Ohad
@ohadsamet
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сука, пожалуйста. consecutively elected president of @louisesamet ‘s fan club. for corporate: @truemlco . Try my OnlyFans
Joined April 2009
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Pinned Tweet
My kids go to a British school, and I joined its board, which makes me, by standard vernacular, a Governor
What I'm basically saying is, talk to me in Guy Ritchie parlance or gtfo
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If you're a young person following this OpenAI nonsense, here's the major takeaway: these people aren't smarter than you. They aren't more talented. They don't make better decisions.
You can do this too, and better, and you should.
Go do something big.
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One of Sweden’s largest grocery chains cannot accept payments today because its systems cannot handle 2/29. I hope your day is going better.
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oh, right, suddenly all the VCs on here are experts in board govern--
right, yeah, actually
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BAD MONKEY(a thread! for real!)
Ever wondered why CEOs aren't more visible outside of their formal commitments? It's because doing anything outside of the paths of corporate machinery like connecting authentically on social media, or developing a hobby that requires creativity,
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When I was chief risk officer at Klarna our loss rate was 84 basis points on more than $2.5 B in annual originations. Credit cards were at least triple that.
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two heartbreaking (for me) realizations i've had in tech:
- many people aren't as smart or talented as they seem, rather connected or privileged
- what i thought was charming awkwardness was actually often a thinly veiled sociopathic inability to empathize with other humans
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I once attended a fancy dinner with a banker turned VC who came to it all bushy bearded, back from a retreat where - he said - he learned how to connect with his feelings and really listen, then proceeded to hog the conversation and talk over all of us to explain his epiphanies
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The late stage CEO role is deeply misunderstood by founders.
That’s why you see founder CEOs “solving problems” with engineers, “obsessing over product”, or compulsively reorganizing their company.
Unfortunately there’s only a tiny contingent of people who can guide you.
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Seeing analysis of Apple’s risk to Affirm and Klarna and remembering how Google Pay killed PayPal in 2004, 2007, and at least 3-4 times since
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There's no such thing as "we've always been big fans." You either gave me money or you didn't.
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“Our lending business is scaling fast” has to be top 3 famous last words in fintech
What?! 10 basis points of Toast’s $TOST net take rate in Q4 2023 came from Toast Capital (that’s $33.7 million or 19% of Fintech solutions gross profit). They are scaling Toast Capital fast!
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Friday was my last day at
@stripe
.
I’ve never worked there but it feels weird to be the only one
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Your job is:
1. Define strategy
2. Exemplify culture
3. Identify non-incremental big bets
4. Execute on the above through acquiring and allocating capital and senior talent
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The people attempting (and failing) to dump on this here twete have obviously not visited my onlyfans, therefore are unaware of the immense porn empire I have built with my own hands (and, uhhh, other body parts)
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Sometimes it feels like so much of fintech is just deeply uninspiring. A loose coat of paint over a bunch of APIs and a shaky integration into a legacy player.
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It’s still insane that I, a private company CEO and not an elected official, decide on the health coverage of thousands of people (employees + dependents)
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I regret to inform you that after a decade of only investing as an LP, I’m branching out a bit to invest as an angel in companies I can actively help.
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You know what we’re missing? A credit card for immigrants in the US that don’t have a credit score
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Makes you think: Bezos either has zero real friends or he’s so lost that he won’t listen to them. Faced with unimaginable wealth, he’s turned into your most embarrassing uncle. How does that make you feel about your daily pursuits?
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Not sexy, Not Boring, not the typical path to dominance, yet here we are. Proud to have Packy in our corner.
This might be the least sexy Not Boring essay ever.
@ohadsamet
&
@trueaccord
like it that way. Over 8 years, it's quietly built a fintech juggernaut that's helping people get, and stay, out of debt.
Now, it's partnering w fintechs to rethink the system.
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I knew
@mlevchin
was a strong strategist, but making someone named Libor the president of your interest rate-dependent company is some next level stuff
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More seriously though,
@mlevchin
. He’s not, personally, the reason I came to SV and started a company but he’s by far the best public example for the type of tech leader I felt I wanted to be around, and maybe be like, when i first came over, causing me to want to move.
Name a startup CEO and/or founder you look up to. And why.
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My guilty pleasure is researching young people giving life and professional advice on Twitter to find out how their parents made their money
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The only amusing thing in this saga is people pretending that a 20 y/o whose claim to fame is a circle jerking podcast can produce anything that isn’t propaganda. He’s not the problem, he’s just a symptom, like the Midas List and the 30u30 and all that bullshit
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Based on visual cues, I’m concerned my daughter is about to embezzle 8 billion dollars
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One thought about layoffs: if you are an early stage founder hiring people from bigtech, do not be tempted to match their last comp. It's a tough reality but your runway will be shot if you attempt to do that, and no single person is worth $500k in *cash* early on.
