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    Business

    The Delphi Podcast

    Conversations with Crypto Gigabrains. Hosted by Tommy, Co-Founder and Founding Partner at Delphi Ventures 

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    Copyright: © The Delphi Podcast

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    Latest Episodes:
    Why India’s Next Tech Giants Are Hiding in Plain Sight | Paavan Gami Nov 04, 2026
    Show notes

    Paavan Gami is the founder and managing partner of Raas Partners, a concentrated, long-term Indian public equities fund. Before Raas he spent five years at Greenoaks, working across venture and public markets.
    José sits down with Paavan for another episode of the Emerging Managers series on The Delphi Podcast. Paavan explains how Greenoaks works as one investing system rather than a federation of partners, and tells the Carvana story from the inside: selling near the top, buying back after a 90% fall, and holding through another 75% drawdown.
    Then India: why its best tech companies go public at a few billion dollars while they still look like Series C businesses, why the index is a poor passive instrument, and how AI changes the bull and bear case. Paavan walks through the two businesses Raas owns, Eternal (Zomato and Blinkit) and Meesho, an Indian data center supply chain bet, how he uses AI agents in his process, and the biggest risk to his own fund.
    00:00 Intro
    01:59 The Road to Greenoaks
    05:37 Inside Greenoaks
    08:15 The Carvana Story
    18:02 Why Leave for India
    21:18 Betting on the Category Leader
    23:45 Does AI Break the India Story?
    33:26 Imagine Sam Walton Today
    35:21 Is the Window Closing?
    39:33 IPOs at $350 Million
    42:10 What Makes an Exceptional Founder
    45:08 India's FANGs
    48:21 Blinkit and Quick Commerce
    53:21 Meesho and Value Commerce
    57:28 The India Data Center Bet
    1:00:43 AI in the Investment Process
    1:09:04 The Biggest Risk
    1:10:32 What Success Looks Like
    ━━━━━━━━━━━━━━━━━━━━
    Follow or get in touch in the comments...
    José: https://x.com/ZeMariaMacedo
    Paavan: https://x.com/hiro_sugimoto_
    Delphi: https://x.com/delphi_digital
    Delphi Digital: https://delphidigital.io/?utm_source=podcast&utm_medium=audio
    ━━━━━━━━━━━━━━━━━━━━
    🔥WATCH ON YOUTUBE:
    Most VCs Are Afraid to Be Wrong | Rohan Pujara: https://youtu.be/RL_r5TL3kNg
    Why the Future of Venture Is Hard Tech, Drones & Physical AI | Ian Rountree: https://youtu.be/pAIrREY_Umk
    ━━━━━━━━━━━━━━━━━━━━
    DISCLOSURE
    José Maria Macedo is an LP in Raas Partners. Nothing in this episode is investment advice; Paavan discusses positions Raas holds.
    ━━━━━━━━━━━━━━━━━━━━
    DISCLAIMER
    The Delphi Podcast (the “Podcast”) is produced by DELPHI MEDIA, LLC (“Delphi Media”). This content is solely for educational and informational purposes and is not, and should not be construed as, legal, tax, investment, or financial advice. Delphi Media is not a financial, tax, or legal advisor. You are expressly advised to consult with a professional advisor before making any investment decisions. Also, the views expressed by Podcast are solely those of hosts and guests do not necessarily reflect those of Delphi Media.
    Delphi Media is a member of the DELPHI DIGITAL family, a group of distinct companies sharing the same brand and vision. Delphi Ventures operates as an independent venture capital firm that seeks to invest in world-changing founders.


