Latest / The Bigger Stage w/ Matt Stone / He Pitched a Fintech Startup at a Funeral. It Worked. | Ricky Michel Presbot, Co-Founder of Ualett
Transcript
- TBS - Ricky Michel Presbot (Full Edited Version) === [00:00:37] Millions of people power our economy, driving, delivering, freelancing. And the financial system, it treats them like they're invisible or at least second-class citizens. But my guest today decided to do something about it. [00:00:50] Ricky Michel Presbot is the co-founder and CEO of Ualett, a bilingual fintech platform built for America's gig workers, the rideshare drivers, [00:01:00] delivery couriers, and freelancers who power our economy but too often get left behind by traditional finance. A proud Dominican entrepreneur with over 20 years under his belt, Ricky's mission is simple: give independent workers fast, fair, and transparent financial tools designed around their real lives. [00:01:19] His company just locked in a $150 million facility to grow nationwide. But talk to Ricky for five minutes and you'll see this is about much more than money. It's about trust, dignity, and a belief that the people driving our economy deserve a system built for them. [00:01:38] Ricky, welcome to The Bigger Stage. [00:01:41] Thank you, Matt. It's more than a cash advance. It's more than a cash advance. That's right. That's right. Ualett. Yes. Yes. I'm so excited to share this, and thank you for [00:01:49] hosting. me. [00:01:50] Uh, this is a great place [00:01:52] speak [00:01:52] a [00:01:52] little bit [00:01:52] about this community. Yeah. One of the most important community in the United States. [00:01:57] And doesn't always get much attention- Right. [00:01:59] [00:02:00] Right ... uh, at [00:02:00] least in the way, uh, [00:02:01] you [00:02:01] know, respect as businesspeople- Right ... in a sense, right? They are builders. They are people that been around [00:02:08] for [00:02:08] for years helping big companies, big communities, big industries, supporting them- Yeah ... behind the scenes. Yeah. And it's the beauty of this. [00:02:17] What- when you [00:02:19] a [00:02:19] good tech product, if you look deeper, there is a gig worker behind serving, acting, creating the complementary [00:02:28] actions [00:02:29] to deliver to the world. And that's why you see Airbnb doing well. You're seeing Uber, Lyft, rideshare industry, delivery industry, es- especially after the pandemic. [00:02:42] It's because, like, someone, and the name is a gig worker or a new category, [00:02:47] multi-hustler, [00:02:48] that it's- Multi-hustler ... that is supporting those platform. All right. Well, we're gonna get into all of that, but first, we're gonna cover some foundational ground. Yes. 'Cause I, I think if you're not in the gig e- if you [00:03:00] feel like you're not in the gig economy, we're all in the gig economy. [00:03:03] Yes. Uh, so we're all participating in it one way [00:03:05] the [00:03:05] other. But, uh, w- whoever you are that's watching, if you're a builder, an entrepreneur, a connector, this conversation is gonna be for you because there's a great story behind [00:03:14] I [00:03:15] know a little bit of it. I wanna pull [00:03:16] threads [00:03:17] on more of it. Uh, I do wanna mention the name of the company. [00:03:20] I have to admit, I mean, this makes me look kinda stupid, but I'm willing to do that because it's... I'm shameless on the ca- on the camera. But when I saw the name, it's spelled U-A-L-E-T-T. Yeah. And I was like U-A-LET? And then when I met you, I said, "How do you pronounce it?" Yeah. He goes, " " [00:03:34] "Walet." [00:03:34] Wallet." And I [00:03:35] was [00:03:35] like, "Of course- Yeah, yeah [00:03:37] Ualett." [00:03:38] Yeah, [00:03:38] we combine letters because, uh, for the, uh, proprietary or, or strength or branding issues, we should find something that looks like a Ualett, right? Because we are a, a, let's say a liquidity box. Yeah. The purpose is to become the first liquidity box for the gig workers, the one that needs that small bridge to go from [00:04:00] one point to another in a financial way, right? [00:04:02] And [00:04:03] we say we cannot trademark the word "wallet", but we combine letters in a hybrid mode that if you put that name in Spanish, English, French, even Dutch, sounds the same, Ualett. [00:04:19] It's, [00:04:19] it's brilliant. Yeah. I mean, it's really brilliant. And having worked in my past in, in a lot of brand, brand strategy and marketing, I, I was like, "How did I not see that instantly?" [00:04:29] It's brilliant. But listen, [00:04:31] you, [00:04:32] you, um, grew up in the, in DR. That's correct. Correct? Do- Dominican Republic. Um, and so I just wanna... We're not gonna, you know, go over your entire history. It's, and it's not a deposition. Yeah. But I'm really curious, [00:04:44] um, [00:04:45] what is it about your experience growing up in DR that, you know, leads us to today? [00:04:50] You know, that's... [00:04:52] Like, [00:04:52] what were you doing when you were a kid? Did you ever imagine you'd be building a company in the United [00:04:57] States? [00:04:57] Definitely not. I thought I was [00:05:00] gonna be a baseball player in the United States because that was my passion. My first love was baseball. [00:05:07] I [00:05:07] couldn't make it because some injuries, some situation happened in my career. [00:05:11] Mm. But that allows me to understand [00:05:15] how [00:05:16] both worlds can live in the same box. [00:05:19] Dominicans [00:05:20] in, [00:05:20] in the United States and people from United States have ever a big relation. The first engineers in Dominican Republic came from United States. The first roads that was built in [00:05:31] the Dominican [00:05:32] Republic came from United States' engineers. [00:05:35] The first police department was built by United States, uh, let's say advisors. So we are two countries connected. Uh, [00:05:45] you, [00:05:46] you have here in city of New York, more than [00:05:48] 2 million [00:05:49] Dominicans living since 19- [00:05:52] 19- [00:05:53] beginning of 1900s. The first immigrant in New York City, I don't know if you know that, is from [00:06:00] Dominican Republic. [00:06:01] So that whole complex of variables together make you always be connected with this wonderful and beautiful country. It's definitely for, for me was the, the land of opportunity because since a kid, I used to come here a