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This is my fourth 4th of July as a proud naturalized citizen of the best country on earth 🇺🇸🇺🇸🇺🇸
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Founding any startup is hard, and founding a credit card startup is 10X more difficult. Congratulations to my friends at "Apple" for taking a moon shot with their "Apple Card". Can't wait to see what you'll do next.
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Another awesome partnership for
@trueaccord
, this time with
@SilaMoney
! Proud to be working with the most forward-thinking teams in fintech.
cc:
@shamir_k
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Few tech things grind my gears like a trust fund baby who failed in bringing a product to market and pivoted to being an “early stage VC” who tweets about having been a “founder”
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I think back to this episode every time I listen to another Business Leader Who Is Now A Reformed Spiritual Leader who turns out to (still) be a raging narcissist
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44 years old today. Don’t believe the doomsayers: we get better, happier, and healthier (relatively) well into our 40s, and probably decades more with new science. There’s lots to look forward to.
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i swear someone wrote a thread about their lessons from founding a company ONE MONTH IN
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We’re introducing a new offering called Gemini Business, which lets organizations use generative AI in Workspace at a lower price point than Gemini Enterprise, which replaces Duet AI for Workspace Enterprise.
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Buy my book, “My Idiosyncratic Experience Is Totally Generalizable To Your Circumstances”, now out for only $19.99
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If you’re thinking “this doesn’t sound like a busy schedule” you’re absolutely right hours wise! My job isn’t to beat you in back to back meetings. When one successful breakfast with a PE partner could catapult the business five years ahead, this is a different job.
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or any similar activity requires a level of energy that senior people don't have. That's because of what running a company is like. It can be fun, and stressful, and many other things, but most of all it's an incredible sink of emotional energy.
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The reason we fell asleep anywhere as soldiers is we were consistently sleep deprived and were taking the workload of a mule on meth but sure, relax your whole face or something 👍👍👍
How to fall asleep quickly.
The Military Method (works for 96% of people):
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Today in Probably Nothing:
#1
"Total U.S. foreclosure starts: 32,900
Month-over-month change: 702.44%
Year-over-year change: 457.63%"
This is a *leading* indicator, given the backlog. Delinquencies will look good for a bit before they rise.
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I’ve noticed that the more successful people are the nicer they tend to become. All can turn extremely aggressive when they need to be but the daily chest thumping is usually an amateur’s game
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Inflation, rising debt levels&defaults: if you are bearing about the credit cycle, there's only one way to make that bet at scale and with technology:
@TrueMLco
.
We've acquired a leader in debt repayment for utilities, telcos, and finance to significantly increase that scale.
Big news!
@TrueML
has acquired the
#debtcollection
business of ERC and plans to reach more consumers experiencing collections with an expanded scope of digital-first products and services. Read more:
#machinelearning
#fintech
@ohadsamet
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You, an intellectual: Upstart’s algorithms have been improving (read the other quote tweets)
Me, a simple risk and credit person: everyone’s delinquencies have been plummeting when the gov gives out trillions
You can see delinquency and cumulative net loss charts like this in these reports
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if you're a heavy twitter user and haven't noticed the bugs... you're not a heavy twitter user
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Earned wage access.
1. Identified a real need
2. Catalyzed both reg and tradfi response
3. Created a new normal
4. Spawned several successful companies
Like it or not, it was an important wedge and literally capital-D Disruptive. Proof that disruption isn’t always abt new tech
Fintech twitter.
What's your favorite FIntech innovation of the last 10 years and why?
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@bjornjeffery
I'm losing my mind over the "I’ve been hard working, bold, driven for as along as I can remember" my brother in tech you are a director of eng in FAANG
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I shouldn’t care but it still gets to me that they gave $250m to a kid to set up a ponzi while we used less than half of that to positively affect the lives of 10s of mil through products and federal policy. How much faster I’d be with a S or a16z behind me? Frustrating to no end
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So I read a lot of fiction and write some things and work out and run a few silly little side projects. They don't shut the monkey up but they dim the noise for a bit so I can recharge, think better of myself, and also be a better CEO along the way.
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If you’re young and watching self appointed “tech leaders” in the public sphere, and your conclusion is anything other than “these people aren’t any better or smarter than me”, you’re not paying attention
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TrueAccord + Fintech = an explosive 2022. Credit volumes are rising, defaults are normalizing, and that means a lot of consumers to help.
We're pleased to announce our partnership with
@synapsefi
as an expansion of our Collections-as-a-Service offering, bringing our best-in-class recovery capabilities to Synapse’s customer-centric fintech ecosystem.
