1 00:00:00.000 --> 00:00:04.290 Sean Murray: Hello, welcome back to deBanked TV. I'm Sean Murray. 2 00:00:04.350 --> 00:00:07.170 Johny Fernandez: And I'm Johny Fernandez. Sean. It's good to 3 00:00:07.170 --> 00:00:07.500 see you. 4 00:00:07.530 --> 00:00:08.250 Sean Murray: Yeah. 5 00:00:08.640 --> 00:00:09.090 Johny Fernandez: We're on. 6 00:00:09.120 --> 00:00:10.140 Sean Murray: When did you get here? 7 00:00:10.380 --> 00:00:11.520 Johny Fernandez: I got here right now. 8 00:00:11.670 --> 00:00:12.720 Sean Murray: Just like moments ago? 9 00:00:12.720 --> 00:00:13.110 Johny Fernandez: Moments ago. 10 00:00:13.110 --> 00:00:15.390 Sean Murray: Yeah, all of a sudden, I was just sitting at my 11 00:00:15.390 --> 00:00:18.180 desk. And now I'm in a studio next to this guy here. 12 00:00:19.320 --> 00:00:19.890 Johny Fernandez: How are you? 13 00:00:20.010 --> 00:00:20.490 Sean Murray: Good. 14 00:00:20.610 --> 00:00:20.970 Johny Fernandez: All right. 15 00:00:20.990 --> 00:00:21.470 Sean Murray: How are you? 16 00:00:21.530 --> 00:00:22.100 Johny Fernandez: I'm great. 17 00:00:22.160 --> 00:00:22.640 Sean Murray: Oh, good. 18 00:00:22.690 --> 00:00:27.550 Johny Fernandez: Yeah. All right. So, again, thank you guys 19 00:00:27.550 --> 00:00:29.740 for tuning in. So we have a couple of topics, we're gonna 20 00:00:29.740 --> 00:00:32.650 talk about very interesting topics. And we're just gonna 21 00:00:32.650 --> 00:00:36.670 recap some stuff that we've also chatted about in the past. So 22 00:00:36.700 --> 00:00:40.930 first things first, Sean, let's talk about Loop. Okay. CEO, John 23 00:00:40.930 --> 00:00:47.470 Henry. Show from Vice you're a big fan. So you know that he 24 00:00:47.500 --> 00:00:54.460 recently started something that you're very fond of. It's 25 00:00:54.460 --> 00:00:55.690 regarding car insurance. 26 00:00:55.720 --> 00:00:57.040 Sean Murray: Yeah. I don't know that. I don't know that. I'm a 27 00:00:57.340 --> 00:01:00.370 fan of car insurance. Very fond of car insurance. 28 00:01:00.400 --> 00:01:02.170 Johny Fernandez: You're a fan of him so I mean you're a fan of. 29 00:01:02.170 --> 00:01:04.180 Yeah well let's not make it let's not make it weird. Yeah, I 30 00:01:04.180 --> 00:01:07.600 think I did. I did watch his show. I watched his show. 31 00:01:07.660 --> 00:01:08.380 You fan girl. 32 00:01:08.750 --> 00:01:11.270 Sean Murray: I just all I did was watch his show. And he did. 33 00:01:11.270 --> 00:01:13.730 He did speak at our conference. And we did write a couple 34 00:01:13.730 --> 00:01:18.290 stories about him. But no he's a very, he's a very smart guy. And 35 00:01:18.320 --> 00:01:23.090 we recently put together a story. It was Adam here who 36 00:01:23.090 --> 00:01:28.010 wrote it. But the the the main part about Loop that everyone 37 00:01:28.010 --> 00:01:32.270 should know is that it's not just a tech enabled insurance 38 00:01:32.270 --> 00:01:37.130 company. It's the fact of how they actually calculate the 39 00:01:37.130 --> 00:01:40.220 rates that people pay for insurance. Yeah. Like when you 40 00:01:40.220 --> 00:01:43.910 register for car insurance now. You basically, you know, they 41 00:01:43.910 --> 00:01:47.570 evaluate your age, look at where you're, you know, what city you 42 00:01:47.570 --> 00:01:51.380 live in? Where do you park your car? What kind of car it is? 43 00:01:51.410 --> 00:01:54.110 Yeah. They're looking at that all that type of stuff. Do you 44 00:01:54.110 --> 00:01:57.620 have a past history with accidents? And that's how 45 00:01:57.620 --> 00:02:00.890 they're evaluating how much you pay. Yeah. But with Loop, what 46 00:02:00.890 --> 00:02:05.090 they're attempting to do is evaluate your actual driving 47 00:02:05.120 --> 00:02:11.030 habits. By tracking where you drive, and how you drive when 48 00:02:11.030 --> 00:02:13.910 you do it. Yeah. So there's like a, basically, like a beacon in 49 00:02:13.910 --> 00:02:17.180 the car. Yeah. That's tracking what roads you're taking, and 50 00:02:17.180 --> 00:02:20.450 how safely you drove on those roads, and maybe how dangerous 51 00:02:20.450 --> 00:02:22.850 those roads are, you know, compared compared to other 52 00:02:22.850 --> 00:02:25.220 roads. I think that's the secret. And then ultimately, 53 00:02:25.220 --> 00:02:27.770 what they're trying to accomplish by doing that, is 54 00:02:27.770 --> 00:02:31.850 that the underserved will pay less for car insurance. 55 00:02:31.900 --> 00:02:35.470 Johny Fernandez: Okay, so a couple of things. You said it's 56 00:02:35.470 --> 00:02:38.980 a bias free premium, the insurance without credit cards, 57 00:02:38.980 --> 00:02:43.240 demographic checks, employment background and it tracks how and 58 00:02:43.240 --> 00:02:48.070 when you use it. So let's talk about InsurTech versus FinTech. 59 00:02:48.280 --> 00:02:51.160 Because obviously, this is very technological based. Like it's 60 00:02:51.160 --> 00:02:54.340 tracking your it's like Big Brother. Yeah. It's, it's kind 61 00:02:54.340 --> 00:02:56.380 of creepy. I'm not gonna lie to you, but I get it. Yeah. It's 62 00:02:56.380 --> 00:02:57.940 just creepy. I get creeped out. 63 00:02:57.970 --> 00:03:00.010 Sean Murray: Yeah, I get it, too. That was my first reaction 64 00:03:00.010 --> 00:03:01.900 too, I'm like, what do you mean they track how you drive? 65 00:03:01.930 --> 00:03:03.700 Johny Fernandez: Yeah, like, that's creepy. Yeah. But 66 00:03:03.760 --> 00:03:06.010 overall, I think it's a great, it's a, it's a great idea if you 67 00:03:06.010 --> 00:03:08.260 have insurance because I have a car now. 68 00:03:08.800 --> 00:03:09.970 Sean Murray: You seemed unsure about that. 69 00:03:09.970 --> 00:03:10.330 Johny Fernandez: Well. 70 00:03:10.360 --> 00:03:11.110 Sean Murray: Do you have a car? 71 00:03:11.110 --> 00:03:12.940 Johny Fernandez: I do have a car. Not here in New York. 72 00:03:12.970 --> 00:03:13.810 Sean Murray: You have a car? 73 00:03:13.930 --> 00:03:14.230 Johny Fernandez: Yeah. 74 00:03:14.230 --> 00:03:14.770 Sean Murray: Now? 75 00:03:14.920 --> 00:03:15.820 Johny Fernandez: Now. 76 00:03:16.480 --> 00:03:17.080 Sean Murray: Are you sure? 77 00:03:18.280 --> 00:03:19.210 Johny Fernandez: But it's in Florida. 78 00:03:19.240 --> 00:03:19.690 Sean Murray: Okay. 79 00:03:20.410 --> 00:03:22.090 Johny Fernandez: But I still pay insurance on it. It's kind of a 80 00:03:22.090 --> 00:03:24.460 weird story. But I still pay insurance on it. And insurance 81 00:03:24.460 --> 00:03:28.120 is expensive. It's expensive with companies like Progressive 82 00:03:28.150 --> 00:03:32.740 and Geico. And all that cause they charge you like, they look 83 00:03:32.740 --> 00:03:36.370 at everything. Yeah. And it's like, the first couple of years. 84 00:03:36.370 --> 00:03:39.610 And this was like, before I was 20, I don't know 25, 26, I'm 85 00:03:39.610 --> 00:03:42.490 like oh my gosh, like, you know, I had to stay my parents without 86 00:03:42.490 --> 00:03:45.940 paying it alone, like it's still expensive. Yeah. Like it's, it's 87 00:03:46.030 --> 00:03:48.730 kind of hurtful, hurts my feelings. But if you can do 88 00:03:48.730 --> 00:03:51.820 something like this, where it's probably not as expensive. 