In short
The episode argues “greed is not good” by using recent market moves to show how psychology (FOMO, holding too long, selling too late) can override logic. It starts with a recap of the Friday market crash and rebound, then shifts to Swedish biotech and small-cap trading: AlzeCure (Alzheimer drug) is discussed after a deal with Eli Lilly ($10M upfront plus $1M milestones), with claims that the market cap and valuation have surged and that pre-clinical deals can still be valuable options. Sivers Semiconductors is used as an example of “timing vs fundamentals,” where an order announcement coincides with stock weakness. The hosts also discuss IPO/flow dynamics around SpaceX, plus crypto/tokenized markets and sports betting during the football World Cup.
Guests
Robomarkets (represented by Max and Simon at the Stockholm office; also mentioned as hosting events) and an interview with Christophe Ruttgorson, VP at Cliro (payments background including Bambora; transformation since joining in 2022).
Written by AI. May contain mistakes. Listen to the episode to check what was said.
Chapters
Tap a time to open that second in VOMarket Reflections and Greed
0:45 to 2:10
The hosts reflect on recent market events and discuss the implications of greed in investing.
“What have you done since the episode of the episode?”
Introduction to Robomarkets
2:10 to 3:32
Discussion about the benefits of Robomarkets and their community events for traders.
“Then we finally got a little rekyl in these minnesbolag.”
Alsecure's Market Movements
4:25 to 7:30
The hosts analyze Alsecure's recent contract and its implications for the biotech market.
“Och det totalavtalsvärdet exklusiv royalty betalning kan överstiga en miljard USD.”
Small Companies and Market Strategies
7:30 to 11:20
A discussion on the dynamics within small biotech companies and their market strategies.
“Yes, and it will be worth more and more just the length of this will go in when they go in the clinic so it will be worth more than one, so it's worth much more etc.”
Investment Insights and Company Convictions
11:20 to 14:00
Exploring the importance of conviction in investments and the impact of company placements.
“But then so they did an object mission instead.”
Market Dynamics and Investment Strategies
14:00 to 19:40
Explore the impact of high valuations and market perception on companies like GameStop and Tesla.
“I say this a little for to call them who have so high responsibility and so high conviction.”
Psychology of Trading and Market Reactions
21:46 to 28:00
Delve into the psychological aspects of trading and the importance of timing in the markets.
“Historisk avkastning, no guarantee for future.”
SpaceX and European Competition
28:00 to 30:00
Discussion about SpaceX, Starlink, and Europe's position in the space race.
“I mentioned SpaceX all the time when I talked about it.”
Crypto Market Dynamics
30:00 to 33:06
Analysis of recent trends in the cryptocurrency market and key players.
“So I don't think that Europe will do a walk-over in this sector.”
Upcoming IPOs and Market Reactions
34:28 to 40:00
Insights on upcoming IPOs, particularly SpaceX, and potential market impacts.
“We saw that it's one of the biggest clearinghouses in the world.”
Show all 19 chapters
Money Flow and Market Predictions
40:00 to 42:05
Discussion on market liquidity, IPO funding sources, and future predictions.
“Och det säger väl någonstans att det är väldigt mycket pengar som ska tas in till de här IPO-erna.”
Market Insights and Trends
42:05 to 46:21
Discussion on market actions, investments, and predictions related to sports betting and stocks.
“Om någon säljer det då för att köpa aktier, då är det ju någon som köper den där korta räntepapperna av någon.”
Market Strategy and Predictions
46:21 to 47:24
Hosts discuss strategies for managing investments and market predictions.
“That when you're on top, the depot has gone up very much on a short time.”
The Journey of Cliro
47:40 to 56:00
Christophe Ruttgorson discusses his experience and the transformation of Cliro.
“I was a forbear and expansion strategy I was also a company for 1 ,5 billion euro in 2017.”
Market Trends and Strategies: Buy Now, Pay Later
56:00 to 58:34
Learn about the current trends in the financial market, particularly focusing on the buy now, pay later model and its implications.
“So we had a couple of new missioners for the financials but now we were going to get good results.”
Product Development and Innovations in Checkout Solutions
58:34 to 1:02:45
Discover the latest innovations in payment solutions and the launch of new products aimed at optimizing customer experience.
“Ni har ju lanserat flera nyheter på produktsidan.”
Navigating Market Regulations and Competitive Landscape
1:02:45 to 1:04:54
Explore how regulatory changes impact the market dynamics and the strategies companies employ to stay competitive.
“Och då vad ser du själv Kan du också dela med dig av Och sen kan vi prata lite om Vad det här kapitalet ska gå till We're going to continue the next to the market we have now.”
Leveraging AI in Financial Analysis and Operations
1:04:54 to 1:06:40
Understand the role of AI in enhancing financial analysis and operational efficiency in the payment industry.
“framförallt inkasso och sånt påverkar sig.”
Future Market Projections and Growth Opportunities
1:06:40 to 1:09:10
Gain insight into future market trends and the growth potential for companies in the financial sector.
“It was a little bit I was worried about it that this could be changed the whole hand.”
Transcript
Automatic transcript. May contain errors.0:00Just what is it that you want to do? We want to be free. We want to be free to do what we want to do. And we want to get loaded. And we want to have a good time. And that's what we're going to do. But wait baby, let's go! We're going to have a good time. We're going to have a party.
0:37We'll be right back.
0:45What have you done since the episode of the episode? Did you get a bit of a fat? I looked at my short Sivers. I heard it when the market crashed on Friday. You got a half-day total cash and felt like now it's my turn. Exactly. This is it. I looked at the meltdown of the ice-sit. I hotel sat. That's what we're talking about, of course. Greed is not good. Not always, but We've talked a lot about it here So I'll take my take on it We're going to talk about the psychology It's very easy to put out When it goes bad For a while, when it goes bad How should it go? Many think it went very well But I have another I think it would have gone better It's why I'm still there Annars I'm so tired And then it sprutes out Emissioner, we had a Jätteuppgång i Alsecure We talked a little bit about SpaceX, HBO, so of course And then a little football, VM and iGaming And then at the end of the episode We have a interview with Clidos, very spännable They've just gone through the end of the interview So listen to the interview Yeah, really spännable On payments and how the market And what the company is And what the company is Now we're going
2:10We have with us Robomarkets. It has been a good deal in the USA. Nasdaq was down 5 % here on Friday. Then we finally got a little rekyl in these minnesbolag. They can easily handle via Robomarkets. If you want to go long, you can do it on ISK on dollar. And if you think, like you, that it has come up a little bit too much, then you can even blank the these companies in the USA. Very easy on their platform. Precis Och sen får man inte glömma att RoboMarkets Håller också event, de hade ett förra veckan Då var jag där, jag blev inkallad Sista sekund för att kolla föredrag Men det var väldigt trevligt och de har ju Såna här event där man får träffa andra Likasinnade som är intresserade av trading Och sånt, så det kan jag varmt rekommendera Att hålla uttryck efter dem Ja, framförallt handlar man via dem Så kan man ju bli inbjuden till väldigt roliga Events, det är ju nästan det tråkigaste Med att vara trader, det är ju att sitta ensam hemma Och att då få komma ut och bolla lite and to see like a single thing that you can create contact with online is fantastic.
