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The UK boss of eToro on the dos and don'ts of investing | Boardroom Uncovered
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Dec 4, 2024
The UK boss of trading platform eToro has opened up about the firm's plans to become a public company and what the London Stock Exchange has to do to win its backing. The London-headquartered division of the Israel-headquartered trading and investment group has been weighing up floating in London or on another international exchange for a number of months. Daniel Moczulski previously told City AM that London needs to do more if it wants Etoro to float in the capital. Now, speaking with Jon Robinson on Boardroom Uncovered, Moczulski said: "It's a process. Conversations are always being held. It's well stated that Etoro wants to IPO in the next X number of years. Get more of the full interview here š https://www.cityam.com/etoro-we-could-still-float-in-london-but-things-need-to-change/ Timestamps: 0:00 Introduction 5:27 Top Tips for New Investors 7:16 Education and Responsibility 9:25 Why Copy Portfolios Work 13:24 Crypto and Responsibility 20:02 Plans for eToro's IPO 26:28 The Social Component of Investing 34:17 The Future of eToro
View Video Transcript
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I think I'm a huge fan of kind of investing in what you know and perhaps initially what you love we need
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long-term investors at etoro so you know we're very much in favor of you learning and you uh uh educating yourself before
0:14
you place that first trade you can just copy this individual and then get access to all the firms that they've identified
0:20
as being strong in that area can you see if there is a the the best performing
0:26
investor on eoro is that information available two people is there like a
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[Music]
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ranking hello and welcome to another episode of boardroom uncovered powered by city am my name is John Robinson City
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am's UK editor and my guest for this Edition is the MD of e Toro UK Dan
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machulski the trading platform has enjoyed huge success in the UK in recent years but is now facing a decision over
0:58
whether to float in London or New York at this fork in the road will eoro back
1:04
the new labor government's investment plans or will it instead look across the pond also with retail investment and
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ever growing industry in the UK what is eoro doing to set itself apart from its
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competitors without any further delay let's dive in Dan thank you very much for coming on boardroom Rec covers today
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I suppose the question I want to start with is how good at investing actually are you am I yeah uh
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uh that is a good question uh I would say I go through the the the
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conventional discipline of investing I think one of the things that that that has maybe singled me out in the industry
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that I'm in is I've never been that person who will trade 20 times a week
1:47
you know I was originally in uh cfds spread Bing derivatives and it was quite
1:52
common there to have people that actively traded and I've never felt one
1:57
I should do it but I think fun mentally when I'm speaking to clients on the phone when I'm talking to people all the
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time about Investments and and and where they should trade and how they should trade I felt it it wasn't quite correct
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that I actually I'm also thinking about what my own Investments are doing so I'm very much a kind of Buy and Hold
2:15
long-term uh investor uh things are doing okay I can't complain um can
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always do better can always do worse so uh yeah I'd say I'm reasonable but I think you know one of the things that
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that is important to see about this is actually investing isn't just for for for individuals who work in the city it
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is something that everybody can do so I really want to to to for people to understand how achievable returns are
2:39
from investing and we'll get on to that absolutely what I find with with my investing is that I'm checking every day
2:44
I can't get out of the Habit sometimes a couple times a day do you find that you also check regularly or or do you have
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the self discipline no I certainly try not to and I think you know it all depends on what kind of investor you are
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you know whether you're a short-term trade whether you're a long-term investor but if you've kind of specified
3:04
that you are a long-term investor the day-to-day activ you know changes in prices they're not really going to make
3:09
much of a difference so I encourage you not to check I mean I try my best but I think I'm just interested in seeing that
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increase in the investment I think um so
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may maybe I'll try and get out the have it I'm not too sure um so what do you invest in do you obviously you use eoro
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of course but do you have a a selection of platforms that you use well I'm actually going to say I don't use eoro
3:34
we're not allowed to use Toro oh right from from an investment perspective and as you can imagine there's a whole
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number of rules that govern what you can invest in when you work for a brokerage
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uh however having said that personally I tend to to to to trade stocks and invest in stocks um all the names that I invest
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in you'll recognize there's no magic there um uh having said that
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we are at etar all the staff are given a employee account and it's pretend money
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but it's given us the opportunity to see what our clients see so it's a really good way of us if there is a problem
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with the platform our employees see it just as quick as our our clients and so we can react to it and we know the
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experience that they're going through and your knowledge about investing did somebody sit you down when you were
