120 episodes

A weekly podcast that looks inside the the minds of entrepreneurs and at the crossover of startups, enterprise, finance, technology and life as we know it. Support this podcast: https://anchor.fm/moneyneversleeps/support

MoneyNeverSleeps Eoin Fitzgerald | Pete Townsend

    • Entrepreneurship
    • 5.0 • 7 Ratings

A weekly podcast that looks inside the the minds of entrepreneurs and at the crossover of startups, enterprise, finance, technology and life as we know it. Support this podcast: https://anchor.fm/moneyneversleeps/support

    120: Props | Matt McAllister and Mortgage Propeller

    120: Props | Matt McAllister and Mortgage Propeller

    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

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    • 1 hr 3 min
    119: Words of Advice, Pt 2 | Brian McDonald and Bay Advisory | Entrepreneurs and Taking Money off the Table

    119: Words of Advice, Pt 2 | Brian McDonald and Bay Advisory | Entrepreneurs and Taking Money off the Table

    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

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    • 46 min
    118: Words of Advice, Pt 1 | Brian McDonald and Bay Advisory | M&A and Raising Capital for SMEs

    118: Words of Advice, Pt 1 | Brian McDonald and Bay Advisory | M&A and Raising Capital for SMEs

    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

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    • 42 min
    117: Money Talks #27 | Big Valuations | Stripe | Bitcoin Scarcity | The Next Frontier of Money | Rundles

    117: Money Talks #27 | Big Valuations | Stripe | Bitcoin Scarcity | The Next Frontier of Money | Rundles

    In this special year-end Money Talks segment, Eoin Fitzgerald and Pete Townsend wax lyrical on big valuations in the 'Fintech Year in Review', Stripe and the next stage of B2B financial services, the long-term economic impact of bitcoin, optimism for the next frontier of money...and of course, the Rundle!

    This episode of MoneyNeverSleeps is sponsored by PAT Fintech, the training partner that demystifies fintech and digital finance for financial services professionals.

    STORIES WE COVERED:

    Big Valuations and the Fintech Year in Review

    Tesla’s market cap tops the 9 largest automakers combined - CNBC - 14-Dec-20

    2020: The year that shook fintech - Sifted - 30-Dec-20

    Big Ideas Fintech Will Tackle in 2021 - a16z fintech team - Dec-20

    Neobank numbers worldwide approach 300 - Finextra - 22-Dec-20

    WhatsApp to rollout insurance and pension products on its platform in India soon – The Economic Times – 16-Dec-20

    Stripe and the next stage of B2B financial services

    Stripe Treasury and embedding banking services via API into businesses’ operational platforms - Silicon Republic, 4-Dec-20

    Packy McCormick’s reference to the Stratechery podcast and Stripe as the Platform of Platforms – Ben Thompson - 3-Dec-20

    Is an awakening to Bitcoin scarcity driving the price rise or is it the money-printing effect?

    Bitcoin Soars Above $23,000 as More Wall Street Firms Pile In [and heads for $30K]– Bloomberg - 17-Dec-20

    Bitcoin Braced For Near-Trillion Dollar Stimulus Bill And Fresh Fed Firepower - Forbes - 15-Dec-20

    Bitcoin Is More Than a Hedge Against Inflation – It’s a Hedge Against ‘Crazy’ - Crypto Long & Short/Coindesk (Noelle Acheson) - 20-Dec-20

    More on the infamous Rundle (recurring revenue bundle)

    Getting Subscription Bundles Right for Minimum Churn - PYMNTS.com - 22-Dec-20

    After Covid: How firms can make the most of their post-pandemic opportunities - Irish Times - 17-Dec-20

    Thanks to all of our listeners and newsletter readers out there in the MoneyNeverSleeps community for listening in every week, spreading the word and driving us up the podcast rankings in 2020!

    Check out our MoneyNeverSleeps website

    Subscribe to our newsletter on Substack

    Get in touch at info@moneyneversleeps.ie


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    • 39 min
    116: All These Funds | Brian McNulty and FAC | Changing an Industry for the Better

    116: All These Funds | Brian McNulty and FAC | Changing an Industry for the Better

    Brian McNulty, founder and CEO of FundAdminChain (FAC), joins the show to talk about solving a real business problem with distributed ledger technology (DLT), how funding your business takes a team effort, enabling positive change for the investment funds industry and end investors…and his secret life as a qualified football coach!

    This episode of MoneyNeverSleeps is sponsored by PAT Fintech, the training partner that demystifies fintech and digital finance for financial services professionals.

