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

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

Author: Harry Stebbings February 16, 2026 Duration: 1:27:38
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
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Sebastian Siemiatkowski is the co-founder and CEO of Klarna, the global digital bank with over 114 million global active users and 3.4 million transactions per day. Seb is one of the leading public company CEOs pushing the boundaries of AI. 

AGENDA:

04:50 — The Real Threat to SaaS is The Switching Cost Coming Down

05:57 — What revenue multiple will software companies trade at in the future?

14:12 — Why you need to build your own customer service AI to win

23:51 — Klarna has two times the customer base of Revolut. They will beat Revolut

25:39 — How I lost a billion dollars not investing in Nubank

30:57 — Why Nubank are more likely to win the US than Revolut?

34:28 — We used to be 6,000 people. Now we are just 3,000

39:58 — When is a high valuation too high and can be dangerous?

42:45 — How we got Sequoia to invest and Michael Moritz to join the board

53:14 — If you are an investor today that is not building then you're at a fundamental disadvantage

01:11:43 — I have changed my mind on the adoption cycle... I think it will take longer than people think

20VC: Is SaaS Dead: Klarna Replaces 1,500 Internal SaaS Products | 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


Hosted by Harry Stebbings, The Twenty Minute VC (20VC) pulls back the curtain on the high-stakes worlds of venture capital and startup building. Each episode is a compact, twenty-minute dive into the minds shaping the future of technology. You’ll hear candid conversations with legendary investors, the very individuals who fund and guide the next generation of companies, featuring voices like Sequoia's Doug Leone and Benchmark's Bill Gurley. Beyond the capital, this podcast dedicates time to the founders themselves. Weekly, Stebbings sits down with transformative entrepreneurs such as Spotify's Daniel Ek, LinkedIn's Reid Hoffman, and Snowflake's Frank Slootman, unpacking the real journeys behind their iconic companies. The format is direct and focused, cutting straight to the core insights on funding strategies, pitch dynamics, and the personal philosophies that drive success. Tuning into this podcast means gaining an unfiltered perspective from both sides of the table, all delivered in a concise and accessible style that fits into your day.
Author: Language: English Episodes: 100

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