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MoneyNeverSleeps

MoneyNeverSleeps

Author: Eoin Fitzgerald | Pete Townsend

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A weekly podcast that looks inside the minds of entrepreneurs and at the crossover of startups, enterprise, finance, technology and life as we know it. Co-hosts Pete Townsend and Eoin Fitzgerald. Support this podcast: https://anchor.fm/moneyneversleeps/support
137 Episodes
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This is our latest Money Talks segment, where we get into the onslaught of crypto’s mainstream moments in the past two weeks featuring Elon Musk’s antics and Charlie Munger’s view on bitcoin, we dig into BNPL (Buy Now Pay Later) for the first time with a look at Klarna, we pick though Tiger Global’s supersize appetite for deals previously just the purview of VC, and we hear from Rory Galvin from Navirum on the Finsight Series. MoneyNeverSleeps is sponsored by PAT Fintech, the training partner that demystifies fintech and digital finance for financial services professionals. MAIN STORIES WE COVERED: Crypto’s mainstream moments from the last two weeks: Dogecoin is Getting People Worried (Noelle Acheson, Crypto Long & Short, 10-May-21) Charlie Munger Moans about Bitcoin - juxtaposed vs Noelle Acheson’s more realistic view below. Bitcoin’s Potential as a Collateral Class (Noelle Acheson, Crypto Long & Short, 4-May-21) No Mercy No Malice: The Martian (Scott Galloway, 7-May-21) Mike Novogratz's Galaxy Digital buys crypto start-up BitGo in industry's first billion-dollar deal (Markets Insider, 5-May-21) BNPL (Buy Now Pay Later) on fire with Klarna Klarna storms ahead of rivals across Europe and US, counting 16m+ new users in 2020 (Sifted, 4-May-21) The Checkout as a Territory (Mario Gabriele, 22-Nov-20) Tiger Eats VC Tiger Global Management Is Eating the VC World (Morning Brew, 4-May-21) Is Early-Stage Venture Becoming a Growth Investor’s Game? (Crunchbase, 28-Apr-21) LINKS: The Finsight Series: Going Digital - Banking and Wealth Management (event link referred to by Rory Galvin) Leave a review and subscribe on Podchaser| Apple Podcasts | Spotify | Google | Overcast Check out our MoneyNeverSleeps website Follow us on Twitter Podcast | Twitter Pete | Twitter Eoin Get in touch at info@moneyneversleeps.ie --- Support this podcast: https://anchor.fm/moneyneversleeps/support
This week we welcome back Andrew Mullaney, CTO of Premind AI, sharing his story on the last 2+ years of building Premind, streaming 57,000 stock prices into a million news stories a day, the impact of high-speed information flow on age-old market theory, the differences between his last startup NewsWhip and Premind AI, surviving in the startup desert…and still trying to be relatively innocuous! MoneyNeverSleeps is sponsored by PAT Fintech, the training partner that demystifies fintech and digital finance for financial services professionals. Premind AI is an Ireland-based deeptech venture providing institutional investors the 'edge' through anticipating market reactions to news events. HIGHLIGHTS: On the scale of data that the Premind AI ‘machine’ is processing: “We stream through one million articles a day, and we can burst 20-30 articles per second with each article averaging 500 words. So, we have 10,000 words per second coming through. We monitor 57,000 stocks, and each one has 20 descriptive words, so that’s one million words. Together, that’s 10,000 words per second coming through on the news side that we stream through a million words on the stock side. That’s just to get a match.” On not trying to make sense out of market movements: “We're looking for patterns that are repeated over and over again, thousands and thousands of times a day. The very minute you put something in cognitive terms, like whether the movement was sensical or not, you're out of the picture. We don't really care. We look for cause and effect.” On how fintech has only scratched the surface: “What I call ‘fintech v1’ is just digitizing banking, things like making payments go through instantaneously. It's crazy to think that the most powerful banking institutions could be impacted by something so simple. But the next level is the actual application of the more complicated systems that technology companies are bringing into all aspects of finance.” On surviving the ‘startup desert’: “The pandemic is a scenario where you're already going through the desert as a startup and you've got to ride it out. It's one of these massive external scenarios that nobody could ever predict. There's nothing you can do about it. You just have to be able to get through it.” Episode title inspired by The Prediction by Nas. LINKS: Leave a review and subscribe on Podchaser| Apple Podcasts | Spotify| Google| Overcast Check out our MoneyNeverSleeps website Subscribe to our newsletter on Substack Follow us on Twitter Podcast| Twitter Pete| Twitter Eoin Get in touch at info@moneyneversleeps.ie --- Support this podcast: https://anchor.fm/moneyneversleeps/support
Oli Cavanagh and Charles Dowd, the co-founders of Strike, tell the story of the confluence of experiences and ideas that brought them together to launch Strike, getting a product live and raising an angel round in less than 3 months, the benefit of having done it before when you need to build a team swiftly, and the big road ahead for Strike. MoneyNeverSleeps is sponsored by PAT Fintech, the training partner that demystifies fintech and digital finance for financial services professionals. Strike is portable personal payment tech designed to make tipping, giving and paying convenient, safe and easy for all. Strike and its patent-pending technology has been successfully deployed in multiple verticals in Ireland and is expanding to a number of international markets. HIGHLIGHTS: Oli Cavanagh on moving fast: “I've been involved with a number of startups, but this one is really different to any of them. None of them have ever moved this quickly, and it's because we had the idea and within 24 hours Charles was building the product. We had an MVP very quickly and we were revenue-generating within three months.” Charles Dowd on the confluence of technologies: “Technology hasn't really moved to where we needed it to be until very recently. We now have a ubiquity of mobile phones. NFC tech is available in almost all of them. QR codes are ubiquitous, especially in Asia. So now we've got this combination of technology on the doorstep when the pizza arrives that actually matches the problem that we're trying to solve.” Oli on building the Strike team: “We were able to bring 13 people into Strike - six full-time and the rest part-time - normally it would take a long time to build up a team like that, and we did that in a few months, and they’re all fantastic.” Charles on timing: “The pandemic has accelerated the density of the need, but it's actually a tipping point. This was a perfect combination of events that was ready to happen [and the pandemic just accelerated that].” Episode title inspired by The Tipping Point by the Roots. LINKS: Leave a review and subscribe on Podchaser| Apple Podcasts | Spotify| Google| Overcast Check out our MoneyNeverSleeps website Subscribe to our newsletter on Substack Follow us on Twitter Podcast| Twitter Pete| Twitter Eoin Get in touch at info@moneyneversleeps.ie --- Support this podcast: https://anchor.fm/moneyneversleeps/support
