20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski | The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

Klarna CEO Sebastian Siemiatkowski discusses the transformative impact of AI on software creation, SaaS business models, and the future of financial services. Siemiatkowski argues that AI is driving the cost of software creation to near zero and will drastically reduce switching costs between SaaS vendors, threatening established ERP systems. He shares Klarna's strategy of building its own AI-powered customer service and internal tools to provide better context and VIP customer experiences, even if it means staff reductions. He also touches on Klarna's vision to become a digital financial assistant, competing with companies like Revolut and Nubank, and emphasizes the importance of global presence, data ownership, and brand building in the fintech landscape.

Outlines

Part 1: AI, SaaS, and the Future of ERP

Part 2: Klarna’s AI Transformation and Customer Strategy

Part 3: Operational Efficiency and Workforce Evolution

Part 4: Strategic Growth and Market Evolution

Part 5: AI Technology, Compression, and Data

Part 6: Leadership, Personal History, and Vision

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20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

Part 1: AI, SaaS, and the Future of ERP

AI's Impact on Software Creation Costs and the Threat to SaaS Businesses

Internal Vibe Coding, Company in a Box, and the Future of ERP Systems

Part 2: Klarna’s AI Transformation and Customer Strategy

Klarna's AI Customer Service, Human Connection, and the Uber Model

AI's Impact on Labor Displacement and Klarna's Transition to a Banking Provider

Klarna's Unique Position, US Expansion, and Competition with Nubank and Revolut

Part 3: Operational Efficiency and Workforce Evolution

Public Company CEO Life, AI's Impact on Investment, and Klarna's Employee Reduction

Klarna's Future Workforce, Stock-Based Compensation, and the Threat to Incumbent Banks

Part 4: Strategic Growth and Market Evolution

Klarna's Valuation, Board Meeting, and the Impact of Sequoia

The Evolution Beyond BNPL, Consumer Lending, and the Stockholm Startup Scene

Part 5: AI Technology, Compression, and Data

AI's Compression Technology, Data Centers, and the Conversation with Michael Burry

Enterprise Compression, Wikipedia's Knowledge Graph, and AI's Unique Capabilities

Elon's Grok, AI's Impact on CEOs, and the Pace of Transformation

Part 6: Leadership, Personal History, and Vision

Criticisms, Invisibility Cloak, and the 2015 Vision

Early Dreams, Visions, and the Broken Relationship with His Father

Excitement for the Future, AI's Potential, and Klarna's Vision

20VC: SaaS is Dead: Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

Part 1: AI, SaaS, and the Future of ERP

00:00AI's Impact on Software Creation Costs and the Threat to SaaS Businesses

AI's Impact on Software Creation Costs and the Threat to SaaS Businesses

07:26Internal Vibe Coding, Company in a Box, and the Future of ERP Systems

Internal Vibe Coding, Company in a Box, and the Future of ERP Systems

Part 2: Klarna’s AI Transformation and Customer Strategy

13:13Klarna's AI Customer Service, Human Connection, and the Uber Model

Klarna's AI Customer Service, Human Connection, and the Uber Model

20:29AI's Impact on Labor Displacement and Klarna's Transition to a Banking Provider

AI's Impact on Labor Displacement and Klarna's Transition to a Banking Provider

24:51Klarna's Unique Position, US Expansion, and Competition with Nubank and Revolut

Klarna's Unique Position, US Expansion, and Competition with Nubank and Revolut

Part 3: Operational Efficiency and Workforce Evolution

31:14Public Company CEO Life, AI's Impact on Investment, and Klarna's Employee Reduction

Public Company CEO Life, AI's Impact on Investment, and Klarna's Employee Reduction

35:02Klarna's Future Workforce, Stock-Based Compensation, and the Threat to Incumbent Banks

Klarna's Future Workforce, Stock-Based Compensation, and the Threat to Incumbent Banks

Part 4: Strategic Growth and Market Evolution

40:04Klarna's Valuation, Board Meeting, and the Impact of Sequoia

Klarna's Valuation, Board Meeting, and the Impact of Sequoia

45:50The Evolution Beyond BNPL, Consumer Lending, and the Stockholm Startup Scene

The Evolution Beyond BNPL, Consumer Lending, and the Stockholm Startup Scene

Part 5: AI Technology, Compression, and Data

52:36AI's Compression Technology, Data Centers, and the Conversation with Michael Burry

AI's Compression Technology, Data Centers, and the Conversation with Michael Burry

1:02:24Enterprise Compression, Wikipedia's Knowledge Graph, and AI's Unique Capabilities

Enterprise Compression, Wikipedia's Knowledge Graph, and AI's Unique Capabilities

1:07:31Elon's Grok, AI's Impact on CEOs, and the Pace of Transformation

Elon's Grok, AI's Impact on CEOs, and the Pace of Transformation

Part 6: Leadership, Personal History, and Vision

1:11:00Criticisms, Invisibility Cloak, and the 2015 Vision

Criticisms, Invisibility Cloak, and the 2015 Vision

1:16:20Early Dreams, Visions, and the Broken Relationship with His Father

Early Dreams, Visions, and the Broken Relationship with His Father

1:22:03Excitement for the Future, AI's Potential, and Klarna's Vision

Excitement for the Future, AI's Potential, and Klarna's Vision