YouSaid · the spoken record

Clay Wilkes

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33
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2020-07-31
most recent
2020-07-31
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1
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  1. “Well, I want to continue doing what we've been doing. I'm having a lot of fun right now, and it's never been more exciting. The amount of interest right now is just absolutely incredible. We've got so much going on. It's really, really fun time right now. So I would say the next five years is just more of the same.”

    2020-07-31 · The Twenty Minute VC · 20VC: Why The Unbundling of Fintech Will Continue, How VCs Are Propping Up The Neo-Banking Industry & Why We Need A New Framework To Value Businesses Today with Clay Wilkes, Founder & CEO @ Galileo · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “Between the first company and the second company, my wife, because I was having these different ideas, my wife made the comment to me, you're going to be held accountable for all the good ideas that you had that you didn't execute on. And that's really what led me to starting and beginning Galileo, was this idea that I do need to act responsibly and do the right thing”

    2020-07-31 · The Twenty Minute VC · 20VC: Why The Unbundling of Fintech Will Continue, How VCs Are Propping Up The Neo-Banking Industry & Why We Need A New Framework To Value Businesses Today with Clay Wilkes, Founder & CEO @ Galileo · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “That's a good question. We didn't face that in Galileo. I think that the original thesis worked and worked well and the industry caught up to our thinking. But I do know that those other challenges come about. And I think it's important to be able to adapt. It's the innovative dilemma. It's back to Kentech been a good company or a good idea. And the answer is yes. So it's those companies that are able to adapt. I look, for example, at Microsoft right now. I mean, Microsoft being able to adapt into the age of cloud has been an incredible rebirth of that company.”

    2020-07-31 · The Twenty Minute VC · 20VC: Why The Unbundling of Fintech Will Continue, How VCs Are Propping Up The Neo-Banking Industry & Why We Need A New Framework To Value Businesses Today with Clay Wilkes, Founder & CEO @ Galileo · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “I think the biggest challenge in the journey was I mentioned tenacity a few times, there's many, many times whether you're funded outside or not, many times where it's going to look like everything is stacked against you. My number one message to an entrepreneur is stay with it. Whether it's a crisis or it's an amazing day, stick with it. Stay focused on your mission.”

    2020-07-31 · The Twenty Minute VC · 20VC: Why The Unbundling of Fintech Will Continue, How VCs Are Propping Up The Neo-Banking Industry & Why We Need A New Framework To Value Businesses Today with Clay Wilkes, Founder & CEO @ Galileo · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “Well, what I believe many others may also believe, but I'm generally optimistic and believe that we're, as a human race, just an incredible amount of potential and the future to me is very bright.”

    2020-07-31 · The Twenty Minute VC · 20VC: Why The Unbundling of Fintech Will Continue, How VCs Are Propping Up The Neo-Banking Industry & Why We Need A New Framework To Value Businesses Today with Clay Wilkes, Founder & CEO @ Galileo · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “I haven't thought much about this. I tease employees a lot if I see them walking out at 5 o'clock. Thanks for working this long or something like that. But I don't know that I've got a famous. My employees would have mottos that I would say that I can't”

    2020-07-31 · The Twenty Minute VC · 20VC: Why The Unbundling of Fintech Will Continue, How VCs Are Propping Up The Neo-Banking Industry & Why We Need A New Framework To Value Businesses Today with Clay Wilkes, Founder & CEO @ Galileo · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “I think vision on strength, I think I have an ability to have vision around what we're currently doing and what's coming. Biggest weakness is just organization and operational.”

    2020-07-31 · The Twenty Minute VC · 20VC: Why The Unbundling of Fintech Will Continue, How VCs Are Propping Up The Neo-Banking Industry & Why We Need A New Framework To Value Businesses Today with Clay Wilkes, Founder & CEO @ Galileo · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “I read a lot and if I can, I'll just mention a few Why nations fail, rise and fall American growth, Creativity Inc., Ed Captain, Utah Native, Age of Surveillance Capitalism, our final invention on AI, stress test by Geithner, Steve Johnson, where good ideas come from, Christensen's innovators dilemma, Evan Schenard, so let my people go. Blueprint was an incredible book, a crack in creation by Jennifer Dwadna. I made a decision about a year ago on that year. I was only going to read Nobel Prize winners, and I think she'll be one. Singularity is near, if I curzwil, but to answer your question, going back to Nobel Prize winners, Kahnemans, Thinking Fast and Slow, I've read the book twice, and it's absolutely incredible. He is so insightful and so broadly quoted across a literature base that anybody that has not read that book is missing out.”

