Adam Felesky of Portage joins Nick to discuss The Prospects & Primary Benefits of Open Banking, Assessing Multi-Variate Risk in Fintech, and Whether Larger Outcomes will come from Embedded Fintech or Vertically Integrated Platforms. In this episode we cover:
- Investing in Web3, Crypto, and Blockchain, with a Focus on Global Markets and Entry Points
- Investing in International Companies, with a Focus on Due Diligence and Risk Assessment
- Modernizing Financial Infrastructure and Stacks
- Open Banking, Payment Rails, and Acquisitions in the FinTech Industry
- FinTech Investing, Risk Management, and Portfolio Support
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0:18
Adam Felesky joins us today from Toronto. He’s Co-Founder and CEO of Portage, a multi-stage investment platform focused on fintech and financial services with 2.5B+ Assets Under Management. Prior to Portage, Adam was the Founder and CEO of Horizons Exchange Traded Funds, and a director and founding investor of BetaShares Exchange Traded Funds, acquired by Mirae Asset Management. Adam, welcome to the show!
0:46
Thanks for having me.
0:48
Yeah. Can you give us like your two minute background? I did a pretty quick, can you tell us a bit about your path to becoming a VC? Yeah,
0:55
sure. started my career, like many of us did, investment banking didn’t survive long, didn’t enjoy that very much moved into derivatives at jpm, where I was based in New York. And that led me more into the asset management side of things, came back to Canada, specifically Toronto, and started one of the first ETF companies called horizons, as you mentioned, and it was me and one other person in a cubicle back in 2005. And we scaled up for for 10 years. And it was a it was a great journey. And what was
1:29
the underlying asset that the ETFs were focused on?
1:32
So we are broad benchmarks, but probably our two biggest innovations is we brought the leverage and inverse products to Canada, originally and Australia. And then we also launched the first active ETFs in the world. So that was pretty fun as well. And
1:48
then how did that lead to the founding of Portage?
1:52
Yeah, so you know, I was on my my own journey for 10 years and then continued on for a few years. After that. I made a ton of mistakes. As a young entrepreneur, I started my company at 27 years old, and felt like my ecosystem, or resources was pretty limited. And, you know, I started through my family office starting to do Angel checks into a lot of FinTech companies in the Canadian ecosystem. And I really enjoyed it and enjoyed the journey with the founders at the time. And eventually, I wanted to institutionalize that, and I met my partner, Paul Demarai, the third, who was on a similar journey, and the in 2016, we decided to join forces. Perfect.
2:34
And tell us a bit about the thesis and the investment approach at Portage.
2:39
Yeah, so we’re a vertically focused fund, all we do is FinTech in North America, Europe, our core markets, banking, insurance, Wealth Management payments is kind of where we focus. And everything I’ve ever done, and most of my team has ever done is financial services. And it’s super complicated. You need to understand the different geographies, the different regulators, by vertical by geography, I just think it’s a very tough space to be a generalist. And I think, you know, we saw some of the tough outcomes in 20, and 21, particularly for some of the broader direct to consumer business that went public. There’s a lot to understand about these businesses. And, and, you know, growing an insurance company at 200%, comes with major trade offs. And I think we managed to avoid stepping on some major rakes. And I think that that’s partly because of, you know, just our industrial knowledge at the deepest levels. We invest from seed all the way to Series C and our venture strategy. And then we have a later straight stage strategy. That’s Series C plus all the way to pre IPO. And
3:48
is there a typical entry point, like the most common?
3:51
Yeah, on the venture side, I would say we are an A B investor. And then we opportunistically will do seed in Series C, but the majority of our checks happen at a&b.
4:02
Got it? And you kind of touched on this, I think, like the the amount of domain expertise and focus on market dynamics. But are there other reasons to have this secular focus in FinTech?
4:14
Well, one, you know, part of our differentiation is our broader ecosystem. So about half of our LPS today, are financial institutions, banks, insurance companies, wealth managers from around the world. And one of the things we try and do after we underwrite an opportunity on its financial merits, is really think about how can we leverage our ecosystem for the benefit of the company. And so we’ve got a very strong value creation team, with sector sector expertise and vertical expertise within their domains. But apparently, we have a partnerships team so we have three people that wake up every day, and their KPIs. Did I introduce one of our portfolio companies to someone that could be a cup commercial customer. And so putting our shoulder behind our companies and, and driving accelerating their growth is something we think is super important. And we need to determine, in a specific specific case, if if there is that opportunity, we will invest just on the financial markets, as I said, but it’s great to know if we can, you know, push it forward even even harder with our support.