    How America Is Exporting Its $40 Trillion Debt Nov 02, 2026
    Show notes

    Alex Wilson is co-founder and co-CEO of Cyclops, which builds stablecoin rails for payments companies. Before that he co-founded The Giving Block, which lets nonprofits accept crypto, and sold it to Shift4 in 2022.
    Alex tells Tommy how he went from flipping domain names and selling neighbours' gear on eBay in high school to building The Giving Block nights and weekends, launching into a bear market, quitting his job at the start of COVID, and selling to Shift4 a year after raising. He talks about the $50 million Pineapple Fund donation, beating Coinbase by going narrow, and what he learned working under Jared Isaacman.
    Then Cyclops: why payments companies were stitching together ten crypto providers, why Shift4 became a customer and an investor, Blue Origin tickets paid in stablecoins, why payments companies win and banks lose, agent-ready checkouts, and why he thinks most of the world's 200 currencies won't survive the dollar.
    00:00 Intro
    04:39 The Door-to-Door eBay Hustle
    15:59 The $50M Anonymous Donation
    17:41 Beating Coinbase by Going Narrow
    19:55 Sold to Shift4 a Year Later
    25:23 From Shift4 to NASA
    27:31 Lessons From Jared
    29:33 Hiring to Scare People Away
    31:08 Why Start Cyclops
    36:22 A Ticket to Space in Stablecoins
    37:54 Who Stablecoins Cut Out
    40:15 Agents Need New Checkouts
    43:04 200 Currencies Down to 25
    46:12 Seed to Series A in a Year
    49:38 Swinging for a $10B Exit
    ━━━━━━━━━━━━━━━━━━━━
    Follow or get in touch in the comments...
    Tommy: https://x.com/Shaughnessy119
    Alex: https://x.com/AlexWilsonTGB
    Cyclops: https://cyclops.io
    Delphi: https://x.com/delphi_digital
    Delphi Digital: https://delphi.link/delphipod
    ━━━━━━━━━━━━━━━━━━━━
    🔥WATCH:
    How to Steal Satoshi's Bitcoin: https://youtu.be/WM1psGJomXg
    Coinbase Insider: Why Bitcoin & Crypto Are Ready to Move MUCH Higher: https://youtu.be/1xedtRsbw6E
    ━━━━━━━━━━━━━━━━━━━━
    DISCLAIMER
    The Delphi Podcast (the “Podcast”) is produced by DELPHI MEDIA, LLC (“Delphi Media”). This content is solely for educational and informational purposes and is not, and should not be construed as, legal, tax, investment, or financial advice. Delphi Media is not a financial, tax, or legal advisor. You are expressly advised to consult with a professional advisor before making any investment decisions. Also, the views expressed by Podcast are solely those of hosts and guests do not necessarily reflect those of Delphi Media.
    Delphi Media is a member of the DELPHI DIGITAL family, a group of distinct companies sharing the same brand and vision. Delphi Ventures operates as an independent venture capital firm that seeks to invest in world-changing founders.


    Why OpenAI Should Be Scared of Open Source Oct 26, 2026
    Show notes

    Tarun Chitra is the founder of Gauntlet and managing partner at Robot Ventures, which just led Nous Research's $90 million round. He joins Tommy on The Delphi Podcast to explain why he backed Nous and Hermes Agent after months of diligence on OpenRouter data and GitHub forks.
    Tarun traces how crypto's first run at AI went wrong, from GPU networks to token-launched agents, and why the crypto people who dropped the token have done well. He breaks down why OpenClaw is the worst developer experience he's used, why Hermes is closer to Ubuntu than to Android, and how robotics makers built on Hermes without Nous knowing.
    The conversation closes on his market structure thesis: AI inference looks like crypto, OpenRouter looks like a DEX, some providers game cache pricing, and the money will flow to the harnesses on top and the inference providers underneath. Hermes, in his words, is like investing in Phantom or FOMO.
    Timestamps
    00:00 Intro
    06:34 Robot Leads Nous's $90M Round
    09:37 Crypto AI Was Meme Coins With More Steps
    14:40 Why Nous Stood Out Early
    28:14 Hermes vs OpenClaw
    35:39 The End of AI Lock-In
    46:33 The Ubuntu of AI
    56:17 Microsoft and Nvidia Join the Round
    59:42 OpenRouter Is a DEX for AI
    1:07:02 All the Money Goes to the Top
    💡 Want to stay updated with the latest in crypto & AI? Hit subscribe and the notification bell! 🔔
    🧠 Follow the Alpha
    Tommy: https://x.com/Shaughnessy119
    Tarun: https://x.com/tarunchitra
    🔗 Connect with Delphi
    🌐 Portal: https://delphi.link/delphipod
    🐦 Twitter: https://twitter.com/delphi_digital
    💼 LinkedIn: https://www.linkedin.com/company/delphi-digital
    🎧 Listen on
    Spotify: https://open.spotify.com/show/62PR1RigLG2YN5Pelq6UY9?si=18ac7ccf36ab4753
    Apple Podcasts: https://podcasts.apple.com/us/podcast/the-delphi-podcast/id1438148082
    Youtube: https://www.youtube.com/channel/UC9Yy99ZlQIX9-PdG_xHj43Q
    🔥WATCH:
    $100M+ Crypto Investor: How to Prepare for Next Bull Market:
    https://www.youtube.com/watch?v=oQQErgSvjnc&list=PLNBYLyvyGrM8
    The Worst Is Behind Us: https://www.youtube.com/watch?v=UJX1U6EeIM4
    Disclaimer
    The Delphi Podcast is produced by DELPHI MEDIA, LLC. This content is solely for educational and informational purposes and is not, and should not be construed as, legal, tax, investment, or financial advice. Delphi Media is not a financial, tax, or legal advisor. You are expressly advised to consult with a professional advisor before making any investment decisions. Also, the views expressed by Podcast are solely those of hosts and guests do not necessarily reflect those of Delphi Media.
    Delphi Media is a member of the DELPHI DIGITAL family, a group of distinct companies sharing the same brand and vision. Delphi Ventures operates as an independent venture capital firm that seeks to invest in world-changing founders.


