00:20:59 · Michael Tannenbaum
[00:20:59] S0: Three main ways for us. There's how are we building software, which, you know, we generally use cursor, but we use a lot of a lot of different models actually, which is interesting because actually Grok is a big part of what we do. And so we're definitely using AI internally. I think about 20, 25% of our code at this point is written with AI. And I would call that standard for a tech company. We're also using it in the manufacturing process of the loans. So I think a great example is when you're creating a mortgage, you have to make sure that the loan deed match. Right? That the the way the property is described by the county is essentially the same in your mortgage note, right, in the instrument that you're you're creating. And that process used to be a stare and compare painful process. We've used AI to completely automate that. And that... Those are products that we're building in house. And then on the customer facing side, we're... I think we're implementing AI in in really innovative ways, but we are partnering. I mentioned the partnership with Sierra. We use a product called Decagon, which is pretty popular on the customer service side. So that's where we're leveraging, I think, best in class vendors, but at the same time, using very thoughtful implementations to lower costs and improve the customer support model. I mean, that... That's a big part of why we have been able to take costs down so much on behalf of our partners. And we're at that $1,000 versus the 12. And if you look at who we partner with, they're looking to figure to help them make those AI and technology decisions. A bank today is not necessarily gonna be building its own mortgage chatbot the way that we've done. They're looking to figure to provide that same innovation we brought with tokenization also with AI, and help carry them through this next technology wave.
00:22:55 · Anthony Pompliano
[00:22:55] S1: Every person listening to this show, you probably own Bitcoin and you got it the same way. You paid full price on an exchange. But there's a smaller group of business owners, family offices, and investors with sharp CPAs, and they're quietly getting theirs a very different way. They own the machines that make it. Mining. Here's how it works. You buy the miners, and Simple Mining hosts and runs them at their facilities in Iowa on industrial power rates that you could never get on your own. The Bitcoin they mine goes straight from your machine to your wallet. There's two reasons I find this interesting right now. One, the economics. Cheap power lets you convert electricity into Bitcoin at a discount to spot. You're acquiring the asset below the sticker price that everyone else pays. But second, and listen closely, you've got a big income here. Miners are classified as computer equipment. Equipment means depreciation. Qualifying buyers can write off the entire purchase in year one. It's the same playbook real estate investors have run for decades pointed at Bitcoin. Your CPA will want to see this before the end of the year, so with attractive financing available, you can deploy these assets without selling any of your assets to do it. This is not some garage operation. Simple Mining runs over 40,000 machines and was just ranked the fastest growing company in Iowa on the Inc. 5,000. They put together a valuable resource called the $20.26 Bitcoin Mining Blueprint. It covers the five mistakes investors make when allocating to mining and how to avoid them before deploying capital. You can access it for free at simplemining.iopomp. That's simplemining./pump. Go check it out today. Today's episode is brought to you by investorhealth.com. You've built the portfolio. You've made the long term bets. You still have to be around though to compound. Your body is the balance sheet, and most people never invest it in a way that they invest in everything else. Investor Health is a company that we've built that is a clinician prescribed protocol for weight, metabolism, energy, and longevity. GLP-1s, NAD plus B12, all reviewed and prescribed by board certified clinicians, not picked off a menu. The process is a short online intake form, a clinician review, then medication compounded and shipped straight to your door.
00:25:04 · Anthony Pompliano, Michael Tannenbaum
Most patients are approved and shipped within forty eight to seventy two hours. No office visits, no referrals, and no waiting rooms. Ongoing check ins at thirty, sixty, and ninety days, and a 20 clinician support line. Health coaching is included as well. Plans start at $149 a month. There are HSA and FSA eligible, and it's available in all 50 states plus Washington DC. There's no contracts and you can cancel anytime. Go to investorhealth.com and complete your intake form today. Investorhealth.com Go Long on Life! Investor Health is a telehealth platform, not a medical provider. Medical services are provided by affiliated licensed clinicians. Compounded medications are not FDA approved. Individual results may vary, and treatment requires evaluation by a licensed provider. Terms and conditions apply. See investorhealth.com. So I think the last quarter numbers, you guys were doing about $200,000,000 or so in top line revenue. So let's call it annualized 800,000,000 or so. As I mentioned, very fast growth. [00:26:01] S0: You have [00:26:01] S1: the rule of one fifty. What guidance have you guys given, you know, going forward?
