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Automatic TRANSCRIPT

In the pod Brandon. Krieg the founder and CEO of Stash Brandon. I did this podcast over the phone right after money. Twenty twenty and it's just a super interesting story for anyone that doesn't know stashes building that consumer finance company of the future all at Brandon. Describe what it is. But let's get into the interview brandon. Welcome to the PODCAST. Thanks thanks for talking with me today. I'm really happy to be here. Yeah you're in New York. I'm an la just before we hit record and we were talking about the weather which city is better but outside outside of that. I'd love to hear about your background. You from the East Coast like how'd you How did you get your start? Yeah I'm a born in New York and I grew up in New York and a night spent a number of years in Florida and then came back to New York in nineteen ninety eight and got involved in an electronic trading business. I have never looked back since so New York is a is my home. I've now been accurate for cash. Almost twenty years I love I love my time in New York. It's awesome so electronic training. That was your that. Was Your first job out of school or was there something else. Yeah I I when I got to school I WANNA I. I wanted to be a chef. I didn't know what I wanted to do. Or confused might just didn't know and I ended up moving to New York and found a couple of guys that were starting up a electronic trading business that was gonna be a consumer side of it and they asked me to join them and I ended up staying there. The company's called industry. I started there in nineteen ninety eight and I stayed there through An amazing amazing Entrepreneurs where we grew the business. We sold the business to a firm called nine capital and I stayed there for another six so I think it was eight. Eight and six was almost like the fifth call fifteen years at the same place that I loved every day of it and it was really to. We basically worked really hard to innovate A business where we provided a real time trading tools to professional investors. It was much different than what I'm doing now l. but it was. I feel like it was a good foundation for me to learn about the capital markets. Also be the force of change in Markets through electronic trading. So it was it was a it was a fun fun period and I feel like part of my life led me to what I'm doing now right so I I guess I'd like to hear you explain the product a little little bit more. It's like a kind of a high end E. Trade for for stockbroker for traders. That are more sophisticated. Yeah so straits business. This was around taking markets that that had a couple of issues one There was a lot of information leakage market. So you know this at the beginning was was when most of the orders redone over the telephone. And so if you gave your orders were broker and you gave your true intentions. You wanted to buy or sell a lot of stock. Unfortunately originally some of that information would leak out to the market. As the person executing the trade would start Start Trading and people would quickly figure out the true intentions actions of the order and then the market move really quickly you love. The other problem with demarcus was that there was a lot of fragmented liquidity. So this is without a time when it wasn't just the Nasdaq. In The New York Stock Exchange there were electronic networks have stock trading popping up in. There was nothing really out there to connect them all together other and so we created a smart router that looked at all of different places. You can trade all the prices on liquids and started making decisions on where to route that order and that's really the business that was in which was to put the customer's order and take the customer's order in trying to do the best job. We could an execution order on behalf of the customer. We did it as agents which means we have A. We didn't take any interest outside of our commission so our job is to get the best price and control the impact of the order on the market so it was basically about creating efficiency. For professional investors. This Hedge Funds Endowments Pensions Mutual Funds. And it's funny talking about it now. I haven't spoken about this so long. Like fumbling a little bit. It's kind of funny bash now for almost five years tonight really. Haven't thought too much about that but but it was on funding. What's what's really interesting? Now is a look back at all the work we did you. Oh at Ed Straight at night. It's Kinda really commoditised now. It a lot of that work we originally did isn't really special anymore. It's mainstream when I was starting it. It was really about combining tack and Financial Services. Like the chew I in Tech. I guess you'd say although we didn't have a fancy buzzword at the time and and And now it's just mainstream accepted. It's normal but when I started. It wasn't the norm. People thought we were crazy right so it was is is really cool. That is that is very cool so the last question here on the on the very beginning of your career is. You're doing something that people think are crazy. You said like you want to be a chef. So how did how did you get to this. Where would you try to be a chef de? I don't actually don't like cooking very much. I'm going to go. Do you know try and trading raining like where did this. Where does this opportunity come from? And then how did you evaluate like you were just like young. I don't addressing. Let's let's go do it. I mean look I mean for me I like the inherent risk and manage. Risk is something that I enjoy. I loved cooking my family's in the restaurant business. I decided. It just wasn't right for me because I didn't like the hours and the pay was pretty terrible and I wanted to do more of my life and technology was always closest to my art and so when I came to New York I was looking for something like marry tacking also kind of work close to Wall Street because I always watched all the Wall Street movies and those really cool never really understood that much. I just think it was right. Place right time together with these two amazing guys that I spent a lot of time with them. I'm still really close. A master all twenty two years and so it was really about the. The opportunity was right for me to to dive into something that I thought was really interesting. I had no idea where this journey would take. I think frankly you know I I still saved my first. He's dubs from when I started with It was a very very low amounts of but I like the business. I like the direction of the company. I like the market. Were taking on because you could see how inherently flawed God the market was at the time that company started and the risk was a no-brainer. And at the same time. I got what I wanted. which was to work can check on Wall Street which is really cool and not a big thing back out no none Brennan? That is super cool You said you were you were there for what like nine or ten years and then the company the company sold and like what was what was that process like like going through through an acquisition. That was really cool. I actually it was. Yeah I was there for nine. Years before was sold in the acquisition was amazing night was very thoughtful about helping us maintain the the culture and the mission nations of the event trade There and I loved it. It challenged me in all kinds of new ways because it was a much larger company with close to two thousand employees. I think we sold entreat him. It's like it was like eighty. I think remember anymore like eight people and we were you know we were a very it closed team and when we went over tonight they allowed us to be a close team went until prosperous Organization that was doing a a lot of things that they were a very big participant in the markets but not as big in the agency electronic trading side so it was a natural fit is where I saw acquisition really work and make sense and I loved it i. I stayed much longer than by deal signed for two years. I was there for five and a half and I did that because as I loved it and I love the people culture and But like anything. Sometimes it was time to go and I ended up leaving after five years and so have a ton of friends Aaron. I think it's a great group of people there that that do that. Not For me anymore but I have a new love affair which is consumer Mer financial services. Right it was a it was a good opportunity to not only to see this little baby that I helped start grow and grow up but also for me professionally to see what it was like to work at a much. Larger company