We’re back with another Money Talks segment this week, and we get into the story of Coinbase going public and the cryptofication of fintech, Starling Bank’s big investment from Goldman Sachs, the credit-building appeal and 'rundle' potential of the latest Apple Card feature, and buckets more! MoneyNeverSleeps is sponsored by PAT Fintech, the training partner that demystifies fintech and digital finance for financial services professionals. MAIN STORIES WE COVERED: Coinbase Goes Public (Form S1 filed with the SEC, 25-Feb-21) Eoin Fitzgerald zooms out on the bellwether moment for crypto: “One of the most important things about it is this is a company that's only nine years old. It’s only taken 10 or 12 years for cryptocurrency to go mainstream. It's incredible when you think of how far we've come with even fintech, and then you have something of this magnitude happening in a short period of time.” Pete Townsend talking about upside of fintech “Chamath (King of SPACs) looked at some of the numbers and said if you take Stripe out of the fintech unicorns, you're in the tens of billions of dollars in market cap for fintech. I looked at the top fintech unicorns and it was a lot more than tens of billions – it was closer to $300 billion. That's about 125 fintech companies that are north of a billion-dollar valuation. If you look at the S&P 500 US Financials index, that’s $4 trillion. That’s the upside in this space.” Starling Bank secures £50m investment from Goldman Sachs (CityAM, 19-Apr-21) Pete thinking about the next steps for Starling Bank: “How might they continue to move up the curve beyond banking SMEs into mid-sized corporates? Would they start providing lending and revolving credit? They've done really well in getting the SME experience right, because it is a hundred percent digital. They have no branches, you can't go fill out a form anywhere. When you move that into corporate banking, there's a lot more to do there." Cleared of gender bias, Apple announces Apple Card Family for spouses and teens (TechCrunch, 20-Apr-21) LINKS: Leave a review and subscribe on Podchaser| Apple Podcasts | Spotify| Google| Overcast Check out our MoneyNeverSleeps website Subscribe to our newsletter on Substack Follow us on Twitter Podcast| Twitter Pete| Twitter Eoin Get in touch at info@moneyneversleeps.ie --- Support this podcast: https://anchor.fm/moneyneversleeps/support
This is a special bonus episode welcoming back Ollie Walsh, co-founder and CEO of Pipit Global, a for-profit social impact fintech based in Galway here in Ireland. Ollie was on the show back in July 2019 in episode 52, and as Pipit's crowdfunding campaign on the Spark Crowdfunding platform here in Ireland is about to go live to the public, we brought him back to bring us all up to speed on Pipit and share his story on the campaign. MoneyNeverSleeps is sponsored by PAT Fintech, the training partner that demystifies fintech and digital finance for financial services professionals. Pipit is a platform that now touches every continent and has the potential to impact the lives of millions with a safer and more cost-effective way for migrants to support their families. Ollie and the Pipit team are enabling the public to invest in their vision to reduce the global cost of remittance, and are launching their crowdfunding campaign the week of April 26th on the Spark Crowdfunding platform. To learn more about the Spark Crowdfunding platform, check out the interview we did with Chris Burge, co-founder and CEO of Spark, in episode 111. [For the sake of transparency, Pete Townsend (host of this episode) is a non-executive director on the board of Pipit Global, and is invested in the company.] LINKS: Leave a review and subscribe on Podchaser | Apple Podcasts | Spotify | Google | Overcast Check out our MoneyNeverSleeps website Subscribe to our newsletter on Substack Follow us on Twitter Podcast| Twitter Pete | Twitter Eoin Get in touch at info@moneyneversleeps.ie --- Support this podcast: https://anchor.fm/moneyneversleeps/support
Mike Cavanaugh, Managing Partner at Regiment Alpha, shares his story on lessons learned in the open outcry commodity trading pits, his multiple entrepreneurial ventures amidst a life in fintech, having things thrown at him for saying ‘blockchain’, advising and helping to raise investment for fintech startups…and the joys of barefoot water skiing behind the Cheddar Curtain! MoneyNeverSleeps is sponsored by PAT Fintech, the training partner that demystifies fintech and digital finance for financial services professionals. Regiment Alpha is an early-stage venture fund investing in seed-to-Series A startups in four specific areas of fintech: Payments, WealthTech, RegTech, and Capital Markets Tech. The team is based in the Mid-West US but are open to investing as a lead anywhere in the US and as a “follow” globally. HIGHLIGHTS: On starting his career in the open outcry trading pits at the Chicago Board of Trade (CBOT): “I started trading in the late nineties and got introduced to the trading world at an interesting inflection point where technology was really starting to heavily integrate into the exchanges. Being a 24-year-old kid that was backed by a prominent trader, you don't think when it's happening that it's ever going to go away.” On his approach with digital assets: “We started telling people to start looking at infrastructure and don’t put all your money in the coin itself. Think of the coin, think of your typical financial services infrastructure, and then identify the points within that ecosystem that are going to be needed and start investing in those companies.” On what he looks for in companies: “There's never been any edge outside of information. Legal, informational edge is the only edge that exists. Everything else is BS. You can't time the market, you can't use leverage for your long-term