3:10It's actually a social bit of this job. That you can find other people who think about other things and see things on a different way. So it's really great. If you're not a customer, it's really the time to be with Robomarkets. It's just to contact Max and Simon on Stockholmskontoret if you have any questions. Stort thank Robomarkets. But come back, investeringen bär risk and it's not sure that you'll get back your investment capital.
3:41We'll start with Alsecure. It's a little Alzheimer's company that has been followed both from the inside and the outside. Under these 10-15 years, it's been blanded and it's been a lot of time. Three of them were in Sweden. Yeah, exactly. Biartic, Alcinoma, Alsecure. Yeah, exactly. Biartic is the biggest. They got a good job of a preparatory and today it was Alcicures' turn. Was it a turn? But they signed a contract with Eli Lilly, 10 million dollars up front and then 1 million dollars in Milestones. So it's a fantastic new. Market cap was 150 million dollars before this. So it's really good for the svensk biotech.
4:28It's really good for risk-sentiment. Eli Lilly i en fjärde halvdel också. Ja men precis. Och det totalavtalsvärdet exklusiv royalty betalning kan överstiga en miljard USD. Och market cap här var ju 150 miljoner. Så kursen var upp över 300 % nu när vi sitter här. Så är det ungefär runt 300%. Den har kommit upp igen. Och de hade faktiskt annonserat att de skulle göra en nyemission. På 30 miljoner kronor. Ja 30 miljoner kronor. Dock har de ju flera andra preparat. Det här var ju pre-clean. Så det säger en del om det du har pratat om med biotech. And here we have a very big difference between Novo Nordisk and Eli Lilly.
5:05They do three deals in a week. This is for them. They have 10 million dollars. It's nothing. It's not a problem. And they have to test it. And with Alzheimer's it is a very low risk that you can get it. It's like in cancer and other indicators. so it's a bigger chance that you can get a low probability that you can get it so for them, they have 10 million dollars testa the technique now you can even be AI-like just in a little bit of a and then it's just Alzheimer delen or the little knes in they have a preparat but many other things have failed so the pipeline is not so big it's what I mean Alzheimer's forskning has not gone well.
6:01So we have talked about or I was just talking about it for a minute about a episode of this, that the company have monster-casser, they must start to build pipelines and they must start to build moonshots. It's quite interesting that they do pre-clean. It's just a bit of an event. Därav the low front. But it's good for the big market to see that the the big deal with the big deal with the big deal, they still think it's interesting to do something pre-klinic. For that, it's something that should be said that when they sit on the big deal, this can look a bit more like that, but why they often don't do so much pre-klinic, it's because it's hard to motivate to even make a deal if it's not worth so much money, which it doesn't matter pre-klinic.
6:50But for that it's like to fly to the wall and give some effect, so it's almost a little bigger value for it to be interesting to do it, to focus on resources, to focus on and to focus on. Just so that it is, that they want to do it, that the sum they do is bigger. So it's interesting that Eli Lilly is a small deal. Exactly. It's positive. I think that Eli Lilly is not a thing about this. Alcicor is the biggest thing that has happened But it's very cool for small companies For risk The money should fly around And then it's interesting to see what market Now it's worth around 600 million How you value this option That you can get up to 1 billion dollars For these 10 million dollars They should use to their own project So you can get up So it's more what this option is worth.
7:53Yes, and it will be worth more and more just the length of this will go in when they go in the clinic so it will be worth more than one, so it's worth much more etc. Man has not really thought about this but here was actually a sign of that you might maybe stärker up your position by taking money. It's a lot of companies that say that we don't want to be with a ton of cash and deal with Big Pharma For then they can play out us totally And it verks be what they have done here Eftersom they are working with a Yeah but then you see that That the money is on the way in Yeah absolutely So we can't We can't have a half hour here We have a little bit of money Yeah so you mean it But it's still tight That you mean Man is in the mission Man can gratulify Kursen stood well in 1 ,50 or something And now it's in 5-6 kronor and then some owners have taken care of that they should take their part on 1 ,50.
8:53It's just like that you can win on a lotto. Yeah, first it was like that they were in the middle of an emission. It has happened a few times that it handles... And it goes up more than a thousand percent. But it was not. But congratulations to the sector. We hope that we will get more in the Svensk Biotech. So now it should be like The money is going to go forward It's just a lot of companies That say that they have big deals on the way Then I thought we could talk a little Sivers Svaren here Dels that it comes out of emission In companies like Smalltech Come with a company Here it's interesting to see how it works Man knows not how the game has gone Back on the wall But the kurs is very high They will go to a company in the market, which is not the biggest banks but then you have to go to the little less and the kurs was very low here in Small Tech and the kurs has gone 1000 % and it shows how it works in the mind in the small business, there are no institutions but then it's small spare that's ready to pay 1 % on the market but if you have a guarantee and like that then it's a different price or if you have been to for a month when the kurs was not 1000 % up But it's a lot of saying that it's still a low risk in these small companies for you to have any institutions and private companies that support many companies.
10:25No, but as a marketer, I think that you're going to have small tech here because you think it's going to be up to the market. Just as Sivers and Proudon do. And then you want to have a marketer. Not that you're going to have a lot of people here. But you don't want to do that in placing If you're super bullish, you want to have more You want to do it and buy it It depends on how much money you have on the list If you're all in Then you don't have to do it in your own No, but regardless In general, it should be that if the company takes in money for it Offensive So you want to be with Annars you're just out of the spread And it's a little bit of it I thought I Severs' case They did a placing on 14 ,50 When the actual was in 20 And now it was over 100 for the week It's a little fun with The actuality of the actuality In a house They sit and hear and roar And he is while they are out It's a good thing It's a good thing If the company saw The monster pipeline That they did a company It's a good thing It's a good thing and it costs money and you have to go to garanter so I think that it really is different situations here what's best, then you can do it to low rebate, you get your new real estate, then I can really in these mindre companies to speak a real estate than to hold on in two months with a low-referred to low-kurs, then Paya Momentum Paya Kursen Here is a difference if you are long-siktig or not but if you are long-siktig so you want to be with If you go down it very long So you should be willing to take it I say not that they did wrong I say What I'm trying to hint about here Is that the company themselves had no idea About that the company was worth 100 And that's not true But so I say it in all of these It's a little stop up What a value should be In a hype-up environment It's what I mean Vissa say that it's not a hype It's not a bubble It's apparently a hype.