89 00:03:51.880 --> 00:03:53.200 Sean Murray: Especially if you're not driving and you don't 90 00:03:53.200 --> 00:03:54.730 even know if you don't even know if you have a car. 91 00:03:54.760 --> 00:03:55.270 Johny Fernandez: I do have a car. 92 00:03:55.270 --> 00:03:57.010 Sean Murray: So you're probably paying you're probably paying 93 00:03:57.010 --> 00:03:57.610 too much for it. 94 00:03:57.610 --> 00:03:58.210 Johny Fernandez: I do have a car. 95 00:03:58.210 --> 00:03:58.960 Sean Murray: If you're not sure. 96 00:04:00.580 --> 00:04:02.680 Johny Fernandez: But let's talk about InsurTech versus Fintech. 97 00:04:02.860 --> 00:04:04.720 How are they the same and how are they different? 98 00:04:05.740 --> 00:04:07.750 Sean Murray: So it's two different industries Fintech is 99 00:04:07.750 --> 00:04:10.570 financial technology and Insurtech is insurance 100 00:04:10.570 --> 00:04:14.770 technology. Insurtech, they have their own conference, they have 101 00:04:14.770 --> 00:04:18.970 their own companies, they have their own ecosystem. And Loop 102 00:04:19.480 --> 00:04:22.180 from what I understand is basically part of the Insurtech 103 00:04:22.420 --> 00:04:25.120 world more so than it is Fintech. Although I guess the 104 00:04:25.120 --> 00:04:28.600 crossover is that, you know, insurance and cost of money, 105 00:04:29.110 --> 00:04:33.340 kind of they kind of teeters the line between between the two. 106 00:04:33.340 --> 00:04:35.770 But yeah, Insurtech is all the innovation happening in 107 00:04:35.770 --> 00:04:36.400 insurance. 108 00:04:36.430 --> 00:04:38.440 Johny Fernandez: Yeah. So let me ask you this. Do you think 109 00:04:38.470 --> 00:04:41.500 eventually there's just going to be a massive crossover between 110 00:04:42.340 --> 00:04:44.920 every walk of life and technology? 111 00:04:45.490 --> 00:04:46.450 Sean Murray: It seems like it. 112 00:04:46.450 --> 00:04:47.290 Johny Fernandez: It's kind of scary. 113 00:04:47.320 --> 00:04:47.830 Sean Murray: Yeah. 114 00:04:47.890 --> 00:04:50.290 Johny Fernandez: Like, it's cool, but it's scary. Because at 115 00:04:50.290 --> 00:04:53.140 the end of the day, the next story, it's like, I mean, 116 00:04:53.140 --> 00:04:58.330 between Insurtech, FinTech, crypto, like, you know, we've 117 00:04:58.330 --> 00:05:03.190 talked about stories here that it it's, it's like weird. Like 118 00:05:03.190 --> 00:05:04.090 you're being tracked. 119 00:05:04.870 --> 00:05:07.690 Sean Murray: Well their everyone is definitely tracking you. That 120 00:05:07.690 --> 00:05:08.440 much you can count on. 121 00:05:08.440 --> 00:05:10.788 Johny Fernandez: Yeah, that's like that's like that's kind of 122 00:05:10.842 --> 00:05:14.004 I think it's weird. Maybe I should just not use a phone and 123 00:05:14.058 --> 00:05:15.720 not be tracked. Just disappear. 124 00:05:15.720 --> 00:05:16.250 Sean Murray: Go for it. 125 00:05:16.330 --> 00:05:19.300 Johny Fernandez: All right, so the next topic is regarding 126 00:05:19.300 --> 00:05:23.500 Miami coin. So city coin, a nonprofit crypto development, 127 00:05:24.190 --> 00:05:27.880 developed Miami coin. Miami pulled $7.1 million out of the 128 00:05:27.880 --> 00:05:31.900 coin Valley's as a donation from city coin in Miami. Miami is the 129 00:05:31.930 --> 00:05:36.460 only city in America to have its own coin through city coin. And 130 00:05:36.460 --> 00:05:38.680 we know that Mayor Suarez loves this. 131 00:05:39.070 --> 00:05:40.480 Sean Murray: Well you guys are buddies. 132 00:05:40.480 --> 00:05:40.900 Johny Fernandez: Yeah. 133 00:05:40.900 --> 00:05:43.030 Sean Murray: You and Mayor Suarez. Yeah. You interviewed 134 00:05:43.030 --> 00:05:43.660 Mayor Suarez. 135 00:05:43.170 --> 00:05:47.095 I interviewed. Yeah, we did interview Mayor Suarez and when 136 00:05:47.095 --> 00:05:51.086 that interview happened. And when we were talking about like, 137 00:05:51.151 --> 00:05:54.946 just like the FinTech, the technology like going to Miami, 138 00:05:55.011 --> 00:05:58.675 Miami being the top this was like, or like this was last 139 00:05:58.741 --> 00:06:02.731 year. It was very interesting. Like he was dead set on making 140 00:06:02.797 --> 00:06:06.592 sure that Miami was way in advance, when it, when it comes 141 00:06:06.657 --> 00:06:10.452 to when it came to anything technology based. And his goal 142 00:06:10.517 --> 00:06:14.443 was to make sure that he said like the city essentially beat 143 00:06:14.508 --> 00:06:18.303 places like San Francisco, New York, like, he made it very 144 00:06:18.368 --> 00:06:22.555 clear that he wanted Miami to be a priority for tech innovation. 145 00:06:22.621 --> 00:06:26.154 And he was not kidding about that. Because you've seen 146 00:06:26.219 --> 00:06:30.210 throughout the league this year, how he's opened his up, he's 147 00:06:30.275 --> 00:06:34.266 kept his promise. Yeah. He's kept his promise that, you know, 148 00:06:34.332 --> 00:06:37.079 he's gonna welcome entrepreneurs, the tech 149 00:06:37.145 --> 00:06:41.398 industry, Silicon Valley to come down to Miami and work there and 150 00:06:41.463 --> 00:06:45.388 not have the same tax problems that you would have in places 151 00:06:45.454 --> 00:06:49.183 like California or New York. Sure. So back to this story. 152 00:06:49.248 --> 00:06:53.370 It's funny, cause looking at it now, Miami coin itself, it beat 153 00:06:53.436 --> 00:06:57.492 San Francisco and San Francisco is the next city, according to 154 00:06:57.557 --> 00:07:00.960 the city coin set that will be integrated into this. 155 00:07:01.380 --> 00:07:06.900 Yeah, I mean, Miami coin in general, we try to really figure 156 00:07:06.900 --> 00:07:13.020 out the nuts and bolts of it. And I would say just, you know, 157 00:07:13.890 --> 00:07:17.760 frankly, I don't really understand it. And not that 158 00:07:17.760 --> 00:07:21.210 means, that doesn't mean like you know, you know, it's too 159 00:07:21.210 --> 00:07:24.900 complicated for me to get I think the whole concept of Miami 160 00:07:24.900 --> 00:07:31.680 coin is perhaps a little too convoluted. In the in the big 161 00:07:31.680 --> 00:07:35.640 picture, whatever they're trying to accomplish. I don't know that 162 00:07:35.640 --> 00:07:39.660 they will. This is my personal opinion. Yeah. Like, I can 163 00:07:39.660 --> 00:07:42.750 usually, you know, walk through the beginning of something all 164 00:07:42.750 --> 00:07:45.060 the way to the end. If it's complicated, not complicated, 165 00:07:45.060 --> 00:07:48.300 right? This one I did go through from the beginning to the end, I 166 00:07:48.300 --> 00:07:50.970 understand I understand it when I say no, I don't get I 167 00:07:50.970 --> 00:07:51.540 understand it. 168 00:07:51.570 --> 00:07:53.610 Johny Fernandez: But what do you what exactly what's your 169 00:07:53.610 --> 00:07:55.500 takeaway, like? What's your breakdown of it? 170 00:07:57.670 --> 00:08:00.070 Sean Murray: That basically, the only only reason anyone would 171 00:08:00.070 --> 00:08:03.760 participate in this Miami coin is because they hope to get 172 00:08:03.910 --> 00:08:07.660 something of value, that would then increase in further value, 173 00:08:07.750 --> 00:08:10.990 right? If you're going to get this Miami coin, it's not going 174 00:08:10.990 --> 00:08:14.440 to be in Miami coin to like pay for the bus, you know, pay for 175 00:08:14.830 --> 00:08:19.870 mass transportation, and something to do with, with pride 176 00:08:19.870 --> 00:08:23.560 in your city, and like earning like rewards, it's something 177 00:08:23.590 --> 00:08:26.380 