    The Secret Supplier Feeding Frontier AI Oct 20, 2026
    Show notes

    From a pandemic side project to delivering exabytes of web data to frontier AI labs, Andrej Radonjic has built a data business most people have never heard of. The co-founder and CEO of Wynd Labs, the team behind Grass, joins Yan on The Delphi Podcast in Miami for a conversation about why the open internet is closing its doors to AI, what labs actually pay for when they buy data, and how millions of people sharing spare bandwidth became one of the ways AI reads the web.
    Andrej shares how an arbitrage bot he built during his PhD pulled him into web scraping, why Grass was built on consent, and what it took to scale to exabytes, including a co-founder who flew to Ashburn and assembled servers overnight. He also explains how robots are learning from web video, why he compares AI data to defense tech, and how the new Contents API turns any public web page into a single API call.
    The conversation closes with the ownerless Grass Foundation behind the recent revenue attestation, what a moat really is, and his vision for Grass to become the way AI accesses the world's information.
    00:00 Intro
    00:43 From Nuclear Physics to Web Scraping
    03:38 The Pandemic Signal Everyone Missed
    07:31 The Smart TV Proxy Scandal
    09:10 Why the Internet Is Blocking AI
    11:56 Training Data vs Live Data
    16:05 Mapping the Entire Internet
    18:03 Delivering Exabytes to AI Labs
    21:48 What AI Labs Really Pay For
    24:43 How Robots Learn From Web Video
    33:02 When Labs Change Direction
    35:57 One API Call for Any Website
    41:58 AI Flipped Search Upside Down
    47:03 Can the Network Keep Up?
    49:52 The Defense Tech of AI Data
    52:58 Why Data Is the Alpha
    57:08 Why AI Labs Won't Buy Slop
    59:17 The Metric That Matters Most
    01:02:35 The $100 Billion Data Market
    01:05:07 Who Actually Owns Grass
    01:08:18 What a Real Moat Looks Like
    01:13:16 What Happens Next
    ━━━━━━━━━━━━━━━━━━━━
    Follow or get in touch in the comments...
    Yan: https://x.com/YanLiberman
    Andrej: https://x.com/0xdrej
    Wynd Labs: https://x.com/wyndLabs_ai
    Delphi Digital: https://twitter.com/delphi_digital
    Portal: https://delphi.link/delphipod
    LinkedIn: https://www.linkedin.com/company/delphi-digital
    Podcast: https://thedelphipodcast.buzzsprout.com
    ━━━━━━━━━━━━━━━━━━━━
    🔥WATCH:
    AI is Coming For Bitcoin With Quantum: https://youtu.be/-Unv3d-OXjw
    Crypto's $150 Trillion Opportunity: https://youtu.be/jbmersfBF1g
    Billionaire's Warning: The Ai Bubble is About to Pop. Prepare Now: https://youtu.be/JnKaeBXyHng
    ━━━━━━━━━━━━━━━━━━━━
    DISCLOSURE
    Delphi Ventures is an investor in Grass and holds a Grass token.
    DISCLAIMER
    The Delphi Podcast is produced by DELPHI MEDIA, LLC. This content is solely for educational and informational purposes and is not, and should not be construed as, legal, tax, investment, or financial advice. Delphi Media is not a financial, tax, or legal advisor. You are expressly advised to consult with a professional advisor before making any investment decisions. Also, the views expressed by Podcast are solely those of hosts and guests do not necessarily reflect those of Delphi Media.
    Delphi Media is a member of the DELPHI DIGITAL family, a group of distinct companies sharing the same brand and vision. Delphi Ventures operates as an independent venture capital firm that seeks to invest in world-changing founders.