12:35Yeah, that can we write down. But then so they did an object mission instead. Then, instead of the rabat, it was extremely big. And there, I think, it's been a mistake. That you're going to give a certain amount of money. And then, I think, it's a good amount of money. If it was in the first week, it was 1 krona. And some had to write on 50 or something. And then, all of a sudden, came the actuals out. And then, they're going to sell 40 % down. So, the actuals are going to sell 1 krona. And then on a second, they were up a million dollars of akties On 60 years And it says a lot of the tagars they got in in the emission So instead of selling a little p-on-p - They think that 10 years of interest per aktie It was just to be able to get out Yeah, exactly And it's a little bit of this I mean That it's when it comes in Agare on the market Or the market Or retail on the market Who maybe not really understands That if you're a part of a company and if you're out of the way, you're getting paid and you're getting paid to someone else.
13:37So that's a question for you. For in some cases, you don't want to be a bestowl. Nej, that's what I never want to be. And like that, I see the Civers here. I feel like they have a lockup that goes out both for the company and for the higher personnel. Now it was something inside the sell here. But they really need to pass on to take in so much money it goes. I say this a little for to call them who have so high responsibility and so high conviction. So I do this a little a bit of a bit of a conviction. If you really have the conviction then you will be with a company. Absolutely. I think it's difficult or it's funny.
14:20I mean not that it's bad when a company is placed. It's full of understanding. It's just smooth and really good. But as a marketer, if you're so bull, then you still have to be with in an emission. It's a little game stop here. They took a lot of money and bought a lot of other. They tried to buy eBay. I don't know how it went with it. But you created a very good relationship and a long-siktive value. It was what Tesla did also. They took a lot of money on high value. It's a value of that the price is high. and it can even it can even say if a company actually works or not and it goes not to take away, now the US retail has been kept the market and they can't take away to do a number of dollars even if they are very many they can be very rich so it doesn't take away George Soros has a theory that's called reflexivity and there he is that So that the actuality of the actuality is going up, and the actuality is going up.
15:32In GameStop's case, they could try a lot of the actuality of the company. So the company just went from that it was a skit company. I'm not saying that it's a good company today, but they have a lot of opportunities to do things. But if we take a better example, in Tesla's case, so has the action done that they have to get a completely different maneuverings in order to make funding, in order to do deals, in order to do people I think that it's just a thing, that it's easier to get into account so, the goal is to play a role but it's guaranteed if we start with Siverts, they got a new order today Igår handlade jag den lite Tänkte man, världen har kraschat till fredags Nu borde det verkligen gå ner Torskade en massa pengar på kortsidan För att den gick bara rakt upp När man trodde att den skulle logiskt sett Krascha kanske om alla de här minnesbolagen Och sektorn hade kraschat Idag fick de en order på 8 miljoner dollar I det området där den insiden Sålde alla sina aktier för 100 miljoner Om jag fattade rätt Det var förra veckan Han såg det komma Och idag så öppnade den ju då högt And now it's still minus 5 % When we play in here on the afternoon I think the most saddest day was on Friday Or also on Friday I was on Monday I was on Monday I mean, Friday crash Chipolagen in the USA All were near, much, Nvidia So then you think I'm going to go on For 94 spain And then I'm going to go on Monday morning They were going to crash.
17:10Now it was up. Yes, it was it I tried. And then you asked what is risk reward on what is short so these things when nothing happens. Fugazi, fugazi, fugazi. And then you see that Serenity has written a tweet that JP Morgan has flagged up over 5 % in Serenity. Or in Sivers. Serenity skrev it. And they had done it. And it had they done Why did they flagge it up? Why did they do it? I thought it was a clear reason And it was that Aktien for Not now i fredags But fredag innan It came in both MSCI And SPX So it's a lot of fonder And ETFs And so That's going to take in Sivers And that is JP Morgan-plødet It's not a person That's not a person That's not a person That's not a person And flagged up JP Morgan It could be a very little bit of a ETF, or their total retail pool.
18:11They are custodian at retail. I think it's a bland thing. It's just like that it's like the Swedish firms... ...that it comes to PMs in the Swedish company. The Avanza Pension flaggar up. They have gone over a threshold. And then many often say, oh really nice Vanser flagging, now we're going to do it. It happens often. But then the world became a little bit more balanced. The world became a balanced order on that they actually got an order on 8 million dollars today. And the action is down. So then we're quitted. So it's nice to have a company that has a big order. Here is the first time you see the real number of numbers.
18:58in. Man lyckas timera SpaceX-veckan. Det är inte dåligt. Det här var ju inom space-området med wireless. Så att på något sätt, bolaget existerar, riktiga order, riktiga pengar in. Men, den dag de får ordern, då går aktien ner. Så att det är lite hela havets stormar här. Så att gillar man action, då ska man verkligen handla Sievers. Vill man använda logik, då kanske man inte ska handla den. Det är otroligt att de fick en rymdrelaterad order den här veckan. It's magic. They're religious. Yeah, really.
19:36Today we have a new sponsor, and it's Pareto Securities. Or a new one can say. They've been with before. Many maybe they've known them. For those who don't know them, what's going on? What's Pareto? Pareto is a full service-to-home-house in Stockholm that has been with for a long time now. They come from Norge from the beginning. They were in 1986. They have a lead position in the capital market in the Nordic market, like Placings, investment banking, analysis and the market market. They have a company in Norway, Sweden, Denmark, Finland, Storbritannien, Tyskland, Schweiz, USA, Singapore and Australia.
20:15So they are a global player. Yes, and now they have a very good job. They have 0 ,025 % in the report. And it's very interesting that you can also take part of all analysis. And it's a Nordic analysis. It's very interesting both in the report period or if it comes new. So have Pareto a tax on over 350 nordic companies. With a direct cost of estimating and a deep report. It's great to have both under the report period. and all the time, every morning, to go in and check what they have for upslag inför the day. Yes, but really. Also when it comes to a report or something, so analytikerna come out with their take on it.
21:02So it's really worth it to have something to hold on. And then also cottage. 0 ,025 % in real estate cottage, without capital - and without the most part of the cottage. It's a really good deal. This is about the customer who put orders themselves via Handelsplattformen, kan vi lägga till Men det är ett väldigt attraktivt erbjudande Absolut, och det här får man Prova på med fri tillgång Till aktieanalysen året ut Och är man mer intresserad Så ska man gå in på paretosec.se För att läsa mer Det tycker jag verkligen, utnyttja det här erbjudandet Och öppna det på Och se vad de har att erbjuda Gå in på paretosec.se S-E-C.se Och kom ihåg, handel med värdepapper That's always a risk.
21:47Historisk avkastning, no guarantee for future.
21:54If we go further, I thought I could talk about some psychology. Both when it goes bad and when it goes bad. Now it's actually for a while gone good. It's been very good for me here at the end. I've been using the box of this case. Then you had Octave. It was a call. like a stung where they went to the URMX30 where I bought very much akties and then got the psychosis in their USA-acties so it went up and it was I think it was one of my best winters on a few days so it went up to 20 % and so had you taken a good size and did you sell it? No, it did not. In the USA you were worried about it For that the price was much higher And in the USA was not the same volume It was difficult, what is the real price?