more of that nature. And at the end of the day, the city of 178 00:08:26.380 --> 00:08:30.250 Miami has already, as you mentioned, they raised like $7.1 179 00:08:30.250 --> 00:08:32.920 million, but I was really trying to figure out why would someone 180 00:08:32.920 --> 00:08:36.910 participate in this whole program. And I couldn't come up 181 00:08:36.910 --> 00:08:39.640 with a good reason, other than you would hope that you would 182 00:08:39.730 --> 00:08:43.390 make money off of it somehow. And that brought me to the whole 183 00:08:43.390 --> 00:08:46.540 idea of, well, if you're going to do it as an investment, get 184 00:08:46.540 --> 00:08:51.430 Miami coins or participate in Miami coins. Then it sounds to 185 00:08:51.430 --> 00:08:54.280 me like kind of like securities, like you would get like a bond 186 00:08:54.280 --> 00:08:57.430 from the city like a municipal bond, except it's except it's 187 00:08:57.430 --> 00:09:01.000 Miami coin, and it's in attack and it's crypto. So it sounds to 188 00:09:01.000 --> 00:09:03.910 me kind of like municipal bond. And I said it well it kind of 189 00:09:03.910 --> 00:09:06.400 sound like securities to me, you know, what's the underlying 190 00:09:06.400 --> 00:09:09.670 securities nature of this whole thing? And it turns out, someone 191 00:09:09.670 --> 00:09:12.850 already had that idea that it probably was securities related. 192 00:09:13.180 --> 00:09:17.290 One of the moving pieces of Miami coin is a basically a type 193 00:09:17.290 --> 00:09:22.720 of token called STX. Think that I think they call it Stacks. And 194 00:09:22.750 --> 00:09:27.700 Stacks. Originally, this type of token was classified by the 195 00:09:27.700 --> 00:09:30.640 originator of it as a security they went and they filed a 196 00:09:30.640 --> 00:09:32.830 statement with the Securities and Exchange Commission saying 197 00:09:33.040 --> 00:09:35.740 we believe this is a security threat, we're going to go ahead 198 00:09:35.740 --> 00:09:39.430 and register it problem was nobody wanted to use it as a 199 00:09:39.430 --> 00:09:41.770 registered security because it made it hard to use on an 200 00:09:41.770 --> 00:09:44.200 unregulated exchange, because now you have a regulated 201 00:09:44.200 --> 00:09:48.580 security on an unregulated exchange. Now this the exchange 202 00:09:48.580 --> 00:09:51.100 itself might need to be regulated as well. So people 203 00:09:51.100 --> 00:09:55.120 were kind of staying away from these Stacks. And then what 204 00:09:55.120 --> 00:09:59.290 happened the creator of Stacks, basically changed course and 205 00:09:59.290 --> 00:10:01.000 said you know what we don't think there's securities 206 00:10:01.000 --> 00:10:03.820 anymore, they they made all these technological improvements 207 00:10:04.090 --> 00:10:06.370 to it and they got a legal opinion that that backed up what 208 00:10:06.370 --> 00:10:10.210 they said, but their their new opinion as to what Stacks are is 209 00:10:10.210 --> 00:10:12.790 that they're not securities, even though they were before. 210 00:10:13.150 --> 00:10:16.420 And I just feel like there's there's something missing the 211 00:10:16.420 --> 00:10:19.600 whole thing I think we read the headlines, Miami coin you know 212 00:10:19.600 --> 00:10:22.990 like city coin San Francisco's next. And it's hard to figure 213 00:10:22.990 --> 00:10:26.350 out what the heck it is or why anyone would do it or why anyone 214 00:10:26.350 --> 00:10:30.070 would use it. I think it's a I really feel like at this point, 215 00:10:30.070 --> 00:10:34.060 it's like, I don't know. I'm happy for the city of Miami that 216 00:10:34.060 --> 00:10:37.150 they they made some money off it in the meantime, I just can't 217 00:10:37.150 --> 00:10:39.730 see where it's going to convoluted for me. 218 00:10:39.850 --> 00:10:42.910 Johny Fernandez: Yeah, no that makes sense. I feel like in New 219 00:10:42.910 --> 00:10:47.950 York, we have instead of having a city coin. We have city taxes. 220 00:10:48.160 --> 00:10:50.500 Sean Murray: Yeah, we don't Yeah, we don't. We don't invest 221 00:10:50.500 --> 00:10:53.170 in anything. They just take our money. We don't expect to get 222 00:10:53.170 --> 00:10:53.920 anything in return 223 00:10:53.950 --> 00:10:57.490 Johny Fernandez: No. But we have public transportation that we 224 00:10:57.490 --> 00:10:58.360 still have to pay for. 225 00:10:58.810 --> 00:10:59.290 Sean Murray: Yeah. 226 00:11:01.030 --> 00:11:04.240 Johny Fernandez: I'm a little a little salty with taxes here. 227 00:11:04.480 --> 00:11:06.160 Sean Murray: Clearly, you keep bringing it up into every 228 00:11:06.160 --> 00:11:08.320 conversation. Yeah, we're talking about Miami coin. He's 229 00:11:08.320 --> 00:11:11.680 like, let's talk about my city taxes. They're an outrage. 230 00:11:13.420 --> 00:11:14.530 Johny Fernandez: I feel like I'm an old person. 231 00:11:15.310 --> 00:11:16.030 Sean Murray: Definitely old. 232 00:11:16.060 --> 00:11:18.010 Johny Fernandez: Yeah, definitely old. No, but it'll be 233 00:11:18.010 --> 00:11:21.190 interesting to see how this plays out in Miami. Because I 234 00:11:21.220 --> 00:11:25.150 definitely do think that they are trying to keep their promise 235 00:11:25.150 --> 00:11:26.050 of like the tech. 236 00:11:26.300 --> 00:11:28.310 Sean Murray: Yeah, I don't know. I think of all the stuff they're 237 00:11:28.310 --> 00:11:31.670 doing. I think Miami coin is in a year from now. It'll be 238 00:11:31.670 --> 00:11:32.120 nothing. 239 00:11:32.180 --> 00:11:32.540 Johny Fernandez: Yeah. 240 00:11:32.570 --> 00:11:34.160 Sean Murray: That's my personal opinion. 241 00:11:34.490 --> 00:11:36.980 Johny Fernandez: Yeah, I agree. I mean, it's like you said it's 242 00:11:38.090 --> 00:11:39.770 not pointless, but I guess. 243 00:11:39.800 --> 00:11:40.670 Sean Murray: It's too convoluted. 244 00:11:40.700 --> 00:11:41.390 Johny Fernandez: It is too convoluted. 245 00:11:41.690 --> 00:11:43.550 Sean Murray: And at the end of the day, if something is too 246 00:11:43.550 --> 00:11:46.040 complicated, or looks too complicated, probably isn't. 247 00:11:46.040 --> 00:11:48.590 It's probably not going to be adopted by the by the general 248 00:11:48.590 --> 00:11:50.180 public. That's my personal opinion. 249 00:11:50.180 --> 00:11:54.710 Yeah. So in the next topic, regarding, you know, financial 250 00:11:54.740 --> 00:11:58.370 alternative finance is Facebook factoring. And we know that 251 00:11:58.370 --> 00:12:01.910 Facebook, factoring is something new that has just kind of been 252 00:12:01.970 --> 00:12:04.910 announced within the last couple of months. We know that Facebook 253 00:12:04.910 --> 00:12:07.490 has partnered with crowds and suppliers success to purchase 254 00:12:07.490 --> 00:12:11.870 invoices for minority and LGBTQ communities. But what is their 255 00:12:11.870 --> 00:12:16.280 idea behind it? And are they making a legitimate attempt to 256 00:12:16.280 --> 00:12:19.760 get to small business lending? Or are they attempting to fix 257 00:12:19.760 --> 00:12:23.690 their public image and make a little profit? So I know when 258 00:12:23.690 --> 00:12:28.040 this came out, we definitely talked about it because we know 259 00:12:28.040 --> 00:12:33.380 that Facebook is from what they announced that they have, 260 00:12:33.740 --> 00:12:38.060 they're factoring and they're getting into that space. But 261 00:12:38.180 --> 00:12:42.860 they're only pretty much lending to. You have to kind of qualify 262 00:12:42.860 --> 00:12:49.550 into, I guess, like their definition of. Eligible. Yeah, 263 00:12:49.580 --> 00:12:52.880 eligibility. Yeah. At this point, it was like minorities, 264 00:12:53.150 --> 00:12:56.420 LGBTQ, and if it's a minority, here's like, kind of what falls 265 00:12:56.420 --> 00:13:00.020 into that category. Yeah. But then it was also interesting to 266 00:13:00.020 --> 00:13:02.690 see that they're getting into this factoring game, period. 