
00:34:19,199 --> 00:34:21,100
much, the probably pretty
comfortable with the crypto

661
00:34:21,100 --> 00:34:24,199
wallet.
Okay, so, you know, you got this

662
00:34:24,300 --> 00:34:29,600
It's natural overlap.
And the I will I will quote it

663
00:34:29,600 --> 00:34:34,600
again, but in Ready Player were
to your talks about how the the

664
00:34:34,600 --> 00:34:39,100
Facebook's YouTube's Twitter's
of the world back in.

665
00:34:39,100 --> 00:34:44,100
You know, the 2020s 2030s all
just became these kind of news

666
00:34:44,100 --> 00:34:49,600
feed type applications in the
real metaverse experience and

667
00:34:49,600 --> 00:34:52,000
that that's all it was.
It was just a way for people to

668
00:34:52,000 --> 00:34:54,300
stay connected to their friends.
It wasn't a way for them to

669
00:34:54,400 --> 00:34:57,400
Actually live.
These experiences lips, virtual

670
00:34:57,400 --> 00:35:00,700
experiences or the latest words
I've been seeing around this is,

671
00:35:01,000 --> 00:35:03,400
you know, fidgel.
So this blend of physical and

672
00:35:03,400 --> 00:35:06,600
digital world.
So, you know, it's but no, I

673
00:35:06,600 --> 00:35:11,700
think we've got just hearing
vitalik say that was was just a

674
00:35:11,700 --> 00:35:16,400
nice kind of ticking the box for
me and saying, at least vitalik

675
00:35:16,400 --> 00:35:18,700
is thinking about this and
talking about this, which was,

676
00:35:18,700 --> 00:35:22,600
which was good to hear because
I'm so much of my belief for

677
00:35:22,900 --> 00:35:25,400
what's coming.
And Were I'm looking for

678
00:35:25,400 --> 00:35:29,400
Investments right now is along
the basis of blockchains as a

679
00:35:29,408 --> 00:35:36,000
foundation for metal versus
right and that that you need

680
00:35:36,000 --> 00:35:39,100
that in order to have these
public permissionless virtual

681
00:35:39,100 --> 00:35:43,000
environments where you buy that
time machine.

682
00:35:43,000 --> 00:35:45,800
So you can travel, you know,
back in time of the metaverse,

683
00:35:46,000 --> 00:35:50,100
that's an mft, right?
And you need some type of, you

684
00:35:50,100 --> 00:35:52,700
know, cryptocurrency whether
it's a stable coin or whatever

685
00:35:52,700 --> 00:35:55,600
it is in order to buy that.
And to demonstrate ownership of

686
00:35:55,600 --> 00:35:58,400
it and that it belongs to you
and that is a cryptographically

687
00:35:58,400 --> 00:36:01,900
secured relationship.
So, you know, it was all of it

688
00:36:01,900 --> 00:36:05,700
is encouraging at least in its,
you know, but like you said,

689
00:36:05,700 --> 00:36:07,500
it's Zuckerberg has built a
beast.

690
00:36:07,500 --> 00:36:11,100
He's got to do something with it
so least he's give it a go.

691
00:36:11,600 --> 00:36:14,600
Yeah.
Okay, that other things that

692
00:36:14,600 --> 00:36:18,100
popped up in the last week or
two, or even the last week while

693
00:36:18,100 --> 00:36:21,600
we're gone or while I was gone
was done by US base fintech

694
00:36:21,700 --> 00:36:26,100
combo, which is Irish owned.
Primarily only been found it to

695
00:36:26,100 --> 00:36:28,800
managed, but they had cord to
the us.

696
00:36:28,800 --> 00:36:32,200
A few years ago, they bought a
majority stake in Kenya's.

697
00:36:32,400 --> 00:36:36,700
The Rajah microfinance Bank.
You had some thoughts on that

698
00:36:37,600 --> 00:36:38,500
budget.
Look, I just think it's

699
00:36:38,500 --> 00:36:40,100
fascinating.
I really like what the Roomba

700
00:36:40,100 --> 00:36:41,700
guys are doing.
I haven't I haven't had the

701
00:36:41,700 --> 00:36:44,400
pleasure of meeting, tune in and
Barry turning Kennedy burn your

702
00:36:44,400 --> 00:36:47,600
money in person, but obviously
it was familiar with them from

703
00:36:47,600 --> 00:36:50,400
from work point of view and
Brian McDonald who we've had on

704
00:36:50,400 --> 00:36:52,300
the show God way.
Back when.