22:47It's in the country of the USA In the country had we a lot of ETF And then suddenly the crash was in the USA And then the svensk also And then you just felt like greed is not good You sit there, you're like a king In the morning when it opens Then it goes up And then on the evening Just a little bit of the USA And then the crash And you just felt like From the one day you felt so good And you felt like a little bit of a deal till man gick och lasade där alldeles för mycket varför har jag inte tagit det hem sälj när du kan, inte när du måste alla de här böckerna citaten bara ekade i huvudet det speglar väl lite din etensatt trade också, jag har ju varit bitter här att jag har sålt bort mig och nu har den ju liksom det kommer ju ofta, så länge det inte är Sivers så får man ju ofta en chans till det är ju inte ofta grejer att bara gå rakt upp till månen nej precis and we can hop over to hotels where I've been with it länge, I've been with my first for the summer and then I've been to do an emission and not just a placing to the French state and the Storbritannia but all of them would be happy with it but then I've been happy with it but then I've been more so after emission and everything I've been so I could not write so much in French So I could sell my rights to buy a lot of cash And then I bought a little more cash So I got a pretty much bigger There nere was it And then on 4 ,50 Then it was not absolutely Then it was a big big But had you set up a price before Or a little octave Where you thought 200 is good And then it was 190 or 195 Here it was
24:35Fundamentally so I think that I use hotels I like to say and I use cases and the company deals with a of of of business Leo DLN which is the same satellite as Stalink has same function Leo satellite the the the the the the the the the the the the the the the the the the the the the the the the business. Än så länge är den ju för liten för att det ska synas i siffrorna, hur mycket den växer. Den kommer ju komma till ett threshold där det börjar synas. Så jag tycker inte marknaden värderar in det, utan de värderar ju bolaget som att de är ett viasatt som håller på en smältande isbit. Men nu var ju det här, för tycker jag, hela det här space-temat och allting som en I should say gratis But it's a very low option And it's a little so I want to Exponere myself That the nedsidan Is not so big And if you compare it with Multiplar E-Ebita That you don't have to look at For all of these companies And SpaceX is it Ofantliga Investing and Asks when it comes to satellites But For that jämföra värderingsmässigt så blir det intressant.
26:03Och då handlas ju liksom på EV10 SpaceX det är väl tresiffrigt gånger två jag gillar ju såhär med triggers och sånt, här hade du ju liksom en trigger lite hur marknaden funkar, den toppar alldeles mycket tidigare än själva SpaceX IPO, men hade du något att jag ska sälja innan IPO eller i samband med IPO eller, för det jobb man har ju I had it well, but I had it in some form of that the market could start to be able to get in this option. That the European will have... I think that in the same way with SpaceX IPO that the hotels could be able to get a and be able to get into some form of infrastructure-critical play.
26:49Which I don't think I've done yet. 150 % of it didn't work. It's not worth it. The company is not worth anything. It's at an time that we won't pay off those satellites Have put up a satellite in round And once more And theernus should pay off For high enough Also didn't forget Presidentาน always has the most Pentagon They are number two Two after Starlink And some uh którzy So it's not all the price Yes Basically Nothing For car Have not rely on Because You are You are Getting Now Theorien I have is that retail, the company in SpaceX, all will be with. It's really all that will be. Europe can be with and with the company.
27:37For SpaceX, to skill from many other companies, has actually made a European perspective. For that all are going with. And then it may be like a black hole that is going to be with liquid. For that all are going to be with this. And then it may be interesting what happens when SpaceX is well-innotated. Or when the company in SpaceX is going to be with. then maybe the sales flow will be in the market. But with that said, I think that... I mentioned SpaceX all the time when I talked about it. So it's actually Starlink in SpaceX, which is peer-reviewed. And it's not worth more trillion, but it's the Mars - part.
28:16But now is Starlink the part of SpaceX. It's not a good value. I've talked before about a European SpaceX and then you have to go to the European SpaceX and Avio the Italian company which is on the Milano-barship because it's important that Europe needs if we are with space race which I think we will we have a lot of billion dollars in the EU that we will go to this then we will be able to we will be able to get up to be able to, to be able to do it, it's the Avio that does it. And so we want to have, at least on the top of the and on the top of the and on the top of the and so on, we want to have a Leo network.
29:03And it's a hotel, as I see it, that's a play on the front. Many people talk about other companies that do satellite and so on, Starlink does not do it. They do not do it. So it's not even... It's why Stalin does it. Direct to the phone. But it's just to have a terminal. It's just to do it. And so it's more to my needs and so on. And so on. And drönare. And that niche. So we'll see. One last tip you've come with before. In case that has gone well. If you've got 100 % so you've got half. Because then you've got half. I didn't get it. I just got 70-80. So it was first 0 I also looked at it For the year in March It was a hotel In the same with Starlink News Or SpaceX News Just for that they did Emission after that So it was 6 euro So it was a little It's a good I'm going to say so I'm going to be kvar Min take is that In these galna times You can look for a little bit Fundamentally You can say it's right or wrong But now it's very much All the company has gone for that SpaceX It's not It's not I'm not I'm not thinking about it as a infrastructure play I can't think about it That we all Ska sitta Beroende of USA In form of Krig or what it is Vissa of the satellite company lovar Europa då en kill switch att ni kan stänga av, vi kan switcha av dem så att vi inte kan använda dem man bara men det är väl, det är ju alltså, ta en kill switch som exempel om Europa är i krig då kan vi inte använda kill switchen för vi måste ju ha satelliterna så det är ingen bra lösning och nu är det ett kommersiellt bolag som har gjort en sån, ett amerikanskt, och det kan ju funka absolut, alltså Telenora whatever, with mobile phones.
31:17It's not that I have to look at it. So I don't think that Europe will do a walk-over in this sector.
31:28If we talk about crypto, there has been a stillness. We had, for example, that MicroStrategy had sold some more bitcoin, and then the next week came to that they had bought very much bitcoin. So it's been a little Abdullah Noata mate It's been used being a dayло
31:50of which can be nothing can say den här temperaturen, om det är SpaceX IPO eller vad är det som ska få tillbaka kryptointresset men det är ju nu när det handlas på låga nivåer det är väldigt intressant tycker jag Ja, det är mer intressant än på 120 kan man ju lugnt säga och Michael Saylor där han sålde krypto han har ju blivit någon form av Bitcoin messias och jag tycker väl någonstans att det kanske är bra om hans gloria försvinner litegrann I think it's not positive for crypto That he has the messiahs role That he has So on long side I think it's positive That MicroStrategy Has said that he never Has to sell it So if he doesn't have the same Ledertröja That it's good for crypto Absolutely One of the few Glädje-amnen in crypto Has been Hyperliquid There can you follow SpaceX IPO-based.
