1 00:00:00.840 --> 00:00:03.000 Sean Murray: Hello and welcome back to deBanked TV. I'm Sean 2 00:00:03.000 --> 00:00:04.920 Murray. This is Johny Fernandez 3 00:00:05.040 --> 00:00:06.030 Johny Fernandez: Or Freddy Krueger. 4 00:00:06.180 --> 00:00:07.740 Sean Murray: Or Freddy Krueger. Actually. 5 00:00:07.740 --> 00:00:09.330 Johny Fernandez: Every time I wear this shirt. 6 00:00:09.390 --> 00:00:10.710 Sean Murray: You know, but I can't make fun of you today 7 00:00:10.710 --> 00:00:11.280 because 8 00:00:11.310 --> 00:00:12.090 Johny Fernandez: You're wearing the same thing. 9 00:00:12.090 --> 00:00:13.710 Sean Murray: Yeah I am. Yeah. 10 00:00:13.830 --> 00:00:15.330 Johny Fernandez: Kind of but this is definitely. 11 00:00:15.330 --> 00:00:17.490 Sean Murray: Your's looks better than mine. Your's like your red. 12 00:00:17.520 --> 00:00:19.950 The red on yours really pops mine's like a dull red. 13 00:00:20.490 --> 00:00:21.540 Johny Fernandez: It's like a dad red. 14 00:00:21.570 --> 00:00:22.710 Sean Murray: Like yeah, dad red. 15 00:00:22.740 --> 00:00:25.500 Johny Fernandez: This is like Freddy Krueger. I haven't worn 16 00:00:25.500 --> 00:00:29.310 this in a year. Because last time I wore this last year on TV 17 00:00:29.610 --> 00:00:30.540 here on deBanked. 18 00:00:30.840 --> 00:00:32.130 Sean Murray: Did I scare you that much? 19 00:00:32.159 --> 00:00:33.689 Johny Fernandez: You sent me a picture with Freddy Krueger, you 20 00:00:33.689 --> 00:00:34.259 remember that? 21 00:00:34.590 --> 00:00:37.020 Sean Murray: Oh, I did. And you and you took that shirt and you 22 00:00:37.020 --> 00:00:38.040 put it away for a whole year? 23 00:00:38.040 --> 00:00:39.660 Well then it got hot. And then I'm like all right. 24 00:00:39.690 --> 00:00:40.530 Okay. 25 00:00:40.860 --> 00:00:41.970 Johny Fernandez: But than I wore it again. 26 00:00:42.180 --> 00:00:42.720 Sean Murray: All right. 27 00:00:42.750 --> 00:00:43.380 Johny Fernandez: All right. 28 00:00:43.440 --> 00:00:44.490 Sean Murray: Bringing out the red. 29 00:00:45.000 --> 00:00:48.600 Johny Fernandez: Cause it's fall, y'all. I read that in New 30 00:00:48.600 --> 00:00:52.290 Jersey somewhere, I went apple picking and I heard that in New 31 00:00:52.290 --> 00:00:54.150 Jersey, it was great. 32 00:00:55.200 --> 00:00:55.980 Sean Murray: That's lovely. 33 00:00:56.190 --> 00:00:57.630 Johny Fernandez: All right anyways we're just gonna get 34 00:00:57.630 --> 00:01:03.480 straight into our conversation. All right, so. I can't talk 35 00:01:03.480 --> 00:01:05.730 today. Sorry. All right, so we're just gonna get straight 36 00:01:05.730 --> 00:01:08.370 into it. Because this is getting awkward now with my comments 37 00:01:08.370 --> 00:01:10.560 about fall and New Jersey. 38 00:01:11.130 --> 00:01:12.960 Sean Murray: Very awkward. We're live. 39 00:01:12.990 --> 00:01:13.590 Johny Fernandez: We're live. 40 00:01:14.010 --> 00:01:14.640 Sean Murray: This is live. 41 00:01:14.670 --> 00:01:18.690 Johny Fernandez: This is live. So the first thing we're gonna 42 00:01:18.690 --> 00:01:22.710 talk about today is going to be let's talk about the Daily 43 00:01:22.710 --> 00:01:23.190 Funder. 44 00:01:23.220 --> 00:01:23.820 Sean Murray: Sure. 45 00:01:24.330 --> 00:01:27.690 Johny Fernandez: And it had quite the activity earlier this 46 00:01:27.690 --> 00:01:32.790 week. Because something happened online as the world knew. Except 47 00:01:32.790 --> 00:01:34.800 for me, because I was cleaning my entire house. 48 00:01:34.800 --> 00:01:35.220 Sean Murray: Yeah. 49 00:01:36.780 --> 00:01:39.390 Johny Fernandez: Social media platforms. Instagram, Facebook 50 00:01:39.390 --> 00:01:42.690 went down. Yeah. And And WhatsApp too and WhatsApp. 51 00:01:42.720 --> 00:01:45.690 That's right. And it was interesting. Because, again, 52 00:01:45.720 --> 00:01:49.800 everyone knew but me, I found out this morning, which is very 53 00:01:49.800 --> 00:01:50.310 sad. 54 00:01:50.670 --> 00:01:51.960 Sean Murray: I'm like hey, you want to talk about Facebook 55 00:01:51.960 --> 00:01:53.760 going down? He's like, oh when did that happen? 56 00:01:56.850 --> 00:01:59.940 Johny Fernandez: Because my activity on social media, but 57 00:01:59.940 --> 00:02:05.490 because that happened. You know, we saw quite a bit of activity 58 00:02:05.490 --> 00:02:09.090 on Daily Funder and it's interesting to see just a 59 00:02:09.090 --> 00:02:13.500 correlation of when those two specific social media 60 00:02:13.560 --> 00:02:17.910 applications or three with WhatsApp, they go down. People 61 00:02:17.910 --> 00:02:22.350 always end up going to other applications that work. Twitter 62 00:02:22.350 --> 00:02:24.690 was pretty much off the chain on. 63 00:02:24.720 --> 00:02:26.430 Sean Murray: Yeah, I was on Twitter the whole day talking 64 00:02:26.430 --> 00:02:28.830 about Facebook, coming up with my conspiracy theories and 65 00:02:28.830 --> 00:02:29.220 whatnot. 66 00:02:29.250 --> 00:02:30.240 Johny Fernandez: What did you think happened? 