705
00:36:52,300 --> 00:36:55,600
Yeah, I know had been helping
them by can Early days and had

706
00:36:55,600 --> 00:36:58,200
flagged them with us as well.
But I know it was like at the

707
00:36:58,200 --> 00:37:00,600
time when I was familiar with
what the guys are doing, it was

708
00:37:00,600 --> 00:37:03,400
micro-fine are micro loans in
Kenya, which is really cool.

709
00:37:03,400 --> 00:37:06,600
Kind of like the equivalent of a
two-year-old alone for you know,

710
00:37:06,600 --> 00:37:09,100
a 24-hour.
Payback I was just yeah, you

711
00:37:09,107 --> 00:37:13,200
know, digit online lending is
particular area of interest for

712
00:37:13,200 --> 00:37:15,000
me.
So I was fascinated with what

713
00:37:15,000 --> 00:37:17,900
they were doing even back then.
And, you know, I think they

714
00:37:17,900 --> 00:37:21,100
raised a 15 million series a
earlier this year, you know, and

715
00:37:21,100 --> 00:37:23,500
even coming into that they had
Tom bomb fell obviously for

716
00:37:23,500 --> 00:37:25,700
munzo.
So actor in that a couple of

717
00:37:25,700 --> 00:37:28,600
really well-known us investors
are VCS as well.

718
00:37:28,600 --> 00:37:32,300
So looked at doing really
interesting things and you know

719
00:37:32,300 --> 00:37:34,800
there's a obviously going down
this route, then we talked

720
00:37:34,800 --> 00:37:37,800
earlier relation to others about
accessing a license and a bank

721
00:37:37,800 --> 00:37:40,900
and everything and obviously
being able to go and offer a

722
00:37:40,900 --> 00:37:43,900
wider range of kind of products
Now by obviously having that

723
00:37:43,900 --> 00:37:47,900
investment in a license Bank,
you know, it's an SME Bank

724
00:37:47,900 --> 00:37:51,700
diraja, they're saying it's a
small kind of market share, but

725
00:37:51,700 --> 00:37:54,600
obviously gives them a stronger
presence and can For more

726
00:37:54,600 --> 00:37:56,900
services.
So yeah, really interesting move

727
00:37:56,900 --> 00:38:02,100
and not one seen very often
which an Irish company acquiring

728
00:38:02,100 --> 00:38:04,600
kind of banking license like
that most of the guys.

729
00:38:04,600 --> 00:38:06,800
But yeah I'd absolutely love to
have them on the shoulder like

730
00:38:06,800 --> 00:38:09,500
talk in more detail about what
they're doing so may be someone.

731
00:38:09,500 --> 00:38:12,300
Yeah that happened with us.
I've been on their mailing list

732
00:38:12,300 --> 00:38:14,900
their investor mailing list for
a while even though I never

733
00:38:14,900 --> 00:38:16,600
invested.
But I will say this the Irish

734
00:38:16,600 --> 00:38:19,000
way then I'll say it the
American way but Barry.

735
00:38:19,000 --> 00:38:21,800
Oh ma honey at as he's called
but you know, if he grew up in

736
00:38:21,800 --> 00:38:23,600
the u.s. you would eat, berio
Mahoney.

737
00:38:26,300 --> 00:38:32,600
So he always impressed with the
detail and the clarity of their

738
00:38:32,600 --> 00:38:35,600
investor email their whether its
quarterly or monthly that they

739
00:38:35,600 --> 00:38:38,600
send out really, really
impressive and always wanted to

740
00:38:38,600 --> 00:38:43,000
forward that on to startups to
say here's a great example of

741
00:38:43,000 --> 00:38:46,300
what you should be a shorter
should, but I do know, I can't

742
00:38:46,300 --> 00:38:50,000
because he said, please do not
forward this outside of this

743
00:38:50,000 --> 00:38:52,200
group, okay?
It's because there's some

744
00:38:52,200 --> 00:38:53,800
confidential information.
Yeah.

