FUMO: Future Of Money Podcast · CFTE- Centre for Finance, Technology and Entrepreneurship

100. The Power of AI in Tech with Stefan Klestil

·58 min·5 clips

How did a team of ex-Klarna employees build Turkey's PayPal and create a massive moat?

This episode features Stefan Klestil, a General Partner at the European early-stage venture capital firm Speedinvest, in conversation with hosts Gaurav and Ronit. Klestil details Speedinvest's evolution from a Vienna-based fund into a leading European and emerging markets investor, particularly in fintech. He shares key lessons from investing across diverse regions like Turkey, Africa, and the GCC. Klestil recounts the instrumental experience of investing in the Turkish payments company EasyCo, founded by former Klarna employees who returned to Turkey. He notes that EasyCo solved a major pain point by creating a one-stop-shop API for merchants and benefited when PayPal exited the market. The discussion highlights how Speedinvest now over-indexes on mature founders with hybrid cosmopolitan backgrounds in macro-risky markets, citing examples like Pakistan's Abhi and Nigeria's Ladi and Chidi. Klestil explains that fintech expansion is extremely difficult even within the EU, requiring extra funding and regulatory navigation. A surprising insight is that founders sometimes adapt their communication style, like learning local Nigerian English to build team credibility. Klestil reveals Speedinvest is raising a dedicated $250 million emerging markets fund for early-growth capital, focusing on series A and B rounds. He argues it is easier for fintechs to become profitable in many emerging markets compared to Europe because they can charge for services. The conversation covers potential M&A opportunities in current markets and the complex regulatory landscape for blockchain and stablecoin use cases in Africa. Klestil emphasizes that corporate governance and selecting the right co-investors and board members are critically under-indexed aspects of venture capital. He observes that the recent hype cycle led to poor governance, which has now become a problem for many companies. The tone is conversational and educational, blending personal anecdotes with strategic investment analysis. This episode would appeal to fintech entrepreneurs, especially those operating in emerging markets, and investors interested in cross-border venture capital strategies. Listeners seeking highly technical deep dives into specific financial technologies might find it less relevant.

As heard by us

A fintech story that keeps returning to fund strategy, regional detail, and the practical needs of founders.

The episode tracks a Vienna-based fintech investor making the case for Speedinvest's early-stage model and its reach into emerging markets, especially the GCC and Africa.

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Why you'd press play

You want a Vienna-rooted view of early-stage tech investing that reaches into fintech, Africa, and the GCC.

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