5:22
Got it. And it sounds like structurally, the teams are set up around subcategories within fintech. Is that fair? Yeah,
5:31
look, we all kind of have a tendency to invest where we’ve got rich experiences. But it’s interesting, you know, I come from the wealth tech space, if you will, sometimes my knowledge of the industry gets in the way, you know, and, you know, I’ve been pretty successful, I would say, invest in insurer tech, where, you know, I haven’t spent, or was it wasn’t an operator in but certainly know the space? Well. So I’d say we have a tendency is on our team, but we don’t, we don’t divide the team up by verticals. And importantly, actually, we have teams in London and Paris and New York and Toronto. If someone in Paris sees a great founder and a deal in San Francisco, there’s no reason why they can’t do that deal either. So
6:13
so right out the gate, I’m gonna give you a softball here. Talk to me about web three, and crypto, What’s your stance? Are you actively investing?
6:22
So web three, we’ve got a pool of capital where we’re making relatively small investments on our balance sheet. So you know, we’ve been doing that for a couple years, really to make making sure that we’re in the information flow and staying on top of all the innovations that are happening in that area. Obviously, it’s gone through a few cycles already. We also were NLP in some of the earlier crypto funds. We were one of the investors in multi coins first fund, electric capital, as well. And that’s been informative to to our sector expertise from that perspective, in our core fund, crypto exposure is really through an infrastructure lens. And so you know, we’ve invested in portfolio management systems that kind of bridge traditional financial service traders into crypto called Haruhiko, we’ve invested in a custodian at a London called palisade. I was involved in a sea deal, actually, which is unusual for me in a platform called Agito. That’s creating a credit rating agency for for crypto brokers and institutions. So we play it in a way that we can bridge are the two worlds of traditional financial services, and crypto. And I think that plays into the advantages of our ecosystem as well.
7:46
And what about taking positions and coins and doing ICOs and things of that nature?
7:51
Yes, we will, we will do that on our in our balance sheet investment, where we’re kind of experimenting. In our second fund, we ended up getting a pretty sizable position in Solana through our multicoin investment. And but, you know, our mandate isn’t to hold tokens and speculate on tokens in the fund. So, you know, we liquidated those positions relatively quickly.
8:13
Got it, aside from some of those tokens, any areas you’re actively avoiding within this web three universe?
8:20
No, I think we have to be open to everything. And, and, you know, really just keeping track of talent. I think that’s the key area. I don’t think any of us know exactly where this is going. But there’s, you know, been incredible talent that’s moved to this area of defy, and we want to know them, we want to see what they’re building. And, you know, understand what those implications are to traditional financial services. I don’t know if it’s tomorrow. I don’t think any of us do want when there’s, you know, significant adoption, but as a vertically focused fund, we have to we have to, you know, have exposure to this area.
8:59
Good. You know, given that Portage as a global investor, and also makes also invest across early and later stages. How do you determine the best entry point? And is that usually consistent across different geographies?
9:16
It changes all the time. You know, it really depends where we are in the market cycle. I think one of the advantages we have is being global, that we can look at relative valuations at different maturity points across different regions. So to give you one example, right now, we think the seed market in Europe is very high. The evaluations really didn’t come back down significantly, and they’re back all the way up to 2020 levels. So the early stage market in Europe we find pretty challenging, and I think there’s a bunch of reasons for it. But I think one is there’s a lot of seed funds. And you know, there’s a scarcity of of company formation in the USA. I’d right now we believe kind of series B is probably the optimal entry point from a risk reward standpoint, seat also has hasn’t recovered series A’s back to kind of 400 million pre money. You know, that’s, I would say full valuation. But there’s still a lot to prove, going from A to B. And the premium evaluations from A to B, you know, is less steep than it was previously. So think B’s probably in the North American context where we’re most excited.
10:30
How do you think about FX, you know, when you’re investing in these other countries, I mean, is is your capital denominated in Canadian dollars or US dollars, and
10:42
we’re dominating us dollars, look be given, given that we’re really trying to have 10x returns, typically for investing in developed markets? It’s not a consideration. But you know, for example, we invested in in Mita, us, which is a leading Robin Hood of Turkey, if you will, of course, we thought about your what’s happening with the lira. And in fact, for them, inflation and pressure on the lira lira has been a tailwind. So I think it’s em that you really need to be thoughtful and mindful of that exposure less so in the developed markets.