    2020-07-31 · The Twenty Minute VC · 20VC: Why The Unbundling of Fintech Will Continue, How VCs Are Propping Up The Neo-Banking Industry & Why We Need A New Framework To Value Businesses Today with Clay Wilkes, Founder & CEO @ Galileo · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “We've seen several successes now of companies being outside the bay and it's not only successful in selling to tech companies and big tech and fintech companies. The opportunities does exist. And I think we're an example of that. I mentioned Qualtrics. I think they're an example of that. Establishing these relationships are important and that can be accomplished through a variety of means, conferences, industry conferences, et cetera. But I think the opportunity is there. I go back to how are you going to get the message out and how you're going to establish the opportunity to foam in a conversation. It's not easy. And again, it gets back to your approach on marketing and the tenacity.”

    2020-07-31 · The Twenty Minute VC · 20VC: Why The Unbundling of Fintech Will Continue, How VCs Are Propping Up The Neo-Banking Industry & Why We Need A New Framework To Value Businesses Today with Clay Wilkes, Founder & CEO @ Galileo · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “The opportunity for companies in the valley is more natural and is a piece of machinery that works there that you don't have access to, for example, in Utah. Is it harder, I would say yes, it's harder, but it isn't impossible. There are advantages, on the other hand, though. You're going to go outside that piece of machinery, the VC machinery. There are advantages to being in Utah as compared to being, for example, in the Bay. And that is people access to talent, the ability to be able to build a business and really focus on what you're doing and yet sell into that can help make you competitive from a pricing perspective of your overall costs.”

    2020-07-31 · The Twenty Minute VC · 20VC: Why The Unbundling of Fintech Will Continue, How VCs Are Propping Up The Neo-Banking Industry & Why We Need A New Framework To Value Businesses Today with Clay Wilkes, Founder & CEO @ Galileo · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “So hopefully for any VCs that are listening, there needs to be a modified or different way of raising the value or importance of a business. Again, going back to the CV Insights, writing these incredible reports, and yet they'd sort of missed the essence of what was truly going on, who was actually powering 95% of the digital banking movement or evolution in the United States. Well, it was this company they weren't even covering. And so how do you go about doing that and go about getting noticed, if you will, and a non-widely admitted yesterday on the call, he's like, you're right, and VCs need to take a look at this. Back to your question and kind of flipping it around, I would just say to me, it's tenacity for the entrepreneur. It's staying after it and then making that decision that the right time to take on a capital partner.”

    2020-07-31 · The Twenty Minute VC · 20VC: Why The Unbundling of Fintech Will Continue, How VCs Are Propping Up The Neo-Banking Industry & Why We Need A New Framework To Value Businesses Today with Clay Wilkes, Founder & CEO @ Galileo · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “The answer is yes, we could have done things differently, and we might have done that at some point. The opportunity was there all along, so it wasn't that it didn't exist, but we were waiting for the right time, the right opportunity, the right partner, and we feel like we had that at the time that we did a raise with Excel. And I wouldn't change the journey that we had been on. Your question is a good one. In retrospect, what I have done it earlier, possibly, maybe by a few years, but not by a lot.”

    2020-07-31 · The Twenty Minute VC · 20VC: Why The Unbundling of Fintech Will Continue, How VCs Are Propping Up The Neo-Banking Industry & Why We Need A New Framework To Value Businesses Today with Clay Wilkes, Founder & CEO @ Galileo · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “Or sometime the entrepreneur bootstrapped or not is going to want to consider who are their capital partners because they can do things, they can open doors, they can make things happen that you just simply can't do on your own.”

