The Twenty Minute VCKlarna CEO: SaaS is Dead: Why Systems of Record Will Die in an Agentic World
Episode Details
EPISODE INFO
- Released
- February 16, 2026
- Duration
- 1h 29m
- Channel
- The Twenty Minute VC
- Watch on YouTube
- ▶ Open ↗
EPISODE DESCRIPTION
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. ----------------------------------------------- Timestamps: 00:00 Intro 01:16 The real Threat to SaaS 05:58 What revenue multiple will software companies trade at in the future? 10:31 Why you need to build your own customer service AI to win 22:12 Klarna has two times the customer base of Revolut. They will beat Revolut 24:17 How I lost a billion dollars not investing in Nubank 25:54 Why Nubank are more likely to win the US than Revolut? 33:59 We used to be 6,000 people. Now we are just 3,000 40:14 When is a high valuation too high and can be dangerous? 41:27 How we got Sequoia to invest & Michael Moritz to join the board 53:19 Investors who don’t build will lose 01:07:56 What CEOs really think about AI 01:13:34 I have changed my mind on the adoption cycle ----------------------------------------------- Subscribe on Spotify: https://open.spotify.com/show/3j2KMcZTtgTNBKwtZBMHvl?si=85bc9196860e4466 Subscribe on Apple Podcasts: https://podcasts.apple.com/us/podcast/the-twenty-minute-vc-20vc-venture-capital-startup/id958230465 Follow Harry Stebbings on X: https://twitter.com/HarryStebbings Follow Sebastian Siemiatkowski on X: https://twitter.com/klarnaseb Follow 20VC on Instagram: https://www.instagram.com/20vchq Follow 20VC on TikTok: https://www.tiktok.com/@20vc_tok Visit our Website: https://www.20vc.com Subscribe to our Newsletter: https://www.thetwentyminutevc.com/contact ----------------------------------------------- #20vc #harrystebbings #sebastiansiemiatkowski #ceo #klarna #ai #saas
SPEAKERS
Sebastian Siemiatkowski
guestHarry Stebbings
host
EPISODE SUMMARY
In this episode of The Twenty Minute VC, featuring Sebastian Siemiatkowski and Harry Stebbings, Klarna CEO: SaaS is Dead: Why Systems of Record Will Die in an Agentic World explores klarna CEO on AI reshaping SaaS, banks, and workforces Siemiatkowski’s core claim is that software creation is trending toward near-zero cost, and the next major disruption is AI dramatically reducing data migration friction—breaking the lock-in that underpins many SaaS businesses.
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