267 00:13:02.720 --> 00:13:06.020 Yeah. Because, you know, it went from like, being on social media 268 00:13:07.700 --> 00:13:10.490 platforms. Now they're like, trying to lend to businesses. 269 00:13:10.840 --> 00:13:13.480 You know, my personal opinion on the matter that I think they 270 00:13:13.480 --> 00:13:16.960 overstated what they were doing, from the beginning, Facebook 271 00:13:16.960 --> 00:13:19.510 comes out and says, hey, we're going into factoring. And of 272 00:13:19.510 --> 00:13:21.670 course, we're like, what? You know what I mean, we got to 273 00:13:21.670 --> 00:13:24.160 check this out, we wrote all about it. And they said, you 274 00:13:24.160 --> 00:13:26.410 know, it'll come out October 1, and everyone will be able to 275 00:13:26.410 --> 00:13:30.370 find out all the details beyond what they put out there. And 276 00:13:31.750 --> 00:13:35.380 incomes October 1, and we're like, so what's the deal? And it 277 00:13:35.380 --> 00:13:39.100 turns out, they're not doing the factoring. They're just 278 00:13:39.160 --> 00:13:42.760 referring it to two other companies. So to me, it sounds 279 00:13:42.760 --> 00:13:46.870 like not very much, unlike any other referral relationship or 280 00:13:46.870 --> 00:13:49.720 partnership that Facebook had, you know, they they made a big 281 00:13:49.720 --> 00:13:52.150 to do about how we're going into factoring. We're helping small 282 00:13:52.150 --> 00:13:56.170 businesses. It's our new invoice, Facebook, Fast Track, 283 00:13:56.500 --> 00:13:59.110 you know, Facebook, whatever it's called right? Invoice, Fast 284 00:13:59.110 --> 00:14:04.210 Track, Facebook, Fast Track. And then if you go to the page now, 285 00:14:04.330 --> 00:14:07.840 it's like, here's the name of our two partners, and you leave 286 00:14:07.870 --> 00:14:11.470 the Facebook site, and you just apply on some other FinTech 287 00:14:11.470 --> 00:14:11.830 site. 288 00:14:11.860 --> 00:14:13.180 Johny Fernandez: And I know, it was something that we talked 289 00:14:13.180 --> 00:14:17.680 about, you know, for someone, for example, that has a 1099 290 00:14:17.770 --> 00:14:21.940 like myself that they made it very clear when they announced 291 00:14:21.940 --> 00:14:26.740 it that it was it had to be, you know, a legitimate invoice. You 292 00:14:26.740 --> 00:14:28.780 know, they had to receive the invoice and it wasn't going to 293 00:14:28.780 --> 00:14:31.930 be from like, it couldn't be from like a mom and pop shop. 294 00:14:31.960 --> 00:14:34.180 Yeah. You know, it had to be like legitimate and for someone 295 00:14:34.180 --> 00:14:37.480 that's a 1099 that does real estate. I wondered, I was like, 296 00:14:37.480 --> 00:14:40.930 oh, would I qualify for something like this? Because 297 00:14:41.020 --> 00:14:43.690 technically, I'm not a mom and pop shop. Yeah. It's like, you 298 00:14:43.690 --> 00:14:47.560 know, Bethany's pizza. But this is like a legitimate like it's a 299 00:14:47.560 --> 00:14:50.320 trademark company that I work for for real estate. Now, that's 300 00:14:50.320 --> 00:14:53.590 something that we talked about, too, that when they announced it 301 00:14:53.590 --> 00:14:56.170 it wasn't one of those things that you know, you end up 302 00:14:56.170 --> 00:14:59.560 realizing, oh, like just your regular small business. That's 303 00:14:59.560 --> 00:15:03.430 like you know, been up for 10 years, they really couldn't they 304 00:15:03.430 --> 00:15:06.640 didn't qualify technically. Maybe I'm wrong. 305 00:15:06.750 --> 00:15:09.810 Sean Murray: Yeah, there's a lot of different caveats as to as to 306 00:15:09.810 --> 00:15:12.360 eligibility, and yet they do predict they're going to be 307 00:15:12.360 --> 00:15:14.790 putting out, you know, billions of dollars. But at the same 308 00:15:14.790 --> 00:15:17.760 time, like I said before, Facebook at the end of the day 309 00:15:17.760 --> 00:15:20.730 does not appear to be the one doing the actual factoring. They 310 00:15:20.730 --> 00:15:24.000 kind of just refer you off to two different FinTech companies. 311 00:15:24.000 --> 00:15:27.120 One of them you mentioned is named, Crowd Z, we actually we 312 00:15:27.120 --> 00:15:31.590 tried to get in touch with them. And we were unable to get like a 313 00:15:31.590 --> 00:15:34.260 response back, I actually, I got a response back from them on 314 00:15:34.260 --> 00:15:38.010 Twitter, from them. Okay. But we did not get the opportunity, 315 00:15:38.130 --> 00:15:40.500 opportunity to do an interview. And what's interesting about 316 00:15:40.500 --> 00:15:42.900 Crowd Z from what I can tell is that they themselves looked like 317 00:15:42.900 --> 00:15:46.410 a marketplace, where you can connect with factoring companies 318 00:15:46.710 --> 00:15:49.590 through their marketplace. So I don't think they're the they're 319 00:15:49.590 --> 00:15:52.320 the factoring company, either. So it's like Facebook refers you 320 00:15:52.320 --> 00:15:55.680 to a marketplace, who refers you to another to another company. 321 00:15:56.460 --> 00:16:01.110 And at the end of the day, this is FinTech, not your traditional 322 00:16:01.140 --> 00:16:04.800 factoring companies, from what we could tell. And so we did ask 323 00:16:04.800 --> 00:16:07.200 around a little bit, you know, what do people think it's going 324 00:16:07.200 --> 00:16:10.020 to be and how do they think it's going to play out? And the 325 00:16:10.020 --> 00:16:12.750 opinion we got was, they don't think it's going to be real 326 00:16:12.750 --> 00:16:15.150 factoring. Yeah. Because they don't think that there's going 327 00:16:15.150 --> 00:16:18.780 to be the filing of like a UCC one, basically a notice to say 328 00:16:18.780 --> 00:16:22.140 that they they made this purchase. Yeah. And so it's kind 329 00:16:22.140 --> 00:16:25.830 of like it's factoring at the surface level. But it's more 330 00:16:25.830 --> 00:16:28.920 like an unsecured loan. That's, you know, what I mean, that's, 331 00:16:28.950 --> 00:16:32.850 that's connected to something, but hasn't been perfected in the 332 00:16:32.850 --> 00:16:35.010 way that a factoring company would normally perfect it. This 333 00:16:35.010 --> 00:16:37.680 is speculation, we don't know for sure. We were hoping to hear 334 00:16:37.680 --> 00:16:39.840 back from somebody at Cloud Z. But I think at the end of the 335 00:16:39.840 --> 00:16:43.140 day, the main takeaway from the Facebook factoring program is 336 00:16:43.140 --> 00:16:46.530 that it doesn't not it doesn't look like Facebook is actually 337 00:16:46.530 --> 00:16:50.250 doing the factory. They're just referring these people to 338 00:16:50.250 --> 00:16:53.730 companies that will refer them to other companies that will do 339 00:16:53.730 --> 00:16:58.320 factoring which doesn't sound unlike other programs that 340 00:16:58.320 --> 00:17:02.190 they've done before. I think they overstated a little bit the 341 00:17:02.430 --> 00:17:05.340 their entryway into this market, because everyone like Facebook 342 00:17:05.340 --> 00:17:06.510 is going into factoring. 