lot, visit families, uh, spending summer here, interacting with United States kids, and I understand how well and combined the so- the, the, the, the people, uh, live here in terms of different classes, different perspective, but at the end, it's the same country, man. [00:06:38] It's the same vision. It's a country that give you space if you have the, the talent, if [00:06:43] you, [00:06:44] if you sacrifice, if you become consistent, you make it. It's not easy, but not in United States, in the world. So That's why I approach myself and I, and we build a project, a tech project in DR, [00:07:00] thinking in launching that in a big marketplace like United States. [00:07:04] We're sitting here in a studio in [00:07:06] Times [00:07:06] Square- Yes ... in the heart of Manhattan in New York City- That's right ... the heart of the heart of the heart, [00:07:12] um, [00:07:13] having this conversation. You've got a great business that's thriving and growing. You know, in many ways, you've, you've already made it in the traditional sense, and you... [00:07:22] But talking to you, it's pretty clear this is just the beginning, [00:07:26] uh, [00:07:27] for you. I mean, that's the energy you have. It is. Yeah. It is. [00:07:30] Where are [00:07:30] you on this journey? Stage one, uh, I think so. It's, it's, [00:07:36] it's stage [00:07:36] one because when you build something for a, for a community that is so big and so diverse, and you have people from everywhere trying to make it happen, trying to, to create things for others to, to improve [00:07:53] the, [00:07:54] the, the way we live, it's not easier to fill out that gap. [00:07:59] [00:08:00] You should understand that it's gonna be by stages. You're gonna build the first core, uh, product to serve them, and from there, you have to create like a huge marketplace with different, uh, categories of products, variables, uh, service. And you cannot do that in just a couple years. It takes time. Takes a lot of time, yeah. [00:08:22] Even with AI. Yeah, right. Well, and now we're having to learn a whole new set of tools- Yes ... while we're building, and so it can [00:08:30] feel [00:08:31] like you're [00:08:31] in [00:08:31] a s- I call it a sandstorm. Yeah. [00:08:33] Kind of [00:08:33] a [00:08:34] blurred... [00:08:35] it's just not very clear. Yeah. It's not. It's not. But [00:08:38] it's also [00:08:39] exciting. right? I think when, when [00:08:41] you [00:08:41] don't understand all the material, all the information, it's good because it's when you shows your best, you know? [00:08:48] When you bring the best tool from, from yourself, your strength, your real strength. Because imagine when Christopher Columbus went to America, does, does he know where he's [00:08:59] really [00:08:59] going? [00:09:00] No. He made it because he believe in it's going somewhere that is possible. So I think the [00:09:07] same. [00:09:07] I think he's the be- the first entrepreneur of the world. [00:09:10] You [00:09:11] he [00:09:11] took his ship with a group of guys that they were in the best position, and they made it. [00:09:19] Probably [00:09:19] it wasn't the best performed, but they made it. [00:09:22] So [00:09:23] it's like that. Even in the AI world like we are living right now, you should understand that nothing is easy. But you have to keep going and pushing and believing that it's something, if you work hard, something positive is gonna happen. [00:09:41] So tell me about when you ... Let's get into, like, the, the origins of your s- self-realization when [00:09:50] you [00:09:50] realized, oh, I have the entrepreneur's heart. ' Cause it's, it's a specific type of person. It's not everybody- Yeah ... who has that [00:10:00] adventurer spirit that you need to go into darkness with, with no idea how you're gonna make it out- [00:10:07] and do it anyway. And f- [00:10:08] especially [00:10:09] when you fail. Because before Ualett, we tried to build some- What did you try? Well, we tried a lot. We tried to build some kind of a product similar to Ualett, but, but, but more manually. And we thought that we were getting, you know, the, the, the biggest, uh, idea in the world, but it was not. [00:10:31] It was something that didn't fix. But from that experience, we understand what was the need of the market, and we target that need, and we create something special around that need. [00:10:45] And [00:10:45] honestly, Matt, we start this model from a coffee shop [00:10:50] table [00:10:51] with nothing. Tell me about this coffee shop. Where was it? [00:10:54] Who were you with? What were you- It was in DR, in Dominican Republic, [00:10:58] between [00:10:58] Santo Domingo, that is the [00:11:00] capital, and Santiago, that, that is, like, the second s- [00:11:03] uh, big [00:11:03] cap- city in Dominican Republic. It was me and my two best friends, Wilfredo Vidal [00:11:11] and [00:11:11] Cesar Cabrera. One is a tech guy, a techy guy, self-made techy guy, and another one is [00:11:17] a [00:11:18] ex-gig worker that understand the needs of the world, and me. [00:11:22] And we triangle, and we create over a coffee table, uh, this idea. And after that, [00:11:30] we [00:11:30] met our seed investor that is a part of the, a s- is a co-founder as well because even if he's, he don't build the idea, but he build the trust. He give us the seed investment to create this, this platform. Do you remember the pitch to him? [00:11:47] Man, [00:11:48] I [00:11:48] tell you where I [00:11:50] pitch him ... [00:11:51] I give you two, two s- three strikes. [00:11:54] Three. [00:11:54] Okay. You know, I'm a baseball player. The baseball guy from DR- The baseball guy, yeah ... give me three strikes. Three strikes. Where you pitched him? [00:12:00] Okay. I'm gonna say, my first, uh, on the beach. Nope. Okay. And I love the beach. Okay. [00:12:06] Um, [00:12:07] baseball field? I hope, but it's not. Um, in the back of a cab. Well, it- that's just the perfect, you know, like, like history telling- Yeah ... or a dream, but it's not. In a funeral. A f- a you know, every, they say every death is a- Is a [00:12:25] is a [00:12:25] a birth of a new opportunity, right? That's right. That's right, Matt. So birthed from a funeral. [00:12:30] Yeah, I went to a funeral. I don't know if, uh, it's, it's very common when you went to a funeral that you don't know that many people, and sometimes you stay alone. So I saw that gentleman that I