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younger in your 20s maybe to take you through or is it something you've acquired over time it doesn't get taught in schools of course well you know so
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point one I suppose I did do economics I'm going to say at GCC and a level it
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might not have been at GCC it such a long time ago but I definitely did economics at degree level and that's
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meant I've always had an an association with it uh uh I went to University in Liverpool um when I graduated it wasn't
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absolutely obvious what I would do next but because I'd done an economics degree it felt that I should work in finance it
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said felt that I should work in in some kind of investment uh uh environment
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that meant I moved to London um uh which has meant kind of I've slowly graduated
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into to how investment Works my first couple of jobs were media sales within the financial uh uh uh uh industry uh so
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not directly involved but then I joined a firm called IG which was a which is a spread betting firm uh and that got me
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to to really learn how first markets work and how people trade them m so what
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are your top tips about investing now then if I didn't have any Investments at all and I wanted to join an investment
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platform what would you tell me well I think the you know the first thing I would say is it's not easy you know
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there's no get-rich quick uh um process that you can go for I think I'm a huge
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fan of kind of investing in what you know and perhaps initially what you love so if there's Brands and there's
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products and there's companies that you really associate with and you you feel they are um uh that they're doing well
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and they they they appeal to you I think that is a good place to start uh and maybe for two reasons one you obviously
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understand the business and you understand how it works and and you personally feel that it's a uh a good
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business but secondly and you mentioned it earlier on that you like to continually to check the app to see whether your uh stock is going up or
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going down well as I mentioned that discipline isn't great you don't need to have that discipline and I think if
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there's a connection between you and the the the brand that you're investing in that allows you to ride through when
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perhaps there's a 10% draw down I think that aspect is important especially if you're new to it do you think companies
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like eor have maybe a responsibility to educate people in the UK about
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investing uh because there's lots of people there in the country that don't know much about it maybe a little bit worried about it or just stick to a low
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interest rate savings account with established High Street because that's what they're used to do you find that
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people come to you and ask more questions and you want to help them out John it has to be that way um as you you
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know we talked there you know schools don't have investing lessons I do feel they should be and even you know we just
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talk about investing they should have lessons about you know loaning money saving money it all matters of personal
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finance I think should be introduced uh at a at a really young age um Toro has
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various different tools that people can useem uh knowledge bases lots and lots
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of things that they can they can engage with in order to to understand how the platform works and how investing works
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you know one of the things that is really unique about eoro is in many ways the platform resembles a
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social media platform maybe like Facebook more than it would do a conventional uh investment interface and
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uh not only do you get the opportunity to to kind of look at various different assets you can actually look at various
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different investors as well so everybody on who's on the platform you can look at if their profile is public you can look
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at who they are what they invest in quite a lot of people talk on the platform about why they've invested in
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certain markets why they've got in at a particular level why they're intending to get out of a at a particular level
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and I would encourage anybody that is is looking to get into investing is to you know take make use of all that
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information there ask questions to people engage with people uh you know
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Itor will spend quite a lot of money on marketing the idea of that you open an account with us and invest trate away
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without thinking about it and it goes the wrong way and you feel that it has gone the wrong way for you I don't want
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we need long-term investors at eoro so you know we're very much in favor of you learning and you uh uh educating
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yourself before you place that first trade rather than after that social element is so important to tour where's
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that come from and why is it so important it you know it very much almost is is illustrative of the growth
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of the firm so you know it was founded by Yanni AIA and Ronan Asia and it was
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essentially at the start quite a fun trading interface uh and it was a normal