67 00:02:30.720 --> 00:02:31.680 Sean Murray: What do I think happened? 68 00:02:31.680 --> 00:02:33.540 Johny Fernandez: What did you think cause obvioulsy now. Yeah. 69 00:02:33.540 --> 00:02:33.930 We know. 70 00:02:33.960 --> 00:02:36.210 Sean Murray: Yeah, I posted about it on LinkedIn. So I'm not 71 00:02:36.210 --> 00:02:40.560 afraid to, to share my theory. My theory was that Monday was 72 00:02:40.560 --> 00:02:44.400 the day that the Pandora papers were scheduled to be unveiled, 73 00:02:44.670 --> 00:02:48.210 basically, that the world, you know, richest and powerful, and 74 00:02:48.270 --> 00:02:50.730 all the celebrities are going to have their secret assets 75 00:02:50.970 --> 00:02:53.490 revealed, we're going to find out, you know, where all their 76 00:02:53.490 --> 00:02:56.760 hidden money was, and so forth. That's what was going to happen. 77 00:02:56.760 --> 00:02:58.950 It was after like, one year's worth of investigative 78 00:02:58.950 --> 00:03:01.710 journalism through a cooperative of journalists, journalists 79 00:03:01.710 --> 00:03:04.710 around the world. And it was all scheduled to come out on Monday. 80 00:03:04.860 --> 00:03:09.420 And of course, that type of news is best shared on sites like 81 00:03:09.420 --> 00:03:13.710 Facebook, right? But what happens? Facebook goes down, you 82 00:03:13.710 --> 00:03:17.880 can't share it. You can't talk about it. I unless you were 83 00:03:17.880 --> 00:03:20.760 searching for these things on Google. I don't even know how 84 00:03:20.760 --> 00:03:23.910 you would have known. Yeah. I doubt people were searching on 85 00:03:23.910 --> 00:03:27.480 Google like, you know, billionaire secrets revealed, 86 00:03:27.480 --> 00:03:30.270 right? You were gonna find out from Facebook. And then it turns 87 00:03:30.270 --> 00:03:33.570 out Facebook and Instagram and WhatsApp all went down. I think 88 00:03:33.570 --> 00:03:35.820 it's I think, I think it's a kind of a bit of a weird 89 00:03:35.820 --> 00:03:36.480 coincidence. 90 00:03:36.480 --> 00:03:37.740 Johny Fernandez: Well, and I think what was interesting is 91 00:03:37.740 --> 00:03:40.500 that they weren't down it wasn't like a glitch for 20 minutes. It 92 00:03:40.500 --> 00:03:41.610 was like it was down for hours. 93 00:03:41.640 --> 00:03:43.320 Sean Murray: Yeah, like six six to seven hours. 94 00:03:43.320 --> 00:03:43.980 Johny Fernandez: That's crazy. 95 00:03:44.070 --> 00:03:44.580 Sean Murray: Yeah. 96 00:03:45.090 --> 00:03:45.900 Johny Fernandez: Again, I'm finding out. 97 00:03:45.930 --> 00:03:47.190 Sean Murray: Yeah you didn't even, yeah. You didn't even 98 00:03:47.190 --> 00:03:47.430 know. 99 00:03:47.460 --> 00:03:48.660 Johny Fernandez: No, I did not even know. 100 00:03:48.690 --> 00:03:51.000 Sean Murray: Yeah, for people like me who who's on social 101 00:03:51.000 --> 00:03:53.850 media on the side, unconsciously every five minutes I didn't 102 00:03:53.850 --> 00:03:57.060 realize how often I do it. But I I found out how often I use it 103 00:03:57.060 --> 00:04:01.920 because I kept getting the error. And yeah, six to seven 104 00:04:01.920 --> 00:04:05.670 hours. That is a long time in social media world for them to 105 00:04:05.670 --> 00:04:06.330 have gone down. 106 00:04:06.360 --> 00:04:08.700 Johny Fernandez: So I found about the Pandora papers, and I 107 00:04:08.700 --> 00:04:12.300 found out that social media went down today, two days late again, 108 00:04:12.300 --> 00:04:16.590 I'm a boomer millennial, I'm not afraid to admit it but what what 109 00:04:16.590 --> 00:04:20.310 else is interesting about this whole thing is that just how 110 00:04:20.310 --> 00:04:22.740 dependent you know, this makes you realize how dependent the 111 00:04:22.740 --> 00:04:26.130 world is on these two apps. Because again, you get your news 112 00:04:26.130 --> 00:04:27.960 from there you get your updates from your family and friends 113 00:04:27.960 --> 00:04:30.300 from there, you know, if you're doing business you usually try 114 00:04:30.300 --> 00:04:33.540 to go there to see and scout around different things. But the 115 00:04:33.540 --> 00:04:39.450 Daily Funder you know, it definitely had a great amount of 116 00:04:39.450 --> 00:04:42.750 activity on earlier in the week. And obviously we can tie the 117 00:04:42.750 --> 00:04:47.460 correlation to this. But do you I guess like you know, when you 118 00:04:47.460 --> 00:04:50.370 look at the analytics of it do you know, like what people were 119 00:04:50.370 --> 00:04:53.820 searching on Monday, what was going on or? 120 00:04:53.910 --> 00:04:55.410 Sean Murray: I don't know what people were searching. All 121 00:04:55.410 --> 00:04:57.690 right, so the only the only reason we're talking about it is 122 00:04:57.690 --> 00:05:02.070 because October fourth that was the day that the outage on 123 00:05:02.070 --> 00:05:06.120 Facebook and Instagram occurred, we did have the largest single 124 00:05:06.210 --> 00:05:10.710 day traffic on Daily Funder that we've had in the past 180 days. 125 00:05:11.160 --> 00:05:14.220 So