met [00:12:43] t- 10 [00:12:43] years ago probably, and he was in the same position than I. And [00:12:48] he, [00:12:49] saw me, I [00:12:50] him, and him [00:12:50] say, "Hi, how you doing?" [00:12:52] So that's why, Matt, and this is a good advice for those ones that are, [00:12:56] are, [00:12:57] that are building right now and [00:13:00] hoping to find something. You need to be ready. You should have your pitch in the back pocket. You cannot wait for [00:13:07] perfect momentum, moment [00:13:09] to, to present. The presentation sometimes is in the worst place you ever think, like me. [00:13:15] So [00:13:16] I had my back, in my back p- pocket, my pitch. So when I s- [00:13:20] start [00:13:22] spoken [00:13:22] with him, he told me, "What are you doing? I saw you in a TV show [00:13:27] spoken about [00:13:28] entrepreneur and tech, business around tech. I'm retired, [00:13:33] but [00:13:35] my advisors told me if I invest anything in fintech, it worth it." That was music for my ears, and thanks God, because that's- So he said that to you at this funeral. [00:13:46] He said that to me. Now, is the f- [00:13:47] is [00:13:48] the funeral, is the funeral, [00:13:49] happening? [00:13:50] Are they, like, doing songs and stuff, and you're whispering? No, my [00:13:54] I'm [00:13:54] trying to imagine this scene. It's, it's, it's s- those are those [00:13:57] moments- [00:13:58] Yeah ... those special moments, [00:14:00] and you need to be ready for it. So you heard this, and you went- This is it [00:14:03] "Oh, [00:14:04] I was just cued by the universe- Yes ... to give it my best [00:14:07] Yes, sir. ' [00:14:08] Cause he opened the door for you. De- not the d- Clearly ... not the door. His house he opened for me. He opened the house to you. Yeah. And the question was, "Are you gonna walk in?" And if I was ready, I wa- I gonna walk in. So what did you say? [00:14:20] I say, "I have something for you." And I pitch in two minutes the concept of Ualett, [00:14:26] wallet, [00:14:27] and he respond to me Hmm. "I'll see you on Tuesday in my office." I like it. Wow. And everything start from there. What was your first phone call? Uh, from him? No, after you talk to him- After the- ... you leave the funeral. No, I spoke with God. [00:14:43] You spoke with God? Nobody else. I won't ask you what- Just- [00:14:47] I [00:14:47] won't ask you about that conversation just because that's private ... just me and God, and, you know, I thanks him. I saw the, the sign [00:14:55] and [00:14:55] the, on Tuesday... It's funny because that tech guy, Cesar, [00:15:00] [00:15:00] he [00:15:00] lives in Santiago, and the meeting was supposed to... [00:15:02] It was in, in the, in Santo Domingo. It's two hours driving, uh, distance, right? So [00:15:08] he took [00:15:08] the bus, but he took the bus late, late. So imagine how scared I was because that guy, it's a very straight person, strict person. If you've missed the time, [00:15:21] he took [00:15:21] time, he took you away. [00:15:23] So [00:15:24] thanks God, [00:15:25] someone [00:15:26] in his office came late, so my appointment delayed for one hour extra, right? [00:15:33] Oh, my goodness. Again- Yeah ... the man in the sky working on, on, on our side, right? [00:15:40] So [00:15:41] we perform, we present the, the, the concept and his, he goes directly to his advisor saying, "You like this, right?" [00:15:52] Like, " [00:15:53] This is it." They were in the meeting too. They were in the meeting. [00:15:55] Yeah, [00:15:55] yeah. Yeah, his two main advisors. So his main advisors are there- [00:15:57] yeah [00:15:58] and they're- So- ... they're sitting there saying [00:16:00] nothing probably ... they were, they were like, "Hmm, we don't understand this model [00:16:03] it [00:16:03] looks like something's-" But [00:16:04] like [00:16:05] something we wanna put in the oven. Some kind of wood, [00:16:07] the oven ... something we would, Yes. Yeah, [00:16:07] yeah, [00:16:07] yeah. And he was so commit and, and that's why I, I ever... I always told him, "I need, like, 10,000 lives to thank you," because nobody, even me now, probably I will not do s- what he did b- before, acting on, in a simple conversation with a young guy trying to build something from DR to United States based on a concept and papers. [00:16:37] That relationship with him, I mean, mentors... ' [00:16:41] Cause [00:16:41] investors can be so much more than a conveyor of money. Mm-hmm. And now you're a conveyor of money. That relationship, what does, how does that relationship with him play into the relationship you're building with your customers? It's, uh, it- let's say it's a [00:17:00] energy infusion. [00:17:00] It's a knowledge infusion for me, 'cause he become a mentor for me. He become a friend, a good friend, and g- the best advisors I can have. He gave me good, you know, information about not just the [00:17:16] short-term [00:17:17] life of a project, even the long-term life of a project. So it's, it's great because I trans- I transfer those information, those, that knowledge, th- that experience to my colleagues, my friends, my business partners. [00:17:31] So it's a great ecosystem. We, we get dinner every, every month just to talk about not just the project, the life, [00:17:39] family, [00:17:40] the perspective, vision. So it's, it's very, it's very [00:17:45] positive to [00:17:45] have someone on your side like that. What was, what was the value, [00:17:52] like, [00:17:52] in terms of values, 'cause I know values are really [00:17:54] Yeah [00:17:54] to [00:17:55] you. They are. What were, what were the values, like the f- top one or two that you [00:18:00] saw in him that you realized this is the right fit? Discipline. Discipline, [00:18:05] it's, [00:18:05] it's, for me, discipline is a value [00:18:07] because [00:18:08] it's what get- it's the best [00:18:09] vehicle [00:18:10] to get you to success and to respect [00:18:14] everybody. [00:18:14] A disciplined person, problem is gonna be the majority of discipline person, people will not hit you bad, because discipline is a commit, not just with you, it's a commit with others. [00:18:30] So that's number one. And number two, respect. Respect. Uh, respect means if something's f- fine, I congrats you. But respect means if something's wrong, I gonna talk to you in a very direct and honest way. And some people don't like that, but it's, it's how you grow, how you