11:19
And does you venture funds typically hedge in those situations? Have you found? No,
11:27
I mean, I think venture funds, again, are playing for such an outside return that currency typically shouldn’t be it shouldn’t be a driving factor. And yeah, you know, getting into hedging and rolling hedges and, you know, having is do agreements with broker dealers, I’m not sure most of GPS on the venture side would get into that noise, if you will, yeah,
11:53
could take a lot of focus away from originating the best investments. So So while we’re talking international investing, you know, talk about maybe the diligence process, and whether that’s, do you do you take the same approach, you know, for investing in companies that are outside of the US or Canada? And what are the risk assessment, and diligence items? Are you vetting, as you analyze, analyze an international deal?
12:20
So, first and foremost, we’re, you know, very conservative in our process, in the sense that, you know, if we meet a fabulous founder, obviously, we will get really excited. But we’ll only need to meet that founder again a few times, and we’ll need to dig in and do our work. And I’d say part of the reason we avoided some of the issues in 2020, and 21, is our process is just too slow to make quick decisions. And I think, I think that’s ultimately good for the founder, too, because the founder gets to know us, and understands the questions we’re going to be asking and what we’re worried about. And maybe they think that we’re worried about the wrong things. And so they can, you know, move on and find a different investor that’s more aligned with them. But more often than not, we find that process of engaging in a detailed way, a really important part of the underwriting. And we get to know the companies really well. But to speak, specifically, to your question, once once we go into em markets. Yes, there’s a different level of due diligence. And it’s really, you know, particularly in FinTech, it’s specific getting really intelligent about the regulatory environment. So, you know, our most recent investment in Mita, us, we met with multiple regulators, we were fortunate that the the governor of the Bank at the time was an ex GS alum. When we before we started investing in Mexico, we spent the time with every single regulator there, and we probably could have even spent more time there in hindsight, but yeah, it’s a different level of due diligence, but it’s really on the regulation side for the most part.
14:04
And does does monetary policy, you know, in these different regions, does that affect your investment approach?
14:10
Yeah, for sure. I mean, if inflation and em can deteriorate your returns real fast, I mean, you’re talking to investors that that made big, big Betson in Egypt and 2020 Yeah, that’s been really really tough. And so yeah, I think once you go into you gotta be really mindful about you know, those those potential shocks.
14:33
So lots of negative sent sentiment these days around betas see consumer investing. Are you actively deploying to to b2c companies? Yeah, yeah, we
14:43
are. So Turkey, the meet us investments, our latest one, we love finding market leaders or potential market leaders. In in companies, I’d say b2c, with a few exceptions that you would that your audience would know of your most successful All b2c companies are local winners. And so, in FinTech, there’s lots of opportunities to back the winner of Germany in a certain category or France or Canada, in the United States and so forth. And so, where we’ve been successful, we’ve kind of taken that playbook to other markets, brought those lessons learned and backed new teams, I would say the universe of opportunity given Fintech is more mature is probably smaller. We’re, you know, we’re we’re excited about finding that that next opportunity, I’d say on the later stage side, VDC is really exciting. Like some of our scaled b2c platforms, whether it’s Albertan out of Los Angeles, well, simple in in Canada, you know, their unit economics have never been better. You know, customer acquisition costs are going down, as their cohorts mature, mature, they’re figuring out how to cross sell, ARPU is going up across the board. So if you if you’re willing to really dig in, I think you can find amazing opportunities in direct to consumer at the late stage in this market particular. And, look, we saw one of the big deals that sort of was a sign of green shoots in the fall was was monto and, you know, monsters. turned it around. And you know, TS has done a great job. And he’s he’s driven GM and he got a great valuation.
16:31
Any thoughts on why tech companies that have had success in the US tend to be unbundled and tech companies that have had success internationally tend to be bundled? You know, in the US, you’ve got to separate Yelp, from DoorDash, from Uber. Whereas in you know, like Latin America, you’ve got Rapi, and China, you’ve got Matewan, you know, all these things are kind of bundled together.
16:55
Yeah, to in, you know, another example, in Canada, we backed Well, simple. It’s the Robin Hood plus betterman plus Venmo, plus Coinbase, and one company. And I think the answer is very simple Tam. In the US, the market is so big, that you can be more of a specialist. And in other markets to get to scale, you need to you need to drive higher ARPU by having more products on a platform.