32:57I've been looking at the oil and the other thing in the helgen. So it's very interesting to look at that. And you'll probably be able to do it with Anthropic and OpenAI also. Yes, exactly. And that can you then get a response via our sponsor of Retune. They have an ETP that gives a response against Hyperliquid. And the one has been very strong here in the last time. Yes, but really. We saw that Citrini also wrote about Hyperliquid. Yeah, but it's one of the biggest sub-stacks blogging in the USA that's how to affect the market very much They have some form of a part of the part of the part of the platform goes to a return of their own value Hype, exactly Hyperliquid is a tokeniserable crypto-burs where you can handle tokeniserable amounts of the amount of the amount of the market that the market tjänates a part of it is a part of the market sin valuta hype med.
33:56Det innebär att det finns ett naturligt köpflöde som ett aktieåterköp nästan i koinen. Precis, och det är som alla andra Virtunes GDPR. Det handlas väldigt enkelt via ISK och kapitalförsäkring. Man behöver ingen wallet, private keys. Det är reglerat, det är lika enkelt som att köpa en aktie. Virtune är ett svensk ledd bolag. De har väldigt mycket, ett väldigt stort utbud. So if you think that if you have any other things that have come out of it, so it's very easy to get a expo on it via Virtunes product. Exactly. We mentioned just to LAR for the week. We saw that it's one of the biggest clearinghouses in the world.
34:34They are the biggest in the USA, so it's the biggest in the world. That they plan to start to settle on blockchain until 2027. So it's really a step, a step. steg. Man undrar ju var vad kommer vi hamna om tio år när vi har tokeniserade tillgångar. Har man liksom sina bolån? Har man allting på en blockchain? Verifierbart? Belåningsbart? Det är ju en väldigt spännande utveckling. Ja men precis. Och de har ju totalt 23 produkter så det är ju bara att gå in på overtune.com, läsa på om de produkterna man tycker är intressant. Vi har ju nämnt då Hype till exempel. Så... Ja. We have a footballs-VM also That's what it's coming Yeah Then it's going to be It's going to be a lot of money And cash Can you think And that's what's going to And that's what's going to Cryptovalutor also Yeah, exactly Because you need stablecoin And The bets Are you On blockchain In For example Polymarket In Ethereum Is underliggande Where The smart contract Is So it's It's It's It's It's It's On chain So it's It's It's It's It's It's It's It's It's are on the blockchurchs.
35:46In the takt with that it's better. So it's also interesting that you can hold a look at. It starts now with the 11th of the football game. Yeah, exactly. It starts on the Thursday and Friday depending on the time zone. So, if you look at the product of Avanza, Nordnet, Saver, Montrose, Leveller, it's just about to write Vertune. I search for the first time you can find their products. So, spana in it or go in on vertune.com. Stort tack! Thank you.
36:37skyhög. Jag har tecknat lite som liksom jag är ingen IPO, superduktig IPO-kille. Det känns mer som att det är kul att vara med. Man får lite FOMO. Min känsla är väl att när alla aktier kommer ut och folk som har varit med här och gjort ofantiga vinster då ska SpaceX ner. Men många i marknaden och på båt styr verkar ju helt inne på att det här är superriggat för att det ska gå upp väldigt mycket första dag om man har indexflöden och olika saker. Kommer du teckna? Jag lutar åt det. Frågan är Som europeer, när får jag mina aktier? För jag kommer nog vilja sälja rätt snabbt. Få veckor senare känns inte jättehär.
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37:15Nej, det känns inte skitkul. Eller om ens tre dagar senare. Vem ska sälja? Det kommer bara vara folk som har tecknat det här 135 dollar. Tills det kommer optioner och lån. Men det brukar ju ta några dagar. Så det brukar alltid vara lite vakuum här första dagarna. Så förhoppningsvis ska väl alla europeer få sina aktier innan det här vakuumet tar slut. I think that most people have to do it for a snob flip. That's not true. No, maybe not. All of these big retail-flöder. Because they have seen on TV that Elon Musk has set its best business on the market. Okay, maybe. But what I mean is that it's rigged for an IPO pop, as it's called.
37:53That it's going to go first day. Yeah, trots that the market is the sjukest. Yeah, but they come in, they set 4 % of the company, or 5 % of the company. They come directly in in Nasdaq 100, not S &P 500 S &P 500 says no If I get it, they don't buy Nasdaq 100 They don't buy IPO They must then buy in the market For then it has been on the market I'm not sure it's not I don't know But that S &P 500 says no It doesn't feel like it's going to take long time In the SpaceX coin S &P 500 So it might be smart smart. Man har satt upp ett event att, ja men vänta jag behåller mina tills de kommer in i sin P500 då har marknaden något att hänga upp sin hatt på.
38:39Och vissa av dem här har ju kriterier på att man ska ha gjort vinst eller att man ska ha funnits en viss tid och liknande. Och jag vet inte om det var vissa sådana grejer de föll. Ja precis. Och sen kommer down the road komma i lockups liksom. Som rullar ut. Och då kommer det ju komma mer aktier till salu. Så det blir en extremt spännande vecka. Det blir väldigt kul att se hur den handlar. Bolaget tycker också ut och så that the firm on Wall Street would have a interval 135 to but what I understood did it say that the 135 would be price and it's two different schools there, antingen you think that the company does sell the company for billy but you don't want to understand the effect of that the company actually runs the first day so it can be positive for the company in length it was a little bit of it we talked about before than a other company that goes up.
39:31It looks like momentum in the market. Yes, exactly. And if we hopped on the crash on Friday, it feels like it's a little bit like SpaceX to do IPO, Antropic, I go to open AI. It's a lot of money. Alla will ask, why did it go to Friday? It often has to be a reason. When things have gone up much, it doesn't have to be a reason to that things are going to go up. Or that the whole market is going to go up. Nej, det måste du inte göra Ofta hittar man ju på anledningen I efterhand Men Just i det här fallet så tror jag Att det såg ut som att allting Allting såldes ju på, allt gick ner Guldet gick ner, alltså allt gick ner Så det var ju lite såhär likviditets Till och med Tigo gick ner Det brukar vara en sån aktie man kollar på Low risk, den går aldrig ner Det fanns ingen skillnad på Risk on tillgångar och Risk-off-tillgångar.
40:27Jag tyckte att allt gick ner i fredags. Och det säger väl någonstans att det är väldigt mycket pengar som ska tas in till de här IPO-erna. Det är 4 triljoner som kommer till börsen. Men det är inte 4 triljoner som ska finansieras, utan de släpper inte så mycket. Men du har ju liksom... SpaceX tar in 80 miljarder. Antropic ska ta in... Vad är det, 100? Nej, de har inte sagt några. Nej, men det blir väl något sånt. Google tog in 80 miljarder förra veckan. Berkshire Hathaway Som tog 10 OpenAI kommer väl ta in något liknande Och Meta i fredags Kommer ut och sa att de Kollar på att ta in pengar Ja de blev avundsjuka på Google Och när de såg att det gick så ville man väl passa på Så helt plötsligt Om du slår ihop alla de här så blir det ju Och sen så finns det en massa mindre bolag Som tar in sig 500 miljoner Dollar etc Det blir väldigt mycket pengar As the market As the financial And the money we have to come from And this is not the same thing When the state needs to pay off And Fed is not This is actually The money we have to come from I know that many people say This can be found with us It's always been On the sidelines What bankers have All right, what's that Lick, crut Tort krut.