    2020-07-31 · The Twenty Minute VC · 20VC: Why The Unbundling of Fintech Will Continue, How VCs Are Propping Up The Neo-Banking Industry & Why We Need A New Framework To Value Businesses Today with Clay Wilkes, Founder & CEO @ Galileo · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “No, I 100% agree. That's the absolute essence of what I was trying to communicate there. So, yes, I agree. When we did make a decision to raise, you know, we were profitable, it had been profitable for quite some time. We had a large and scaling business. It was hard to get analysts and press to pay attention to you or to consider you as an alternative. It's an interesting conversation. I was speaking with Anansanwal yesterday, actually, of CEO of CP Insights. And I mentioned to him, I said, you guys were writing all this incredible research on all of our clients, and yet we're not included on the cover of your report, like all of those clients are. And TC, we were having a great conversation, but for three years, we tried to get them to pay attention. If they pay attention, the VCs pay attention, press pays attention. It changes that dynamic a bit. And I'm not naive to that. And so that was ultimately one of the reasons why we chose to do the deal with Excel. And I'm very glad that we did. Excel is an incredible company. John Locke's incredible partner.”

    2020-07-31 · The Twenty Minute VC · 20VC: Why The Unbundling of Fintech Will Continue, How VCs Are Propping Up The Neo-Banking Industry & Why We Need A New Framework To Value Businesses Today with Clay Wilkes, Founder & CEO @ Galileo · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “Own destination, but there are trade offs that are made, and hopefully we'll get to that here in a few minutes. coupled with bottom line profitability is rare and unique in fintech and it's even unique in tech and so we saw this with a company in utah here qualtrix you know eight billion dollar exit to sap speaking to ryan smith i mean same thing very much a bootstrap business and so if you can pull it off it allows you to control your own destiny but it also creates incredible opportunity for the shareholders”

    2020-07-31 · The Twenty Minute VC · 20VC: Why The Unbundling of Fintech Will Continue, How VCs Are Propping Up The Neo-Banking Industry & Why We Need A New Framework To Value Businesses Today with Clay Wilkes, Founder & CEO @ Galileo · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “It forces the founder to be efficient and the business to be efficient, to make decisions differently, getting back to making sure that the unit economics are right. You just fundamentally run the business in a very different way. You don't tend to overspend in categories. You try to be more strategic, more guerrilla-like in the way that you might get your message out or attack the market or attack these different types of problems. And each one of them, the number of tea that you might hire, et cetera, each one of these types of decisions becomes cultural and over time what happens is you're looking at the top line and very much looking at the bottom line and knowing that you're not taking money, that bottom line needs to be there regardless of the overall macro events that are going on around you. So when a 2008 rolls through, can you respond and do you have enough reserve in the tank to get through that type of a challenge? These are the types of things and decisions that the founder needs to make if they're going to decide to go it alone. It isn't necessarily a guarantee for success. What it is is an ability to control your”

    2020-07-31 · The Twenty Minute VC · 20VC: Why The Unbundling of Fintech Will Continue, How VCs Are Propping Up The Neo-Banking Industry & Why We Need A New Framework To Value Businesses Today with Clay Wilkes, Founder & CEO @ Galileo · IDENTIFIED FROM THE TRANSCRIPT · source

  17. “Sulfi itself will continue to be a business focused on the consumer experience very much like any of the other fintechs that are out there. They've got a certain demographic that they're going after. Galileo will continue to be an independent business. We're putting in place policies and ring fencing of strategies, consumer information, et cetera, and contracting around that. So think about Galileo as an infrastructure provider out to the broader.”

    2020-07-31 · The Twenty Minute VC · 20VC: Why The Unbundling of Fintech Will Continue, How VCs Are Propping Up The Neo-Banking Industry & Why We Need A New Framework To Value Businesses Today with Clay Wilkes, Founder & CEO @ Galileo · IDENTIFIED FROM THE TRANSCRIPT · source

  18. “So, the thesis is playing out and playing out well, and I'm really excited. I believe that we have created something that can't be rivaled in the marketplace for the next at least three to five years. I believe we've created something that's three to five year head start. And if you really look at the deal that we did with SOFI, there's a tremendous amount of upside and opportunity, both for SoFi and for Galileo.”

