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Andy Swan

๐Ÿ‘ค Speaker
122 total appearances

Appearances Over Time

Podcast Appearances

SaaS Interviews with CEOs, Startups, Founders
775: FinTech Founder: I'll Never Raise Capital Again!

My trade was basically a, um, it w it was a Twitter geared directly towards, um, options traders and very active stock traders.

SaaS Interviews with CEOs, Startups, Founders
775: FinTech Founder: I'll Never Raise Capital Again!

And we developed a technology that allowed people to, with one click, copy another person's very complex options trade, which made it a lot easier for people to share what they were doing, to learn about options trading, that sort of thing.

SaaS Interviews with CEOs, Startups, Founders
775: FinTech Founder: I'll Never Raise Capital Again!

And so part of the reason that we sold was because basically the service, MyTrade itself, was fairly useless without a brokerage back end.

SaaS Interviews with CEOs, Startups, Founders
775: FinTech Founder: I'll Never Raise Capital Again!

And so

SaaS Interviews with CEOs, Startups, Founders
775: FinTech Founder: I'll Never Raise Capital Again!

We developed the technology.

SaaS Interviews with CEOs, Startups, Founders
775: FinTech Founder: I'll Never Raise Capital Again!

We had a longstanding relationship with TD Ameritrade's subsidiary, Thinkorswim.

SaaS Interviews with CEOs, Startups, Founders
775: FinTech Founder: I'll Never Raise Capital Again!

And, you know, I pretty much developed it with them in mind.

SaaS Interviews with CEOs, Startups, Founders
775: FinTech Founder: I'll Never Raise Capital Again!

And so it kind of worked out well for us and for them.

SaaS Interviews with CEOs, Startups, Founders
775: FinTech Founder: I'll Never Raise Capital Again!

It's now probably the number one stock trading and options trading community in the world.

SaaS Interviews with CEOs, Startups, Founders
775: FinTech Founder: I'll Never Raise Capital Again!

We've raised a little bit.

SaaS Interviews with CEOs, Startups, Founders
775: FinTech Founder: I'll Never Raise Capital Again!

What's a little bit?

SaaS Interviews with CEOs, Startups, Founders
775: FinTech Founder: I'll Never Raise Capital Again!

$500,000 or $600,000.

SaaS Interviews with CEOs, Startups, Founders
775: FinTech Founder: I'll Never Raise Capital Again!

Okay.

SaaS Interviews with CEOs, Startups, Founders
775: FinTech Founder: I'll Never Raise Capital Again!

I don't think that we ever really tapped into that money because we sold the company like three or four months after raising.

SaaS Interviews with CEOs, Startups, Founders
775: FinTech Founder: I'll Never Raise Capital Again!

So really, we just diluted our own ownership and kind of a lesson learned there.

SaaS Interviews with CEOs, Startups, Founders
775: FinTech Founder: I'll Never Raise Capital Again!

Well, we didn't know that the sale was coming.

SaaS Interviews with CEOs, Startups, Founders
775: FinTech Founder: I'll Never Raise Capital Again!

You know, we thought that there was a good opportunity to at least partner with them.

SaaS Interviews with CEOs, Startups, Founders
775: FinTech Founder: I'll Never Raise Capital Again!

We did not know that they would jump on the idea of acquiring it.

SaaS Interviews with CEOs, Startups, Founders
775: FinTech Founder: I'll Never Raise Capital Again!

But, you know, so we raised the money thinking, all right, this will get us 12 to 18 months worth of capital to build this out properly.

SaaS Interviews with CEOs, Startups, Founders
775: FinTech Founder: I'll Never Raise Capital Again!

But, you know, they kind of acquired us right out of the starting gate, which we did not expect, but it turned out to work out well.

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