41:52Tort krut. Jag har aldrig riktigt fattat den taken. För att om någon, den här cashen, torra krutet, det ligger ju alltid i korta räntepapper. Och sådana saker. Om någon säljer det då för att köpa aktier, då är det ju någon som köper den där korta räntepapperna av någon. Så jag ser, jag har aldrig riktigt förstått teorin med torrt krut. And then it's often It's a lot of leverage on the market Where the top of the market Is spoken for already So it's taken to the answer In form of a loan And I read it I read it That it's so much Treasuries So it's money to the IPOs And it's not really so it works For it's not that it's someone who wants to buy the treasuries And so Stänged you your korting I?
42:45I all the crash. No, you're still there. We didn't have a follow-through. We'll see what we can take. And then, what do you mean? The sportman is a lot of action. They were still there in the Friday. All the time was there. So, when you have it so, it's a bit difficult to take off. Which should I stung? Longben or shortben? Longben I really don't want to stung. So, I'm still there. Yes, and as a result of the footballs-VM I have Camby It feels like it's going to be It's going to be a lot of matchers I'm going to be a couple of years Cambys return to the game I've paused here now So the game has come down a little They have a new game here in June And then we can make it We can make it possible That they can take it again It feels like it's going to be a focus on Spelblad, they've gone bad Betsson with more It also feels like this could be able to give EVO Where you put money in and bett for If you can win When you have the money in the account Then maybe you play a casino like that In EVOs case it's more interesting with the return We talked a little earlier here You said it was completely worthless I'm most fascinated by that it goes So many volumes I think they've been able to get 170 000 In a day It's also 100 million kronor on a day, and still is the market relatively weak.
44:14Now when I took up the screen here, so I saw that the was up 1 ,5 % today, 10 kronor. I got to know that this is one of the best summer-actions. That the volume will go down, now it's the sale when it's done, but it's been said how long as it's. But then I just took it to the market every day. So I took on my EVA here as a summer-position and it just bores to go 5 kronor a day, it's like, the whole summer. I think I'm a dream on Dream on, say you I'm a long time on the same topic I'm just surprised over Sell-flödena That's coming They buy for 100 million per day Or around It's a little bit I'm just surprised But I'm just surprised I said that it had a little bit So it's maybe today we sat To the bottom And Kambi are also long It's football for VM It should be a good impact And it's also a lot of new customers Now on the VM And then they hold them I can convert them to tennis Wimbledon Reaktivering So it starts Premier League Is it another case or event You want to drop before we go up?
45:32It's a little transport To SpaceX IPO It's a little bit It's a week. It's a week. It's a week. It's a week. All the big events are a week. But now we're here. But I think that the market is quite a bit. It's not so much. In any case it's not today. It's maybe I'll have to eat up here. When we come out of the studio. But tomorrow we have a inflationssiff of the day. It's a job on Friday. If we talk about macro. The stock was strong. Inflationsoron came up. Oil in May went down very much. All right. From highs. So it should be better for inflation expectations. We'll get inflation in the morning, but it'll be a little bit interesting.
46:15See what's going on at the end. Yeah. And we'll end with the fill or kill. I'll say that fill is the senest tidens handle with Octave. And kill is a little bit of a jerk. That when you're on top, the depot has gone up very much on a short time. Sälj När man mår bra Sälj Du kan ju åka till playa med de här pengarna Ja men framförallt Ta delvinster Jag brukar tjata om det Och det är viktigt Så att man orkar vara med också Och min fila är väl också Långa innehaven Jag tycker ändå att Biotek innehaven har pinnat på Mycket har pinnat på Hotelsat har inte pinnat på Den pinnade på och snubblade But Scam den som ger sig, so there I'm kvar Now we're in on disc numbers here I'm going to tell you that I'm going to be What are we talking about?
47:12I'm going to be also Camby and Tej And Evo I'm also both And you're Kortsivers Kortsivers And now comes Interview with Clido So listen to the audience With their VD
47:31Today we are with Christophe Ruttgorson, who is a VP of Cliro. Welcome to Fillor Killpodden. Thank you. It's been a pleasure to be here. You can tell us a bit about your background before Cliro. I've been a long time in Payments. I was with and I was with Bambora 2013. I was a strategichef there. I was a forbear and expansion strategy I was also a company for 1 ,5 billion euro in 2017. I was the first strategy for all the Ingenicos payments-lösningar in Europe. I've been paying payments for a long time. I came in on Clearo in 2022. I had a little crisis in the company and I've been doing a transformation in three steps since then.
48:09It's a really cool payment with payments. Can you tell us about Clearos' resa? For those who don't know how much of the story is. CD-on känner nog många svenskar till. Och vad står bolaget idag? Hur har resan sett ut? Man har egentligen en ganska bra grund. För gamla CD-on-gruppen kastade ut Klarna för ungefär 10-11 år sedan. Och i samband med det som startade Cliro. Så man har en stark grund med fokus på att skapa en flexibel och bra kundupplevelse. Och en bra produkt. Men det var inte riktigt byggt för att skala. Utan det var byggt för interna gruppbolagen. Man började visserligen sälja till några bolag utanför gruppen Några enterprise handlare Men insåg att det var svårt att sälja in En betalningslösning där man också delade all data Med Nelly och CD-On Då kan man inte sälja till deras konkurrenter Så 2020 splittade man ut det Och satte det på börsen enskilt Delade ut det till aktieägarna För då fanns ändå många huvudägare som ville vara kvar i bolaget Så man var inte aktuellt att sälja bolaget vid det skedet Så då blev man ett relativt litet bolag på börsen but it was still not a strategy for the growth but the company was geared for to support the interna company you had no sales organization no branding it was more like an in-house solution but the new lead was not really to be able to do it to be a product for a company you had the resources you had you had a organization and then you could have to be the next neobank and use e-handlare as a consumer of consumers and they started to sell blank loan and a lot of other services.
49:43But it became a flop. They were on a lot of criticism because they sold blank loan on a lot of things. After that, I came in to both to stay up it but also to take back the company to the company of what they were on with, with the money for the other and to scale up the money. How does your business work? What do you help the customers with? It's two things. We help E-handlare to handle all their betalings, sell a full check-out including all the betalings. But the big part of our insurance comes from our consumer business. We have a own pay-later for a consumer. In all the Nordic countries. So it's still for 80 % of the insurance.