343 00:17:06.510 --> 00:17:08.760 Johny Fernandez: Yeah. However, when we first announced that, 344 00:17:08.760 --> 00:17:11.580 and the article was a very, like, even we were surprised 345 00:17:11.580 --> 00:17:12.240 we're like woah. 346 00:17:12.270 --> 00:17:12.720 Sean Murray: Yeah. 347 00:17:12.750 --> 00:17:14.760 Johny Fernandez: This is like a huge deal. 348 00:17:14.790 --> 00:17:15.390 Sean Murray: Yeah. 349 00:17:15.840 --> 00:17:16.230 Johny Fernandez: But. 350 00:17:16.290 --> 00:17:18.300 Sean Murray: It looks like it's just a referral relationship. 351 00:17:18.300 --> 00:17:21.420 Johny Fernandez: Yeah. So it's all about the spin. The spin 352 00:17:21.420 --> 00:17:24.150 will get you different things, if you want it a certain way. 353 00:17:24.150 --> 00:17:26.220 And we all we're like what. 354 00:17:26.250 --> 00:17:26.640 Sean Murray: Yeah. 355 00:17:26.640 --> 00:17:30.060 Johny Fernandez: It's like wait. So interesting, isn't it? 356 00:17:30.600 --> 00:17:31.170 Sean Murray: Very. 357 00:17:35.100 --> 00:17:36.690 Johny Fernandez: All right, so this is something that that 358 00:17:36.690 --> 00:17:39.180 we're definitely you know, you know, a little bit more about 359 00:17:39.180 --> 00:17:42.360 than I do. But you know, everything here. 360 00:17:42.660 --> 00:17:43.770 Sean Murray: I don't know everything. 361 00:17:43.770 --> 00:17:46.150 Johny Fernandez: He does. So NerdWallet named its 362 00:17:46.150 --> 00:17:49.150 competitors. We know that NerdWallet is a personal finance 363 00:17:49.150 --> 00:17:53.590 company named its competitor in an S one filing. We have 364 00:17:53.620 --> 00:17:59.140 Bankrate, Lending Tree, Credit Karma and Zillow. And when it 365 00:17:59.140 --> 00:18:03.820 comes to that, number one, what is an S one following, filing? 366 00:18:04.270 --> 00:18:06.340 Sean Murray: Hey, out of all the lightning rounds you we've had, 367 00:18:06.340 --> 00:18:07.330 I don't think we've ever had that. 368 00:18:07.390 --> 00:18:07.750 Johny Fernandez: I know. 369 00:18:07.780 --> 00:18:10.420 Sean Murray: Yeah, that sounds like a lightning round question 370 00:18:10.420 --> 00:18:17.320 Johny. All right, so an s one filing is a, it's a it's a 371 00:18:17.710 --> 00:18:19.900 statement, you file with the Securities and Exchange 372 00:18:19.900 --> 00:18:22.960 Commission announcing your intention to go public. And you 373 00:18:22.960 --> 00:18:26.950 have to disclose a whole bunch of data. The awesome part about 374 00:18:26.950 --> 00:18:30.910 an S one for reporters, like ourselves, especially me, 375 00:18:30.910 --> 00:18:34.450 because I love this stuff, is you get to go and find out all 376 00:18:34.450 --> 00:18:36.760 the things that a private company didn't want anyone to 377 00:18:36.760 --> 00:18:38.950 know, when you're a private company, there's only a certain 378 00:18:38.950 --> 00:18:41.320 amount of information anyone has to know. And that's very, very, 379 00:18:41.320 --> 00:18:45.730 very limited. When it's public. It's all out there, all out 380 00:18:45.730 --> 00:18:48.670 there. And I'm like, ooh, NerdWallet is going public, or 381 00:18:48.670 --> 00:18:50.800 at least they're going to try. Yeah. Just because you file the 382 00:18:50.800 --> 00:18:53.560 S one doesn't mean that you will actually go public. The 383 00:18:53.560 --> 00:18:55.780 Securities and Exchange Commission will then review it, 384 00:18:55.960 --> 00:18:58.780 and then decide on its own they'll approve it, or it'll 385 00:18:58.780 --> 00:19:01.420 it'll send feedback and say you got to change things. Yeah. And 386 00:19:01.420 --> 00:19:05.920 refile it. Yeah. But NerdWallet filed the S one, stating their 387 00:19:05.920 --> 00:19:08.380 intention to go public. And in it disclosed a whole bunch of 388 00:19:08.380 --> 00:19:12.970 stuff, their financials, and even tidbits about about an 389 00:19:12.970 --> 00:19:17.050 acquisition that they made last year, which for me, was one of 390 00:19:17.050 --> 00:19:20.140 the best parts. There was a company called Fundera. An 391 00:19:20.140 --> 00:19:23.920 online loan online business loan marketplace, that NerdWallet 392 00:19:23.920 --> 00:19:26.620 acquired in October of last year, literally a year ago. 393 00:19:27.130 --> 00:19:31.060 Yeah. And at the time, the terms of the deal were not disclosed. 394 00:19:31.090 --> 00:19:35.080 Yeah. And for like a reporter, man, like you really want to get 395 00:19:35.080 --> 00:19:37.690 those details cause everyone else wants the details, and then 396 00:19:37.690 --> 00:19:41.020 they're disappointed when you don't have them. Right. And so 397 00:19:41.020 --> 00:19:43.120 here we went the whole year. We never found out what the terms 398 00:19:43.120 --> 00:19:47.470 of the Fundera deal were. There was speculation as to whether or 399 00:19:47.470 --> 00:19:50.740 not it was a distressed sale, or or whether or not it was a 400 00:19:50.740 --> 00:19:55.630 healthy exit for the founders. Yeah. And Fundera it was co 401 00:19:55.630 --> 00:20:01.360 founded by a young man named Jared Hecht and he had already 402 00:20:01.420 --> 00:20:04.390 made a name for himself in the tech industry I think the name 403 00:20:04.390 --> 00:20:07.420 of his first company was like Group Me and sold it for $80 404 00:20:07.420 --> 00:20:11.410 million. So he had a big chunk of capital to his name already. 405 00:20:11.440 --> 00:20:16.720 Yeah. Turns around launches Fundera in 2013 launches 406 00:20:16.720 --> 00:20:20.830 Fundera, 2013 in 2014 they raised like three and a half 407 00:20:20.830 --> 00:20:25.030 million dollars and in 2015 they raised like another 15 million. 408 00:20:25.180 --> 00:20:29.230 So the company came out raised like $18 million total plus and 409 00:20:29.230 --> 00:20:32.650 has presumably access to the capital from from the founder, 410 00:20:32.740 --> 00:20:35.830 who was, you know, pretty, pretty well off himself. And 411 00:20:35.830 --> 00:20:37.780 they did a lot of marketing in the in the early days. I don't 412 00:20:37.780 --> 00:20:40.540 know how much we reported on them. Yeah. But they were a name 413 00:20:40.540 --> 00:20:43.060 that pretty much every one of the small business lending world 414 00:20:43.240 --> 00:20:46.090 was familiar with. But after that, you didn't really hear too 415 00:20:46.090 --> 00:20:49.270 much from a capital raising standpoint, they just kind of 416 00:20:49.270 --> 00:20:52.750 like went quiet. Usually when you raise like a, Series A 417 00:20:52.750 --> 00:20:55.900 Series B, you kind of you know, the next year's like oh, Series 418 00:20:55.900 --> 00:20:58.300 C, then Series D, you know what I mean? It just keeps going. 