mature, how you understand that nothing is easier. [00:18:55] So I think those two values, I, I get from that mentor, friend, [00:19:00] and seed investor. And that has translated [00:19:02] into the va- [00:19:03] in the stated values of the company, right? I mean- Yeah, yeah. It's, there, y- we, we are what we are right now because those value are permanently inside, intern, in the genes of the company. [00:19:16] We respect- Our client base. We respect our duties. We respect the data that they are giving to us, how we manage that data, how, what's the, the use of that data, how we protect their, their information. We respect their needs. And we also are one of the, I don't know if the biggest, but we should be a, a sole, like a [00:19:43] respectable [00:19:44] discipline company. [00:19:45] We believe in that. Our... The discipline is one of the issues, one of the [00:19:51] variable, variables [00:19:51] that [00:19:52] get us here, definitely. No matter in which stage, in which area you see [00:20:00] Ualett, discipline, it's around Ualett, and respect [00:20:03] is [00:20:03] a- is around Ualett. fantastic. All right, now you told me when we first met, and we had a conversation talking about coming on this podcast [00:20:12] everything- [00:20:12] you told me a great story about being in the Bronx, I think. Uh, was it? It wa- Having lunch with, uh- It was something about a ca- you know, when you heard something from a cab driver. Yes. And it sparked the idea. Yes. Tell me, take us back to that story- Well- ... 'cause it's really great ... it was, it was [00:20:30] back [00:20:30] when I, wh- what I mentioned before about that failed project. [00:20:35] I, I came back from DR with a lot of sadness and confused from... And, and it was a ride between JFK and the Bronx. Long ride. [00:20:48] A [00:20:48] long ride. Especially, especially with traffic. It, it, it's a one hour and a half probably ride, right? [00:20:54] It was the [00:20:55] beginning of Uber, Lyft, you know, the, the explosion of those ride share [00:21:00] service, [00:21:01] and the [00:21:02] cab driver was a Dominican guy. [00:21:05] Obvious we start talking Spanish about his jo- his life here in, in US, my life in between US and DR, you know, normally conversation. And, and I ask him [00:21:20] how [00:21:21] he manage, you know, the, his payment rails or how he manage his, his cash flows because I know they, they serve every day when they, they get paid back by the platform, this and that. [00:21:33] Ba- [00:21:34] back then was every 15 days, and now it's, it's, it's shorter. You can also, as a rideshare, you can have [00:21:41] y- [00:21:41] your money every day if you want, you know, a- after you do the, your, your duties. [00:21:47] But, [00:21:47] but when he told me, "Yeah, every 15 days, but the problem is that the traditional financial institution didn't understand my workflow, and they don't allow me to [00:22:00] access to different products that I should have for liquidity." [00:22:06] Because [00:22:07] remember, a, a rideshare driver live in a world that every day is, is a challenge, Matt. The wheels, engine, gas, tolls, parking spot, [00:22:18] you name it, food. [00:22:21] Because [00:22:22] that's his enterprise. That's his, his company. His car is his entrepre- is, is the, the, his business in a car. So then something magical [00:22:35] happened, [00:22:36] and that's when the idea came in, how we can build [00:22:40] an [00:22:40] MCA product [00:22:42] customized [00:22:43] as specific for this niche. [00:22:47] And this is so important, Matt. The niche for a project is, is the X factor, is the superpower. When you own a niche, it's when you really have the [00:23:00] opportunity to grow, to perform well, to be successful. [00:23:04] In [00:23:04] this world, you cannot beat anymore the multi-level owner of everything. It's not possible. That's good by John D. [00:23:13] Rockefeller time- Right ... but not at this time anymore. So a [00:23:18] niche [00:23:19] is the keyword, is the target. So that's when everything happens. That niche was empty. Nobody's is taking care of them. Nobody's protecting them. Nobody's supporting their needs. So that's [00:23:34] that's h- [00:23:34] how, [00:23:34] everything start in Ualett with [00:23:36] a [00:23:36] niche. I suppose, I guess the only thing that comes close is just having a credit card. [00:23:43] Yes. But the [00:23:45] with the credit [00:23:45] card, it's the timing of when they have to remit back the product. And sometimes by the time they need to remit back the product, their w- [00:24:00] flows are not enough to remit back [00:24:04] that, [00:24:04] uh, let's say, obligation, you know? So they need that short-term liquidity box to work through the, through the, through the period that they are working in a daily base. [00:24:20] Because this is a daily base business model. It's not a weekly base or a monthly base, [00:24:26] it's [00:24:26] a daily base. Let me, let me give you this example. Okay, Matt and Ricky, friends, both we are rideshare drivers. You drive in Jersey, I drive in New York. But you know the weather. In Jersey, it's having a ton of rain. [00:24:43] In New York, it's, it's clear, like it's summertime. So for Matt, your day is sucked. Mm. For Ricky, it's an spectacular day. So we look the same, but we are not. Just for the spot, but we [00:25:00] work in the same industry. We live in the same world, but our daily necessities are totally different. What Matt needs, a super quick advance because he need to put some gas, he need to fill his, his, uh, car needs, and he, he don't have the way to pay to remit back that amount until end of the week. [00:25:24] In Ricky's case, I'm ready. I have [00:25:27] my, [00:25:27] my cash flow ready, but I'm gonna take a different product because by the end of the week, [00:25:33] probably [00:25:34] New York is gonna happen what, what happens already in, in Jersey. So those are the issues in the gig world. [00:25:41] It's a [00:25:41] daily base world, [00:25:43] so [00:25:44] you should build something for them that it's customized. [00:25:49] It's kind of tailor way to, to, to build, uh, your cloth because it's so on a step... It's, it's, it's nothing that you can predict [00:26:00] for so long. [00:26:02] It's [00:26:02] a pattern model, model, and it's a daily routine. You as a platform To understand what happens today, what you can, what you