745
00:38:54,300 --> 00:38:57,600
Have I never have, you know,
Scouts Honor, Scott.

746
00:38:57,600 --> 00:38:59,000
Oh, you know, God's honest
truth.

747
00:38:59,000 --> 00:39:01,000
I never have.
So it's a good point though,

748
00:39:01,000 --> 00:39:04,900
because actually I have what
I've got Jesus 50-something

749
00:39:04,900 --> 00:39:08,700
clients on my portfolio to
moment, but I'd say of the

750
00:39:08,800 --> 00:39:12,100
monthly updates that I guess I
have one or two that stand out

751
00:39:12,100 --> 00:39:14,600
for kind of clarity and
information and kind of

752
00:39:14,600 --> 00:39:18,000
professionalism.
And so I for some I don't get

753
00:39:18,000 --> 00:39:20,700
anything and then the quality is
not great but I want you to

754
00:39:20,700 --> 00:39:25,200
stand out as like top-notch.
Yep, really Like a really shows

755
00:39:25,200 --> 00:39:27,700
that they're on top of things
when they can provide a really

756
00:39:27,700 --> 00:39:30,100
strong update like that.
Oh yeah.

757
00:39:30,300 --> 00:39:32,400
And you know what I like as well
as when people get back to me,

758
00:39:32,400 --> 00:39:37,500
right away, the quickest, draw
in the east, on this side of the

759
00:39:37,500 --> 00:39:40,800
pond is definitely, oh, and
O'Driscoll from planned oil, he

760
00:39:40,800 --> 00:39:43,300
is within seconds, gets back to
me on telegram.

761
00:39:43,300 --> 00:39:44,900
So shout out to.
I want to go to try to have them

762
00:39:44,900 --> 00:39:48,900
on the show and in a few weeks.
But and then just when, you

763
00:39:48,900 --> 00:39:53,200
know, you ask somebody, you
know, hey, can you can you give

764
00:39:53,200 --> 00:39:55,900
me a look into this and Come
back so quickly is just so

765
00:39:55,900 --> 00:39:59,700
reassuring, right?
So but yeah the in the clarity

766
00:39:59,700 --> 00:40:02,100
of information and be able to
simplify things about a very

767
00:40:02,100 --> 00:40:05,100
very complex business is
definitely a great skill to have

768
00:40:05,100 --> 00:40:08,300
and definitely you know the
humble guys have that so well

769
00:40:08,300 --> 00:40:11,700
done to them and well done on
growth and acquisition mode and

770
00:40:11,700 --> 00:40:13,800
hopefully we see more of that.
Anything else you wanted to

771
00:40:13,808 --> 00:40:16,900
touch on this evening?
Yeah, I had to unplug of saying

772
00:40:16,900 --> 00:40:18,200
to you earlier before we
started.

773
00:40:18,200 --> 00:40:20,700
I can't for whatever reason.
Open up the article.

774
00:40:20,700 --> 00:40:25,100
So I can't find the second one,
but I had one and I like Said I

775
00:40:25,100 --> 00:40:28,500
am fascinated and it's my
experience of Future Finance I'm

776
00:40:28,500 --> 00:40:32,800
fascinated by obviously online
digital ending so us company

777
00:40:32,800 --> 00:40:36,700
Tomo credit t om o.
They raise 22 million out of 222

778
00:40:36,700 --> 00:40:41,300
million valuation with the goal
towards making credit scores

779
00:40:41,300 --> 00:40:42,800
obsolete.
There's an article from

780
00:40:42,800 --> 00:40:44,900
TechCrunch, so I've been keeping
an eye on this one because it's

781
00:40:44,900 --> 00:40:49,100
a really interesting.
Was he, it's a start-up offering

782
00:40:49,100 --> 00:40:52,900
targeting a young, Coon adult
students immigrants in the US

783
00:40:52,900 --> 00:40:55,800
who have no credit score.
And ultimately they're trying to

784
00:40:56,500 --> 00:40:58,600
they're offering them a credit
card that allows them to

785
00:40:58,600 --> 00:41:01,000
obviously borrow but also build
credit.