#fintech
#BaaS
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Counter pitch: with this amount of money I will forever change the consumer debt collection industry, globally, in 12 months and reduce the suffering of hundreds of millions
BREAKING: FTX seeking $9.4 billion for rescue, per Reuters.
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VCs explaining to founders that they shouldn’t have taken so much money at such a high valuation
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On 12/1, a new debt collection regulation is in effect. I’m proud of our part in it, including better data upfront for consumers and limiting phone calls from 30-40/week to max 7/week. I’m also stunned at an industry that seems wholly unprepared for this huge change.
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Incredible sympathy for founders and execs who aren't going to sleep until this issue is resolved one way or the other. My DMs, email, etc are open if you need to talk.
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As someone who worked at Klarna in the early years, got its loss rates to under 1%, and remembers that the company was started several years before the GFC… I find it funny that people claim BNPL is a ZIRP phenomenon
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I went, in my lifetime, from not being able to call my uncle in the US from Israel on our rotary phone because that was too expensive, to messaging with my wife on my mobile phone while on a transatlantic flight practically for free. That’s just hard to grasp.
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This “actually neobanks are bad business” shift we’re witnessing is really something
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HUGE 🚀🚀🚀
With more than 1 million consumer accounts now being managed through Retain, we can see the robust results of the product on improving early-stage delinquencies for our clients. Check out our results (40% more effective!):
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Breaking: TrueAccord raises $420M (tree fiddy of primary and the rest is a loan to buy
@nadavsamet
a tricked up G650 but go with it)
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Yesterday I came up with a product idea and it turns out we’re already beta testing it with a client.
It’s almost as though people know what they’re doing around here and don’t need me to micro manage them. Shocking.
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Every once in a while I send a hot startup referral to the same list of investors I send help requests to and enjoy the disparity in responses
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Retain is our latest breakout SaaS product offering our technology with your brand from the first missed payment.
It outperforms the nearest competitor by 40%: that means lower loss reserves, more consumers back on track, and higher retention.
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I am quite often the guy who tells the founder who’s about to mortgage their life for their failing seed stage company to pull the plug and so far it’s 50/50 between “you saved my life” and “never speaking to you ever again”. Not correlated with company survival rates.
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Since everyone’s asking… we do have a BNPL debt repayment report coming out soon. Watch this space or
@trueaccord
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Cannot believe my luck: venture firm that missed the last round because it moved too slow is willing to invest a large check in last round’s price if we only go through their whole investment committee process from scratch!
#blessed
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“It all started when our cofounder experienced a sharp inversion of the yield curves that resulted in high borrowing costs. That’s why, at Bankruptly, we are democratizing the process of sovereign debt default.”
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“There were 45,517 properties with foreclosure filings in Q3, up 34% from Q2 and 68 percent from a year ago, according to ATTOM’s Q3 2021 U.S. Foreclosure Market Report. There were 19,609 properties with foreclosure filings in September, up 24% MoM and 102% YoY.”
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Howdy new followers. Since you came here for the BNPL, here’s something for you to read
Buy Now, Pay Later debts in collection see higher and faster repayment rates than similar-sized credit card debts—BNPL repayment is 2x+ higher than credit card repayment at both 30 and 90 days. Read our report for more
#BNPL
and
#debtcollection
insights:
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Moving between engagements with different people in very different emotional states, handling mostly emergencies and escalations, hearing (sometimes) bad news and having to work through the rest of your day.
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So Digit served millions of people, but mistakenly didn’t reimburse less than 2000 people for a total of $68k and they are now the Bad Guys because the CFPB wrote some big words in a press release? This is more than five9 of uptime.
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PSA for founders: I will gladly help you even if I’m not an investor. You can even grant me one share to say I’m “on the cap table”. Just stop thinking only people who randomly gave you $10k will help you. That’s not the culture I was brought up in.
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Therefore my ceo tip of the week is: when faced with making decisions, simply make good decisions instead of making bad decisions. Like and follow for more
if I ran twitter I would simply have a perfectly neutral moderation policy that didn't require individual judgment and was also fully transparent
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The existence of a Post Malone implies the existence of a Pre Malone. Any idea what the valuation and terms were?
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What did I get done this week?
- didn’t debase one of my life projects
- was not caught groveling in texts to my rich friend
- didn’t cause mayhem because I’m bored
- generally acted like a decent, ethical human
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I love hiring people from Amazon because they are:
1. Very smart
2. Very frugal
3. Absolutely traumatized by amazon so being treated like humans at
@TrueMLco
feels to them like heaven
Another day, another now former Amazon software engineer sharing how Amazon put them through hell thanks to a meritless PIP which was the set up so they would fail and be fired.
Amazon has a 6% target to fire people and they do. Every single year. And yet few people know this.
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