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platform like any other uh and at one point they kind of hit upon the idea
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that you could show other users what you indeed was investing in uh and it was a
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a separate uh feature called open book uh and you could log on to that and you could see what everybody else was
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investing in it got to the point that that component was just as popular as
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the as the actual platform to to to invest with so in time they merge the two and etor has become synonymous with
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this you know it's a place that you can invest yes but it's also a place that you can meet and talk to other investors
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I'm fascinated by the idea that you can have a look at somebody else's portfolio and you can match that entirely why do
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you think lots of people prefer to do that instead of making their own decisions uh there's a few reasons for
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it you know and I think everybody approaches eoro in a slightly different
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way so if I can make the distinction perhaps that actually going out of your way and uh investing in Tesla I would
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refer to as buy active investment as opposed to seeing another investor that
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you've identified as being a a strong investor who has uh investment uh theor
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similar to yourself uh and you've decided to follow or or or copy that particular person I'd more say rather
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than active that's more a passive form of investment so so everybody has a different mentality about how they
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approach uh Toro uh I would say from from experience it feels like people who
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originally come to each other start off by active investing and then once they've been on a platform for for for a
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reasonable length of time that's when they start to to copy other people to copy the popular investors that we have
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on the platform and I think it's because an acknowledgement as we talked about this is not easy this is something you
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have to learn to do but I think especially if you're interested in themes rather than individual stocks
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it's quite nice when you can see someone who says uh I'm an expert in electric vehicles you don't know how you have to
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uh who you have to follow for individual electric vehicle companies you can just copy this individual and then get access
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to all the firms that they've identified as being strong in that area can you see
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if there is a the the best performing investor on eoro is that information
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available to people is there like a ranking I I wouldn't describe it as a ranking but you can certainly using
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filters look at all the investors that we have on the platform that have made their uh profile uh public so why
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doesn't everybody just go for the top one well it's a bit like I've talked about before
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you know it's not I wouldn't equate it as simply as just always going for the top one clearly markets change in the
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same way that what was a a popular stock 6 months ago may not be a popular stock
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now but I really want people to engage with the person that they're following you know I don't think it should just be
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a super passive right that person's at the top I'll copy that particular person I want you to look at their methology I
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want you to look at their their their portfolio and maybe it dubils a little bit with what I said before about it
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helps you go uh when there is some draw down if you understand and agree with the investing uh theories of the person
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that you're following then actually if there is a draw down it's far easier to stick with them which tends to be good
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investing and if I was new to investing you know I've got all my savings in a High Street Bank very um conventional
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saver and you come up to me and say well have you heard about eor how you convincing me to join any trading
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platform and take that risk um why is it important actually
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it's a fair comment that you you raised and I want to there is often a misunderstanding
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within investment uh and and perhaps firms are as guilty of it as as as
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anybody else or regulator as guil as guilty as it in that we seem to put people in in just a a kind of a pocket
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that they're either an investor they're either a saver they're either a long-term investor they're a short-term
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Speculator that's not the case every individual will have kind of funds that
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they want to allocate to to various different things so this situation where someone's got their savings account I am
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not saying open anoro account and move it across that's absolutely not what I'm saying I'm saying you know if it's just
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held in cash well point one that has been pretty poor performing over let's
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say The Last 5 Years point two diversification is actually how you
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should be allocating your wealth so whether some of that money is with Toro for short-term uh trading some of that