    It's not AI Doom, It's a Fourth Turning Oct 09, 2026
    Show notes

    From building TechCrunch to backing Uber and Airbnb, Michael Arrington has had a front-row seat to some of technology’s biggest shifts. He joins Tommy on The Delphi Podcast for a candid conversation about the unstoppable AI race, the psychology of exceptional founders, and why he believes Bitcoin is the hard money the world needs.
    Michael shares how he broke the news of Google buying YouTube, what working with Steve Jobs taught him, and how his relationships with founders translated into early investments in generational companies. He also opens up about burnout, leaving TechCrunch, reinventing himself through crypto, and staying convinced through brutal market cycles.
    The conversation closes with his advice for entrepreneurs: face your fears, play to your strengths, and build a team that complements your weaknesses.
    Timestamps
    00:00 Intro & the Fourth Turning
    07:00 AI, China & the race to AGI
    17:00 Founder psychology & investment red flags
    29:00 Building TechCrunch & lessons from Steve Jobs
    44:00 Selling TechCrunch & backing Uber and Airbnb
    53:00 Moving into crypto & navigating market cycles
    60:00 Bitcoin, AI & an uncertain future
    01:09:00 Advice for founders: play to your strengths
    Tommy: https://x.com/Shaughnessy119
    Michael: https://x.com/arrington
    🔗 Connect with Delphi
    🌐 Portal: https://delphi.link/delphipod
    🐦 Twitter: https://twitter.com/delphi_digital
    💼 LinkedIn: https://www.linkedin.com/company/delphi-digital
    Watch on Youtube:
    https://youtu.be/YgyjaD8mgbs
    DISCLAIMER
    This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures may personally own tokens or art that are mentioned on the podcast. Our current show features paid sponsorships which may be featured at the start, middle, and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product, service or token.


    Most VCs Are Afraid to Be Wrong | Rohan Pujara Oct 08, 2026
    Show notes

    José sits down with Rohan Pujara, general partner at Valhalla Ventures, for another episode of the Emerging Managers series on The Delphi Podcast. Rohan explains why he avoids crowded investment themes, seeks out unconventional founders, and believes venture capital has increasingly traded risk-taking for status and consensus.
    They explore what separates repeatable investing skill from getting lucky, why a great seed investment should have no competitors, and how Valhalla builds conviction in companies other investors overlook. Rohan breaks down the thinking behind investments in K2 Space, Jaza and Truffle—from large satellites and electricity in sub-Saharan Africa to the case for running AI on personal devices.
    The conversation also covers concentrated portfolios, selective follow-on investing, the appeal of owning future monopolies, and how LP incentives shape fund managers’ decisions. Rohan shares how growing up with little money shaped his willingness to take risks, why he prefers New York to San Francisco, and what it takes to build an enduring investment firm.
    💡 Want to stay updated with the latest in crypto & AI? Hit subscribe and the notification bell! 🔔
    🧠 Follow the Alpha
    ▸José Macedo: @ZeMariaMacedo
    ▸Rohan Pujara: @rohanpuj
    🔗 Connect with Delphi
    🌐 Portal: https://delphidigital.io/
    🐦 Twitter: https://twitter.com/delphi_digital
    💼 LinkedIn: https://www.linkedin.com/company/delphi-digital
    🎧 Listen on
    Spotify: https://open.spotify.com/show/62PR1RigLG2YN5Pelq6UY9?si=18ac7ccf36ab4753
    Apple Podcasts: https://podcasts.apple.com/us/podcast/the-delphi-podcast/id1438148082
    Youtube: https://www.youtube.com/channel/UC9Yy99ZlQIX9-PdG_xHj43Q
    Timestamps
    00:00 Cold Open
    00:44 Meet Rohan Pujara and Valhalla Ventures
    01:56 Why Rohan Avoids Consensus Investments
    10:23 Has Venture Capital Lost Its Risk Takers?
    13:11 Investing Skill vs. Getting Lucky
    17:23 Finding Founders Before They Raise
    19:14 What Makes an Exceptional Founder?
    28:28 Concentrated Portfolios and Follow-On Investing
    34:32 San Francisco Groupthink vs. New York
    36:48 TCI, Monopolies and Long-Term Moats
    39:37 From Crypto to Deep Tech and Beyond
    44:25 K2 Space: Betting Against Small Satellites
    47:34 Jaza: Bringing Electricity to Africa
    51:33 Investment Mistakes and Overthinking
    55:17 Backing Technical AI Founders
    58:44 Truffle and the Future of Personal AI
    1:03:53 Growing Up Poor and Learning to Take Risks
    1:11:38 Valhalla’s Future and Aligning Incentives
    Disclaimer
    This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures may personally own tokens or art that are mentioned on the podcast. Our current show features paid sponsorships which may be featured at the start, middle, and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product, service or token.