benefit as there are two sides to leverage. The only edge is informational edge - you having information legally before somebody else and being able to act on that. So, knowing that and seeing those different points, that's where we're looking for - we're looking for edge.” On the big lesson learned with startups: “I think that's the number one rule - it's really about people. Great people build great teams, great teams build great cultures and great cultures build great companies.” Episode title inspired by Jump Around by House of Pain, especially when played at Camp Randall Stadium at halftime of a University of Wisconsin Badgers football game (Mike’s alma mater). Leave a review and subscribe on Podchaser | Apple Podcasts | Spotify| Google| Overcast Check out our MoneyNeverSleeps website Subscribe to our newsletter on Substack Follow us on Twitter Podcast| Twitter Pete | Twitter Eoin Get in touch at info@moneyneversleeps.ie --- Support this podcast: https://anchor.fm/moneyneversleeps/support
Fiona Edwards Murphy, co-founder and CEO of ApisProtect, shares her story on channeling her technology expertise into a passion for helping beekeepers, her transition from academia into the life of a startup founder, raising ApisProtect’s first round, building a customer base looking after 20mn bees…and playing the bagpipes! MoneyNeverSleeps is sponsored by PAT Fintech, the training partner that demystifies fintech and digital finance for financial services professionals. ApisProtect is an Irish tech startup using unique, innovative bee monitoring technology to help beekeepers prevent losses and increase productivity in their hives. Just this week, Fiona was named to the Forbes 30 Under 30 Europe list for 2021. HIGHLIGHTS: On Fiona’s attraction to IoT: “I really just fell in love with using sensors in the real world to achieve meaningful things. You're taking all of these concepts that you've learned about to get those sensors out to the real world, give people information that they don't have already and get meaningful results.” On the early days of identifying the problem to solve: “Beekeeping works almost the same way as it did back in the middle ages. Before our technology, the last big advancement in beekeeping technology was the invention of the forklift.” On the business impact for commercial farming: “If you want to really level up your operation, if you want to dramatically increase the revenue from your farm without having to increase the size or change the crops that you're growing, you're talking about getting your crops to be more effectively pollinated.” On Fiona’s transition from academia to startup life: “You have to be really passionate to do a PhD, and you have to be really passionate to be an entrepreneur.” On the importance of timing for a startup: “It was a combination of a very good product, a very good opportunity, and being the right team to go after it as we had been working in the area since the very early days of bee monitoring technology being a concept. We were in the right place at the right time with the right skill set and it all just came together really well.” On the never-stop-learning realities of a startup CEO: “I often say I learn more in any single six-month period at ApisProtect than I did in eight years at university. That's the nature of the job. You have to understand everything that's going on because at the end of the day, you're responsible for everything.” Episode title inspired by Wings by Little Simz Leave a review and subscribe on Podchaser | Apple Podcasts | Spotify| Google| Overcast Check out our MoneyNeverSleeps website Subscribe to our newsletter on Substack Follow us on Twitter Podcast| Twitter Pete | Twitter Eoin Get in touch at info@moneyneversleeps.ie --- Support this podcast: https://anchor.fm/moneyneversleeps/support
Barry Darmody, founder and CEO of Search4Less and ENKI, shares his story on the life experiences that were the catalysts for him becoming a startup founder, getting the Search4Less product to market in the early days, keeping the faith through the lean years, making yourself expendable through building a great team, and connecting the dots of life through his passion for problem-solving. MoneyNeverSleeps is sponsored by PAT Fintech, the training partner that demystifies fintech and digital finance for financial services professionals. Search4Less is a limitless company information platform that allows you to access any publicly available information about directors, shareholders and companies in seconds. ENKI is also part of the family, which is a focused product built around the Search4Less core that makes law searching easy and efficient for property transactions. HIGHLIGHTS: On the impact of playing a key role in acquiring businesses early in his career: “I learned a lot in the due diligence phases and in being part of the discussions in the negotiations. A lot of empathy is required to convince the vendor that their ‘child’ is going to be looked after and their reputation is going to remain intact post-deal.” On waking up to what he really wanted to do: “I moved into crisis management, rationalizing businesses, managing shareholder relations. All of that helped the business, but it was all complicated, and it wasn't what I wanted to do with my life. I wanted to build products and make processes better, use my skillset to make life easier for people and to be more efficient in delivering the end product.” On early customer feedback after launching Search4Less: “When people started to use it, they were saying ‘wow, this is impressive’. And the prompt just kicked off from there - half of the clients that we sign up are referred by somebody else. We're even seeing trends now where people move between firms or start new firms. And the first thing they do is ‘What do you mean you don't have Search4Less? We need to have it, this is an essential tool’, and it just grows from there.” On staying agile: “If you get too big, you can't react quickly, and I think that's our secret sauce. A customer might make a suggestion to us in the morning, and it could be there by close of business tomorrow. I like being able to do that, and that's what gets my juices flowing.” Episode title inspired by All the Things You’re Searching for by G-Eazy Leave a review and subscribe on Podchaser | Apple Podcasts | Spotify| Google| Overcast Check out our MoneyNeverSleeps website Subscribe to our newsletter on Substack Follow us on Twitter Podcast| Twitter Pete | Twitter Eoin Get in touch at info@moneyneversleeps.ie --- Support this podcast: https://anchor.fm/moneyneversleeps/support