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money might be with etor for long-term trading some of that money may be cash some of that may money may be in bonds I
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think that is the approach that you you have to have is there a typical eoro
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user we have four nearly 4 million registered users uh in the UK so from
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that perspective I think it's hard for me say to say that one one particular type is dominant you know clearly it
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follows the Bell curb that you know we'll have an average and that will be a 34 year old that is investing in crypto
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or stocks but we'll have an 8-year-old making their first moves into crypto
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we'll have a 18-year-old a 19-year-old making their first uh enrolls into into to to to purchasing stock so there's no
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uh there's no average or typical from from that regard but I think what you you know kind of
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clearly can say it's people now that are taking a a decision to actively engage
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with capital markets you know everybody wants to be doing that with who use Toro you mentioned about crypto eoro is is
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pro crypto uhoro is pro a variety of assets we want to give people access to
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the assets that they want to invest in and uh you know there was a huge you know there are more people in the UK
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actively invested in crypto than the stock market so I think you can't deny it's there and we want to make uh it
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accessible in a simple format in a responsible way that people can get
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access to these uh instruments and assets um uh you know to to be able to achieve what they wish to do because the
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word responsible isn't normally associated with the word crypto is it it can be quite volatile you know I was
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talking with you know occasionally when I get questions like this I I I respond
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that it's an embryonic stage or is a nent stage I think we've moved past that now you know we've gone past this is
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something that that that that only the the outer edges of of uh investment
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Community are doing it is becoming more mainstream when we've got ETFs when we've got Central Bank digital
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currencies coming our way when we've got the treasury talking about we have to you know kind of allocate resources to
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this I think we can say it is becoming more responsible uh one of the things
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that I'm going to say separates itoro from the I'm laughing at myself saying the
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traditional crypto brokerage but let's say a lot of other crypto brokerages is
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eor has always operated in the fin a financial environment so we've always
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been regulated because of our stock broking service we've always been regulated because of our derivative services so it's meant this move to
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crypto regulation this path that that the UK and Europe are are kind of slowly
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on and the world is slowly on we're very ready for because it's it's how we've dealt with uh uh all the other assets on
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our platform for a long time you look into the future you can tell me what your thoughts on the future of crypto is
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going to be you know uh in terms of you know where it's going I think you can't
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move away from just a simple belief that crypto is becoming more embedded in
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mainstream Financial uh uh products and services and intermediaries are using it
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far more than than than the were before I think I'd be happy to say you know Bitcoin ethereum they seem to be the the
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the stronger of the coins the market capitalization is far greater than than others uh there will be coins that fall
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away you know in the same way over the last 30 years the stocks that have
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failed away so I think you have to you can't just lump every single coin uh together and say that is the crypto
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Market in the same way that there are stocks that you wouldn't have wanted to invest in in the last 20 years so it's
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here to stay it certainly feels that way yeah and what about um investing trends for 2025 is there anything that is
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particularly on the horizon you think is going to be big next year I think we've got you know we've got obviously
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Financial uh the financial environment feels like it's changing we've got the election the US election uh uh coming up
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that will have an impact on on on various different asset classes going forward in terms of you know what
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investing will be like in the next year I can clear really see audiences continuing to get more sophisticated and
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demanding more diversification can I tell you which Market is going to be booming no I can't
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and no one can um but certainly I feel that people are um they're going both
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Global in terms of where they invest but also local uh in that if they have a a
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stock that they use every day they're investing in that as well tell me about the competition that faces in the UK you
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got Robin Hood that launched um earlier in 2024 interactive investor of course