    2020-07-31 · The Twenty Minute VC · 20VC: Why The Unbundling of Fintech Will Continue, How VCs Are Propping Up The Neo-Banking Industry & Why We Need A New Framework To Value Businesses Today with Clay Wilkes, Founder & CEO @ Galileo · IDENTIFIED FROM THE TRANSCRIPT · source

  19. “Sale to sofi makes a lot of sense to me, and let me explain that the thesis Galileo had been dominant in banking, payments, debit. We've established an absolute leadership role in fintech, something like 70% of the top 100 fintechs are clients of ours by a recent study, 95% of digital banking is occurring in the United States and North America is occurring on our platform. That will continue throughout Latin America and Asia Pacific as well. So this dominance in debit and payments, on the other hand, had built a tremendous business. $2.5 billion, built an incredible business based largely on lending. All of our clients, the Challenger banks, have got lending products in their roadmaps. And so the ability to be able to bring what SoFi offers, wrap an enterprise-grade API around that, make that available through our distribution, out through our clients is extremely exciting to us and it's been extremely exciting to our clients.”

    2020-07-31 · The Twenty Minute VC · 20VC: Why The Unbundling of Fintech Will Continue, How VCs Are Propping Up The Neo-Banking Industry & Why We Need A New Framework To Value Businesses Today with Clay Wilkes, Founder & CEO @ Galileo · IDENTIFIED FROM THE TRANSCRIPT · source

  20. “The need for the underlying tech is sowhere and it can be overwhelming as these companies come into existence with a single thought or idea. What I would say is to the Buddy Entrepreneur is that it takes more, stay with it, make sure you've got the tenacity and the staying power to be able to weather the storms and the challenges that come along. If you look at the companies that have been successful and everybody comes along and says, hey, I want to be the next Robin Hood or be the next chime, think about how much money has been poured into those types of companies so far and what you need to do in order to be successful. And it's a big challenge.”

    2020-07-31 · The Twenty Minute VC · 20VC: Why The Unbundling of Fintech Will Continue, How VCs Are Propping Up The Neo-Banking Industry & Why We Need A New Framework To Value Businesses Today with Clay Wilkes, Founder & CEO @ Galileo · IDENTIFIED FROM THE TRANSCRIPT · source

  21. “Yes, absolutely. I think the VCs are anxious to jump in and to participate and that drives a bit of overvaluation. But I think that it's important, that is the VC money coming in is important. But I also think that this propping up. We've begun to see it, there's already been just in the last week or so there's been a few disasters around this model.”

    2020-07-31 · The Twenty Minute VC · 20VC: Why The Unbundling of Fintech Will Continue, How VCs Are Propping Up The Neo-Banking Industry & Why We Need A New Framework To Value Businesses Today with Clay Wilkes, Founder & CEO @ Galileo · IDENTIFIED FROM THE TRANSCRIPT · source

  22. “No, I think that's right. You do need to begin to, well, let's go back to the basics. You do need to make sure that the unit economics are working first and foremost. And then you do need to begin to add in more profitable services. That story, though, is not unique to challenger banks. Google itself grew this way, the predominant thesis that Google was grow, grow, grow, grow, grow, and we'll figure out revenue later. And we've seen that with a number of businesses, and I think that's going to be true of the fast-scaling challenge of banks as well.”

    2020-07-31 · The Twenty Minute VC · 20VC: Why The Unbundling of Fintech Will Continue, How VCs Are Propping Up The Neo-Banking Industry & Why We Need A New Framework To Value Businesses Today with Clay Wilkes, Founder & CEO @ Galileo · IDENTIFIED FROM THE TRANSCRIPT · source

  23. “They have to ensure that their basic business model is working. They've got to continue to scale. They've got to add additional services. It's hard for me to imagine that they are the JPMorgans of the world or of tomorrow. I think JP Morgan is not going away, but Chime, Robinhood, Varro Current, these companies are going to be significant players in their own right, and the growth rates are phenomenal. And that will continue.”