can predict in the short term, and provide them the right product, the right service. [00:26:16] You know, I was thinking about the, [00:26:18] like, [00:26:18] I'm just thinking about U- Uber and Lyft and rideshare drivers, 'cause we all use them, uh- Yeah, and daily basis ... pretty frequently, right? Yeah. And, you know, [00:26:25] recently [00:26:26] I took a trip. We were- we're in Midtown trying to head home, and normally it would take, [00:26:31] a [00:26:31] 15 minutes. [00:26:33] It took an hour and a half. Right. Um, because at [00:26:35] that [00:26:35] hour, construction started. All the sudden, all the roads in Midtown were basically shut down, and the driver had to try multiple times in jammed traffic. I mean, it's... I guess what I'm saying is the volatility- It is ... that a lot of gig workers work in the elements, literally and figuratively. [00:26:54] I love it what you said, because- [00:26:55] In [00:26:55] the elements ... that's, that's- There's no separation ... that's- There's no thick wall between [00:27:00] them. They're in it. That's right. [00:27:01] That's your [00:27:03] your ecosystem. [00:27:04] So [00:27:04] it can change... It's like being on the ocean. It can change in a dime. Yeah. Storm rolls in. Yeah. And really, the traditional [00:27:12] finance [00:27:13] options have just not been optimized for that kind of business person. [00:27:19] Because, uh, those finan- uh, final options are built on the standards model, right? Basically, A, B, C model, and that's right because you, we, you, you cannot blame the banks or the fi- traditionally financial institutions. They are huge. [00:27:35] If [00:27:36] tried them [00:27:36] to customize, to adjust that big structure for each category, it's, it's impossible. [00:27:44] So that's why the fintechs [00:27:46] become [00:27:47] the middleman to solve small problems, to com- it's like complementary, uh, let's say, uh, action, what we are doing right now as a [00:28:00] fintech prop- proposal, right? [00:28:02] And the [00:28:02] elements. You, I love when you say that because not just a rideshare, even a ba- a bartender, even a gardener, electrician, a plumber, a multitask hustler that it's doing, uh, catering in the morning, and in the night, it's doing housekeeping for individuals' houses. [00:28:24] That's how people in the gig world live right now, fighting and, and managing the elements. [00:28:32] And [00:28:33] that's why if you want to provide them the best customer experience, you need to be involved with it. Let [00:28:40] me tell you. Mm. [00:28:41] When we start- Uh, [00:28:43] building the, [00:28:44] the, the proof of concept. We stood... I do, I, I, I did, uh, Uber for three months, for example. [00:28:53] My partner stayed as a delivery for a couple months because that's the only way [00:29:00] you can understand what's the real problem is. W- uh, dude, I, I gotta stop you there. Yeah. So you did Uber, you signed up for Uber. Yes. So tell us about, tell me about what that was like in the first week of doing [00:29:14] Uber. [00:29:14] What, what did you learn [00:29:16] that [00:29:16] you... [00:29:18] What were the things that you didn't know that you didn't know? I was lost. You were lost? I was lost because it [00:29:23] a- [00:29:23] Literally and figuratively lost. Yeah, yeah, I was lost. And, and, and that why I respect that much those drivers, those, uh, business, uh, men, gir- womens, because it's a, it's a really tough job to do, man. [00:29:41] It's, it's, it's really hard. You know how many people you need to manage by day? Different kind, personalities, attitudes, behaviors, emotions. Those guys are special. Trust me. That's why we... [00:30:00] In Ualett, we build any strategy on [00:30:05] the customers [00:30:06] first The f- the, the center of decision in Ualett are the customers 'cause [00:30:13] whenever y- you [00:30:15] can go to any side in the gig work, as an Uber, as a bartender, as a gardener, as a housekeeping provider. [00:30:23] Man, it's tough to manage the actually emotional [00:30:27] situation in [00:30:28] the [00:30:29] world. So those guys manage that more than [00:30:31] a psycholog- [00:30:32] s- [00:30:32] a psycholog- s- uh, expert. [00:30:33] Yeah. But- It's tough. [00:30:35] So [00:30:35] you- [00:30:35] It's [00:30:35] tough ... so [00:30:36] you, [00:30:36] you really were working on [00:30:37] that [00:30:37] em- empathy to- an understanding of at the head, but also the heart level of what it feels like to be- Yeah [00:30:43] in [00:30:43] that, [00:30:44] in that role. It... [00:30:44] But the [00:30:45] good part [00:30:46] of [00:30:46] that experience is you learn a lot. You can, you can understand the world. So what did you learn driving for Uber or for- Remember, you [00:30:55] you [00:30:55] you [00:30:56] can have in your car the most humble [00:31:00] person with, [00:31:01] uh, [00:31:01] financial difficulties [00:31:03] and [00:31:04] the richest guy in the world in the same car. [00:31:08] That's powerful. Both sides in the same spot, you know the world. So that's what I, I get [00:31:16] fr- [00:31:16] from, [00:31:17] the, from that experience. I understand a lot the things that I even [00:31:21] imagine [00:31:22] from business perspective, from personal needs perspective, from family perspective, from entrepreneur [00:31:30] perspective, [00:31:31] because you own the society in one vehicle. [00:31:36] Imagine that. [00:31:37] You know, a, a dad with his daughter that goes to college, that momentum [00:31:42] is, [00:31:42] is powerful. Some couple that is on their way to the, to d- get divorce [00:31:48] I leave [00:31:49] that, you know? Things [00:31:50] that [00:31:50] are so powerful, Matt You know, it, it's... There's two things are coming to mind. Um, one is the, you said it earlier, but the, the direct relationship between [00:32:00] driving an Uber or a Lyft or rideshare car, I should say, generally, um, and, like, [00:32:05] bartending. [00:32:05] Yeah. It's so similar. It is. And also, when you're in a controlled space like that, um, much like a bartender, a bartender's driving the accessibility to what you're there for, to do. Yeah. The driver is dri- literally driving. Right. Um, but humans function on energy, and even if you never speak to your driver, you're exchanging energy in that vehicle. [00:32:28] Definitely. So whatever's going on with the driver, with you, it's all