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trading 212 how are you coming up against those guys yeah you know first and foremost I think it's great that
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we've got loads of competition uh and I think you know that helps us all have a
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better product and be able to engage with our in the investing Community uh
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better uh uh there are a lot of firms but you know we're all there to to perhaps to to to facilitate different
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parts of the market I think you know repeating what I said before you know eoro is unique in that we are the only
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firm currently that has zero commission stock has crypto has retail derivatives
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we've got this active investing component we've got this passive investing component so you know almost
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like great I think we're competing in lots of different areas uh I think you know one of the things that are
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interesting about eoro when you compare us to some of the names that you mentioned there we we very much are a
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global firm we were Global first so a lot of the things that they've built a lot of the products and services that we
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have have been built to appeal to the most amount of countries as possible so we've very much had that Global and now
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we're looking to go local so in each of the countries we operate we're increasing the local services for
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example we have a partnership where we provide an iser to our UK client base uh so those kinds of things it's
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interesting that most other firms have started local you know so they start local so have very local
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businesses so for example a lot of the US firms that have come over here are still really offering a US service and
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just rebadging it for the UK audience okay the future of eoro in the news
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recently I know you've talked about it previously about eoro going public um why is that a strategic move
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for eor you don't have to there's no pressure on you to do so but you talked about it's a matter of when not if yeah
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and look I think there's a there's a almost an ideological component to it
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okay in the given that we are in the uh uh environment of encouraging people to
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invest in capital markets I think it's absolutely correct that we ourself
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engage with capital markets and if people want to invest in us they can and if they don't they don't but you know I
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think it's really important that not only we saying you know we think you should invest in capital markets but we're there as well so that's the first
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point I think yni our founder has always viewed eventually uh Tor will be listed
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uh and this is just that that process playing out because some CEOs sit in that chair and they go you know what I
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don't want to be running a public company because I don't want the scrutiny yeah I don't I'm not interested in that at all or if they go from public
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to private they go thank goodness for that you know we can just update company's house once a year and and that's absolutely done but you seem to
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welcome the extra engagement and I think it's because of that connection with the capital markets you know we're in the
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capital markets industry I think we should fully participate and what about where the potential float is at the
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moment where are far down the line with that process are you it's a process that that you know conversations are always
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being had you know and and as I say it's well stated that eoro wants to to you
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know IPO uh in the next X number of years you know in the short future um uh
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in terms of how far down that line we are it's always conversations it's always happening and so many things are
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basis of how the market is at the moment what's happening in various different territories all I can really say is um
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kind of watch this space uh my feeling is the next few years it will become apparent and is it a choice between
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London and New York no it's not a choice between you know any two exchanges I
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think you know itar have to weigh up a number of different factors you know from investors from uh valuation it's
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there uh from uh where all our stakeholders want this to be so there's a variety of different factors and again
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we we engage with everybody to see what will be best for itoro and what does London have to do to convince itoro I
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think one of the things that is missing from I think there's a number of ways of
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answering that there's one we've almost got a a societal issue in that you know
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if you go to the us and ask 10 US citizens can you make money from Capital
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markets I'm pretty confident that all 10 will say yes you can make money from from Capital markets if you go to a UK
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or european audience and ask 10 people I'm not as convinced you will get such a
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yes it's perfectly possible for an individual a member of the public to to to make money from from Capital markets
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I'd like to see things like that changing just from a society uh perspective I'd like us to talk more
