Late in 2021, nearly asphyxiated by pandemic rubble and a 24-month revenue drought, we held our first in-person event for Fintech Nexus since March of 2020. The LatAm conference, which broke modest records, charged us. We could feel the warm breeze of success after a seemingly eternal winter.
As we worked into the spring of 2022 the boosters flared and we found ourselves in a staggering position. It was easy to feel like the diligent hours we expended, struggling to maintain the mission, save the company, and serve the industry had paid off. Easy to feel like the industry appreciated us, supported us and had finally rewarded us.
But we all know that’s not how it works. Barring our few dear Fintech friends, the industry itself just wanted a place to display their wares, demonstrate their capabilities, and shake hands. We were just a convenient channel–which we would have done well to recognize with some humility.
But as revenue soared from $3 million to $14 million and we increased our live events from zero to six while maintaining a robust digital presence, I find it hard to fault myself for thinking that, after such a glorious resurrection, we could survive anything. That we were meant to survive.
The industry, however, had other plans. Interest rates declined. AI came ripping into view, and Fintech revealed not just fissures, but cracks and crevasses. And then, 10 weeks before our biggest event of the year (responsible for 80% of our revenue), Silvergate collapsed; then Silicon Valley Bank evaporated; and then two days later, Signature Bank. The industry started hemorrhaging at precisely the time we needed it to be sanguine. We got crushed.
We knew FOR SURE that we could survive anything. We were invincible… and we were wrong.
Had we not closed a providential deal with Fintech Meetup, we would have filed for bankruptcy on June 30th, 2023. As it was, we could survive almost one more year, with some hope of rebuilding the company in a digital-only format. We tried to pay down as many creditors as we could, and transform a languishing physical events organization into a small digital media company. But that effort, however noble, eventually petered out.
So what did we know for sure? I’m embarrassed to say we knew for sure that we could survive anything. We were invincible and we had a sneaking suspicion that it was our destiny to become the leading Fintech media company in the world. It was just a matter of time. We had a brilliant team and a good strategy. There’s no question about that. What we didn’t have were a resilient balance sheet and revenue diversification. So when the industry took a breather, we took a dive. When the timing was wrong, we fell apart.
I regret several decisions and mistakes, but I don’t regret the effort and the service I once provided to the team and clients that we so dearly loved.
To all of you who are familiar with this story, who perhaps lived it with me, I offer my sincere thanks for being part of this journey with us. Despite the setbacks, I’d embrace the challenge again, as the experience, albeit painful, was invaluable.
