Siemiatkowski passed on early advisory and angel investment role in Nubank
Sebastian Siemiatkowski · Klarna CEO: SaaS is Dead: Why Systems of Record Will Die in an Agentic World · 20VC with Harry Stebbings · Feb 16, 2026 · at 24:27
Sebastian Siemiatkowski is the co-founder and CEO of Klarna. David Vélez is the founder and CEO of Nubank, the Latin American digital banking giant.
0:00 / 0:13exact quote · 13.9s
▶ Watch the full episode on YouTube → 720p mp4 · rendered on demand · StarZero watermark
“He sends me an email, which was like, hey, Sebastian, would you like to, like, advise me a little bit? I'm starting this new company. And I was like, I'm sorry, I don't have the time. So I lost out on a lot of, a lot, I would have been a great angel investor there.”
quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →
More from Sebastian Siemiatkowski
Siemiatkowski: Klarna cut headcount by 50% to under 3,000 employees
“We've gone from 7000 people. We're now below 3000. We've shrank 50%.”
Siemiatkowski: AI enterprise compression could significantly reduce demand for NVIDIA chips
“Well, that would mean that you would leave mean significant, you would need significantly less.”
Siemiatkowski: Klarna may have under 2,000 employees by 2030
“No, it may very well be even less than that.”
Siemiatkowski: Software Creation Cost Is Heading to Zero
“You should think that software cost of creating software is going down to zero. That's it. So and that means that like everyone will be able to generate software at any point of time. So it is a massive change. And I was a hundred percent con, you know, convic…”
Siemiatkowski: SaaS revenue multiples could decline to 1x-2x price-to-sales
“But if you look at utilities, normal companies that are more utility, They may trade at one to two. So I, from that perspective, you would argue there is still some unfortunate potential to come down even further. Is it going to be, look at Chegg in the US, ri…”