419 00:20:58.870 --> 00:21:03.160 They just got real quiet. Yeah. And then 2020 October, they sell 420 00:21:03.160 --> 00:21:07.900 turned NerdWallet. And to me, it sounded like maybe it wasn't the 421 00:21:07.900 --> 00:21:12.430 best of terms the way it kind of like it transpired there. But 422 00:21:13.090 --> 00:21:17.530 NerdWallet revealed the information in the S one and it 423 00:21:17.530 --> 00:21:22.210 turns out that Fundera sold for a healthy chunk of change 424 00:21:22.210 --> 00:21:27.310 something like $23 million upfront at the closing with the 425 00:21:27.310 --> 00:21:30.520 chance to earn another $66 million dollars over the next 426 00:21:30.520 --> 00:21:34.660 two years if the company reaches certain benchmarks. So 427 00:21:34.690 --> 00:21:38.740 potentially, potentially, this is almost if the all the 428 00:21:38.740 --> 00:21:42.100 benchmarks were reached potentially $100 million sale. 429 00:21:42.700 --> 00:21:46.150 So I don't think that could I don't think that's a distressed 430 00:21:46.510 --> 00:21:48.550 situation. If you're, yeah. 431 00:21:48.820 --> 00:21:49.780 Johny Fernandez: That's a healthy amount. 432 00:21:50.350 --> 00:21:52.360 Sean Murray: It's a healthy amount, just the upfront amount. 433 00:21:52.690 --> 00:21:56.020 You know, says a lot that there was certainly value to be gained 434 00:21:56.590 --> 00:22:02.830 there. And NerdWallet says that they really are using Fundera to 435 00:22:02.830 --> 00:22:06.250 the extent that it fits into their ecosystem really well. 436 00:22:07.060 --> 00:22:11.140 NerdWallet generates leads by the way online. And what better 437 00:22:11.140 --> 00:22:15.520 place to monetize leads then to have an online loan platform. 438 00:22:15.550 --> 00:22:18.040 Yeah. Built in. Yeah. So yeah. 439 00:22:18.100 --> 00:22:19.600 Johny Fernandez: It's interesting. It's also 440 00:22:19.600 --> 00:22:23.080 interesting to like you said, when an S I file, when they do 441 00:22:23.080 --> 00:22:26.590 an S one filing, you get all the separation that you normally 442 00:22:26.590 --> 00:22:28.450 can't get. And then like 443 00:22:28.480 --> 00:22:29.200 Sean Murray: It's the best. 444 00:22:29.200 --> 00:22:31.130 Johny Fernandez: They've named all their competitors. Yeah. And 445 00:22:31.130 --> 00:22:33.590 now we know more information than what we've been waiting for 446 00:22:33.590 --> 00:22:35.060 for like last couple months. 447 00:22:35.090 --> 00:22:37.010 Sean Murray: Yeah, you named your competitors before. And I 448 00:22:37.010 --> 00:22:40.520 think their competitors probably already knew that. And you and I 449 00:22:40.520 --> 00:22:43.310 can already debate that. Yeah. But it's quite another one. They 450 00:22:43.340 --> 00:22:47.090 are forced to basically tell the world hey, these are the people 451 00:22:47.090 --> 00:22:50.750 that we think about every day, who are a threat to us, and who 452 00:22:50.750 --> 00:22:53.660 we hope to take market share from. And I think what's 453 00:22:53.660 --> 00:22:57.920 interesting, is that Credit Karma and Lending Tree, were two 454 00:22:57.920 --> 00:23:01.280 of those on the list. Yeah. I think lending tree, you know, I 455 00:23:01.280 --> 00:23:03.590 just wrote a story about Lending Treen ot too recently, I guess 456 00:23:03.590 --> 00:23:05.360 lending tree was part of the story, basically, that the 457 00:23:05.360 --> 00:23:11.330 company was founded in the 90s. Yeah. Like 1996. Yeah. And here 458 00:23:11.330 --> 00:23:12.500 we are in 2021. 459 00:23:12.530 --> 00:23:14.900 Johny Fernandez: Trying to read like, their like this is news. 460 00:23:14.990 --> 00:23:17.810 Sean Murray: Yeah, it's brand, it's brand new, it's brand new 461 00:23:17.810 --> 00:23:20.810 and NerdWallet is planning to go public. It's the year 2021. And 462 00:23:20.810 --> 00:23:23.120 like, who's one of their competitors? An upstart from 463 00:23:23.120 --> 00:23:26.420 1996. That's who they're going head to head with. 464 00:23:27.320 --> 00:23:30.920 Johny Fernandez: That's almost 20 years of being in the game? 465 00:23:31.130 --> 00:23:35.780 Sean Murray: Yeah. And I think it's important for people to 466 00:23:35.960 --> 00:23:39.560 look into NerdWallet for a variety of other reasons, 467 00:23:39.710 --> 00:23:42.440 especially in marketing, because they were in the beginning of 468 00:23:42.440 --> 00:23:46.130 primarily a search engine optimization driven business. 469 00:23:46.580 --> 00:23:51.140 Their leads, were coming from Google and Bing. They weren't 470 00:23:51.140 --> 00:23:55.310 paying for their traffic. And guess how many unique visitors 471 00:23:55.340 --> 00:23:56.750 NerdWallet gets per month. 472 00:23:56.780 --> 00:23:57.260 Johny Fernandez: How many? 473 00:23:57.330 --> 00:24:02.280 Sean Murray: 16 million unique people go to NerdWallet.com 474 00:24:02.460 --> 00:24:10.290 every month. Now, that's not all organic, SEO driven traffic now. 475 00:24:10.740 --> 00:24:15.840 But if you're an online lender, or any type of funder, a broker, 476 00:24:15.840 --> 00:24:19.110 or whatever. Think about what you could do with 16 million 477 00:24:19.110 --> 00:24:21.720 unique visitors per month. That's a powerful platform. 478 00:24:21.720 --> 00:24:25.170 Johny Fernandez: That is a powerful platform. That's, is 479 00:24:25.170 --> 00:24:27.060 that the size of New York City? No. 480 00:24:27.270 --> 00:24:29.940 Sean Murray: That's a that's like, that's like double, yeah. 481 00:24:31.530 --> 00:24:32.250 Every month. 482 00:24:32.370 --> 00:24:32.760 Johny Fernandez: That's crazy. 483 00:24:32.790 --> 00:24:35.790 Sean Murray: Yeah. And in the prior year was 13 million. So 484 00:24:35.790 --> 00:24:36.570 it's growing. 485 00:24:36.629 --> 00:24:39.059 Johny Fernandez: Yeah. Wow. 16 million. 486 00:24:41.310 --> 00:24:43.200 Sean Murray: Just a little bit bigger than deBanked little gray 487 00:24:43.200 --> 00:24:44.280 square. Yeah, we're close. 488 00:24:44.280 --> 00:24:46.470 Johny Fernandez: We're close. We're up there in numbers, we're 489 00:24:46.470 --> 00:24:47.130 growing every day. 490 00:24:47.160 --> 00:24:47.670 Sean Murray: Yeah. 491 00:24:48.960 --> 00:24:52.380 Johny Fernandez: And Sean, speaking of deBanked and being 492 00:24:52.380 --> 00:24:57.180 big and moving on to like bigger and better things. You're saying 493 00:24:57.180 --> 00:24:58.740 here but you made an appearance. 494 00:25:00.180 --> 00:25:02.190 Sean Murray: I did are you talking about the podcast? 495 00:25:04.460 --> 00:25:05.750 Johny Fernandez: No Sean, you made an appearance on the 496 00:25:05.750 --> 00:25:10.040 Smarter Money show. That episode was released on Sunday. I did 497 00:25:10.040 --> 00:25:13.880 send you a snapshot picture, I was like Sean, look at you. 498 00:25:13.910 --> 00:25:16.940 Yeah. So let's talk about that. That's that's pretty awesome. I 499 00:25:16.940 --> 00:25:20.600 mean, you are a legend. So people do have you on there. And 500 00:25:21.440 --> 00:25:25.790 I guess the first question I have, how does it feel to be a 501 00:25:25.790 --> 00:25:29.900 legend and like be and be on a show? That's not ours? 502 00:25:29.960 --> 00:25:33.290 Sean Murray: Yeah. Well, it's a little bit strange to be on the 503 00:25:33.290 --> 00:25:37.790 other end of an interview. Yeah. I don't usually do that. Yeah. 504 00:25:37.820 --> 00:25:40.670 I'm not usually asked to be a guest. Like, or like the 505 00:25:40.670 --> 00:25:42.950 interviewee. We're always doing the interviewing. Yeah. You know 506 00:25:42.950 --> 00:25:49.490 that. Yeah. And the Smarter Money show, it was founded by a 507 00:25:49.490 --> 00:25:54.470 couple of guys based in Toronto. And they actually are the 508 00:25:54.470 --> 00:25:59.240 cofounders of a company called Smarter Loans up there. And that 509 00:25:59.240 --> 00:26:01.730 made me feel