20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski
episode
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
1h 27m
3 speakers
8 chapters
transcribed
Transcript
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Transcript generated automatically by AI and may contain errors.
What is the main topic discussed in this episode?
We used to be 6,000 or over 7,000 people, and we're now less than 3,000. And I didn't ask for a single dime to do all this. And the reason for that is because I've seen the acceleration of AI, and I know we can ship all these things on the existing organization. We've gone from 7,000 people.
What are the implications of reduced switching costs for SaaS?
We're now below 3,000. We've shrank 50%.
What revenue multiples can we expect for software companies in the future?
This is what I signed up for. It is stressful. It was hard as hell. But this is what I wanted. The next thing that's going to hit everyone bad is the switching cost of data.
This is 20VC with me, Harry Stebbings. Now, we have an incredible episode today. Seb from Klan is probably one of the leading figures in how to implement and use AI effectively to shrink headcount and make your business way more efficient.
Why is building your own customer service AI crucial for success?
This was one of the most wide-ranging conversations we've had. Seb was just awesome in the studio. It's a fucking great show. I loved doing it. He was incredible. Let me know what you think. Harry at 20VC.com. I want this to be the best podcast that you listen to every week. But before we dive into the show today, as an investor, I'm always on the lookout for tools that really transform how I work, tools that don't just save time, but fundamentally change how I uncover insights. That's exactly what AlphaSense does.
How does Klarna's customer base compare to competitors like Revolut?
With the acquisition of Tagus, AlphaSense is now the ultimate research platform built for professionals who need insights they can trust, fast.
What lessons were learned from missing investment opportunities in Nubank?
I've used Tegas before for company deep dives right here on the podcast. It's been an incredible resource for expert insights. But now with AlphaSense leading the way, it combines those insights with premium content, top broker research and cutting edge generative AI. The result? a platform that works like a supercharged junior analyst delivering trusted insights and analysis on demand. AlphaSense has completely reimagined fundamental research, helping you uncover opportunities from perspectives you didn't even know how they existed. It's faster, it's smarter, and it's built to give you the edge in every decision you make.
Why is Klarna's reduction in workforce significant in today's market?
To any VC listeners, don't miss your chance to try AlphaSense for free. alphasense.com forward slash 20 to unlock your trial. That's alphasense.com forward slash 20. While AlphaSense helps you find the signals that move markets, Airwallex helps you move money globally just as fast. Founders, let's get started. Get real about the growth tax.
When do high valuations become risky for companies?
You've raised VC funding and you're scaling globally and it's no longer about shipping product, it's about orchestrating operations across continents. But suddenly your payments and finance stack is choking your growth. You're logging into lots of different banking portals, waiting days for transfers and reporting across entities. It's operational drag and it's at your scale. It's costing millions. That's why I'm so excited to partner with Airwallex. Airwallex are more than just a banking alternative to HSBC or Citi. Airwallex brings you an intelligent financial operating system that powers how global businesses operate and grow, allowing you to manage and automate banking, treasury, payments, and spend.
The most exciting part for me, they're heavily investing in agentic finance. If you're scaling globally, you need a banking and finance platform that's borderless, real-time, and intelligent. Check out Airwallex today and see how they're helping thousands of businesses like Canva, McLaren, and Deal scale at airwallex.com forward slash 20VC. Terms and conditions apply. Your monies are safeguarded, not FSCS protected. See airwallets.com for more details. While Airwallets makes global payments feel seamless, Vanta makes the security and compliance behind them seamless too. Security and compliance done wrong is a giant headache. Security and compliance done right though? Well, that's Vanta. Vanta helps you earn trust and speed up growth.
No spreadsheets required. For startups low on time and resources, Vanta becomes your first security hire. Using AI and automation to get you compliant fast and unblock really big deals. And if you're big enterprises, Vanta is your AI-powered hub for compliance and risk, bringing together data from across your business and automating workflows so you can prove trust at any moment.
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:00–0:15
2
What are the implications of reduced switching costs for SaaS?
0:15–0:18
3
What revenue multiples can we expect for software companies in the future?
0:18–0:44
4
Why is building your own customer service AI crucial for success?
0:44–1:11
5
How does Klarna's customer base compare to competitors like Revolut?
1:11–1:19
6
What lessons were learned from missing investment opportunities in Nubank?
1:19–1:53
7
Why is Klarna's reduction in workforce significant in today's market?
1:53–2:14
8
When do high valuations become risky for companies?
2:14–1:27:37
Speakers
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