SOUND QUALITY WARNING:  You know how Marc Andreessen said 'software is eating the world'? Well, software ate this episode, please excuse the underwater sound and we'll be back to normal next week! In this Money Talks segment, Pete and Eoin trade ideas on the impact of Ireland’s investment in Stripe, Revolut’s American dream, the season of the SPAC with eToro, Bakkt and Kraken and thoughts on DeFi vs. mainstream crypto. MoneyNeverSleeps is sponsored by PAT Fintech, the training partner that demystifies fintech and digital finance for financial services professionals. STORIES WE COVERED: The double-bottom-line impact of Ireland’s investment in Stripe (Irish Times, 22-Mar-21) Pete channeling Chamath Palihapitiya: “Take all of the old school, traditional financial services players that are valued in aggregate in the hundreds of billions right now. Then have a look at FinTech, and when you throw out Stripe, you’ve got maybe tens of billions of market cap. There's so much more room to grow in fintech.” Revolut applies for US banking license (Finextra, 23-Mar-21) Eoin’s own doubts: “Aside from it being that one big market with 300 million people, there are some serious players there that Revolut will be competing with. Square are looking at becoming a bank, they’ve got 30 million users with CashApp, and you’ve got Venmo. I think the only way that they're going to crack a market like this is with a large acquisition of an existing customer base. The spend alone of trying to get your name out there to compete with the likes of CashApp or Venmo, it's just not going to work. Season of the SPAC – eToro, Bakkt, Kraken (Coindesk, 16-Mar-21) RELATED LINKS: The Square Crypto Book of Bitcoin Mythology (shared by Jack Dorsey on Twitter, 18-Mar-21) All-In with Chamath, Jason, Sacks & Friedber‪g (podcast referenced in segment on crypto) MONEYNEVERSLEEPS LINKS: Leave a review on Apple Podcasts | Podchaser Subscribe on Apple Podcasts | Spotify| Google| Overcast Check out our MoneyNeverSleeps website Subscribe to our newsletter on Substack Follow us on Twitter Podcast| Twitter Pete| Twitter Eoin Get in touch at info@moneyneversleeps.ie --- Support this podcast: https://anchor.fm/moneyneversleeps/support
Robert Alice, artist and creator of the ‘Portraits of a Mind’ project, shares his story on how bitcoin - and to quote Robert – “and its essential ties to the past instead of the perpetuated perception of its radical severance with it,“ was a catalyst for a melting pot of inspiration for his mesmerizing artwork Portraits of a Mind, the crossover from physical art into digital art with non-fungible tokens (NFTs), the intersection of artistry and entrepreneurship…and the joys of life as a triplet! MoneyNeverSleepsis sponsored by PAT Fintech, the training partner that demystifies fintech and digital finance for financial services professionals. Robert Alice founded his project in 2018 to promote blockchain culture within the visual arts. The completion of Portraits of a Mind spanned 3.5 years and resulted in a 40-painting work of art. Each of the 40 paintings is the size of a small but circular garage door and each represents one of the first 40 blocks of the bitcoin blockchain.  ‘Block 21’ was recently auctioned at Christie’s and had a guide price of $12,000-15,000, but sold for $131,250 in October 2020. Each ‘block’ is as intricately crafted as a cuneiform tablet with the original source code of the relevant block carved into paint, with specific numbers on each block embossed in gold. When combined, the gold digits become global map coordinates tied to a location on Earth where a significant event occurred in the 5,000 year history leading up to the creation of bitcoin. Accompanying each painting is a non-fungible token (NFT) including a digital version of that piece of the artwork. The full story of Portraits of a Mind can be found on Robert Alice’s website. Episode title inspired by Ten Thousand Hours from Macklemore & Ryan Lewis. Leave a review and subscribe on Podchaser | Apple Podcasts | Spotify| Google| Overcast Check out our MoneyNeverSleeps website Subscribe to our newsletter on Substack Follow us on Twitter Podcast| Twitter Pete | Twitter Eoin Get in touch at info@moneyneversleeps.ie --- Support this podcast: https://anchor.fm/moneyneversleeps/support
In this Money Talks segment, Pete and Eoin trip through the wires of Starling Bank’s latest fundraise, investing in Roblox’s direct listing, Walmart’s SuperApp vs. ‘The Bank of Walmart’, the Square-Tidal / Jack Dorsey-Jay Z tie-up, and Ireland's new national startup accelerator, international startup accelerators and pre-accelerators. MoneyNeverSleeps is sponsored by PAT Fintech, the training partner that demystifies fintech and digital finance for financial services professionals. MAIN STORIES WE COVERED: Starling raises £272mn at £1.3bn valuation (Sifted, 8-Mar-21) Pete’s overall thoughts on Starling Bank at this point in time: “Monzo, Revolut and N26, have all raised at higher valuations than £1.2bn. Starling now outpaces all of them in terms of value per user at £650 per user. Out of this entire story, after reading Anne Boden’s book ‘Banking on IT’, I think that’s the thing that she would point to and be the proudest of.” Roblox direct listing gets $45 reference price from NYSE (Marketwatch, 9-Mar-21) Eoin’s parallel between Robux and crypto: “Something like Robux, which is the in-game currency, to me is the prime example of a digital currency's potential usage. You see Bitcoin becoming more widely adopted, but here's a currency within a game that's being used by 32 million people every day – it’s the potential for that, and to me, is what digital currency could become.” Walmart’s Fintech Ambition: A Super App, Not The ‘Bank Of Walmart’ (8-Mar-21, Forbes, by Ron Shevlin) Square acquires Tidal (TechCrunch, 4-Mar-21) RELATED STORIES: JPM Kills ChasePay (Finextra, 9-Mar-21) Applications for the Expert Dojo accelerator are open with the next cohort kicking off on 5th April (Expert Dojo, Spring 2021) Applications are now open for NDRC’s new accelerator (Silicon Republic, 5-Mar-21) Applications are now open for the Startup Boost 2021 Spring cohort (StartupBoost, Spring 2021) LINKS: Leave a review on Apple Podcasts | Podchaser Subscribe on Apple Podcasts | Spotify| Google| Overcast Check out our MoneyNeverSleeps website Subscribe to our newsletter on Substack Follow us on Twitter Podcast| Twitter Pete| Twitter Eoin Get in touch at info@moneyneversleeps.ie --- Support this podcast: https://anchor.fm/moneyneversleeps/support