    Why the Future of Venture Is Hard Tech, Drones & Physical AI | Ian Rountree Sep 09, 2026
    Show notes

    Join José as he hosts another episode of the Emerging Manager series on the Delphi Podcast, sitting down with Ian Rowntree, founder and managing partner of Cantos. Ian details the ten-year journey of Cantos, moving from early vertical software into hard tech and physical AI, while announcing the launch of their $70M Fourth Fund. They dive into the reality of venture capital returns, the power law dynamics of outlier funds, and why traditional SaaS playbooks fail in frontier markets. Ian shares the frameworks Cantos uses to evaluate hard-tech founders, the mechanics behind portfolio companies like Neros and Castilleja, and why vertical integration is required to displace entrenched incumbents.
    Timestamps
    00:00 Intro
    00:39 Why Invest in Venture Capital?
    07:10 The Edge of Emerging Managers
    11:05 From Software to Hard Tech
    23:08 Contrarian Investing, Valuations, and Venture Mistakes
    34:14 What Makes an Exceptional Founder?
    56:38 Bringing Technology Into the Physical Economy
    1:10:51 Defense Tech, Drones, and the Future of Warfare
    1:23:55 Physical AI and Shaping the Future
    💡 Want to stay updated with the latest in crypto & AI? Hit subscribe and the notification bell! 🔔
    🧠 Follow the Alpha
    ▸ José: @ZeMariaMacedo
    ▸ Ian's Twitter: @IanRountree
    🔗 Connect with Delphi
    🌐 Portal: https://delphidigital.io/
    🐦 Twitter: https://twitter.com/delphi_digital
    💼 LinkedIn: https://www.linkedin.com/company/delphi-digital
    Watch on
    Youtube: https://www.youtube.com/channel/UC9Yy99ZlQIX9-PdG_xHj43Q
    Disclaimer
    This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures may personally own tokens or art that are mentioned on the podcast. Our current show features paid sponsorships which may be featured at the start, middle, and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product, service or token.


    China’s AI Advantage Is Bigger Than You Think Sep 02, 2026
    Show notes

    In this episode of The Delphi Podcast, Tommy sits down with AccelXR, author of Delphi Digital’s “Evaluating the AI Labs of China” report, to break down what’s actually happening in the US-China AI race.
    You can read the report here:
    https://members.delphidigital.io/reports/evaluating-the-ai-labs-of-china?utm_source=twitter&utm_medium=social
    Timestamps
    00:00 Intro
    00:35 Is China Innovating or Just Distilling?
    06:10 DeepSeek and China’s Leading AI Labs
    10:15 How China Is Working Around Weaker Chips
    18:25 China’s Biggest AI Advantage: Electricity
    29:45 Three Scenarios for the US-China AI Race
    40:20 America’s AI Talent Advantage Is Reversing
    47:45 China’s Path to AI Sovereignty
    Tommy: https://x.com/Shaughnessy119
    AccelXR: https://x.com/accelxr
    🔗 Connect with Delphi
    🌐 Portal: https://delphi.link/delphipod
    🐦 Twitter: https://twitter.com/delphi_digital
    💼 LinkedIn: https://www.linkedin.com/company/delphi-digital
    Watch on Youtube:
    https://www.youtube.com/@delphi_digital
    DISCLAIMER
    This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures may personally own tokens or art that are mentioned on the podcast. Our current show features paid sponsorships which may be featured at the start, middle, and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product, service or token.