a bit you know more comfortable about kind of their 510 00:26:01.730 --> 00:26:05.660 backgrounds, right? Because you never know, kind of what their 511 00:26:05.660 --> 00:26:08.870 interest level even is. But I looked at some of their work. 512 00:26:08.900 --> 00:26:13.070 And I was familiar with them. I said, you know, sure. I'll go on 513 00:26:13.070 --> 00:26:16.370 your show. Yeah. You know, one of the risks you take, as an 514 00:26:16.370 --> 00:26:19.580 interviewee, this is, and this is just an inherent part of the 515 00:26:19.580 --> 00:26:22.880 business is that they can basically use the interview 516 00:26:22.880 --> 00:26:26.930 however they want, right. So it was a pretty long interview. And 517 00:26:26.930 --> 00:26:29.060 we did it a few months ago, actually, even though it just 518 00:26:29.060 --> 00:26:32.990 came out on Monday. This is something that we did a few 519 00:26:32.990 --> 00:26:36.920 months ago. And, you know, fortunately, I think I looked 520 00:26:36.920 --> 00:26:39.080 okay, in it I don't know, I don't know what you think but. 521 00:26:39.170 --> 00:26:41.240 Johny Fernandez: All right you look like a legend to me. 522 00:26:41.630 --> 00:26:44.720 Sean Murray: It's quite long. If you're at all interested in 523 00:26:44.720 --> 00:26:48.620 hearing me be on the on the interviewee side, you can check 524 00:26:48.620 --> 00:26:51.680 it out, we do have a link to it on deBanked.com and we will post 525 00:26:51.680 --> 00:26:55.010 a link to it again later. Yeah. So in case you missed it, or you 526 00:26:55.010 --> 00:26:58.010 can't find it on the site, you can find it or you can even look 527 00:26:58.010 --> 00:27:02.090 up the Smarter Money show and it should be on there. I think it 528 00:27:02.090 --> 00:27:03.470 was like episode number eight. 529 00:27:03.650 --> 00:27:06.200 Johny Fernandez: Okay. Yeah. Look at that. Episode number 530 00:27:06.200 --> 00:27:09.530 eight. You doing big things in life? 531 00:27:09.560 --> 00:27:10.160 Sean Murray: Thanks. 532 00:27:11.330 --> 00:27:12.770 Johny Fernandez: And you know, what else is gonna be big? 533 00:27:13.520 --> 00:27:17.210 Broker Fair. So, if you haven't gotten your ticket, get your 534 00:27:17.210 --> 00:27:20.360 ticket, Broker Fair, December six here in New York City, 535 00:27:20.720 --> 00:27:22.610 you're gonna hang out with us get to hang out the whole crew 536 00:27:22.610 --> 00:27:26.690 here. It's going to be big the best event for the industry. 537 00:27:27.500 --> 00:27:30.050 This fall. It's gonna be Broker Fair. 538 00:27:30.050 --> 00:27:30.300 Sean Murray: Yeah, it's gonna be a great time. I know some people 539 00:27:30.300 --> 00:27:31.830 Yeah, no, and obviously for more information regarding that, you 540 00:27:32.928 --> 00:27:35.827 have questions about vaccinations and whatnot, you do 541 00:27:35.881 --> 00:27:39.163 have to be vaccinated to come. It's not our policy. It's the 542 00:27:39.217 --> 00:27:42.444 city's policy it's an executive order. Nevertheless, we are 543 00:27:42.499 --> 00:27:45.124 selling a good number of tickets, even with that 544 00:27:45.178 --> 00:27:48.514 restriction. Yeah. Up. So it is not a deterrent, at least not 545 00:27:48.569 --> 00:27:52.014 from what we've seen to putting on a successful event. So we're 546 00:27:52.069 --> 00:27:55.241 still really excited about it. And we're really optimistic 547 00:27:55.296 --> 00:27:58.413 about it. Yeah. You know, there there was there were some 548 00:27:58.468 --> 00:28:01.640 questions about it on Daily Funder, I think and about what 549 00:28:01.694 --> 00:28:05.194 the interest level was. And, you know, I can safely say that the 550 00:28:05.249 --> 00:28:08.476 sponsorships are already sold out. Yeah. We have an amazing 551 00:28:08.531 --> 00:28:11.976 level of interest in speaking. And in fact, we have more people 552 00:28:12.031 --> 00:28:15.421 interested in speaking than we have slots. And so there hasn't 553 00:28:15.476 --> 00:28:18.703 been any as far as that goes with with vaccinations either. 554 00:28:18.757 --> 00:28:22.148 Yeah. In fact we really have to nail down who we think are the 555 00:28:22.203 --> 00:28:25.211 best candidates for the different topics. Yeah. And for 556 00:28:25.265 --> 00:28:28.711 those wondering why we haven't put every single topic up on the 557 00:28:28.765 --> 00:28:32.156 site yet. It's because so many things have changed in the past 558 00:28:32.211 --> 00:28:35.492 year, that if we had set the agenda six months ago, it would 559 00:28:35.547 --> 00:28:38.719 have been totally irrelevant. Yeah Right now, and it would 560 00:28:38.773 --> 00:28:42.219 have been a huge mistake to move forward with that three months 561 00:28:42.274 --> 00:28:45.336 ago would have been a huge mistake. Right? It would have 562 00:28:45.391 --> 00:28:48.727 been a lot of predictions about what's going to happen. And a 563 00:28:48.782 --> 00:28:52.063 lot of that stuff has already played out. Yeah. Right. And I 564 00:28:52.118 --> 00:28:55.454 think this time around, we very strategically waited, so that 565 00:28:55.508 --> 00:28:59.063 when the event comes, you're not listening to last year's topics, 566 00:28:59.118 --> 00:29:02.399 you know, like the whole idea that we're going to sit there, 567 00:29:02.454 --> 00:29:05.790 we're just going to talk about COVID the whole time. You know 568 00:29:05.845 --> 00:29:09.126 what I mean, it's not, I don't think in anyone's in anyone's 569 00:29:09.181 --> 00:29:12.517 interest. And we don't want to be sitting there talking about 570 00:29:12.571 --> 00:29:15.470 things that have already transpired. So we are we are 571 00:29:15.524 --> 00:29:18.915 going to put the final agenda online soon. We do have a number 572 00:29:18.970 --> 00:29:22.306 of speakers that are already signed up, you know, it's just a 573 00:29:22.361 --> 00:29:25.478 matter of waiting for their pictures, or their full bios, 574 00:29:25.533 --> 00:29:28.978 but we have a really good lineup and we're really excited about 575 00:29:29.033 --> 00:29:29.580 the event. 576 00:29:31.830 --> 00:29:34.980 can go ahead and check out our social media platforms. We have 577 00:29:35.010 --> 00:29:40.410 deBanked on Instagram, Twitter, and LinkedIn and also for not 578 00:29:40.440 --> 00:29:42.960 deBanked stuff for things like Daily Funder and for 579 00:29:42.990 --> 00:29:46.740 deBanked.com You can check out deBanked. com and also check us 580 00:29:46.740 --> 00:29:50.130 out on our on those social media platforms, again, Instagram, 581 00:29:50.130 --> 00:29:53.490 Twitter, Facebook, etc. And if you haven't gotten your ticket, 582 00:29:53.490 --> 00:29:56.130 we do recommend that you get your ticket for Broker Fair 583 00:29:56.130 --> 00:30:00.480 because once we reach a certain limit and you know we reached 584 00:30:00.480 --> 00:30:04.290 that cap, you can't, you know, we can't let you in the day of 585 00:30:04.290 --> 00:30:06.120 like, definitely pre plan, make sure everything 586 00:30:06.150 --> 00:30:08.490 Yeah, we won't be able to, we will not be able to sell tickets 587 00:30:08.520 --> 00:30:10.230 at the door, itself. 