Micky Malka - Building Ribbit - [Invest Like the Best, EP.400]
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Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own opinions and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit p s u m dot v c. My
guest today is Mickey Malka. Mickey is the founder of Rivet Capital, one of Fintech's most influential investing firms. Rivet's mission is to change the world of finance through financial innovation rather than through financial engineering. Through Rivet, Mickey has backed transformative companies like Coinbase, Robinhood, and Nubank from their earliest days. We discuss his perspective on Fintech's evolution, including his provocative declaration that Fintech is dead and explore his theory of the grid, how knowledge, wealth, and power are being transformed by technology. We also dive into his
the hardest question I think you're gonna ask me today until probably the next one. We are a bunch of rebels. Let's start there. And from inception, we always use Star Wars as our motive and our decks and our presentations. And we're a bunch of rebels. And the way that we describe it is wherever the status quo grows bloated, wherever there's not enough innovation, wherever there's nothing new that benefits a customer, you're gonna find us there as rebels, trying to find the rebels who are gonna change the status quo. And that's who we are. And there's no bigger status quo in the last 20 years
did it start? What was the first couple months? Who did you raise money from? How much did you raise? How did you think about it? The firm is structured in a very unique way, and I know you've been super intentional about the structure of the firm dictating what it will then do. What was the first moments like?
The first were like thinking, if we're gonna be rebels, what's the right structure to be a rebel? We spent like a year figuring out, hey, is that fun, the right structure, really? Is that rebel enough? That feels like cookie cutter and having a fun, it's not we struggle with the structure until we say, you know what? Let's start here and we'll figure it out where it goes in the future. And that was in 2012. And then we raised the money from a bunch of entrepreneurs that had known me because I was an entrepreneur for a long time. And they were like, Yeah, this guy seems like he has an idea on w
on the institutional partners. Having been through this process myself, I know that there's a wide range of types of people. What attributes did you select for? Like what kinds of institutions can back a rebel alliance?
Our first deck had more Star Wars analogies than anything. I had no investor track record. I had a bunch of records as an entrepreneur. And so if the conversation started by saying, but wait, who else is here and what's your track record? An
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