    2020-07-31 · The Twenty Minute VC · 20VC: Why The Unbundling of Fintech Will Continue, How VCs Are Propping Up The Neo-Banking Industry & Why We Need A New Framework To Value Businesses Today with Clay Wilkes, Founder & CEO @ Galileo · IDENTIFIED FROM THE TRANSCRIPT · source

  24. “I believe that startup innovation will continue, and this innovation will occur outside of those big tech companies. And when they become significant in size or scale, big tech will look at them as consolidation target. But that cycle will continue. That won't be anything new or different. But the banking function, if you will, what we've thought of as a traditional banking function, a financial function, will absolutely be integrated into big tech.”

    2020-07-31 · The Twenty Minute VC · 20VC: Why The Unbundling of Fintech Will Continue, How VCs Are Propping Up The Neo-Banking Industry & Why We Need A New Framework To Value Businesses Today with Clay Wilkes, Founder & CEO @ Galileo · IDENTIFIED FROM THE TRANSCRIPT · source

  25. “I certainly do. I believe that we'll see consolidation. We're going to see new entrants in the market, for example, in Mexico. 90% of payments still are in cash today. So somebody's going to come in and democratize those payments. And this is true all throughout Latam. In India, same thing. GeoMoney has had a great run here. China, same thing. We're seeing a number of dominant players come. But I believe with everything that I just said, I believe we are in our infancy in fintech. And there will be a second round. We saw this with the internet and it will happen here in fintech. We will see a fintech 2.0 and players will emerge that we have not thought about yet that have not even been imagined. And we're going to see them three years, five years, ten years down the road. The next Facebook, the next internet 2.0 type company will come about. Big tech is going to play an important role here. Apple, Google, Amazon. They've got massive captive audiences and adding those financial services. We've already begun to see that will continue.”

    2020-07-31 · The Twenty Minute VC · 20VC: Why The Unbundling of Fintech Will Continue, How VCs Are Propping Up The Neo-Banking Industry & Why We Need A New Framework To Value Businesses Today with Clay Wilkes, Founder & CEO @ Galileo · IDENTIFIED FROM THE TRANSCRIPT · source

  26. “Good question, and it brings about the question around where are we headed? I heard someone say that everybody's going to be a bank. And I believe that's true. I think we're going to see financial services integrated into a lot of different services. So the verticalization is just one element related to that.”

    2020-07-31 · The Twenty Minute VC · 20VC: Why The Unbundling of Fintech Will Continue, How VCs Are Propping Up The Neo-Banking Industry & Why We Need A New Framework To Value Businesses Today with Clay Wilkes, Founder & CEO @ Galileo · IDENTIFIED FROM THE TRANSCRIPT · source

  27. “We've definitely been going through a phase where we have seen the unbundling, the specialty services dedicated and specialized and re-optimized, but as leaders have gotten larger, they've begun branching into other services. This trend will continue. And what I believe will happen is that we'll drive change and that change will be focused on an obsession with the consumer experience. So to the extent that they can bring in additional services, we're going to see a rebundling or reimagining of that experience, eliminating friction. That's what I think will happen as we think about traditional services.”

    2020-07-31 · The Twenty Minute VC · 20VC: Why The Unbundling of Fintech Will Continue, How VCs Are Propping Up The Neo-Banking Industry & Why We Need A New Framework To Value Businesses Today with Clay Wilkes, Founder & CEO @ Galileo · IDENTIFIED FROM THE TRANSCRIPT · source

  28. “Are many, and building these enabling technologies so that Challenger banks, other fintechs can come about and finish the consumer experience and take a great product to market is what excites me. But the enabling technologies are varied for me. So it doesn't really matter as long as we're building something that can bring about true and revolutionary change.”