Cian Prendergast, founder and CEO of Ortus joins the show to share his story on the origins of Ortus in Ireland, sharing his story on how there’s a lot more to providing cloud and managed IT services to SMEs than what you’d expect, entrepreneurial leadership during a pandemic, surrounding yourself with brilliant people….and a past life of having every job under the clouds! MoneyNeverSleeps is sponsored by PAT Fintech, the training partner that demystifies fintech and digital finance for financial services professionals. Cian spent 8 years in the IT sector before launching Ortus in 2007, inspired by his ambition to build a client-centric business based on his own values and vision. Ortus provide cloud and managed IT services for over 300 small-to-medium-sized businesses in Ireland, and more recently in Continental Europe, in the financial, healthcare and legal sectors. HIGHLIGHTS: On Cian’s inspiration to launch Ortus: “It was this notion that there were some people sitting upstairs, making decisions that weren't actually connected with the clients, but I felt like I was the one that was connected to the clients. I found it more stressful to work for other people who I felt were doing it wrong than to work for myself, as petrifying as it was looking down the barrel of a recession in 2007.” On getting traction at the inception of the Global Financial Crisis in 2008: “I realized we were coming into a recession, but people liked our message when we visited them as we were totally going down the road of cloud computing.  We would say ’During a recession, do you want to spend twenty-grand on a server or do you want to give me 500 euros? And for that 500 euros a month, I will put your stuff in the cloud.’” On adapting to the work-from-home realities of the pandemic for Ortus’ clients: “If you have 300 clients in a managed environment with a managed network and managed internet connections and there are 20 or 30 people in each of those businesses, when they all go home, you've got 20 or 30 times the amount of internet connection problems. So, it was a disaster, but we were ready for it.” On surrounding yourself with great people: “I think it was a Steve Jobs quote, ‘You don't hire great people and then tell them what to do, you hire great people so they can tell you what to do’. I think all I've really done is hire people that are better than me at different things. So, if I see someone and I think ‘She's better than me at that’, then I'm probably going to hire them. If you keep on doing that, you end up with a great balance of people that are all brilliant at something.” Leave a review and subscribe on Podchaser | Apple Podcasts | Spotify | Google | Overcast Check out our MoneyNeverSleeps website Subscribe to our newsletter on Substack Follow us on Twitter Podcast | Twitter Pete | Twitter Eoin Get in touch at info@moneyneversleeps.ie --- Support this podcast: https://anchor.fm/moneyneversleeps/support
On the show this week we’ve got Gerry Fahy and Andrew Quinn with the story of the PAT Group and PAT Fintech, the Irish opportunity with the growth of fintech and regtech, achieving product-market fit in learning and education, and teaching the way you would have loved to have been taught. Gerry Fahy is the founder of the PAT Group, who are at the forefront of online education and digitally enhanced learning in Ireland. Through Gerry’s origin story, his launching of PAT in 2017, and Andrew Quinn joining to head up PAT Fintech in 2020, we explore continuous learning and education as critical components of Ireland’s ambition to become a global center of excellence for fintech and regtech. HIGHLIGHTS: On one of Gerry’s earliest thoughts: “It struck me that we should be embracing technology as a medium of delivery. Should learners have to fight the traffic and come into a classroom tired after a hard day? Shouldn’t they actually consume their education,training and skills digitally?” On Gerry’s inspiration to launch PAT: “It was governed by a conviction that the market hadn't changed very much from the chalk and talk of the late eighties, right up to the mid-teens. It was still a classroom centric delivery platform.” On an insight from a chat on the sideline of his kid’s football game: “If you don't like change, you’lllike being irrelevant even less.” On the Irish industry-level opportunity conveyed to Gerry by a former student, pre-Brexit: “In a post-Brexit environment, Ireland is the only remaining English speaking country within the EU.  There will be fallout in London with the displacement of financial services, and some of them will migrate to the continent, but some will come to Ireland. We needed to plan for that and build a talent pipeline for that. Fintech, regtech and cybersecurity are going to be the major growth areas in financial services. That was the catalyst for PAT to adapt to where the market was going.” On solving adjacent problems in learning and education to respond to the opportunity: “We’ve added the whole aspect of compliance in a fintech environment, money laundering in a fintech environment, data protection, cybersecurity, regtech and data analytics - the whole suite of solutions that you bring into a potential customer.” On what’s at the core of Andrew’s beliefs about learning and education: “It’s all about demystification - you need to break it down into a language that people can understand. Let them go down the rabbit hole, encourage people's curiosity, get them to really believe in their own potential.” LINKS: Episode title inspired by ‘Lot to Learn’ by Luke Christopher Leave a review on Apple Podcasts | Podchaser Subscribe on Apple Podcasts | Spotify| Google| Overcast Check out our MoneyNeverSleeps website Subscribe to our newsletter on Substack Follow us on Twitter Podcast| Twitter Pete| Twitter Eoin Get in touch at info@moneyneversleeps.ie --- Support this podcast: https://anchor.fm/moneyneversleeps/support