the day that people can't use those two social networks, it 126 00:05:14.220 --> 00:05:18.030 looks like inevitably, they ended up on Daily Funder. Now, I 127 00:05:18.030 --> 00:05:20.460 think it's somewhat due to the fact that there are a couple of 128 00:05:20.490 --> 00:05:24.270 Facebook groups that are dedicated to similar type of 129 00:05:24.270 --> 00:05:27.300 conversation. And when you couldn't access those Facebook 130 00:05:27.300 --> 00:05:31.620 groups, those people made their way over to Daily Funder. When I 131 00:05:31.620 --> 00:05:33.930 talked about there being like a spike in activity we're not 132 00:05:33.930 --> 00:05:36.930 talking about like this enormous, enormous spike, it 133 00:05:36.930 --> 00:05:41.760 was, you know, it was about 10%, higher than the previous record 134 00:05:41.760 --> 00:05:45.480 for the last 180 days. So it wasn't like it wasn't like, you 135 00:05:45.480 --> 00:05:47.460 know, earth shattering like I wish Facebook and Instagram 136 00:05:47.460 --> 00:05:50.580 would go away for the success of Daily Funder. But we did see 137 00:05:50.580 --> 00:05:53.940 that people who probably otherwise would have had or 138 00:05:54.060 --> 00:05:57.300 enjoyed viewing those conversations on Facebook, found 139 00:05:57.300 --> 00:06:00.030 there way to Daily Funder and so that was actually a good day for 140 00:06:00.030 --> 00:06:02.040 Daily Funder, Facebook and Instagram going down. 141 00:06:02.070 --> 00:06:05.070 Johny Fernandez: Yeah. Cool. So the next topic we're going to 142 00:06:05.070 --> 00:06:08.700 talk about is an article that we you wrote online. It's called 143 00:06:08.700 --> 00:06:14.520 FinTech Deja Vu Has wait Has This All Happened Before, it was 144 00:06:14.520 --> 00:06:16.830 really interesting, because we've talked about something 145 00:06:16.830 --> 00:06:20.940 very similar, that every generation thinks that they have 146 00:06:20.940 --> 00:06:25.710 something revolutionary, and then something great. But we've 147 00:06:25.710 --> 00:06:29.070 always seen a pattern of things just coming back, but this time 148 00:06:29.070 --> 00:06:32.160 with a different name, or some type of different platform. But 149 00:06:32.160 --> 00:06:35.610 it's essentially the same thing that's happened generations ago. 150 00:06:35.850 --> 00:06:38.970 So I'm going to highlight a couple of things. So you first 151 00:06:38.970 --> 00:06:43.140 highlighted Loan Wise back in 1999. They were essentially a 152 00:06:43.140 --> 00:06:45.900 five minute online business loan, you can get the 153 00:06:45.900 --> 00:06:49.230 application, put it in, and in five minutes, you'll find out 154 00:06:49.230 --> 00:06:52.380 whether you've been approved or not. This was back 22 years ago, 155 00:06:52.380 --> 00:06:58.020 in 1999. It was described a as a marketplace that I can't read my 156 00:06:58.020 --> 00:06:58.710 own hand writing. 157 00:07:01.740 --> 00:07:04.170 Sean Murray: They connected small business lenders. Yeah 158 00:07:04.170 --> 00:07:06.750 yeah yeah, yeah. With small businesses. 159 00:07:06.750 --> 00:07:08.850 Johny Fernandez: With small businesses. So if we look at the 160 00:07:08.850 --> 00:07:13.710 LA Times, they also did highlight that about 2,21, 2160 161 00:07:13.710 --> 00:07:17.940 matches for the phrase, Small Business Finance. And then today 162 00:07:18.060 --> 00:07:19.620 it's bumped up to 6 million. 163 00:07:19.650 --> 00:07:21.000 Sean Murray: Yeah, that sounds that was on Google. 164 00:07:21.030 --> 00:07:21.660 Johny Fernandez: That was on Google. 165 00:07:21.690 --> 00:07:22.200 Sean Murray: Yeah. 166 00:07:23.670 --> 00:07:26.730 Johny Fernandez: On Google, yes. So now it's 6 million versus 167 00:07:27.270 --> 00:07:31.800 back in the nineties, late 90s. It was 2,160. You also go back 168 00:07:31.800 --> 00:07:35.850 to talking about the different platforms, or different 169 00:07:35.850 --> 00:07:39.000 companies that ended up teaming up with Loan Wise and then the 170 00:07:39.000 --> 00:07:41.970 different businesses that ended up, you highlighted different 171 00:07:41.970 --> 00:07:45.960 businesses in the article. Essentially, you know, that they 172 00:07:45.960 --> 00:07:52.830 used you FinTech or like some type of new revolutionary term 173 00:07:52.860 --> 00:07:55.770 to do essentially what we're doing now. And everything is 174 00:07:55.770 --> 00:08:00.600 kind of going, it's coming back, but it's not nothing new. It's 175 00:08:00.630 --> 00:08:01.860 pretty much already been done. 176 00:08:02.370 --> 00:08:04.800 Sean Murray: Yeah. Yeah. The article just highlights that all 177 00:08:04.800 --> 00:08:06.600 the things that we talk about just haven't been new in the 178 00:08:06.600 --> 00:08:09.900 last 5, 10 years, were already happening at least 20 years ago. 179 00:08:10.320 --> 00:08:13.380 As you mentioned, Loan Wise, what's exactly what a lot of the 180 00:08:13.440 --> 00:08:16.680 online loan platforms are today, you can go on and get approved 181 00:08:16.680 --> 00:08:19.050 for a small