50:26What are you doing with the business? Let's start with the business. It's a lot of performance. Payments are a little bit like a motor, financial revenue engine. It's a process of all the other intakes. If you think about motor and bilar, then you can see that a Porsche has a better motor than a Fiat 500. But if you look at Payments, then you can see the most of the hemsides. So you have to test it. I am a young analyst and have been with Payments for a long time. So when I came in on Clear, we had to scale up our product analytics and have taken a job to optimize the motor. Alla edge case som gör att vi inte ser bra.
51:06Allt från att vi ska ha hög uptime, att det ska vara riktigt snabbt, men också att det funkar riktigt bra i alla scenarion, oavsett om man sitter på en vanlig Safari-browser på sin Mac eller om man sitter i en TikTok-browser på en gammal Android-telefon som ska fortfarande lira och komma över till BankID och betala hela vägen. Så vi levererar generellt sett 5-6 % högre konvertering än våra konkurrenter i Norden när vi jämför. Kollar vi mot internationella konkurrenter and then it's up to 10 % higher converting. And that gives extra sales for the hand. For the hand, converting is a huge number of visitors that have converted to the shop.
51:41So it's a direct value for the hand. Then we have some more options for the app sell so that they can sell more on the same order. In combination with that to create a good consumer experience so that the consumer comes back often. So that the three, the three are the biggest value for the hand. For the hand, for the consumer, it's a lot of that they can choose us in the kassan. and then it's a lot about what it is for a product in combination with a good consumer experience. Most of the consumer will not pay for something they didn't get into before. It's like a certain amount of kund is going to get in a new kund but for the return of the kund it's most of us to not have fucked up before.
52:17It's hard to be really happy with a facture that you can't get into it except that you can't get into it. It's not that it's not going to go wrong. It's not that you don't have to pay for a swish. Of that you don't have to be in a betalingspås or in a cash or like that. Just it. And it actually means that it's an increase in 30 % in the year. And in the year we have to be in 30 % again. So we have to keep a very aggressive increase in the year. Cool. And what do you think is the biggest misguppiness that investors are doing about CLEAR just now? In the last edition, for example, there was the market very upback.
52:54You were over-teckned and all things. But if you look at the market, you can see the most of the time. What is it? Is there a missoutfattning there? It's probably two things. It's probably a lot of people who have a old picture of Plyro. I've tried to grow a long time, but it's not really worked before. But now we've got about 39 % for the year, 38 % Q1. It was a good time to get into it. But it's still taking time to get into it. Our financial model is a bit complex. It's a thing that we process our lives. But we need to choose a betalmethod. and that's how our intakes-generating So if you want to pay with a switch or a short-term, then we'll get a little margin directly, but if you want to go in today and buy a soffa and buy a 24-month of a deal of money, then we're only a cost of money today So Q2 will be financially less on a basis of a transaction because then we have to take a reserve for credit for the bank, buy a credit, buy a credit, a little variable cost but not next month, Then we come to the first facture and then we pay a little money for the next 24 months.
54:01So we build up a loan book and a intäkts base over time. If we take in a handle now, it takes about 12-18 months before we have full run rate, revenue and profit from an affair. So we have a little tung affärsmodel, but it goes to count from the volume we process. And there are both intäkter and the process of volume. So you can see that they're in different ways. And the value of this is a very strong value. What drives it? It's mainly that it's many more companies that have been upgraded to our platform. The organic value in the e-handels has been quite weak since the 18 months. Plus 0 ,000 kv, minus 0 ,000 kv, but it's a very flat.
54:46We've had a certain value in the market in all of the world, but more from international actors like China, Timo and Amazon which is a lot of volume. But the Nordic companies have been quite flat. So our volume-to-value comes from that we are in the market. And will you see any impact there? Timo will be able to get a lot of extra cash and so on. Can it affect the Swedish-handling? It would make us look at the volume of those from the current. They have gone under the radar, or maybe not under the radar. but it's been a lot of things. But it's been a lot of things. And it's been a lot of things.
55:19And so. You were nyligen going to be in the business. You were talking about when an affair is a business or if it comes later. What was the way that came to the business? Are you going to get into the business now? If you look back to it, in 2024, you sold Klarna Checkout. They were the market in the Nordic market. I was going to go for about 50 % of the market. We are still less than 5 % of the market. So we see much of the potential. In the same way with that they were going to sell it, we decided that we were going to do it. So we had two new sell-kontors in Norway and Finland. We doubled our total sell-marketing-kost for the whole Norden and did a couple of other things.
56:03So we had a couple of new missioners for the financials but now we were going to get good results. So we're back to the market again. And it's primarily driven by the way to the market Just it And it was not a difference there It was a long-term loss It was fantastic And to what we're going to do What's been doing And very hype And trend In all the last years It's buy now, pay later It's the most expensive part What are you doing so strong? Are you going to be able to do it? What have you for strategies on this topic? It's also a high price of capital in the products. And it's a high price per transaction, if you compare it with the classic capital-methods.
56:51If you look at the market in Europe or global, the last 20-30 years, it's been a lot of money from the bank and the bank. So, before we had a number of companies in Bambora, we had a number of companies that sold it in a Genico, which also had made a number of companies in the world. Worldline, the whole consolidation of the market. Nexi made a similar race and a couple of other tysk companies. It was especially because of the fact that they had a short-term debt in the background. In general, they were in the middle of 0 ,3 % per transaction. It was much more than you would have to pay on a classic technical gateway.
57:25But if you pay later, they would have more than 2 % per transaction. So it's almost 10 times so much per transaction. And now we're a little subscale from a European perspective. I think it will be a similar European consolidation but driven by Paylator. How do you see it geographically? Where are you? We do our own facture and the betalings solutions for consumers in all the Nordic countries, including Denmark, with a little volume. From a sales perspective, we sell in Sweden, Norway and Finland. We accept that we have their own sales and their own business. But with that said, we help our sales to sell global.
58:07So we process a volume in more or less than other countries that have no form of restrictions. We don't process any transactions in Iran and Switzerland and like that. But in the most other markets we have a little volume. Our ambition is to grow with our Nordic handlers in new countries. So we process more and more volume in Europe and North America. And that we can also use it to optimize and become better locally and then go locally even in more countries. Just det, och nu börjar vi komma in lite på produktutveckling och sånt. Ni har ju lanserat flera nyheter på produktsidan. Bland annat senast var det väl den senaste generationen av checkout?
58:46Ja men det ser vi bra. Så vi gjorde för två veckor sedan så lanserade vi en ny lösning. Och det är dels att vi optimerar performance i den befintliga kassan med mycket mer robust datavalidering. Men framförallt att vi också lanserar en expresscheckout som vi kallar FastTrack. so that for the return of kund can you do more or less one click-betalning. Just it, for that you have data that's already been sparat. And we'll launch it first in-app for app-betalningar. There are many handlare that use a big deal of their volume that goes via bland annat Lyco which has been developed in this service with the same thing.