    EPISODE OVERVIEW:

    FAC is a network for launching, distributing and trading digital investment funds, connecting investors, fund managers, and their service providers in a distributed digital ecosystem. Brian just completed the first half of raising FAC’s seed round, and although the fundraising round will stay open until February, Pete Townsend wanted to crystallize this moment in time by capturing it in this episode. For the sake of transparency, Pete is also an advisor to Brian and FAC.

    HIGHLIGHTS:

    On the core proposition: “We're facilitating the more forward-thinking incumbents to digitalize what they do, improve their services and pass those benefits on to their customers and the end investors.”

    On one of the influences for founding FAC: “At R3, we were bringing the buyside into the office, and looking at how the funds industry is still quite antiquated and extremely busy with many layers and intermediaries, but all doing an important job in the current state and all playing necessary roles.”

    On the opportunity: “With DLT, we could see the opportunity to collapse those layers, and if everyone shared the same data, then we don't need all the reconciliations and oversight teams. This means we can drive out some of the costs, risks and data lags.”

    On the reason for a comprehensive approach: “We know this takes a blend of business, technical and regulatory considerations not only to ensure that it's a real business problem we’re solving, but also that the business model itself stacks up.”

    On the context of collaboration: “You’ve got to make sure that you are listening to what the individuals and organizations want and that it’s the right time for them. There may be a time when you need to pull back on the collaboration, and other times you’ll want to push for it.”

    On raising capital: “Everyone tells you how much work it is and how it's another job and you hear those words, but you don't really know what it's like until you're close to closing.”

    On the guiding forces: “We want to improve the industry – this is not a gimmicky thing - and we want to see that improvement passed on to the end investor and revolutionize the way that the funds industry operates.”

    On the team effort: “Fundamentally, it's been a phenomenal journey so far with FAC as a result of the phenomenal team we've got and also some great organizations we're working with, so I’m looking forward to the next phase.”

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    • 32 min
    115: Transformers | Allan Boyle on Growth Stage Scaling, People and Change

    115: Transformers | Allan Boyle on Growth Stage Scaling, People and Change

    Allan Boyle, founder of Saltwater Consulting, joins the show to talk about helping growth-stage companies scale, putting people at the center of digital transformation, how to get to the root of a problem…and his love-hate relationship with handwriting!

    This episode of MoneyNeverSleeps is sponsored by PAT Fintech, the training partner that demystifies fintech and digital finance for financial services professionals.

    EPISODE OVERVIEW:

    Saltwater Consulting is an Ireland-based strategic consulting firm specialising in providing businesses with experienced executive capacity and resources where needed during periods of transition and rapid growth.

    When Allan connected with Pete Townsend and Eoin Fitzgerald, what stood out is Allan’s diverse track record across geographies, industries and business stages, and the number of repetitions in problem-solving he’s had. Also, given his focus on growth-stage companies, the problems Allan is helping to solve are the problems that earlier stage startups will eventually face, so there’s a crystal-ball context to this episode for early-stage startups as well.

    HIGHLIGHTS:

    On why he started his business: “Being part of AWS for a couple of years and watching how even the largest companies can scale rapidly was absolutely fascinating. That led to me starting Saltwater Consulting earlier this year, as what I really want to do is help companies scale.”

    On his modus operandi: “As companies scale, [for example], getting that alignment between sales and engineering can be challenging at times. That's where I come in - I work with tech leaders to help them understand where they're going, identify people and process gaps, and help implement operational mechanisms.”

    On the Rule of 3 and 10 from Hiroshi Mikitani: “Every single time the business triples in size, everything breaks - systems, people, the organization, everything. Technology is easy; you can replace that, you can scale it, you can adapt it, whatever. But it's the [organisational] systems, the processes and the people side I'm interested in, and that's why I'm doing what I'm doing.”

    On his focus on the people side of digital transformation: “There's a need for people in anything you do. If you build a digital platform where you’re going to have millions of customers, you need to have some level of humans behind that.”

    On an example of measuring what matters: “If you want to have a certain conversion ratio of sales, your metrics are what you’re putting into the funnel. What's happening with marketing? What are the activities people are doing at various points of the pipeline? You're not going to get that conversion If you don't track every step of the sales process.”

    On looking ahead: “The future, for me, is about understanding how customer service evolves in this new digital world.”

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    • 45 min

Customer Reviews

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7 Ratings

doctordave1979 ,

Great source of valuable information for founders!

Episode 68 gives a valuable insight into a VC’s mindset and expectations when it comes to investing in startups.

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