786
00:41:01,000 --> 00:41:03,600
Now the root the thing I found
really interesting about this

787
00:41:03,600 --> 00:41:05,600
one was that they have an auto
repay.

788
00:41:05,600 --> 00:41:09,200
So header solution Works, they
obviously don't rely on a FICO

789
00:41:09,200 --> 00:41:11,700
score, they come up with their
own kind of proprietary

790
00:41:11,700 --> 00:41:15,600
underwriting algorithm the Tomo
score and it has you know,

791
00:41:15,600 --> 00:41:18,300
there's no credit checks to give
them limits up to kind of well

792
00:41:18,300 --> 00:41:21,700
up to thirty thousand dollars.
It says here, but the default

793
00:41:21,700 --> 00:41:26,700
rate is less than 1% because It
has instant our weekly repay.

794
00:41:27,500 --> 00:41:29,900
Okay, yep.
See connect your bank account to

795
00:41:29,900 --> 00:41:33,300
the card and then as I obviously
will lend it to you and then

796
00:41:33,300 --> 00:41:34,800
take the money back out a week
later.

797
00:41:34,900 --> 00:41:38,800
So, you know, as well as it's
the risks is in that scenario,

798
00:41:38,800 --> 00:41:41,400
know what strikes me is.
How the hell do you get up to

799
00:41:41,400 --> 00:41:43,000
totality?
Borrow up to 30 grand if you

800
00:41:43,008 --> 00:41:45,700
have to repay it a week later.
But yeah, it doesn't go.

801
00:41:45,700 --> 00:41:48,000
I don't know, doesn't explain
that what in the article?

802
00:41:48,000 --> 00:41:50,200
However, I just thought it was
really interesting and kind of,

803
00:41:50,200 --> 00:41:52,500
you know, obviously what I did
in Future Finance we were

804
00:41:52,500 --> 00:41:55,600
funding providing loans.
Students with little to no

805
00:41:55,600 --> 00:41:57,400
credit history, given her age
and everything.

806
00:41:57,400 --> 00:42:00,800
So you know there's a big
opportunity in a market like

807
00:42:00,800 --> 00:42:03,500
that, especially in the US where
you've immigrants coming over.

808
00:42:03,500 --> 00:42:06,200
You know, they could have had
very steady jobs and really

809
00:42:06,200 --> 00:42:09,200
strong backgrounds in Ireland,
for example, but they use the US

810
00:42:09,200 --> 00:42:11,900
and they have no credit.
History would never credit

811
00:42:11,900 --> 00:42:14,400
score, though.
There's real opportunity with a

812
00:42:14,408 --> 00:42:16,600
suggested, interesting kind of
take on it.

813
00:42:17,000 --> 00:42:20,600
So that was a big-time million
series B 12 or maybe someone

814
00:42:20,600 --> 00:42:23,200
that new bank eventually looks
like because you back or so just

815
00:42:23,200 --> 00:42:24,700
Tech.
Savvy.

816
00:42:24,700 --> 00:42:28,200
I think I remember from their
decision making process on

817
00:42:28,200 --> 00:42:32,000
lending that one of the criteria
was, who referred them to yeah.

818
00:42:32,200 --> 00:42:35,300
Yeah, I remember listening to
the guy on one of the which

819
00:42:35,300 --> 00:42:37,900
invest like the best podcast and
it said the same thing.

820
00:42:37,900 --> 00:42:39,500
That's how they kind of it's the
referrals.

821
00:42:40,900 --> 00:42:42,600
Yeah.
Where were referred you to new

822
00:42:42,600 --> 00:42:45,900
bank and looking at their its
core means that if you have

823
00:42:46,000 --> 00:42:48,600
friends that refer you and
they're generally good, you know

824
00:42:48,600 --> 00:42:51,700
it they haven't defaulted then
it generally means you won't,

825
00:42:51,700 --> 00:42:55,100
right?
So, That's mind-blowing that

826
00:42:55,100 --> 00:42:57,000
that actually exists.
That one's a bit out there.