    2020-07-31 · The Twenty Minute VC · 20VC: Why The Unbundling of Fintech Will Continue, How VCs Are Propping Up The Neo-Banking Industry & Why We Need A New Framework To Value Businesses Today with Clay Wilkes, Founder & CEO @ Galileo · IDENTIFIED FROM THE TRANSCRIPT · source

  29. “Overwhelmingly positive, the public health issues that we're currently facing have to be addressed, and I'm hopeful and confident that they will be. But beyond that, I believe the economy is resilient and will return quickly to a more normal work environment, work economy. And FinTech plays an important role in all of that. The transformation had begun before the pandemic started, but we've all heard Amazon seem to have been built for this pandemic. But so too has digital banking. And that transformation has been accelerated by the pandemic.”

    2020-07-31 · The Twenty Minute VC · 20VC: Why The Unbundling of Fintech Will Continue, How VCs Are Propping Up The Neo-Banking Industry & Why We Need A New Framework To Value Businesses Today with Clay Wilkes, Founder & CEO @ Galileo · IDENTIFIED FROM THE TRANSCRIPT · source

  30. “I completely agree with the idea that money doesn't buy you happiness. I tend to live a fairly modest lifestyle and money is not the objective for me. It never really has been. So it's a matter of what motivates you and what drives you. We're very driven and committed to philanthropic activities. We've had the Galileo Foundation for 12 years, and it's a big part of what we're doing today and what we intend to do going forward.”

    2020-07-31 · The Twenty Minute VC · 20VC: Why The Unbundling of Fintech Will Continue, How VCs Are Propping Up The Neo-Banking Industry & Why We Need A New Framework To Value Businesses Today with Clay Wilkes, Founder & CEO @ Galileo · IDENTIFIED FROM THE TRANSCRIPT · source

  31. “When we founded the company, we knew we wanted to be bootstrapped. We wanted to go it alone. We weren't intending on taking money or significant amounts of money, which meant we were going to go slow by definition. It's an important decision for the founder to make in contrast with blitzcaling or growth at all cost model, which we see so prevalently. And then the situation is that whenever something comes along like a pandemic, money dries up and all of a sudden there's real and difficult decisions to make. As opposed to the model that we took, which was we're going to go slow, make sure the unit economics are working, make sure that we're cash flowing, that cash is king, and we can control our own destiny. That was the conscious decision we made. And then that very much helped us in the earlier boom and bust cycles that you mentioned.”

    2020-07-31 · The Twenty Minute VC · 20VC: Why The Unbundling of Fintech Will Continue, How VCs Are Propping Up The Neo-Banking Industry & Why We Need A New Framework To Value Businesses Today with Clay Wilkes, Founder & CEO @ Galileo · IDENTIFIED FROM THE TRANSCRIPT · source

  32. “Basically, we challenged about kind of the show and my background before. Using the show as a vehicle for my personal To ask, you've been in the forefront of fintech and tech for the last How did seeing the previous booms and busts of the dot-com of 2008?”

    2020-07-31 · The Twenty Minute VC · 20VC: Why The Unbundling of Fintech Will Continue, How VCs Are Propping Up The Neo-Banking Industry & Why We Need A New Framework To Value Businesses Today with Clay Wilkes, Founder & CEO @ Galileo · IDENTIFIED FROM THE TRANSCRIPT · source

  33. “It is such You're on the show. I've heard so many great things from John and Excel. And so thank you so much for joining me today, Clay. Absolutely a thrill for me to be here. Really appreciate it. Thanks so much. Well, that is very kind of you. But I do want to start here with a little bit about you. So tell me, how did you make your way into the world of startups now almost 20 years ago and come to be where you are today with Galileo? You know, my background and career is in operating systems and communications. Earlier, I authored a patent for voiceover IP. I was the founder and CEO of a telecommunications company based on that technology that I took public did extremely well. I'd retired for about six years and then founded Galileo on the thesis that payments really needed to be transformed. And that was 20 years ago.”

    2020-07-31 · The Twenty Minute VC · 20VC: Why The Unbundling of Fintech Will Continue, How VCs Are Propping Up The Neo-Banking Industry & Why We Need A New Framework To Value Businesses Today with Clay Wilkes, Founder & CEO @ Galileo · IDENTIFIED FROM THE TRANSCRIPT · source