In this Money Talks segment, Pete and Eoin riff on Pete’s first experience with Clubhouse, Jay Z and Jack Dorsey’s Bitcoin Trust for Africa and India, fintech valuations and SPACs, Citi’s fat finger, efficient crypto markets and grief for Revolut over raising fees. MoneyNeverSleeps is sponsored by PAT Fintech, the training partner that demystifies fintech and digital finance for financial services professionals. MAIN STORIES WE COVERED: Why can’t Europe build a Clubhouse? (Sifted, 17-Feb-21) Thoughts from the author, Nicholas Colin, pointed to a fragmented European market (we agreed), a lack of experience with scaling social media platforms (we agreed here too), and perhaps a less favorable European mindset towards social media (we’re too snobby in Europe? Really? Not the Irish, at least!). Jay Z and Jack Dorsey's Bitcoin fund for Africa and India (TechCrunch, 12-Feb-21) Jay Z and Jack Dorsey are getting together to start up a Bitcoin Trust and putting 500 Bitcoin into it between the two of them, which is currently worth $23.6 million. The fund will be set up as a blind trust, and Jay and Jack won't be giving any direction, but they are looking to hire three board members. So, Pete Townsend applied for the job, and we’ll let you know in upcoming episodes how that all goes down. Fintech valuation multiples with SPACs (Fintech Blueprint/Long Take Newsletter, Lex Sokolin, 15-Feb-21) What company is going to turn down an approach from the likes of a Chamath Palihapitaya with a SPAC and the funding to bring it public, as opposed to traditional routes. The valuations on the upcoming fintechs going the SPAC route are very high, but comparing the market valuations to those of a bank is non-sensical. Citi loses legal battle over $0.5 billion funds transfer gaffe (Finextra, 17-Feb-21) Arca’s “That’s Our Two Satoshis” newsletter (Jeff Dorman, 16-Feb-21) Fast-growing Revolut to increase its fees in blow to its 1.2 million users (Irish Independent, 16-Feb-21) LINKS: Subscribe or leave a review on Apple Podcasts | Spotify| Google| Overcast | Podchaser Check out our MoneyNeverSleeps website Subscribe to our newsletter on Substack Follow us on Twitter Podcast | Twitter Pete| Twitter Eoin Get in touch at info@moneyneversleeps.ie --- Support this podcast: https://anchor.fm/moneyneversleeps/support
Deborah Brock, founder and CEO of Nua Fertility, joins the show to share her story on the origins of Nua Fertility in Ireland, why it made so much sense to add in educational elements and a community ethos to the value proposition, finding global partners….and rugby as an analogy for startup life! MoneyNeverSleeps is sponsored by PAT Fintech, the training partner that demystifies fintech and digital finance for financial services professionals. Deborah spent 15 years in the non-profit and education sectors, and then after her own experience with solving infertility, was inspired to start Nua Fertility in 2017. Nua Fertility launched its first product in 2020, NuaBiome for Women, which is the first-of-its-kind, natural pre-natal fertility supplement specially developed to help support female fertility. HIGHLIGHTS: On launching her own business: “When you've been through fertility treatments, you suddenly have a PhD in fertility because you go from one extreme to the other. It just naturally led me into thinking about moving into this space as an entrepreneur. I hear a lot of people talking about, ‘I always wanted to start my own business,’ but that wasn't me. I happened to fall into this because I wanted to be able to help others.” On getting started: “So I approached Enterprise Ireland and I applied for an innovation voucher and rocked down to Cork to APC Microbiome, one of the biggest research centers in the world. I went into them and said, ‘I think there's this connection here between the gut microbiome and fertility’. We started looking at an R&D partnership, then product development, and that's where our first proprietary product was born.” On making it real: “The first thing was to find a manufacturer who wanted to take me on. I was approaching people as an unknown startup with a product formulation that potentially hadn't been looked at before and I had to get them to buy in, and it’s a big jump. On how there’s no easy answer: “There isn't a magic doctor. There isn't a magic pill. There isn't a magic clinic that's going to get you pregnant. But what there is, is being able to support yourself, be armed with information and education.” On prioritizing as an entrepreneur: “You have to be thinking constantly about visibility and credibility. If what we're doing doesn't drive either of those, they get dropped. Because it's wasting my time.” On thinking about investors: “We’d like to find somebody who's going to add that extra value, work with us in a mentorship capacity - someone who will invest in us, but also believes in what we’re doing.” Episode title inspired by Perfect To Me by Anne Marie Leave a review on Podchaser and subscribe on Apple Podcasts | Spotify| Google Check out our MoneyNeverSleeps website Subscribe to our newsletter on Substack Follow us on Twitter Get in touch at info@moneyneversleeps.ie --- Support this podcast: https://anchor.fm/moneyneversleeps/support
Yoann Turpin, co-founder and Head of Business Development at Wintermute, joins the show to talk about the parallels between competitive swimming, derivatives trading and crypto, creating liquid markets for digital asset trading platforms, cross-pollination of business opportunities across the digital assets universe…and visiting less countries than languages he can speak! MoneyNeverSleeps is sponsored by PAT Fintech, the training partner that demystifies fintech and digital finance for financial services professionals. Pete Townsend and Yoann Turpin connected in late 2020 after an intro from the intro-king himself, Graham Rodford with some expected involvement in the intro from Ivailo Jordanov from 7Percent Ventures as well. As Yoda would say, “Small universe the digital asset space is.” HIGHLIGHTS: On parallels between life experiences: “With both competitive swimming and trading, there is a binary outcome with marginal wins. When you hit the wall, even if you’re fast, you might just be a few milliseconds behind whoever finished first. I saw that in business school, in getting my first job, and again when I started trading FX.” On the earlier days of crypto: “I came across crypto in 2013 when my business partner thought we should be market-making bitcoin, but I thought that taking 3 weeks to get 30,000 out of Mt. Gox was too long.” On applying a VC mindset to assessing crypto projects: “Figuring out if a crypto project is interesting is about asking if the problem they’re solving is big enough, and are they solving it the right way? If they’re not solving it the right way, are they the right team to pivot and solve it a different way? These things tend to hold true in the VC world, and also very much in the crypto space.” On building trust in the crypto space: “I have a view of sharing best practices and sharing long term opportunities but staying as far away from anybody doing anything that would be forbidden in traditional markets like pump-and-dump or wash trading. Essentially, anything that would imply fake pricing might imply that the team behind the price is fake, and this doesn’t help build any form of trust.” On choosing your investors wisely: “When we launched Wintermute in 2017, it wasn’t too farfetched for us to do an ICO, but we made a very conscious decision to only take equity investors to have the long-term alignment.” On how to pitch your startup: “You just really simplify, you do not explain how you do what you do, you just sell the vision in about 5 minutes. Don’t get lost in the detail, because people start to think they understand what you’re doing, and then they don’t, which means they might not trust you. But if they buy into the vision and think you’re the best team to solve that problem, then you end up with an investor.” Subscribe and leave a review on Apple Podcasts | Spotify | Google | Podchaser Check out our MoneyNeverSleeps website Subscribe to our newsletter on Substack Follow us on Twitter Podcast | Twitter Pete Get in touch at info@moneyneversleeps.ie --- Support this podcast: https://anchor.fm/moneyneversleeps/support