becoming a, for that moment, a unique soup of energy, and you have a choice at any given time how you wanna impact that energy. And you have layers, because if you drive in the morning, it's one environment. If you drive afternoon, it's another environment. [00:32:51] And the showcase, you know, the, the, the, the, the final end, it's driving in the late night, early morning. [00:33:00] Oh my God. Totally different. Totally different. Totally. Especially close by the airport. Oh, [00:33:04] yeah, [00:33:05] yeah. You hear too ma- y- you hear too weird things, but, you know, it's, it's... And, and it's my first recommendation when I s- s- spoke with, uh, you know, college students or entrepreneurs at once. [00:33:18] Uh, I'm a humble advisor because I am not a s- successful. I sh- I understand. I'm, I'm, I'm a hustle, you [00:33:26] I [00:33:26] am a person that feel his dreams and want [00:33:30] things [00:33:30] to happen, but if you ask me a humble am- [00:33:34] advisor, [00:33:35] I gonna tell you, you need to go deeper in your proposal, but [00:33:39] not [00:33:40] just in the think spot. You should go [00:33:44] the, [00:33:44] to the territory [00:33:46] So [00:33:46] you should go, you should go to the field because that's the only way you're gonna lear- learn from, in the field. [00:33:53] The best soldiers are the one that went to the field. The best general in the world are the one that come [00:34:00] from, from as a, as a corp and become a general. [00:34:04] The [00:34:05] whole process. So that's how I see it. I don't know if I'm wrong, but it works for me. No, [00:34:12] I, I [00:34:12] think [00:34:13] I [00:34:13] think it's such a, a really important perspective, and to be willing to go and do the work, and to better understand all the aspects of what it's like to be in someone's shoes. [00:34:24] Right. You can't, [00:34:25] you [00:34:25] just cannot overvalue that, you know? Um, you gotta k- keep doing that. You've mentioned, uh, a couple of words, and candidly, before we started recording, we were starting to talk about it- Yeah ... but we [00:34:37] but we stopped. [00:34:38] I, I wanna... Y- you said something that intrigued me, and you said that we've thought about it as a gig economy, and now it really is moving into a multi-functional hacker or multi-hacker economy? [00:34:53] Um- Tell me what you were telling me ... multi-hustler. Uh, sorry, not hacker. It's an H word. Yeah. [00:35:00] Multi-hustler. Hustler, yeah. Tell us the, what's [00:35:01] the [00:35:01] difference, uh, between the two, and what- Yeah ... why should people care about that distinction? Yeah. It's, it's, it's, it's something that... It's a new category that we seen as a... [00:35:11] Because the data that we l- learn from the daily... We, we create a team just to understand what happens with the environment, with our marketplace, with our customer base. [00:35:28] And [00:35:28] now the multi-function hustler become a category. It's the guy, let's say, Ricky, [00:35:36] I doing [00:35:37] Uber half a day t- today, but it's not my permanent source of income. [00:35:44] Tomorrow, [00:35:45] I gonna go to Times Square, I gonna dress like Mickey, [00:35:49] and [00:35:49] I gonna get pictures. Ricky Mickey. Ricky Mickey. The next day, I gonna be in the beach selling water. [00:35:58] The [00:35:58] next day, I gonna do [00:36:00] [00:36:00] X [00:36:01] duty. At the end, it's someone that make a plan in between five to seven days on different duties, but opportunities depends on what's happened that day. [00:36:14] If it's sunny, I do something. If it's raining, I change to another, uh, way to, to make my life better. If it's snowing, I'm work with the city, and I gonna take a big shovel, and I gonna take... I gonna make a couple dollars cleaning spaces. That's the multi-hustler, [00:36:32] uh, [00:36:33] uh, category that it's, it's hap- happening right now. [00:36:36] And after the pandemic It get, it gets bigger, bigger, bigger and that's why anyone that [00:36:45] wants [00:36:46] to provide a service to this new category needs to be so focused in the changes, in the data, in what's, what's how fast this new [00:37:00] potential customer is moving around. How is that different than what we thought of or spoke about as a, [00:37:03] How is that different than what we thought of or spoke about as [00:37:08] a [00:37:08] a gig? [00:37:09] A gig stayed in one, uh, way to work for at least two to three months. A gig works as a rideshare, as a delivery, as a, let's say, gardener, as a electrician, at least for three, four months. [00:37:24] The [00:37:25] multi-hustler change [00:37:26] every week, every day So a gig is more focused in one, one area instead of changing areas every three days, every two days, even daily. [00:37:38] So that's you- how you can separate [00:37:41] the [00:37:41] profiles and the kind of, uh, of, of- It's like the hustle factor ... Yeah. Yeah. Hu- The hustle factor goes up- Hustle ups. Yeah ... and the adaptability. It's raining, so I'm not gonna go sell water at [00:37:49] beach. [00:37:50] Right. So I'm gonna do- I'm gonna drive for three extra hours, and then I'm gonna go- Right [00:37:54] clean houses. Right. You know? That's correct. That's correct. [00:37:57] Something [00:37:57] like that. Like you said, the hustle- the multi-hustler [00:38:00] is more based on elements, [00:38:02] and [00:38:02] it's directly connected with weather, seasonality, and even the demographic where he's living i- in [00:38:12] i- in that, at [00:38:12] that moment. Right. Okay. Mm-hmm. That, that's good. [00:38:16] What is it do you, do you think that before Ualett came along that other traditional financial, um... It... And we're not, you know, we're not bashing the [00:38:27] industry. [00:38:27] No, no. But- We're just saying- [00:38:28] saying- [00:38:28] No, no ... you're not meeting this particular niche's needs [00:38:31] as [00:38:31] well as they need. What is it that they had m- they were m- they are missing in their mindset about th- all these millions and millions of people that is valuable? [00:38:41] I think [00:38:41] it's, is valuable? ...it's what [00:38:42] I said. You know, the traditional financial ind- uh, industry or let's say platform or institutions, they do their job. They gave you the framework, the bank account, the payment rails. They give you the [00:39:00] general, right? [00:39:02] The [00:39:02] fintech