59:20And step two will take it even to a web version. And there are we're going to 13 % higher in the same way than the other solution. So that I think it can be Just it, have you Any more strategies that you see That comes from It's the best to be To be better Lokal So that we hold on to To more and more Betalmethods Just it And is there any Skillnade in konkurrens Norden Or It's not It's not I would say But the most Nordic actors That we're Konkurrer with Just Just Just Just Just Just Just Maybe the Clarence Checkout, Customs and Adyen which are very good internationally. So I want to bring it in the gap and put it in for the better.
1:00:10Just it. And how much is it from what the handle is? Or what you see, you have experience from payments. How much is it that you sell on the handle? Or the handle is on the handle? Ungefähr 70 % from the handle and 30 % I was going to say when I came in it was more from what we saw so that it was missing, because we had a number of fundamental gaps. Initialt had we just simply our own, we processed our own and we had just a technical contract. So we were just trying to take a contract with a court-in-löser for a court-in-löser, a new contract with a bank for Swish, a contract with a trust-in, a bank-betalning and then processed it.
1:00:51It was like a example. 2013, the first more than 100 million, I signed a contract with you just when I came in on Clearadom, I had to do 17 different contracts for that. It was like a hell of a contract. You can come on all things quickly. We do all onboarding and so on. That was the biggest thing we did. It was a lot of integration with different platforms, book-to-work system, so that you can use it very easily. But now, the most part of our feature-utveckling is driven by the needs of the needs of the needs we work with. And how do you see the customer? Are you still or less e-handling? Or what do you see there?
1:01:33We want to have a good mix. The market is about 50-50 between what we call SME and enterprise, which is about volume-to-delting. So I think it's about to grow in the balance, and that we also did it when we were in Q1. But of course, we see a higher value per transaction and a higher value of capital in SME. It's about double so high as in enterprise. so that it is on the way that is the volume maybe more than but we don't want to take a good enterprise to a good enterprise to a good enterprise to a good enterprise but it is I think it is we want to take the whole market and also when we work with partners so it is good to work with both we are going to work with enterprise to a good enterprise it is very begränsat when you come out to partners to a good enterprise we want to work with your two best kunder but the rest of the business is it works it is not it is not we need to be able to get everything so that you can become a good partner and then then can also be part of the other to work with others and just work with us.
1:02:25Just it. And on product development side is it probably good to take in small, new, hungry players? It gives you a lot more feedback, even if it is often less advanced. So it's clear that now when we take in a more than 100 handlebar per kvartal, then we have also 100 handlebar that gives us feedback on things that don't lead. Just because if you're working with enterprise, then maybe one handlebar per kvartal, then you don't get the feedback on the functionality, API, and kundtjänst. Allt vad det kan vara Exakt, som man kan se som en A &D Om vi ska prata lite om marknad då Ni gjorde ju en emission här i våras Som var kraftigt övertecknad Ni har starkt stöd av aktiemarknaden Ja, både från befintliga Och nyägare, så det är riktigt gul att se Ja, exakt Det blir ju övertecknad med 190 % ungefär Vad tror du marknaden ser i Clear?
1:03:11Och då vad ser du själv Kan du också dela med dig av Och sen kan vi prata lite om Vad det här kapitalet ska gå till We're going to continue the next to the market we have now. We can become the market in the Nordic market. We could also have a really good market in the Nordic market and we could open up a couple of new countries. We're still very small in a European context. I see it as an endless potential. I think it's a really cool thing. I see it on it long-sighted. The goal of the emission we did was to finance our And now our goal is the growth of the alcohol As you know, if we just go juberek and better Or maybe further Metaclanan is still the biggest.
1:04:07But if you think global, it's probably Adyen, Stripe and Molly who are an interesting actor in Europe that we look at when we look at inspiration. But when we concurred locally, it's mostly against Custom, the gamut of the checkout. They're now Stripe as a back-end. And Adyen, who are a good enterprise, are not so concurrently financially. They're not so concurrently, because they have their own PLAT-lösningar. Och det har ju liksom inte heller custom längre i och med att custom och planerna är separat. Så att de är liksom finansiellt svagare men tekniskt heller duktiga. Och sen det kommer lite nya regler kring konsekventkrediter och sånt framgent här.
1:04:49Påverkar det er eller förbereder er för det? Hur slår det er? Det är väl lite folk som har pratat om just framförallt inkasso och sånt påverkar sig. Ja men överlag är det positivt. Så att det är ju CCD1, We have the new European Consument Directive for credit-signing where Paylator is going where we will create more transparency for consumers and that is very positive In the same way, we have also a couple of caps on a couple of different We are already in the caps, so we are not directly concerned But it is probably a lot of other people who have had a little bit of high and we are going to have to be able to reduce it But it also means a whole lot of technical changes so that we can create this transparency on a certain way for the consumer so that we can show you the value of the consumer and we have a deal that follows with all the way and we have some new requirements and so on and that's not a financial impact but a little bit of a product and AI you talk so much about how are you doing it on AI?
1:05:47Is it something you have been able to use when you look at the credit for the customer? It's super cool we've used it in credit-based for a long time but more from a machine learning perspective We don't use AI for the way to do the analysis because it's so much bias. But we use it for the step to find out hypotheses and test data. But we use AI now in all functions. All the anstallers are high-and-stallers of Claude or Claude Code. We also use a number of functions-specific AI-lösningar on legal, market, sälj and so on for to effektivisering. I think it's a little bit less on the change of consumer-based of course.
1:06:29Of course, you've been a lot of volume from when you've gone to Google to find out and find out on chat, or perplexity and like that. But we don't see that it's not really on the market that it's not to be able to buy-based. It was a little bit I was worried about it that this could be changed the whole hand. But it's not really seen. OpenAI did a lot of tests on Agentex Shopping but like in the USA with the big big actors we've talked about OpenAI and the bankers that were in there but you saw in the basic no transactions so as a consumer can't be able to leave the same thing you've got to be involved in what you buy but it's still you've done a lot of research before AI just it if we look at the second you've done a mission that went fantastic in the year till the next The market is going to be a better market.
1:07:18What do you think about the market? What do you think about the market in three to five years? We will continue to grow in the same way. We will continue to win the market. We will see better in the commerciements now than ever since. I hope that on a five-year horizon I hope that I can also go into a new market. But it's nothing we have decided on now on the short term. What do you think about the market for the new market or parameter here in the 12 months in the report for showing that you deliver? It's about all volume-to-value. We can continue to win the market and the other. And look at what we call GM2.
1:07:55What we have for lonesome in relation to our loanbook and capital-to-behove. And the total amount of money is the most important thing. You were just in there and that snabb till-vex can kortsiktigt The ан卓s hit Uh
1:08:19Just It's Take
1:08:31Cred
1:08:57We want to be free. We want to be free to do what we want to do. And we want to get loaded and we want to have a good time. That's what we're gonna do We're gonna have a good time We're gonna have a party
From the publisher
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36:12 SpaceX
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