business loan in five minutes or so they claimed 182 00:08:19.050 --> 00:08:22.620 anywhere from like, you know, 5k to 50k. And who were the first 183 00:08:22.620 --> 00:08:25.560 to adopt it, believe it or not, it was the banks. It was like 184 00:08:25.560 --> 00:08:29.100 American Express, PNC Bank, compass bank, right. We talk 185 00:08:29.100 --> 00:08:32.520 about today how banks are slow to adopt fintech. But they were 186 00:08:32.520 --> 00:08:36.780 the first to adopt fintech. Back in the late 90s. When people 187 00:08:36.780 --> 00:08:39.210 were coming up with the idea of an online loan platform where 188 00:08:39.300 --> 00:08:42.000 you could go online, put in all your information, all the banks 189 00:08:42.000 --> 00:08:44.100 give you an offer, and you choose the best one, this isn't 190 00:08:44.100 --> 00:08:46.950 this is literally in the 90s. Right. So we think that a lot of 191 00:08:46.950 --> 00:08:49.170 these things that all the innovations happen is because of 192 00:08:49.170 --> 00:08:52.680 the financial crisis of 2008, 2009. Clearly not the case, 193 00:08:52.680 --> 00:08:55.350 people were doing this exact same thing back then. 194 00:08:55.710 --> 00:08:58.350 Johny Fernandez: But obviously it was we don't have the same 195 00:08:58.350 --> 00:09:02.670 technology that we have today. So what we what was done back 196 00:09:02.670 --> 00:09:06.570 then we can put some like bowing, you know, make it nice, 197 00:09:06.570 --> 00:09:09.450 make it cool and be like, hey, like this is brand new. 198 00:09:09.480 --> 00:09:10.290 Supposedly. 199 00:09:10.290 --> 00:09:13.390 Yeah. But you clearly and if you guys want to check out the 200 00:09:13.390 --> 00:09:16.930 article, the article is online on deBanked.com on deBanked. And 201 00:09:16.930 --> 00:09:22.150 you can clearly see just essentially the same thing. And 202 00:09:22.180 --> 00:09:25.210 I think we talked about it before that every generation 203 00:09:25.570 --> 00:09:29.560 thinks they invent this new revolutionary, they have this 204 00:09:29.560 --> 00:09:33.520 idea that at the end of the day, it's literally the same thing. 205 00:09:33.610 --> 00:09:33.910 But. 206 00:09:33.960 --> 00:09:36.330 Sean Murray: Yeah, it's, it's the same and well, you know 207 00:09:36.330 --> 00:09:39.330 what's funny, you know, the ads are the exact same. And then, 208 00:09:39.660 --> 00:09:41.820 just the word FinTech. When people ask, you know, what does 209 00:09:41.820 --> 00:09:44.640 deBanked cover? Sometimes I'll use the word FinTech. And 210 00:09:44.640 --> 00:09:46.440 they'll say they've never heard of it. And I have to explain 211 00:09:46.440 --> 00:09:48.510 what FinTech means. What the FinTech industry is. 212 00:09:48.540 --> 00:09:50.190 Johny Fernandez: Are people are people now especially with 213 00:09:50.190 --> 00:09:52.740 things like cryptocurrency, they kind of categorize it all that 214 00:09:52.800 --> 00:09:53.760 under FinTech? 215 00:09:53.790 --> 00:09:54.180 Sean Murray: Yeah. 216 00:09:54.210 --> 00:09:56.700 Johny Fernandez: And it's not nothing new because in the 217 00:09:56.730 --> 00:10:01.320 article, there's things from the nineties, there's things from I 218 00:10:01.320 --> 00:10:02.760 think 1986 is awesome. 219 00:10:02.760 --> 00:10:03.030 Sean Murray: Yeah. 220 00:10:03.060 --> 00:10:05.610 Johny Fernandez: Like, it's literally they use the word. And 221 00:10:05.610 --> 00:10:07.590 they use pretty much everything that we're doing now. 222 00:10:07.620 --> 00:10:08.130 Sean Murray: Yeah. 223 00:10:08.310 --> 00:10:10.680 Johny Fernandez: In it and this was like 20 plus years ago. 224 00:10:10.710 --> 00:10:13.620 Sean Murray: Yeah, there was literally a guy named John Clark 225 00:10:13.650 --> 00:10:15.180 in 1986. He was. 226 00:10:15.180 --> 00:10:15.840 Johny Fernandez: The guy from Ohio? 227 00:10:15.870 --> 00:10:19.590 Sean Murray: Guy from Ohio. He was FinTech back in 86. Right, a 228 00:10:19.620 --> 00:10:22.530 guy named John P. Clark, he was the president of a one man firm 229 00:10:22.530 --> 00:10:25.740 called FinTech. And he worked for the Ohio Bell Telephone 230 00:10:25.740 --> 00:10:29.250 Company. And he could help you find out when the best time was 231 00:10:29.250 --> 00:10:31.650 to refinance your mortgage. And he had all these formulas and 232 00:10:31.650 --> 00:10:34.530 strategies to do it. And he was written about in the newspapers 233 00:10:34.530 --> 00:10:36.030 this guy was brilliant. They're like, you got to check out 234 00:10:36.030 --> 00:10:39.510 FinTech and Fintech is this FinTech is a genius, right? 235 00:10:39.540 --> 00:10:41.160 Johny Fernandez: Something that that really gets me about that 236 00:10:41.160 --> 00:10:44.820 is that this was like in the 80s when technology wasn't advanced. 