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about Investments I'd like instead of having the football conversation we might have a conversation about where to
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invest I'd like that kind of thing to to to to evolve in terms of the LSC one of
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the comments that that I uh actually had um a popular investor Summit that we had
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uh in Europe uh six months ago we asked a range of popular investors what
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British stock would do you like to invest in in the future and and unfortunately no one really could name
24:27
any and I think it's because we don't have that Global brand or many Global brands at the moment that people will
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look to invest in like they do with some stocks on the US uh markets but you know
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rasb Pi is making a difference and you know the LSC seem very confident about who they might be able to on board in
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the next couple of years so you know I'm hopeful so it's still in the running oh absolutely yeah absolutely okay
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obviously eor tried to float in 2021 and failed to do so has the company learned
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thing from that process you know most firms only IPO once you know so it is a
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learning curve uh that's there I think I can now say hand on heart that was a long drawn out process that given the
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way that markets went given the way the circumstances went it's actually we all now say I'm glad it didn't happen and
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you know we didn't uh uh spack um but now is a different time yeah absolutely
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so eoro you can't watch a Premier League game or a Premiership Robby game these
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days without seeing the brand logo at some point you've got a section on your website that lists everything that all
25:37
the sponsorship that you've got y it's obviously incredibly important as part of your marketing strategy why is that
25:43
the case Okay um you know I briefly remarked on it earlier on but I I'll kind of expand on it I do believe the UK
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has a a slight taboo about investing subjects you know we have this cliche
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that at dinner parties people talk about house prices you know that's the nearest
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you know the the the the you know Society gets to talking about Investments yeah when we sponsor
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football when we sponsor sport sport is something that people are very willing to talk about and we could be two
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individuals that are meeting in a pub that haven't spoken before naturally if the sport on the TV conversation goes to
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that so we see the synergies you know we want investing not a to be a taboo we
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want it to be out there and people to say these are where this is where my investing is done well this is where my
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investing is done badly you know so that's why we're there in that space and we really feel as well that
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this helps educate markets you know there will be people that are starting to move into investment and we want
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people to start moving into Investments if they've seen our name a football game
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then that means that they feel comfortable with a brand that's there we want people to to feel comfortable that
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they're doing the right thing you know that they're they're they're uh uh engaging with a firm that they've seen
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that's strong that's trustworthy that's been about for a long time and we feel Sports sponsorship is a way to to to
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reinforce that you mentioned uh previously about going to the university in Liverpool doing economics and then
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moving down to London but believe that your first job was in a pub uh yes yeah
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do you take anything from that job uh any learnings do you remember anything
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uh that you're using now I think if I were to be slightly tweet you know eoro
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is a social network and pubs are social yeah you know people want to talk about things and so I can allay that with with
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what he told selling Investments rather than PES these days absolutely but people want to talk about it there's a social component to everything and I
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think you know if I can think about conversations that I've had with clients
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the best conversations that that uh I've ever had with a client and I there's a
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couple of testimonials that I could suggest that that that indicate this is when they are they feel like they're
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talking to a friend and getting information I certainly never wanted to be a salesy relationship it has to be
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almost both of us learning me learning what they want to achieve and me saying how they may be able to do it by doing
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certain things so yeah I think that is the way that I would equate it to working in a pop and when you moved down
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to London how difficult was it to get into the industry was it a struggle to start off with you know I I mentioned I
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started with media sales and that that was a routin whether it was a a clever route I can't quite say necessarily that
28:34
was the case I think I was extraordinary Lucky in that uh my first steps into a
28:40
financial firm were through U IG who were offering spread betting at the time
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spread betting was going through a a a boom uh uh uh process relatively small
28:52