588 00:30:10.320 --> 00:30:12.300 Johny Fernandez: So definitely pre plan for that and make sure 589 00:30:12.300 --> 00:30:15.870 you have all that in place when you're here. Obviously, we want 590 00:30:15.870 --> 00:30:19.050 to see you there something that I I'm going to re emphasize is 591 00:30:19.050 --> 00:30:21.570 that what I've seen a lot on the Daily Funder is that a lot of 592 00:30:21.570 --> 00:30:23.820 people are always asking questions about, hey, how do I 593 00:30:23.820 --> 00:30:28.050 meet X, Y, and Z? Hey, I'm an ISO, I just started in the 594 00:30:28.050 --> 00:30:31.650 business, like where do you meet people, etc, etc. And this is 595 00:30:31.650 --> 00:30:34.200 the place you want to do it. These are people that, you know, 596 00:30:34.200 --> 00:30:38.760 they're all in the same field. And at the end of the day, they 597 00:30:38.790 --> 00:30:42.210 interact with people online, you know, on Daily Funder, and these 598 00:30:42.210 --> 00:30:44.220 are people that are going to be there, everyone's going to be 599 00:30:44.220 --> 00:30:46.920 there that's in the industry. And they really, you know, the 600 00:30:46.920 --> 00:30:49.320 point of this is not only to learn, but also to meet and 601 00:30:49.320 --> 00:30:52.590 network. And, you know, just really emphasize, I'm going to 602 00:30:52.590 --> 00:30:55.590 really emphasize that this is the place to do it. And there's 603 00:30:55.590 --> 00:30:59.250 no other event like this in the country right now. And this is 604 00:30:59.250 --> 00:31:01.740 the one where you know, if you want to meet people in the 605 00:31:01.740 --> 00:31:03.810 industry, this is the place to do it. 606 00:31:03.870 --> 00:31:07.410 Sean Murray: Yeah. And I will I will add to that, is that 607 00:31:07.440 --> 00:31:10.200 because there are the vaccination requirement, you do 608 00:31:10.200 --> 00:31:13.890 not have to wear a mask at the show. There are a number of 609 00:31:13.890 --> 00:31:17.550 other shows that are happening around this time of year. Yeah. 610 00:31:17.580 --> 00:31:20.220 Whether they they do not have the same vaccination 611 00:31:20.220 --> 00:31:23.040 requirement, because they're not in New York City. But you have 612 00:31:23.040 --> 00:31:27.480 to wear a mask at the show mandatory mask. And I think that 613 00:31:27.480 --> 00:31:31.290 changes the dynamic a lot, too. You go all the way you travel 614 00:31:31.290 --> 00:31:34.500 all the way to do an in person networking event, only to have 615 00:31:34.500 --> 00:31:38.160 to look at people with the mask on it kind of it takes a little 616 00:31:38.160 --> 00:31:42.060 bit away from the experience think and so, you know, this 617 00:31:42.060 --> 00:31:44.100 could I don't know if the city is going to change it. I don't 618 00:31:44.100 --> 00:31:45.870 think they are because we already have a vaccination 619 00:31:45.870 --> 00:31:47.970 requirements. So you're gonna be in a room full of people who are 620 00:31:47.970 --> 00:31:50.370 all vaccinated, you know, what can be better from the 621 00:31:50.370 --> 00:31:53.640 standpoint of safety? And so I right now you don't you don't 622 00:31:53.640 --> 00:31:56.310 have to wear a mask at our show that I will say that is a 623 00:31:56.520 --> 00:31:57.120 benefit. 624 00:31:57.150 --> 00:31:58.770 Johny Fernandez: Yeah, no, that's a massive benefit. 625 00:31:58.770 --> 00:32:04.500 Because it also kind of makes it feel that things are normal in a 626 00:32:04.500 --> 00:32:06.270 way, you know, things are not normal. 627 00:32:06.270 --> 00:32:07.350 Sean Murray: You can do real networking. 628 00:32:07.380 --> 00:32:09.540 Johny Fernandez: Yeah, like you can talk with people. And I 629 00:32:09.540 --> 00:32:13.080 think the one thing that again, people have asked how do you 630 00:32:13.080 --> 00:32:15.720 meet people? How do you grow your business? This is the place 631 00:32:15.720 --> 00:32:15.960 to do it. 632 00:32:15.960 --> 00:32:18.392 Sean Murray: Yeah, we had Sonia Alvelo sit in this chair just 633 00:32:18.392 --> 00:32:21.282 last week. And I asked her this question, this literally 634 00:32:21.332 --> 00:32:24.323 straight off the cuff. And I didn't know what she was gonna 635 00:32:24.373 --> 00:32:27.364 say, cause she's been to Broker Fair before and I said, you 636 00:32:27.415 --> 00:32:30.557 know, you're a broker, what's the value in it for you? And she 637 00:32:30.608 --> 00:32:33.548 told me that the lender and funder partners that she works 638 00:32:33.598 --> 00:32:36.589 with and that she's been working with for years, she met at 639 00:32:36.639 --> 00:32:39.376 shows, like Broker Fair, by going to Broker Fair, as a 640 00:32:39.427 --> 00:32:42.367 broker is valuable for her because she met the lenders and 641 00:32:42.418 --> 00:32:45.155 funders that she works with, she formed that in person 642 00:32:45.205 --> 00:32:48.196 relationship. And even though there's plenty of lenders and 643 00:32:48.247 --> 00:32:51.186 funders who want to work with you, if you're a broker, and 644 00:32:51.237 --> 00:32:54.227 you're like I already have everybody calling me, it's a lot 645 00:32:54.278 --> 00:32:57.522 different when you meet them in person. Yeah. And I thought that 646 00:32:57.573 --> 00:33:00.360 was a really good way to explain, you know why you need 647 00:33:00.411 --> 00:33:03.047 to come to these things, especially after a two year 648 00:33:03.098 --> 00:33:06.341 hiatus. Of not seeing anyone at all, if there was ever a time to 649 00:33:06.392 --> 00:33:09.636 find new long term partners and get to know them in person. Hey, 650 00:33:09.687 --> 00:33:12.981 with no mask on with no masks in New York City, because you know, 651 00:33:13.032 --> 00:33:15.718 because it's vaccinated required. This is this is the 652 00:33:15.769 --> 00:33:18.912 chance to do it right before the new year, right? Because 2022 653 00:33:18.962 --> 00:33:22.054 you're making your New Year's resolutions, you know, what are 654 00:33:22.105 --> 00:33:25.197 you going to do different? This is that time, right? You form 655 00:33:25.247 --> 00:33:28.238 that relationship right before the end of the year to start 656 00:33:28.289 --> 00:33:29.100 2022 off strong. 657 00:33:29.100 --> 00:33:31.336 Johny Fernandez: And especially for the new people that are in 658 00:33:31.386 --> 00:33:34.368 it, because I feel for them. Because I've been in a position 659 00:33:34.418 --> 00:33:37.450 where you don't know anything, you're trying to figure how to 660 00:33:37.500 --> 00:33:40.532 navigate a new business. And a place like this, where you can 661 00:33:40.582 --> 00:33:43.713 make connections, find mentors, because we've talked about that 662 00:33:43.763 --> 00:33:46.646 find mentors, find business partners, find people that you 663 00:33:46.696 --> 00:33:49.678 want to team up with and work with. That's something that's, 664 00:33:49.728 --> 00:33:52.511 you know, is pretty much priceless to meet those people. 665 00:33:52.561 --> 00:33:55.643 So, you know, regardless of the price that the event has, this 666 00:33:55.692 --> 00:33:58.724 is something that is going to benefit you in the long run. So 667 00:33:58.774 --> 00:34:01.260 that's our spiel for Broker Fair, please be there. 668 00:34:01.260 --> 00:34:03.210 Sean Murray: BrokerFair.org for tickets. 669 00:34:03.210 --> 00:34:05.638 Johny Fernandez: All right, so for that, we're gonna wrap it 670 00:34:05.694 --> 00:34:07.050 up. I'm Johny Fernandez. 671 00:34:07.050 --> 00:34:08.160 Sean Murray: And I'm Sean Murray. 672 00:34:08.160 --> 00:34:09.060 Johny Fernandez: And we'll see you guys next time.