    Most Venture Funds Are Playing Momentum Games | Michael Dempsey Aug 19, 2026
    Show notes

    Join José as he hosts another episode of the Emerging Manager series on the Delphi Podcast, sitting down with Michael Dempsey, managing partner of Compound. Michael makes the case that most venture funds being raised today are playing momentum games that won't survive contact with a real cycle, and explains why Compound has become known as one of the slowest-deploying seed funds in the US. They dive into the fallacy of founder legibility, why paying up at seed doesn't improve outcomes, and how the firm's research edge decayed the moment anyone could drop an academic paper into ChatGPT. Michael shares Compound's portfolio construction math, the thesis behind their public markets fund and the coming decade of market cap destruction, where he's investing across bio, materials, and robotics, and why the humanoid narrative is far more fragile than the market believes.
    Timestamps
    00:00 Intro
    01:24 Why Momentum Investing Fails in Venture
    05:05 Price, Legibility, and the Myth of the Obvious Founder
    15:10 Research as Edge and the Problem With Obviousness
    32:31 Portfolio Construction and Shots on Goal
    39:04 Bio, Materials, and the Commoditization of Intelligence
    43:44 Public Markets, Software Margins, and the Short Side
    56:58 Meta, Google, and the Mag 7
    1:06:45 Crypto, Robotics, and Drone Warfare
    1:21:38 Therapy, Psychedelics, and Writing
    💡 Want to stay updated with the latest in crypto & AI? Hit subscribe and the notification bell! 🔔
    🧠 Follow the Alpha
    ▸ José: @ZeMariaMacedo
    ▸ Michael's Twitter: @mhdempsey
    🔗 Connect with Delphi
    🌐 Portal: https://delphidigital.io/
    🐦 Twitter: https://twitter.com/delphi_digital
    💼 LinkedIn: https://www.linkedin.com/company/delphi-digital
    Watch on
    Youtube: https://www.youtube.com/channel/UC9Yy99ZlQIX9-PdG_xHj43Q
    Disclaimer
    This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures may personally own tokens or art that are mentioned on the podcast. Our current show features paid sponsorships which may be featured at the start, middle, and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product, service or token.



    Steve McLaughlin Built a Multi-Billion-Dollar Investment Bank and Beat Wall Street at Its Own Game Aug 12, 2026
    Show notes

    In this episode of The Delphi Podcast, Tommy sits down with Steve McLaughlin, founder and CEO of FT Partners, to unpack how he left Goldman Sachs at 32 and built one of the most influential investment banks in fintech.
    Steve shares the story behind FT Partners’ early days, including how his team took a company that had received roughly $150 million offers and ultimately sold it for $550 million. He explains why FT goes deeper than traditional investment banks, how the firm has built decades-long relationships with founders, and why incentives, founder ownership, and putting your own capital behind your conviction matter.
    They also discuss FT’s $50 million investment in Revolut, what Steve looks for in great founders, the work ethic required to build a firm over 25 years, surviving multiple financial crises, and why he believes AI will ultimately be a bigger disruption to financial services than the internet, mobile, or crypto.
    Timestamps
    00:00 Intro
    02:20 Leaving Goldman and Starting FT Partners
    11:00 Turning a $150M Offer Into a $550M Sale
    18:30 How FT Partners Values Companies
    28:30 Building Long-Term Founder Relationships
    34:00 Founder Incentives and the Revolut Bet
    52:00 What Steve Looks for in Great Founders
    1:08:00 The Future of Fintech, Crypto, and AI
    Tommy: https://x.com/Shaughnessy119
    Steve: https://x.com/FTPartners
    🔗 Connect with Delphi
    🌐 Portal: https://delphi.link/delphipod
    🐦 Twitter: https://twitter.com/delphi_digital
    💼 LinkedIn: https://www.linkedin.com/company/delphi-digital
    Watch on Youtube: https://youtu.be/P_JdhPqiww8
    DISCLAIMER
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