In this Money Talks segment, Pete and Eoin try to make sense of GameStop and WallStreetBets, the aftermath of the failed Plaid-Visa deal, who might buy Monzo, a Cambrian explosion at the intersection of money and society and RIP Hammerin’ Hank Aaron. This episode of MoneyNeverSleeps is sponsored by PAT Fintech, the training partner that demystifies fintech and digital finance for financial services professionals. MAIN STORIES WE COVERED: What the Hell Is Going On With GameStop’s Stock? (Slate, 26-Jan-21) What does it mean for the future of publicly traded equities where you have groups like WallStreetBets, who on a whim, can turn against you and drive the stock up or down? When a market is 24/7, whether that’s in crypto or with after-hours trading on public equities, you’ve got to get your head around all of these new channels where market sentiment is effectively created and observable in real time. The hedge funds need to get smarter, because the crowd now has the ability to move the price, almost on its own whim. European fintechs spy opportunity in Visa’s failed Plaid deal (Sifted, 20-Jan-21) From a Plaid perspective, they’re pretty happy about this. The market is moving so fast, tech is moving so fast, revenue growth is on fire, especially in the digital world, and Plaid is now likely worth multiples of the $5.3bn they agreed with Visa 12 months ago. Some people are saying that the Plaid founders left a lot of money on the table by walking away, but they would’ve left a lot more money on the table by doing the deal. Are all of these banking infrastructure players getting too big where any incumbent that tries to buy them will have their deal struck down for anti-competitive reasons? Monzo founder Tom Blomfield is departing the challenger bank (TechCrunch,  20-Jan-21) Who would buy Monzo? Not a big bank, they’d just kill it, and one of the big tech players wouldn’t find Monzo deal compelling enough. It might be the next tier of tech players, someone looking to pick up a banking solution as part of a wider play. Visa have loads of money to throw around now that they’re not buying Plaid, maybe they’ll buy Monzo? Could you take the assets of the Monzo tech stack itself, and turn that into a product licensed on a banking-as-a-service basis? OTHER STORIES WE MENTIONED: What DeFi Has in Common With Cubism (Lex Sokolin, CoinDesk, 27-Jan-21) Baseball mourns death of long-time home run king Hank Aaron (The42, 28-Jan-21) LINKS: Subscribe and leave a review on Apple Podcasts | Spotify | Google | Podchaser Check out our MoneyNeverSleeps website Subscribe to our newsletter on Substack Follow us on Twitter Get in touch at info@moneyneversleeps.ie --- Support this podcast: https://anchor.fm/moneyneversleeps/support
Matt McAllister from Mortgage Propeller joins the show to talk about bringing a new fintech to life in the middle of a pandemic, buying a house with a credit card, making lives easier for mortgage brokers and borrowers, talking to your customers way before they become your customers, life lessons from Bebo…and working through the night with The Good, the Bad and the Ugly on in the background! This episode of MoneyNeverSleeps is sponsored by PAT Fintech, the training partner that demystifies fintech and digital finance for financial services professionals. Matt is the founder and CEO of Mortgage Propeller, a UK-based fintech that makes mortgage brokers more efficient and their businesses more profitable, by addressing compliance and lead generation. He’s got a firm belief that the mortgage application process shouldn’t take the joy out of buying a home. Matt is an entrepreneur and a fintech veteran armed with an MBA, and his 20-year career has spanned financial derivatives, property, online gaming and retail entertainment. Matt and Pete met back in 2017 while working together in another fintech startup, so this MoneyNeverSleeps interview is our longest to date at just over an hour as it’s been brewing for years! HIGHLIGHTS: On the word ‘entrepreneur’: “For most of 2020, I was an unemployed entrepreneur! The word doesn’t sit well, we didn’t use it when we were kids, and maybe social networks made it popular. The word itself, park it – I feel like you’re not an entrepreneur until you’ve done something. If you’re always trying to duck and dive, hustle and make something happen, and you haven’t achieved it yet, and you haven’t built a company, then it feels like you’re cheating [by calling yourself an entrepreneur].” On figuring out what to do with his life while listening to a guru guest speaker in his MBA program: ”Think of the thing you do, whatever it is, that you lose track of time when you’re doing it. That’s what you’re meant to be doing with your life. Mortgage Propeller is the only thing I could be doing. It’s not 'work', it’s just something I should be doing. Working for someone and doing a normal 9-to-5 is not for me.” On early validation: “We started talking to firms across the UK, and lo and behold, people were really interested in what we were showing them. We were talking to the problems that they have – compliance, lead generation, speed and inefficiencies of completing an application process – and slowly but surely we started to get interest and some soft commitments. We just kept grinding and grinding through the summer until we felt like we had enough validation to start raising money.” You can get in touch with Matt McAllister at matt@mortgagepropeller.com Episode title inspired by ‘Props’ by Pete Rock Leave a review and subscribe on Apple Podcasts | Podchaser | Spotify | Google Check out our MoneyNeverSleeps website Subscribe to our newsletter on Substack Follow us on Twitter Podcast| Twitter Pete |Twitter Eoin Get in touch at info@moneyneversleeps.ie --- Support this podcast: https://anchor.fm/moneyneversleeps/support