is a complementary of, [00:39:05] of the, [00:39:05] those financial institutions. [00:39:08] So [00:39:08] I think we [00:39:09] coexist, and we live in the same world, and we can... And, and directly and indirectly, we both, [00:39:17] uh, [00:39:17] give the solutions and, and support the needs [00:39:20] of, [00:39:20] of that huge community. But it... in that category, in the, in the independent community, we co-work. In the general community, the, the, uh, traditional [00:39:31] institution, [00:39:31] fin- financial institution works more by them- by themselves. [00:39:36] But [00:39:36] it's [00:39:36] how the world is changing, and even the financial [00:39:38] insti- traditional [00:39:39] financial institutions are investing in [00:39:42] different [00:39:42] fintech. [00:39:44] Because [00:39:44] it's easier to partnership with something that is already made it instead of trying to build in a very strong corporate and bureaucracy, uh, type of business. Y- [00:39:57] you, get [00:39:58] me? [00:39:58] Oh, [00:39:58] anyone [00:39:59] who uses [00:40:00] Apple Search knows this. Uh, th- they need to partner, people. I [00:40:04] didn't [00:40:04] say that. Apple, I love you, Apple. I buy all your products, but your search still remains- [00:40:08] Yeah. Yeah, yeah ... you know, trying [00:40:09] to find anything in an Apple product is like- [00:40:11] it's, [00:40:12] it- ... you're blindfolded in the desert, you know? [00:40:14] But it, it, that's, that happens in many industry. They, they ... When you get too comfortable, sometimes you overpass great opportunities, and that's why things, uh, become successful, because the small ones saw those small opportunities. But [00:40:31] small [00:40:31] opportunities can become a huge- Very big ... big. Very big. [00:40:37] Absolutely. Yeah. So, [00:40:39] um, [00:40:39] just to put it on the record so that if anyone's still confused, um, what is, what ... how does Ualett [00:40:46] Wallet [00:40:48] provide money to people who need it? Yeah. Uh, what, what, [00:40:50] what [00:40:50] does, [00:40:51] how does the service work? [00:40:51] work? [00:40:52] Yeah. It's a, it's [00:40:53] service, [00:40:53] very friendly us- uh, way to use. It's based on your [00:41:00] future account receivables. [00:41:01] We give you, like, a, an advance over your future account receivables based on your work, a cash flow model, not in your, on your credit score. So that means is your projection as a gig worker, it's to, let's say, originate or create $4,000 in the next 90 days. We can give you some portion of those [00:41:28] $4,000 [00:41:30] today based on United, in United base perform, uh, with a small fee amount, uh, remit me back in [00:41:39] 10, [00:41:40] 8, 6, [00:41:42] 14 [00:41:42] weeks. [00:41:43] So it's a way to give to, to those workers, to those, uh, to, to that community, hard work [00:41:50] community, [00:41:50] a way to monetize [00:41:51] a way to monetize [00:41:53] a [00:41:53] way to have a liquidity box for those small needs. We don't give you an [00:42:00] advance you to buy a car, but, but we give you an advance you to buy your fuel, you to pay your insurance, you to pay, [00:42:09] uh, [00:42:09] car repair. [00:42:13] And that's, that's, that's so important for them because probably for you and me, looks like, oh, it's simple. It's not. Imagine when you wake up on Monday and your transmission is not working well, and you need to go to a mechanic, [00:42:32] a [00:42:32] parts, a [00:42:33] a place [00:42:33] to, uh, for, for, [00:42:35] to, [00:42:35] to solve that problem, and you know it's, it's gonna cost you $1,500. [00:42:41] That's a lot. And [00:42:44] sometimes [00:42:45] you say, "My credit card, it's for my personal situation, for home issues, but I need some money on the side to help my business, that it's my car." So it's when we appear and we help them to get in advance those [00:43:00] future account receivables s- those, that future, uh, production from, [00:43:05] or [00:43:05] revenue from, from their business, and we build that relation, that small bridge. [00:43:10] It's like bridge loans on demand- Yeah. In our case, it, it's, it's a bridge to solve, uh, [00:43:18] your, [00:43:18] your business needs- [00:43:19] Yeah ... using a, [00:43:20] a MCA model to, to make it happen. Right. But how does it d- how do you differentiate? I mean, obviously anyone who's been around long enough, you think of, um, cash advances for, you know, paycheck advances and things, and some of those [00:43:33] businesses [00:43:34] have [00:43:34] well [00:43:35] known [00:43:35] for their predatory- Yeah [00:43:37] their predatory [00:43:38] m- mindset. [00:43:39] I mean, it's, it's built into the model- Yeah ... is to get you hooked on it- Yeah ... and kinda trapped by a- and sort of you, you kinda have to keep going back, and you never kinda get freed from it. How do you ... And I'n- I've known you now un- un- enough, I mean, in talking with you, I know where your spirit is. [00:43:55] You're, you're, you're not coming [00:43:57] that [00:43:57] standpoint, [00:43:57] so. No, no, definitely not. So how [00:43:59] are, how did you [00:44:00] make sure you baked it in to not be that in your business? Because we build a model, a product, a service not for [00:44:08] one time [00:44:08] deal or to suffocate our client base or to become a predatory model. No, we did at, we, we [00:44:17] It was part of that experience that I get [00:44:20] from as an Uber [00:44:21] driver, remember that we get from the community that we spoke with before the launching. And we, we thought, "Let's do a more, uh, recurring support." [00:44:37] For [00:44:37] a small amount, for a small fee, but that we work with them as their, their support, their s- liquidity box. [00:44:46] We want to partner with them in their future revenue. We believe in them. But the first that believe in us was, was, was them. They, they give us their data. They give us their credential [00:44:59] [00:45:00] hoping [00:45:00] that we're gonna return with that cash advance. So that's, that's why we build on trust in two sides. And that's why since day one, we explicitly and directly says in our [00:45:12] explicitly and directly says in our [00:45:15] tagline, " [00:45:17] We [00:45:17] are more than a cash advance, [00:45:20] above cash [00:45:21] advance." We don't want to be just a cash advance, a traditional cash