237 00:10:44.820 --> 00:10:47.880 So these guys are like, like going to old school, like how I 238 00:10:47.880 --> 00:10:50.730 would do things like paper pen, like trying to come up with 239 00:10:50.730 --> 00:10:53.340 ideas and formulas and making sure everything works and like, 240 00:10:53.910 --> 00:10:56.460 like, just think think about that like that's wild like, hey, 241 00:10:56.550 --> 00:10:59.880 how much paperwork was involved in this whole process? And he 242 00:10:59.880 --> 00:11:02.820 was just doing it and not looking back. 243 00:11:02.850 --> 00:11:04.590 Sean Murray: Yeah, I mean, the unfortunate thing for John 244 00:11:04.590 --> 00:11:08.370 Clark, the first FinTech in 1986, is that he didn't have an 245 00:11:08.370 --> 00:11:10.500 email address or an online portal that you could just sign 246 00:11:10.500 --> 00:11:12.990 up for, after you read all about, you know, his brilliance. 247 00:11:13.050 --> 00:11:16.200 In fact, the article, listed his home address, you want to reach 248 00:11:16.200 --> 00:11:20.430 John Clark, Mr. FinTech in 86, you had to go to his house, or 249 00:11:20.430 --> 00:11:23.190 you had to write him a letter, you had to travel to Cleveland, 250 00:11:23.700 --> 00:11:25.560 you know what I mean, or whatever it was. 251 00:11:25.680 --> 00:11:27.240 Johny Fernandez: Would you have done that in 86? 252 00:11:27.570 --> 00:11:30.900 Sean Murray: I would not have done that myself in 86. But it 253 00:11:30.900 --> 00:11:34.260 just goes to show how far back it goes. In fact, one of the 254 00:11:34.260 --> 00:11:37.800 other things I found funny was that I saw an ad for small 255 00:11:37.800 --> 00:11:43.830 business financing. This is from the year 1989. I when I first 256 00:11:43.830 --> 00:11:47.880 saw this ad, and it popped up and it said 1989 I thought there 257 00:11:47.880 --> 00:11:50.580 was an error because it looked like an ad from today. It was 258 00:11:50.580 --> 00:11:51.900 like an ad from 20, 2021. 259 00:11:51.930 --> 00:11:54.540 Johny Fernandez: But let's so let's put it into perspective. 260 00:11:54.570 --> 00:12:00.090 1989. The Iraq war was just that was kind of wrapping up. Not 261 00:12:00.240 --> 00:12:02.940 this Iraq War. Oh my gosh. 262 00:12:03.150 --> 00:12:04.980 Sean Murray: Hard to remember all the different ones. So. I 263 00:12:04.980 --> 00:12:06.240 think that was the early 90s. 264 00:12:06.900 --> 00:12:11.130 Johny Fernandez: So 89, 90, Bush was in office. Old, Bush, Bush 265 00:12:11.130 --> 00:12:13.440 Senior holder Bush was in office. 266 00:12:13.470 --> 00:12:13.980 Sean Murray: Okay. 267 00:12:14.040 --> 00:12:14.880 Johny Fernandez: Our closing claim. 268 00:12:16.050 --> 00:12:17.460 Sean Murray: Let's stick let's just stick to the important 269 00:12:17.460 --> 00:12:21.150 facts. Yeah, we don't yeah, Iraq war is a different story. So in 270 00:12:21.150 --> 00:12:24.990 1989, I saw an ad at first I didn't believe it. That's this 271 00:12:24.990 --> 00:12:28.500 is an ad in the newspaper. That small business financing, bullet 272 00:12:28.500 --> 00:12:31.530 points, our expansion, refinancing equipment purchases, 273 00:12:31.830 --> 00:12:36.150 owner occupied commercial real estate, working capital. Call 274 00:12:36.180 --> 00:12:39.570 FinTech. 349- 2729. 275 00:12:39.630 --> 00:12:40.440 Johny Fernandez: You have it here. 276 00:12:40.560 --> 00:12:43.020 Sean Murray: You don't even need an area code. This was in San 277 00:12:43.020 --> 00:12:43.950 Antonio, Texas. 278 00:12:43.950 --> 00:12:45.090 Johny Fernandez: Minimum $100,000. 279 00:12:45.390 --> 00:12:48.540 Sean Murray: Yeah, minimum 100k. I'm like I've seen this exact ad 280 00:12:48.540 --> 00:12:51.360 before in 2021. In fact, I've seen it 10 million times. 281 00:12:52.260 --> 00:12:55.050 Literally the exact same ad you would see today with the ad 282 00:12:55.050 --> 00:12:59.790 being shared around in 1989. And who do you call, who do you want 283 00:12:59.790 --> 00:13:02.580 to call for your funding? You call fintech. That's, that's 284 00:13:02.580 --> 00:13:07.320 what you do. Then you go back even earlier. This was the 1963 285 00:13:07.710 --> 00:13:14.010 a guy named Sydney Fintech. It was spelled F E I N. T E C H. 286 00:13:14.400 --> 00:13:17.640 Right. But his name was Sydney Fintech. That's how that's how 287 00:13:17.640 --> 00:13:20.190 they pronounced it was crazy that he owned a supermarket in 288 00:13:20.190 --> 00:13:24.120 Des Moines, Iowa, in the 60s. And he expanded his business and 289 00:13:24.120 --> 00:13:26.760 he said, you know what, I could sell a lot more stuff, If I have 290 00:13:26.760 --> 00:13:30.000 my own in house credit business where people could buy now pay 291 00:13:30.000 --> 00:13:34.020 later. I'll sell things on credit. So he does he like 292 00:13:34.050 --> 00:13:38.310 starting the whole BNPL thing. Now, having a credit offering at 293 00:13:38.310 --> 00:13:41.400 a store isn't that unique in the 1960s. It's not like he invented 294 00:13:41.400 --> 00:13:44.430 that. That's not the unique innovation. But the fact that he 295 00:13:44.430 --> 00:13:48.630 did it, and you tie in his name to the whole thing. The funny 296 00:13:48.630 --> 00:13:51.420 thing is that when the papers talked about what this guy 297 00:13:51.420 --> 00:13:53.820 Sydney in his grocery store we're doing is that they 298 00:13:53.820 --> 00:13:57.210 misspelled his name because of how it was pronounced. And they 299 00:13:57.210 --> 00:14:01.050 announced that FinTech was now going into the credit business. 