SaaS Interviews with CEOs, Startups, Founders
1463 He's Wealthfront, Robinhood, Betterment Worst Nightmare helping Banks retain deposits
27 Jul 2019
Chapter 1: What is the new book by the host about?
If you guys love the podcast, you wanna get the audible version of my new book, How to Be a Capitalist Without Any Capital at capitalistbook.com. A user named just J on Amazon said this in a review, a four hour work week for 2019. He goes on to say, I bought this book because I read somewhere that it was like a four hour work week of 2019 and it absolutely delivered.
The book delivered on both big ideas and has specific actionable templates, including unredacted and minimally redacted emails. This book is not chock full of self-promotion or useless platitudes, but it's broken down into four key rules explained in solid detail and with specific and often amusing anecdotes.
Reading this really got my wheels and my head turning of how to be resourceful, which many say is the ultimate trait of a successful entrepreneur. My favorite of the four rules is blank. You have to go read the review to find out. But guys, thanks for supporting me on the podcast. I hope you go grab the book on Audible today at capitalistbook.com. Launched 2008, based in Ohio, 24 people.
They do something very interesting. Banks will essentially buy their data. And the reason that's compelling is because they can see in consumer accounts when they just signed up with Robinhood, right? And the Robinhood is sending, you know, a 20 cent, like, you know, verify this is your account thing.
Rob can pick up on that and quickly tell the bank, hey, they're about to put 10 grand with Robinhood, call them and try and save them to see what you can do better. Really compelling story, interesting use case. This is the Top Entrepreneurs Podcast, where founders share how they started their companies and got filthy rich or crash and burn.
Each episode features revenue numbers, customer counts, and other insider information that creates business news headlines. We went from a couple of hundred thousand dollars to 2.7 million. I had no money when I started the company. It was $160 million, which is the size of many IPOs. We're a bit strapped. We have like 22,000 customers.
With over 5 million downloads in a very short amount of time, major outlets like Inc. are calling us the fastest growing business show on iTunes. I'm your host, Nathan Latka, and here's today's episode. Hello, everyone. My guest today is Rob Heiser.
He's the CEO and co-founder of Segment, an innovative financial technology company that empowers financial institutions and financial technology providers to easily understand and leverage data, interact with customers, and measure results. He's been awarded seven U.S. and international patents for the company. He's also the founder of Wired Views, a digital marketing agency.
Rob, are you ready to take us to the top? Sure, absolutely. All right, Segment, tell us what it does and what's your revenue model? How do you guys make money?
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Chapter 2: How does Segmint help banks retain deposits?
It is. It's a, it's a, it's a SaaS business.
Okay. Got it. And give me a sense, those customers, I'm sure you have many different cohorts, but on average, what are they paying per year for that?
It just depends on the size and the effort of the institution. So we have institutions as small as $200 million or $300 million in assets to institutions that are in the top 50 in the country. And so that just depends on if it's a business, if it's retail. Our model is not extremely complicated, but each bank is structured differently. If it's a retail bank, if it's an investment bank.
So we have different ā it's hard to give you a direct number because it's so based on size.
Yeah. I know. I totally get it. But I'm going to force you here. Like, what's an average? I mean, are we talking $100,000 ACV, 10,000 ACV, a million ACV typically? What's a good fit size customer for you?
It really depends on the channel partner. I have a channel partner that sells banks that are $150 billion in assets. I have a channel partner that sells banks that are $100 billion in assets. And each one of those have their own model. I wholesale it to them. So I charge them a wholesale price and they charge whatever they want to their clients.
Yeah, I'm just interested in what you're charging them, not whatever they're charging their clients, which you have no control over.
Well, yeah, but that exposes what their margin is. And I wouldn't do that to my channel partners.
Well, no, because I'm not asking for a specific channel partner. I'm asking for an average. You've given a huge range. So it's hard for me to ask really good questions because you basically said we go from nothing to 200 billion under management.
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Chapter 3: What is the revenue model of Segmint?
100%, that's right.
Of which you get, they have a flat fee that they pay you. They can make up whatever margin they want, right? You don't take anything that they sell their partners? Correct, that's right. Okay, that's great, very cool. Team size today, where are you guys at?
We have 24 people.
Okay. 24. By the way, you keep using small like it's a bad thing. You said small customer, small team. I like small. That means more revenue per employee.
I love small.
Yeah. Don't get me wrong. All right. You say it almost like negatively. I just want to make sure I like small.
It's the family. Are you kidding me? This is the best time.
Yeah. All right. So 24 of you guys. And where's everybody? Is everyone in Ohio?
Uh, everybody's in the Ohio office. We have one person that's a little bit remote.
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