advance. We are more than that. We give you a solution in a very competitive fee [00:45:33] compared with [00:45:33] what happen outside because we want to partnership with [00:45:36] you, [00:45:37] not [00:45:37] in a [00:45:37] cash advance, in a, as many solutions as we can as a platform. [00:45:45] I [00:45:45] I [00:45:45] read somewhere that, um, one of the top values [00:45:48] belief. [00:45:48] Yes. And at first when I thought of that, admittedly, I think, "Okay, we-- our value is belief that we want you to believe in us." Right. "We want you to believe in our brand." [00:46:00] [00:46:00] But [00:46:00] the reality that you're describing is, is actually we believe in you, the customer. [00:46:05] Yes. And that is the foundation for you believing in me- Yeah ... [00:46:09] me [00:46:09] believing in you. [00:46:10] Because [00:46:10] we, we, we don't get, uh, let's say, um, I gonna-- I need your credit score, [00:46:16] or [00:46:17] I gonna attach your [00:46:20] deal [00:46:21] with some of your assets. We believe that you're gonna share part of those future revenue, part of those [00:46:30] account [00:46:31] receivables with us. [00:46:33] And [00:46:35] if, [00:46:35] if we believe in you, why you not gonna believe in me because we give you facts, and the facts are that I am advancing you a portion of those, of that revenue. So that's why it's believe and build on trust. [00:46:49] Everything is together. [00:46:51] And it's, it's, it's a difficult action or strategy, but in an honest way- [00:47:00] The people that is hustling outside, it's the people that pay better, remit better. [00:47:09] It's people commit because you don't have that much opportunities outside over there. It's, it's... So it's, it's very small, the, the places or little, the pr- the places where you can find an opportunity. So that's why it should be a trust relation. Yeah, I, I... It's just profound to me that the belief starts with believing in the people you're serving. [00:47:32] Yes. And I think that's what's shining through here. And, and we still doing that. Yeah. [00:47:36] A- [00:47:37] as I say before, anything that we planning to build, the center, it's believing in our client base and what, what they [00:47:46] want [00:47:46] us to, to build. Yeah. We, we, we have a frequently, let's say, focused interaction with them, but not in a, in [00:47:55] a war [00:47:56] room. [00:47:56] It, [00:47:57] it's outside in parking lots, [00:48:00] in streets, close by the restaurants. I don't know if you ever been in those famous restaurants on the streets and you saw a lot of delivery guys with bicycles. We go there and we share breakfast with them or we share [00:48:13] lunch [00:48:14] with [00:48:14] them [00:48:14] because we, we have a, a team that work in field that used to be one of them [00:48:22] and [00:48:22] they become [00:48:26] Uh, the best connection ever in between B to B. Because remember, they are bui- business. They are not cust- simple consumers. They're a business. Their [00:48:35] bicycle, [00:48:36] their backpack, it's their company, it's their entrepreneur model. Yeah. There, there's so many ways we can overlook, you know, opportunity around [00:48:46] and [00:48:46] not see the people and what they're really doing, and these are business owners really. [00:48:50] Right. And they may not be building a giant tower- Right ... but they're, they're business owners, no doubt. They are business owners. They are doing business. Now, um, we've got only a few minutes left, [00:49:00] and I do, I always like to end with looking, especially looking towards the future because a man like you is not sitting here idly going, "Okay, I like what we built. [00:49:09] We're just gonna keep doing the same [00:49:10] thing." What... [00:49:11] I know you got plans. I [00:49:13] you can't [00:49:13] share all of them with me, but [00:49:15] give [00:49:15] the people what they want a little bit, Ricky. A little... What, what can we look forward to in the land of Ricky? What are you working on? Hmm. Right now we working in a model to support, [00:49:30] no matter [00:49:31] how difficult it's to support that need in our marketplace, in our customer base, we gonna solve that. [00:49:40] I can give you an example. When Mr. Jeff Bezos built Amazon, when he was selling CDs and books, trust me, he was thinking in the huge marketplace that he have already. So we are building that. We [00:50:00] are thinking in all the needs, all the space, spot, empty spot that our community have right now, [00:50:09] and [00:50:09] we're gonna find a way to [00:50:11] it [00:50:11] out. [00:50:12] All right. And every, every, every, [00:50:14] you [00:50:14] know, [00:50:15] know, entrepreneur [00:50:15] that build something special is welcome to partnership with us to fill those gaps. Man, you're killing me 'cause, you know, I know you can't talk openly about most of the stuff you're doing yet, but, um, I'd love to hear more about it [00:50:27] later. [00:50:27] That's [00:50:27] sure. [00:50:28] Definitely. Well, you're such a tease. Now, [00:50:30] talk to [00:50:31] the young entrepreneur who's going through their first failure, uh, in their own mind, even though we know that failures are not really failures, but, uh, and they're, they're wondering, "Gee, uh, do I really have it? Should I keep going?" Just talk to that person real quick. [00:50:45] You de- you definitely need to keep going because what's the most exp- expensive thing in the world, Matt? Uh, not doing anything? I don't know. Knowledge. Oh, the most expensive thing [00:50:59] the [00:50:59] world [00:51:00] is knowledge. Yeah. Knowledge. So the failure give you for free that. Take advantage of. It's for free. If you wanna get on a bigger stage, you wanna get to the next stage, knowledge, knowledge, knowledge. [00:51:15] Knowledge, my friend. Failure is one of the most important learning tools that we can have. Yes. Just keep going. Keep going. Ricky, this has been an absolute joy. Thank you for sharing your story. Thank you. I'm so happy and glad and grateful to be part of this great podcast. Thank you. I hope to see you soon in DR and enjoying some of the, one of the best places to go on vacation and, and to spend a great, great day at the beach. [00:51:43] I will take you up on that offer. Let's go to that cafe where it all started. Definitely. You're gonna love it. [00:51:48] Thank you. Thanks. [00:51:49]