17:25
No,
17:26
that might happen in the US as these companies get to get to scale. However, you know, Robin Hood just did that that talk in on the crypto side. So I think consolidations going to come but and that might drive more of a platform solution. But But I think you know, the earlier stage, I just think the US market so deep, you can be really specialized.
17:51
Any other thoughts on what the next five to 10 years for consumer tech investing may look like? And how it may be different from maybe the category winners that were started 1015 years ago that, you know, are household names today?
18:06
Yeah. I mean, I think in a non ZURB environment, the notion that you can raise half 1,000,000,003 quarters of a billion to get to scales is is probably non existent at this point. So I think I think that will be a challenge for for newcomers to come in and get to the scale of the existing FinTech incompetence. That said, I do think not to be buzzy. AI is a game changer in that, you know, the cost to build these platforms wasn’t just customer acquisition, it was the sheer scale of FTE that you needed. You know, from an engineering standpoint, from the marketing to product. All of those are being rationalized dramatically with those that are deploying AI in an efficient way. So maybe that’s why there’s, you know, in five years, you could see real disruption against the FinTech incumbents at this point, but it feels a little far away. And you kind of have to squint at this point. So I, my preference, from Portage perspective would be to find that the next time in a different market or the next Robin had an in different market, or where there’s an opportunity to still be a leader of just given the incumbency, in that scale in developed markets is pretty high.
19:33
So we’ve touched on a few categories now crypto wealth consumer, if you zoom out a bit and kind of look at the FinTech landscape, are there certain opportunities or certain sub categories that your team is spending the most time and
19:48
I think one of the sort of core overarching theses we have and, and we were early on this and too early, just being a little bit humble. In 2016, we really believe that the modernization of core infrastructure and stacks of incumbents was upon us. And, you know, there be huge investments, trying to get off legacy. And I think, you know, we were early on that call, I think a lot of the investment, quite frankly, was just getting on prem data centers to the cloud. And I think we’re just at the point where most of f5 scale, are now on the on the cloud, and are in the position to think about how to migrate some of these legacy systems, whether they’re internal, which a lot of them are, particularly to you, if you if you look at insurance, or they’re, they’re provided by legacy providers, whether it’s the SS, and C’s, or the IBM’s, and so forth. And some of these systems are coming to end of life. And these are huge, you know, huge expenses for these these companies, there’s a lot of risk. So they’re nervous about the migration. But I think the the infrastructure, modern stacks that you know, FinTech entrepreneurs are building are, you know, a perfect timing for for what FIS are looking to do in the next five to 10 years. So we’re actually more bullish sitting here today in terms of the tail end of capital investment that’s coming. Very
21:21
good. Well, I may have the answer to my next question. But I’m curious to hear your your perspective on you know, if I give you two options between embedded FinTech versus vertically integrated platform, and fintech, which of the two do you think will drive larger outcomes and a higher volume of outcomes in the next decade, you
21:42
know, I never say never. And I think those two alternatives is pretty black and white. But if you’re only giving me one choice, it would be you know, platform virtualization, embedded has, you know, great opportunities, it’s exciting, because you can leverage off someone else’s distribution should lower kind of the, the Kuhn of cash required to get to scale. The challenge we’ve seen, though, is, you know, banking, as a service has been, you know, everyone’s seen those challenges. And though in that case, it’s the regulators want to ensure you know who the customer is. And in the case of banking service, that’s really your end bank, platform. In in other verticals, particularly in insurance, the challenge we’ve seen is, is the customer concentration typically is high. And as you get to renewals, if they know that you’re a big customer, guess what happens to your margins, they just continue to get compressed. And so we found that we so far, we found that space, pretty difficult, we’ve made a few investments, we’ll continue to make a selective investments. But that’s something that we’re really mindful of, again,
22:56
you know, you’ve mentioned banking, banking, as a service, we’ve seen some challenges, I want to get your take on open banking. So my first question is, what are the primary benefits of open banking? And also, do you think we’ll see a majority open banking system in Canada or the US in the next few years?