300 00:14:01.590 --> 00:14:05.490 Though the word the word being spread in 1963 was that FinTech 301 00:14:06.030 --> 00:14:10.650 wsd the new way to shop. Here we are all these years later. Good 302 00:14:10.650 --> 00:14:14.280 old good old Sydney FinTech was the paving the way for future. 303 00:14:14.400 --> 00:14:16.440 Johny Fernandez: We had this the conversation about the younger 304 00:14:16.440 --> 00:14:19.440 people payment of buy now pay later. Essentially, it's all the 305 00:14:19.440 --> 00:14:20.040 same thing. 306 00:14:20.070 --> 00:14:21.780 Sean Murray: People were doing this the 1960 people were doing 307 00:14:21.780 --> 00:14:24.690 it before that too. You could get store credit. I mean, much 308 00:14:24.690 --> 00:14:27.840 before. Before that, I mean, credit cards we're just a an 309 00:14:27.840 --> 00:14:31.050 eventual evolution out of that era. So I think what what 310 00:14:31.050 --> 00:14:34.380 wasn't, you know, the the quirk of that story was his last name, 311 00:14:34.470 --> 00:14:37.710 and that it was misspelled when they announced it. And so the 312 00:14:37.710 --> 00:14:39.870 coming of FinTech and getting into the credit business 313 00:14:39.870 --> 00:14:43.260 happened to be about a guy named Sydney FinTech, but spelled 314 00:14:43.290 --> 00:14:47.220 spelled Fine Tech. And then if you start to think about well, 315 00:14:47.220 --> 00:14:49.560 you know, what actually survived from that era was this just all 316 00:14:49.560 --> 00:14:52.260 talk. The technology wasn't there. You said before like, you 317 00:14:52.260 --> 00:14:54.360 know, the technology wasn't the same. That's not exactly true. 318 00:14:54.390 --> 00:15:00.390 There was a guy in 1996 He said he went to go apply for a 319 00:15:00.390 --> 00:15:03.180 mortgage at a bank and he got denied, so he had to go to a 320 00:15:03.180 --> 00:15:05.220 different bank and got denied and go to a different bank 321 00:15:05.220 --> 00:15:08.460 right? After that he's like, this was ridiculous. There 322 00:15:08.460 --> 00:15:10.560 should be a way where I can put my information in one place, and 323 00:15:10.560 --> 00:15:13.230 then the banks can all just come to me. So he came up with a 324 00:15:13.230 --> 00:15:15.180 website, he's like, I'm gonna make a website where people can 325 00:15:15.180 --> 00:15:18.510 do that. And then the banks will all compete, and then the 326 00:15:18.750 --> 00:15:22.830 potential borrower could just choose the best option. This is 327 00:15:22.830 --> 00:15:26.340 in this is in literally the 90s. He's founded the company in 96. 328 00:15:26.640 --> 00:15:28.770 You think I'll call it my business lending tree. 329 00:15:29.040 --> 00:15:33.180 Lendingtree.com, You know what I mean, or www.lendingtree.com is 330 00:15:33.180 --> 00:15:37.260 probably he probably said HTTP, on top of it, I bet you, HTTP, 331 00:15:37.350 --> 00:15:40.560 you know what I mean, colon slash slash www.lendingtree.com, 332 00:15:40.680 --> 00:15:43.200 as they said back in the 90s. And people could go there and 333 00:15:43.200 --> 00:15:45.660 put in all their information. And you might think, oh, wow, 334 00:15:45.870 --> 00:15:48.510 you know, I bet it was a good try. But it didn't work out. He 335 00:15:48.510 --> 00:15:52.830 was too soon. This guy was too early before his time. Well, not 336 00:15:52.830 --> 00:15:57.900 true. Because in 1999, in the fourth quarter of that year, 337 00:15:58.140 --> 00:16:02.430 he'd already helped originate over $400 million worth of 338 00:16:02.430 --> 00:16:06.720 loans. Fourth quarter of 1999, this company lending tree is 339 00:16:06.720 --> 00:16:09.600 already putting out over $400 million worth of loans, and they 340 00:16:09.600 --> 00:16:12.510 weren't the lender, they were the online matchmaker, they were 341 00:16:12.510 --> 00:16:14.640 the portal, go on there apply for a loan, all the lenders 342 00:16:14.640 --> 00:16:17.070 compete for your business, choose the best one, get funded. 343 00:16:17.820 --> 00:16:22.620 Today that company's still around, worth $1.8 billion got 344 00:16:22.620 --> 00:16:27.360 over 900 employees. So, you know, it's you can't say that 345 00:16:27.360 --> 00:16:29.160 these companies were before their time, or they didn't have 346 00:16:29.160 --> 00:16:31.860 the same technology or it was different. That company the 347 00:16:31.860 --> 00:16:36.090 success story, some of those companies, they made it, right. 348 00:16:36.630 --> 00:16:39.960 Johny Fernandez: Do you? Yeah, it's funny, because when I hear 349 00:16:39.960 --> 00:16:42.900 about different programs, different apps, websites, 350 00:16:42.900 --> 00:16:46.020 whatever, offering different services, sometimes in my mind, 351 00:16:46.020 --> 00:16:49.560 I'm like, that's genius. But in reality. 