00:26:05 · Michael Tannenbaum
[00:26:05] S0: We generally give volume guidance, and I think volume is the metric that we focus on most because it's ultimately the best expression of how our products are rolling out throughout the market. So we tend to give volume guidance, and we've given medium term margin guidance to around 60%. So for us, we really focused on maintaining a very capital light marketplace model that grows quickly, expands into new asset classes. And as I mentioned, we did a a pretty big acquisition of a company called Kiavi, the market leader in investor mortgage. And that's gonna really supercharge our growth in the coming months because what Kiavi did was... And it's kinda gets you... It gets into a little bit about the way that marketplaces are built. Kiavi was not a marketplace. They were kind of a standard fintech company in that they went direct to customers, like, almost like all of our 500 partners. But what we're doing is saying, okay. Since we bought them at one time, we can do a one time conversion where we take their market market leading technology and open that up to all of our partners who have wanted this. Right? They're the market leader. They have about 10% market share. But we... We've already shown this with our own HELOC product. When we open it up to partners, we can grow much faster. Right? Figure started direct to consumer as well and then opened up to our partners, and we're gonna do the same with Kiavi and supercharge that growth. And that's a big part of the future for where we see growth coming for in '27.
00:27:38 · Anthony Pompliano
[00:27:38] S1: And when you look at '27, is there any sort of headwinds you guys worry about? Crypto policy? You know, we start off conversation about, you know, the the blue wave. Right? They aren't so excited about AI. They aren't so excited about crypto in some cases. There's, you know, these generalizations, but I do think that people are like, hey. Health care stocks should do really well. Right? Are the AI and crypto guys gonna be okay? Yeah. The truth is always kinda like somewhere in between, and the extremes are usually not true. But how do you think about operating a business in really, like, less of one environment versus another? Or just like it's an evolving environment. If you look over the last four or five years, different types of politicians, different policy regimes, different type of regulatory regimes, like, it is changing.
00:28:18 · Michael Tannenbaum
[00:28:18] S0: No. For sure. I mean, I've been in fintech since I joined SoFi in 2014, and that was coming out of what was a very big mortgage crisis. It was the beginning of the student loan, kind of the wave of student loan crisis. And, obviously, SoFi was doing a lot of student loan refinancing. So I've seen a variety of regimes come in and out. And, absolutely, you know, it can... It feels like ping pong in some ways. Right? You go from people that are totally risk on and and pro deregulation to some of the tightest regulation. And I think the lesson that I've gotten from all that is you need to be prepared to to run a business that survives and thrives in any regulatory environment. And Figure has been not only to your point about our website, where we we we lean into the benefits of blockchain, not necessarily blockchain for blockchain's sake. We're not crypto in that way. We're much more focused on using blockchain to power the future of the capital markets. And also from a fintech perspective, we have invested a lot in regulatory infrastructure. We're licensed in all 50 states. We have money transmission license. We have crypto licenses both domestically internationally. So we've got a broker dealer. So we've really invested in that regulatory infrastructure. Our stablecoin, which is called yields and is a little bit like a tokenized money market fund, was actually approved under the Biden administration. So we've definitely been a company that's focused on thriving regardless of the regulatory environment in many ways because of the point you're raising, which is this ping pong nature can really derail you if you if you try to focus on capitalizing on any one particular opportunity versus building a business for the long run. And that's very much what I've been focused on both at SoFi, in between App Brex, which was in the card space and very regulated, and now at Figure.