On the TechTO stage ×1
First seen on the TechTO stage in 2018. Every talk is searchable — ask the archive about Som ↗
In their words
It all lives and dies by culture. Acquisitions fail because of poor culture integration.
Don't maximize your value. Start with a partner that you believe you're going to build a long-term relationship with, not the one who gives you the best terms on a term sheet.
The principle is to build a relationship with the marketplace that recognizes what you're going to be good at and what others are going to be really good at.
Around the web ×2
Quick answers
Who is Som Seif?
The founder and CEO of Purpose Unlimited and Purpose Investments, which he started in 2012. He previously founded Claymore Investments and led it through its sale to BlackRock, and co-founded Wealthsimple. He studied engineering at the University of Toronto and began his career in investment banking at RBC.
What was his argument at TechTO?
That most fintechs were innovating on product and experience while ignoring the thing that makes a bank work — cheap, trusted funding. Purpose's answer was to build the funding model and infrastructure first with a pension-plan partner, then layer an open banking platform on top.
What does he say about acquisitions?
That they are hard and fail on culture, not technology. After buying Thinking Capital he described six grueling months of integration and argued a leader needs both an open mind about what the other company does well and stubbornness about the culture they want to end up with.