but a relative boom in in that regard I remember applying getting the job and they didn't have space for me and
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therefore I couldn't uh work there 6 months later they did find space for me
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in there so I think I was quite lucky just to get in through that Avenue I suppose you know what I would say is uh
29:11
and I feel this this has to change you know I would like investing to be far more a national uh uh um or considered
29:20
far more a national activity there is a slight feeling that it's what people do in London and there's no need for it to
29:25
be like that obviously it's a cliche but I do think everybody in the UK uh should
29:31
be looking at investing for the future tell me about your leadership style then
29:36
is it one that you've developed over time naturally or have you read 10,000 management books where does it come from
29:43
uh my leadership style uh I do feel leadership is one of those things that if you have to say you're a leader
29:49
perhaps you're you're not a a leader but uh I I you know I'm clear I'm very
29:55
passionate about the product I'm very passionate about the service that we give uh I I I I'm a firm believer in the
30:03
team and I'm a firm believer in was all pushing in the right direction to achieve the aims o of the company so I
30:09
think uh almost like that's one of the ways I was when I started and that's how it grown but I I feel very much like
30:16
that that we're all in it together and we're all working and pushing in the same direction have you always wanted to
30:22
take the top job in a company that you're working was that always the plan or is it sort of organically happened
30:29
over the years I think I've always felt confident in my abilities with regards
30:34
to uh the you know kind of the products and services that we have um so from that perspective I've always wanted to
30:41
push myself to to to to to to the degree that that I've achieved um but no not
30:47
necessarily in terms of it has to be the top job and you know eoro is a global firm and there's lots of people that
30:53
that that uh uh that that work in the whole uh group and I'd also say as well
30:59
I'm a firm believer that you can learn from everybody that works in the company you know everybody that works in the
31:04
company you know it's very much a two-way relationship I have with everybody uh that's working in the London office looking back over your
31:12
career to date is there a particular success that stands out to you is something you're particularly proud
31:18
of the there are various things that I would say I tell you you know actually
31:24
each firm that I've been at I've set myself a little goal so The Firm that I was at before uh eoro was a firm called
31:31
Star Financial systems and I I joined that company and it was very much the shareholders were were clearly you know
31:37
kind of looking for an exit or looking to to change the business uh an exit
31:42
eventually and so when I felt actually eventually sold that business to an Australian broker I think there was a
31:49
degree of achievement or I felt a degree of achievement from doing that but I think it's important to keep pushing
31:54
yourself on so I'll have little goals that I want to achieve atar and time if I achieve them I'm pleased with what
32:00
I've done so I think it very much has to be a constant thing you know and I certainly don't I like to think I don't
32:07
rest of my Laurels and you talk about things that you want to achieve is there any particular the rest of your career
32:13
that you want to do I think uh I'd like to manage Bolter wers of course perhaps
32:19
score a goal in the FA Cup Final yeah but if that doesn't happen I just want to push on with what we're doing would
32:25
you have been a bon wers players if you could them was that was that a dream when you were growing up uh when we're in the Premier League probably more so
32:31
now we're in division one less so yeah less of a Shining Light absolutely yeah okay the flip side of course is with
32:38
with any successful career there's failures along the way there's disappointments there's setbacks is
32:44
there one or two in particular that stick in your mind you know there has to be you know
32:49
when you know you you have a career you know you have to recognize I think it's it's more about looking back at what's
32:56
happened and so I'm not going to say necessarily I feel like I have a a retrospective where I'm I'm constantly
33:02
looking back to see whether I've done the right thing but I certainly learn from when I've done things wrong you know there's been elements that I can
33:08
think of where you know the transition from offline to online I think I you
33:14
know may have made the wrong decision through through through various different things but you know I don't
33:19
beat myself up about any of them um and as you say I think you take what you've got recognize where you made mistakes
33:26
and hopefully push on forward and not make the same ones of course being the boss of VOR UK is your dream job of
33:32
course we would always say that but I imagine there was another dream job out there for you what would that be uh
33:39
Beyond maning B wers yeah um no I I I have to be honest eoro is uh an amazing
33:48
firm and you know I mentioned that there is no other firm that are offering the range of financial products we are
33:54
whether it's crypto whether it's stock whether it's derivatives whether it's through copy whether it's through uh active investing I really feel that I'm
34:02
at the Forefront of the industry I really feel that I'm doing things that other firms aren't doing and so I'm I'm
34:07
quite happy where I am at the moment so you jump out of bed in the morning with a string springing your STA and you skip down to the office and you're fully
34:13
excited every single day the short term obviously is very different than the long term yeah um and I think you know
34:18
you have to recognize that there's always going to be difficulties and it is how you deal with them and how you move on what about the future of vori
34:25
we've spoken about the potential float that will happen at some point over the next couple of years apart from that
34:31
what's the future look like I think the future is this building what is
34:36
currently a global firm and building it out to be a local champion in the
34:42
territories that we are so we've done really really well in in in being really
34:48
broad offering a broad service that appeals to a lot of people we are 34 million registered users across the
34:55
world it's been an amazing success but I think to continue to grow in each
35:00
individual territory we now have to start localizing and whether that's tax rappers whether that's particular
35:06
products that are particularly uh uh uh uh useful in various different teritories that's the way that we grow
35:13
brilliant Dan thank you very much for coming on board and recovered thank you very much thank you cheers
35:28
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