352 00:16:49.650 --> 00:16:51.150 Sean Murray: It could have been an idea someone had like in 353 00:16:51.150 --> 00:16:54.480 1963, you know what I mean, that was already done. And then 354 00:16:54.480 --> 00:16:57.180 people forgot about it. And then people started it all over 355 00:16:57.180 --> 00:17:01.470 again. Well, what was shocking to me is that, I think it was 356 00:17:01.470 --> 00:17:03.420 the LA Times when they were talking about the company 357 00:17:03.450 --> 00:17:07.470 LoanWise, and how they had all these banks on the platform, 358 00:17:07.470 --> 00:17:09.930 they mentioned that they had competition. They weren't the 359 00:17:09.930 --> 00:17:13.830 own small business lending platform, like no matching 360 00:17:13.860 --> 00:17:17.160 portal on the internet. There were others. And all three that 361 00:17:17.160 --> 00:17:18.720 were mentioned, of course, I wanted to know well, what 362 00:17:18.720 --> 00:17:21.780 happened? Yeah. So I checked it out. They're all gone. They're 363 00:17:21.780 --> 00:17:26.700 all gone. But the exact concept lives on. And the banks were the 364 00:17:26.700 --> 00:17:30.750 first adopters of them. So today, we talk about how, you 365 00:17:30.750 --> 00:17:33.300 know, the banks are slow to adopt and all this stuff. No, 366 00:17:33.330 --> 00:17:35.160 they were doing this more than 20 years ago. 367 00:17:36.750 --> 00:17:37.680 Johny Fernandez: That's a good article. 368 00:17:37.710 --> 00:17:38.700 Sean Murray: Deja Vu. 369 00:17:38.850 --> 00:17:40.800 Johny Fernandez: It's happening all over again. 370 00:17:40.830 --> 00:17:42.750 Sean Murray: Yeah, I bet you in five years, we're going to be 371 00:17:42.750 --> 00:17:44.820 talking about peer to peer lending like it just came out. 372 00:17:44.850 --> 00:17:49.260 Johny Fernandez: Yeah. That's what always happens. 373 00:17:49.830 --> 00:17:50.400 Sean Murray: Mm hmm. 374 00:17:50.580 --> 00:17:52.170 Johny Fernandez: Good stuff. Good article, Sean. 375 00:17:52.200 --> 00:17:52.980 Sean Murray: Thank you. Thank you. 376 00:17:53.400 --> 00:17:54.540 Johny Fernandez: Very impressive article. 377 00:17:55.380 --> 00:17:57.990 Sean Murray: So all right, so two more things I want to talk 378 00:17:57.990 --> 00:18:00.510 about before before the end of the show. The first one, I 379 00:18:00.510 --> 00:18:02.580 wasn't going to talk about this before, but I was literally 380 00:18:02.580 --> 00:18:06.840 doing some math. Before I came in here. Because I was curious. 381 00:18:06.870 --> 00:18:09.600 There was a thread on Daily Funder about Broker Fair. People 382 00:18:09.600 --> 00:18:12.420 were curious about the attendance. And you know, what, 383 00:18:12.420 --> 00:18:16.230 what it would be like this year, given COVID, and vaccination 384 00:18:16.230 --> 00:18:20.010 requirements and so forth. And so I checked the stats of where 385 00:18:20.010 --> 00:18:23.790 we're at this year versus prior times compared it against Broker 386 00:18:23.790 --> 00:18:27.030 Fair 2019. So I looked at where we were Broker Fair, 2019 and 387 00:18:27.030 --> 00:18:32.250 60, 60 days out ticket sales, versus 60, 60 days out in ticket 388 00:18:32.250 --> 00:18:34.890 sales for Broker Fair 2021. Right. That's a good measure. 389 00:18:34.920 --> 00:18:37.980 Yeah. Like two months out from the event, where were we last 390 00:18:37.980 --> 00:18:41.070 time? And where are we now? That you might think, well, you know, 391 00:18:41.070 --> 00:18:43.110 it's a COVID year, it's a different time of year, it's 392 00:18:43.110 --> 00:18:46.830 December, people will probably understand if we're down. Right. 393 00:18:46.890 --> 00:18:49.710 And if that's the facts. That's the that's the facts. I you 394 00:18:49.710 --> 00:18:52.470 know, I wouldn't lie about it. But, you know, I wanted to see 395 00:18:52.470 --> 00:18:55.380 because we are checking it, but I felt it was time to give 396 00:18:55.380 --> 00:18:59.700 another look. And we're on pace with where we were in 2019. Two 397 00:18:59.700 --> 00:19:02.100 months out from the event, we've sold just about the same amount 398 00:19:02.100 --> 00:19:04.140 of tickets it might even be a little bit more, but you know 399 00:19:04.140 --> 00:19:05.760 what I mean? But I mean, statistically, it's about the 400 00:19:05.760 --> 00:19:10.080 same, right? So two months out from the event, ticket sales are 401 00:19:10.080 --> 00:19:12.780 this are essentially the same as where they were for Broker Fair 402 00:19:12.780 --> 00:19:16.500 2019. The difference, in case anyone is wondering if this 403 00:19:16.500 --> 00:19:20.430 event will sell out is that in 2019, our venue can only hold so 404 00:19:20.430 --> 00:19:24.150 many people. So that event sold out like a month before. Yeah. 405 00:19:24.180 --> 00:19:28.170 When ticket interest grew, like significantly, because there was 406 00:19:28.170 --> 00:19:32.280 so much butts, then we had to tell 50, 60 plus people, they 407 00:19:32.280 --> 00:19:34.560 couldn't come we put them on a waiting