Brian McDonald from Bay Advisory joins the show for Part 2 of a 2-part series on M&A and raising capital for entrepreneurs and talks through the logic of exit plans, focusing on outcomes rather than actions when taking money off the table, balancing your gut instinct with valuations, the tendencies of different kinds of buyers after the sale…and the potential for doing a deal in the Irish language! This episode of MoneyNeverSleeps is sponsored by PAT Fintech, the training partner that demystifies fintech and digital finance for financial services professionals. Brian is the Managing Director at Bay Advisory, a team of corporate finance specialists who apply their knowledge and expertise to the tech sector, helping these small and medium enterprises sell and fundraise at the best value. In Part 1 on episode 118, Brian talked through his origin story and the Bay Advisory approach, so check out that episode first. HIGHLIGHTS: On the importance of an entrepreneur’s long-term view: “If you’re starting a business and you don’t ever see yourself exiting, and you’re going to hand this business onto your kids, you better make sure your investors are aligned. In other words, if you never want to exit this business, don’t take in money from angels or VCs.” On the impact of an exit plan: “I think that having an exit plan has no bearing on your passion or drive for your business, it’s simply a reasonable precaution.” On what to do when an entrepreneur’s mindset shifts into sell mode: “The very first thing you should do is talk to someone you trust. I don’t want to hear the action; I want to hear the outcome you want as an entrepreneur. It’s not that you want to sell the business, it’s where you want to get to, and then you have options. Always focus on what result you want, and then back-solve from there.” On the importance of recurring revenue to a valuation: “We always dig down into what’s true recurring revenue, particularly in software businesses that may be closer to a consulting business wrapped us as a SaaS business.  We always look for ‘passive’ income, with the perfect example being Microsoft Office, and the other end of the spectrum is Accenture. The question is, are you more like Microsoft or Accenture?” On the entrepreneur focusing on driving the business during the sale process: “The biggest factor in getting that top valuation is that the seller focuses on the business during the process because they need to drive EBITDA. What can destroy a valuation is overestimating the performance at the point of sale, because that gives all of the negotiating leverage to the buyer.” On one of the big challenges with buyers: “What’s really hard for a founder is when there is someone that they really like and really want to sell the business to, but their offer is considerably lower than another party. It’s really difficult for the founder to balance the two offers when they want to continue driving the business after the deal.” You can get in touch with Brian McDonald at brian@bayadvisory.ie Leave a review on Apple Podcasts | Podchaser Check out our MoneyNeverSleeps website Subscribe to our newsletter on Substack Follow us on Twitter Podcast | Twitter Pete | Twitter Eoin --- Support this podcast: https://anchor.fm/moneyneversleeps/support
Brian McDonald from Bay Advisory joins the show for Part 1 of a 2-part series on M&A and raising capital for SMEs and talks through the intersection of experiences that drove him to launch Bay Advisory, market trends impacting early-stage entrepreneurs in Europe, and helping entrepreneurs think about their options in taking money off the table. This episode of MoneyNeverSleeps is sponsored by PAT Fintech, the training partner that demystifies fintech and digital finance for financial services professionals. Brian is the Managing Director at Bay Advisory, a team of corporate finance specialists who apply their knowledge and expertise to the tech sector, helping these small and medium enterprises sell and fundraise at the best value. Continuing along the theme from recent episodes of looking at entrepreneurship downstream from where Eoin and Pete ply their respective trades, we thought it was a good idea to get seed-stage founders and other entrepreneurs in our audience thinking about their options down the road. HIGHLIGHTS On the early days: “One of the best things that happened to me was not joining Big 4 from the start, as I had to learn everything from scratch, and I got a lot of experience with very small businesses where I was just handed a box of receipts.” On his inspiration: “With my experience in consolidating SMEs into bigger firms, I could see a lot of small businesses that were poorly advised from a corporate finance perspective, and at the same time I was personally investing in early-stage technology businesses. I could see that there was a requirement in the market for a specialist corporate finance house prepared to take on much smaller businesses.” On current market trends: “While volumes of venture capital have stayed relatively strong in Europe and elsewhere, that hides the fact that a huge amount of capital is going into Series B and Series C, and seed rounds are really struggling. Angel investors are really pulling back in Europe, and we’re seeing that in Ireland as well. We are potentially not funding very credible businesses and very credible founders who should be funded and would be funded in any other economic environment.” On trying to dig deeper into an entrepreneur’s thinking: “Very often, when an entrepreneur comes to me and says ‘I want to sell the business’, what they really mean is ‘I want to de-risk’. Usually, they think their only option is to sell everything to a PE firm and walk away. Other times, what they really mean is ‘I’m working too hard here and I want to have a family life again’. There are other ways of fixing that that don’t involve selling the business. You can get in touch with Brian McDonald at brian@bayadvisory.ie Leave a review on Apple Podcasts | Podchaser Subscribe on Apple Podcasts | Spotify| Google | Overcast Check out our MoneyNeverSleeps website Subscribe to our newsletter on Substack Follow us on Twitter Podcast| Twitter Pete |Twitter Eoin Get in touch at info@moneyneversleeps.ie --- Support this podcast: https://anchor.fm/moneyneversleeps/support
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Comments (1)

Douglas Rogers

Pete and Eoin always interview interesting and inspirational guests on their show. A great resource for current or aspiring startup founders.

Apr 11th
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