23:17
Easy answer, if the time horizons the next few years? The answer is no, unequivocally, yes, we’ve been involved in open banking conversations on both sides of the borders forever. And I just think, you know, the inertia is such that we’ve got a ways to go, I think the US is kind of more interesting, because you, you typically need less of a stick by regulators. There’s sort of a competitive dynamic that drives innovation in the United States were up here in Canada, you don’t need a stick, you need a bat. Because you know, the oligopoly here really doesn’t want to see disruption. So different markets have different dynamics. But conclusion, open banking is not coming like it is in Europe for a few years, I hope, and I wish it was, but the primary benefit is, is specifically payments. And so I think, open banking, if you park that, and believe that the real time rail in either one of these markets is real. And there’s big mass adoption. I think that’s pretty exciting because it alleviates the need to be a bank. If you can get access to the rails through without being a Prudential entity, meaning you don’t have to be a bank itself. And so that seems to be happening at a faster rate than open banking. And I think, you know, if it was, if it was accessible in a non Prudential way, it gets a lot of the benefits that open banking would provide. I still think open Bakey would be fun. tastic but, you know, I think that’s a long ways off
25:02
any concerns about the risks of opening up that those payments and potential data, of
25:08
course, but that that risk exists as we speak and, you know, the the methodology that we’re all familiar with of screen scraping that’s used by millions and millions of people’s people every day. That’s got huge risk, too. So, you know, it’s an equation of the risk versus the reward. And I think the reward the benefit to consumers way higher.
25:32
While we’re talking about Rails and payment rails, there’s only a few players out there, you know, MasterCard, Visa, that do this. And Capital One is recently public Capital One is acquiring discover, what’s your quick take that acquisition net benefit or not, to the FinTech ecosystem, I’d
25:55
say neutral, maybe that’s a cop out. But really, I mean, these are incumbent massive businesses. And as you probably know, this is really regulatory arbitrage, and about regulatory arbitrage, in the sense of being able to monetize interchange at a higher rate than then they can otherwise. But these pools capital are so big, I think the opportunity for fintechs to disrupt this area are huge. But I think this is just about consolidation, to get more scale to find more pools of capital, some regulatory arbitrage on top. And you know, fintechs will just have to keep fighting.
26:41
You know, Adam, in the in the FinTech world, you’ve got kind of your straightforward players, you’ve got software players, you’ve got embedded POS players. And then you’ve also got some derivatives of FinTech, where there’s a different risk profile things like you mentioned InsurTech before. So mgas are holding the paper that presents different layers of risk. You’ve also got FinTech lending models. So it may be like let’s say a so phi, it’s a debt play and consumers refinancing. But they also alongside equity capital, they have to secure massive amounts of debt and credit in order to originate these, these loans. I’m curious to get your take on, you know, how do you think about risk in underwriting a deal a FinTech deal when it has one of these components that introduces like a whole additional layer of risk?
27:38
Yeah, look, I think everyone, everyone, most venture capitalists that are investing in FinTech prefer capitalized businesses. But from a value standpoint, at certain parts of the cycle, you have to stop and look at an insurer tech full stack carrier opportunity and say, Hey, is a real value here? And can I through my relationships bring capacity, or the expertise of introductions to fronting carriers and reinsurance, that I can get comfortable that that risk isn’t significant? Or that you know, for sure, we have the capacity to get this company to 100 million of revenue. Not so I think if you can bring to the table, some of the solutions, there’s actually a bit of a valuation arbitrage. And we’ve we have done that in a few cases in our portfolio, angle health out of Salt Lake, the guarantors out of New York. You know, those were our full stack carrier plays, or partial. And, you know, we got comfortable because we felt like we could help mitigate the risk. You’re highlighting the balance sheet stuff, we we’ve generally found more difficult, quite frankly, I think, you know, the equity required to support securitization, or the maturity to get to more of a whole loan type arrangement just requires a lot of capital and scale. We haven’t done a lot there. Perfect.
29:12
What What would you say are the common missteps that you’ve seen FinTech investors make?
29:17
So one would be that a local leader in its market can easily move into another market. And we’ve made this mistake ourselves. So it’s not a criticism on on another GPS, but it’s really hard for a European unicorn to move into the US market and vice versa. versa. FinTech particular interact consumer is so regional and the product has to be designed with that bat in mind. I just think it’s really tough to across borders. On the infrastructure side. I think it’s easier, but you know, it’s not like that. You know, the majority are international on day one, most of them secure a local market and then start progressing outside of it. Of course, in the US on the enterprise side, you can just stay local and build a fantastic company. So that would be one thing would be kind of the, the ease of which you can intern or internationalize a business is different in FinTech than other verticals in software. And then the other thing would just be to, would be going back to your previous question, you know, the balance sheet and risk of certain, you know, company structures, the local regulation, understanding that growth comes with a cost. I think that’s what a lot of people a lot of people miss,
30:48
earlier in, in the interview, you touched on sort of these KPIs that you have for your team to make introductions for the portfolio companies. I’m curious, you know, if we transition from the investment side to the post investment portfolio support, you know, why are founders choosing Portage? And what would you say is like the value proposition of partnering with your firm.