list, right? We could 408 00:19:34.560 --> 00:19:36.720 have sold a lot more tickets, but we were we were restricted 409 00:19:36.720 --> 00:19:40.320 from how many we could sell this time around, we have a lot 410 00:19:40.320 --> 00:19:44.490 bigger venue. So we can sell all the way presumably up until the 411 00:19:44.490 --> 00:19:48.480 day of the event, which means that we might not sell the event 412 00:19:48.510 --> 00:19:52.590 out because we have so much more room, but we could sell more 413 00:19:52.590 --> 00:19:57.180 tickets and have more people than we had in 2019. Right? I 414 00:19:57.180 --> 00:19:59.070 don't know where I don't know what the final result is gonna 415 00:19:59.070 --> 00:20:03.360 be. But I would say I'm pretty optimistic in what the data 416 00:20:03.360 --> 00:20:06.750 shows at this given, you know, this point in time. And so if 417 00:20:06.750 --> 00:20:08.580 you're out there wondering, you know, how many people are 418 00:20:08.580 --> 00:20:11.160 actually come in or how many people bought a ticket? I can't 419 00:20:11.160 --> 00:20:13.710 tell you how many people will come. But in terms of how many 420 00:20:13.710 --> 00:20:16.620 people have bought a ticket, we're on pace with where we were 421 00:20:16.620 --> 00:20:20.130 for Broker Fair 2019. And because we have more room, 422 00:20:20.340 --> 00:20:23.880 theoretically, we could have more people at this event than 423 00:20:23.880 --> 00:20:26.700 we've ever had any Broker Fair ever. I say, potentially, 424 00:20:26.940 --> 00:20:29.190 because, you know, you never, you never know what's going to 425 00:20:29.190 --> 00:20:31.740 happen. The event itself, is gonna happen. Yeah. Right. And 426 00:20:31.740 --> 00:20:34.200 there are requirements, like you have to be vaccinated. But in 427 00:20:34.200 --> 00:20:38.760 terms of how we feel, and where that where it's at, numerically, 428 00:20:38.790 --> 00:20:41.460 we're feeling pretty good. I'm feeling pretty good about about 429 00:20:41.460 --> 00:20:45.060 the data. And then the last thing I want to bring up is that 430 00:20:45.060 --> 00:20:49.800 tomorrow we will be airing live again, not Johny but myself. I 431 00:20:49.800 --> 00:20:52.680 will be here with a special guest. Her name is Sonia Alvelo. 432 00:20:52.710 --> 00:20:55.290 She's the CEO of Latin financial, they're based up in 433 00:20:55.290 --> 00:20:57.480 Connecticut. She's gonna be joining me in the hot seat that 434 00:20:57.510 --> 00:21:01.050 Johny's in right now. And we'll be streaming that live. And 435 00:21:01.050 --> 00:21:04.110 we'll be, you know, broadcasting again on video afterwards, you 436 00:21:04.110 --> 00:21:06.960 can watch it on deBanked TV, we're gonna send out a promo 437 00:21:06.960 --> 00:21:11.940 about Miss Miss Alvelo's you know, information after the show 438 00:21:11.940 --> 00:21:13.950 this afternoon that you can find out what she's all about, learn 439 00:21:13.950 --> 00:21:16.440 a little bit more about Latin financial, and I hope you'll 440 00:21:16.440 --> 00:21:19.020 tune in tomorrow around 12:15 eastern time. 441 00:21:19.020 --> 00:21:21.106 Johny Fernandez: Yeah, sounds good. Well, that pretty much 442 00:21:21.157 --> 00:21:24.342 wraps it up for us today, Sean, obviously, it's always awesome 443 00:21:24.394 --> 00:21:27.476 to be here. Excited for Broker Fair, if you need information 444 00:21:27.527 --> 00:21:30.610 regarding Broker Fair, you can check out our screen. And you 445 00:21:30.661 --> 00:21:33.435 can also follow us for any updates on our social media 446 00:21:33.487 --> 00:21:36.415 platforms and on deBanked.com. Again, Twitter, Instagram, 447 00:21:36.466 --> 00:21:39.497 LinkedIn. And also for more information on the stories that 448 00:21:39.549 --> 00:21:42.888 we've talked about today, or any of the other past clips, you can 449 00:21:42.939 --> 00:21:46.073 go to deBanked.com. And also follow us on the deBanked social 450 00:21:46.124 --> 00:21:49.258 media platforms. Same thing, Twitter, LinkedIn, Facebook, and 451 00:21:49.309 --> 00:21:50.440 also the Daily Funder. 452 00:21:50.490 --> 00:21:52.620 Sean Murray: Yeah, if Facebook and Instagram are down need to 453 00:21:52.620 --> 00:21:53.370 go on Daily Funder. 454 00:21:53.400 --> 00:21:54.360 Johny Fernandez: Yeah, that's where you're gonna get your 455 00:21:54.360 --> 00:21:59.040 information. So and then also for Broker Fair, if you haven't 456 00:21:59.040 --> 00:22:02.070 gotten a ticket, get it December 6. It's gonna be great. It's 457 00:22:02.070 --> 00:22:03.720 gonna be fun. We're gonna be there. 458 00:22:03.840 --> 00:22:05.070 Sean Murray: And the numbers are looking good. 459 00:22:05.100 --> 00:22:05.580 Johny Fernandez: Yeah, they are. 460 00:22:05.580 --> 00:22:06.510 Sean Murray: The numbers are looking good. 461 00:22:06.750 --> 00:22:08.730 Johny Fernandez: So of course, I'm Johny Fernandez. 462 00:22:08.840 --> 00:22:09.470 Sean Murray: I'm Sean Murray. 463 00:22:09.470 --> 00:22:10.580 Johny Fernandez: And we'll see you guys next time.