827
00:42:57,000 --> 00:43:00,500
Yeah, it is, it is.
But, you know, hopefully, the

828
00:43:00,500 --> 00:43:03,500
days of credit scoring will be
around that much longer, but

829
00:43:03,500 --> 00:43:06,600
like, you know, banking
regulation and, you know, it is

830
00:43:06,600 --> 00:43:08,900
the world we live in and it's
the way that the majority of the

831
00:43:08,900 --> 00:43:11,700
world operates even though we're
up the curve.

832
00:43:11,800 --> 00:43:14,700
And a lot of the people we
talked to every day and hang out

833
00:43:14,700 --> 00:43:17,600
with our way up the curve that
that is a very, very small

834
00:43:17,600 --> 00:43:22,100
proportion of the global
population, but it's good to be

835
00:43:22,100 --> 00:43:23,800
part of it.
Yeah, yeah.

836
00:43:23,800 --> 00:43:24,800
So look, that was an interesting
one.

837
00:43:24,800 --> 00:43:27,100
I'll keep an eye on that one and
actually, what what, uh,

838
00:43:27,100 --> 00:43:29,200
probably do.
My usual trick and try connect

839
00:43:29,200 --> 00:43:31,700
with Christy Kim, who's the
founder on Twitter?

840
00:43:31,700 --> 00:43:32,900
And see if I can get her on the
show.

841
00:43:33,200 --> 00:43:34,600
I'd love to.
Yeah, bit more about what

842
00:43:34,600 --> 00:43:37,100
they're doing and how to do it.
Yeah, go for it.

843
00:43:37,200 --> 00:43:41,100
By all means, why not all right,
anything else to share?

844
00:43:41,100 --> 00:43:43,100
No, no.
Like I said to you earlier, I

845
00:43:43,100 --> 00:43:45,400
have a couple of days off the
end of this week for a wedding.

846
00:43:45,400 --> 00:43:49,000
So it's the first time that my
wife away from the kids, the

847
00:43:49,000 --> 00:43:51,300
last with Jesus and since covid,
to be honest.

848
00:43:51,500 --> 00:43:54,800
Yeah.
So long Raju, enjoy it, my wife

849
00:43:54,800 --> 00:43:57,700
and I have that in Lenox
Massachusetts with that

850
00:43:57,700 --> 00:44:01,600
electrical storm last month in
July, which was awesome.

851
00:44:01,600 --> 00:44:04,900
So yeah, it's but obviously good
to get away.

852
00:44:05,400 --> 00:44:07,100
Yeah.
And then we're Bachelor that

853
00:44:07,100 --> 00:44:10,600
took back to our regular weekly
release schedule from September.

854
00:44:11,000 --> 00:44:12,500
Yes we will.
Yes, we will.

855
00:44:12,600 --> 00:44:15,600
Lots going on.
Lots lots to ramp back up on but

856
00:44:15,600 --> 00:44:17,600
yeah, you know, let's do it
right.

857
00:44:18,100 --> 00:44:19,900
That's it.
Okay, take it easy, buddy.

858
00:44:19,900 --> 00:44:29,100
Check you later, pal.
That does it for this week.

859
00:44:29,100 --> 00:44:31,500
Folks can learn more about the
stories we covered in the show,

860
00:44:31,500 --> 00:44:33,800
notes on our website money,
never sleeps that I eat.

861
00:44:34,200 --> 00:44:36,800
Also, thanks to Conan Brophy
from create sad, for mixing and

862
00:44:36,800 --> 00:44:38,900
editing.
This episode Conan is an

863
00:44:38,900 --> 00:44:40,800
excellent medium and to get in
touch with when you're thinking

864
00:44:40,800 --> 00:44:42,300
about launching your own
podcast.

865
00:44:42,700 --> 00:44:45,800
As for me, I'm an early stage,
startup investor and advisor

866
00:44:45,800 --> 00:44:48,200
focused on where fintech meets
crypto and crypto me to up

867
00:44:48,200 --> 00:44:49,800
three.
I'd like to talk to you about

868
00:44:49,800 --> 00:44:51,800
your business.
Drop me a line on info at money.

869
00:44:51,800 --> 00:44:53,600
Never sleeps that I eat.
Finally.

870
00:44:53,700 --> 00:44:55,500
Until next time.
Thanks for listening.

871
00:44:55,500 --> 00:44:56,000
See you