31:10
So I think it’s that our sales pitch is true. And ultimately, it’s our CEOs that are our best reference. And, you know, as we’ve matured as a platform, over the last eight years, and now have 90 portfolio companies, I think we’ve demonstrated over and over, what we say we will do from a value creation standpoint, beyond capital is, is is real. So what is that it’s the partnership team, finding commercial opportunities for a company, that’s one part of what we offer. The second is we have full time CTO, and engineers on our platform, that help, you know, with lessons learned, they’ll pop into companies for certain mandates, at certain times. Our currency CTO was a former Bank architect, then was the CTO at a neobank and was just the co founder of St. Terra banking as a service in the US. So it’s like someone who’s been in the trenches in in can roll up his sleeves, we have a go to market value creation department that really helps our direct to consumer companies, you know, best practices, you know, bringing together all of our CMOs and the heads of growth across the world, to you know, understand how the markets evolving, like every day, things are changing on how you spend your acquisition capital, and what platforms and and how SEO is evolving. And so that’s real valued. And then another thing we’ve really leaned into cybersecurity, particularly as it relates to FinTech, it’s so important, whether it’s just the basics of getting socked to permissioning. That’s something that we help our companies with, whether it’s identifying threats, and you know, through a Slack channel of over 100 CSOs, quickly understanding something that’s happening in Germany will eventually come to the US and vice versa. So cybersecurity has been something we’ve really leaned into. One of the things we don’t do that much of and just haven’t invested from domain expertise on our platform is talent. And our view is talent, you know, we’ve got great Headhunter relationships, in in the markets that we operate, and a lot of GPs have invested in in that resource. So it’s important for us to be complementary to some of our other great GPS that we work with. Very good,
33:30
Adam, if we can feature anyone on the show, who do you think we should interview and what topic would you like to hear them speak about?
33:36
I’d say at this moment in time in our portfolio, you should interview Yoshi, the founder of alpaca. He’s a really interesting founder. They started the company in San Francisco, he’s now based in Kyoto. He runs a very large distributed team around the world. He’s building infrastructure for companies that are building on top of their platform around the world. I think asking him about how he runs a distributed team. And then they probably have the best product velocity we’ve ever seen in our portfolio, and how to ask how do they do that in a distributed structure? Adam, what
34:16
book article or video would you recommend to listeners recency
34:19
bias? We everyone, particularly young VC, investors should watch should read the power. Great history about VC. You’ll learn why Elon has changed Twitter to the to the X platform. It’s a really great braca background. It’s got great history and really brings why the certain incumbents in in GP land are the incumbents of today.
34:47
Perfect. Adam, do you have any habits, tactics or techniques that are a secret weapon? I don’t need to sleep much. Seriously? No. How many hours a night?
34:57
Four or five? Why? Wow, I don’t get jet lagged.
35:03
You look well rested. What’s the secret?
35:06
Gray hair would suggest
35:09
any behavioral things. I
35:11
mean, the truth is, I think everyone works really hard in our industry. For me, it’s all about fitness and staying in really great shape particularly. I’m sadly about to cross the, the 50 threshold. So staying in shape, whether at home or on the road, making time for that, I think fuels my energy and lets me kind of operate it at this level. And hopefully, I can do it for a few more years. Yeah.
35:40
And finally here, Adam, what is the best way for listeners to connect with you and follow Portage?
35:45
You can just email me directly at link on LinkedIn, you can find me I’ll message you back right away. You can go to our website, Portage capital. And, you know, obviously, if if you’re in FinTech, please come see us because one of the things that keeps us awake at night is is that we’re not the first call if you’re a FinTech founder.
36:12
He is Adam Pulaski. The firm is Portage, Adam, congrats on the upcoming half century. Thanks so much for the insights on fintech. Thanks.
36:28
All right, that’ll wrap up today’s interview. If you enjoyed the episode or a previous one, let the guests know about it. Share your thoughts on social or shoot him an email. Let them know what particularly resonated with you. I can’t tell you how much I appreciate that some of the smartest folks in venture are willing to take the time and share their insights with us. If you feel the same, a compliment goes a long way. Okay, that’s a wrap for today. Until next time, remember to over prepare, choose carefully and invest confidently thanks so much for listening
