1 00:00:04,140 --> 00:00:06,900 Sean Aylmer: Welcome to the Fear and Greed daily interview. I'm Sean Aylmer. 2 00:00:07,290 --> 00:00:10,619 Sean Aylmer: Earlier this year we spoke with Daniel Foggo, the CEO 3 00:00:10,619 --> 00:00:15,000 Sean Aylmer: and Co- founder of Plenti, Australia's largest consumer FinTech lender 4 00:00:15,270 --> 00:00:18,509 Sean Aylmer: and a supporter of this podcast. Plenti's made a series 5 00:00:18,510 --> 00:00:21,509 Sean Aylmer: of announcements this year positioning itself as a leader in 6 00:00:21,509 --> 00:00:24,689 Sean Aylmer: renewable energy financing from an increase in loans for electric 7 00:00:24,690 --> 00:00:28,350 Sean Aylmer: vehicles to a partnership with AGL for home batteries. There's 8 00:00:28,469 --> 00:00:31,679 Sean Aylmer: plenty to talk to Daniel about. Daniel Foggo, welcome back 9 00:00:31,679 --> 00:00:32,400 Sean Aylmer: to Fear and Greed. 10 00:00:32,610 --> 00:00:34,979 Daniel Foggo: Thank you Sean. Thank you for having me. Pleasure to 11 00:00:34,979 --> 00:00:35,459 Daniel Foggo: speak today. 12 00:00:36,269 --> 00:00:39,059 Sean Aylmer: Now, before we get into all that exciting stuff, what's it 13 00:00:39,060 --> 00:00:43,800 Sean Aylmer: like in your job when markets are doing what they're 14 00:00:43,800 --> 00:00:46,949 Sean Aylmer: doing? Because you're relying on the market to raise money 15 00:00:46,950 --> 00:00:50,940 Sean Aylmer: obviously, and when you've got changes in bond yields of 16 00:00:51,389 --> 00:00:53,730 Sean Aylmer: 30 basis points and things like that, pretty incredible. 17 00:00:54,360 --> 00:00:57,390 Daniel Foggo: I think the key is just keep soldiering on and 18 00:00:57,390 --> 00:00:59,670 Daniel Foggo: doing what you're doing. If what you're doing is working, 19 00:00:59,760 --> 00:01:02,280 Daniel Foggo: then just stick at it. And it happens that we're a 20 00:01:02,280 --> 00:01:06,238 Daniel Foggo: public company, we're listed on the ASX, but what happens 21 00:01:06,240 --> 00:01:08,969 Daniel Foggo: on your share price doesn't necessarily reflect how you are 22 00:01:08,969 --> 00:01:11,580 Daniel Foggo: seeing your opportunities and your day to day business performance. 23 00:01:11,969 --> 00:01:13,229 Daniel Foggo: So we just keep doing what we're doing. 24 00:01:14,578 --> 00:01:18,090 Sean Aylmer: Just parking the share price part of it for a moment though, just actually 25 00:01:18,420 --> 00:01:22,738 Sean Aylmer: finding money to lend, is that harder when markets are volatile? 26 00:01:23,250 --> 00:01:26,369 Daniel Foggo: We've got incredibly diverse funding and I think that's a 27 00:01:26,370 --> 00:01:30,239 Daniel Foggo: key differentiator of our business. We've got warehouse funding from 28 00:01:30,240 --> 00:01:34,500 Daniel Foggo: banks, we've issued three ABS transactions and we've got a 29 00:01:34,620 --> 00:01:38,069 Daniel Foggo: platform called the Plenti Lending Platform, which has attracted over 30 00:01:38,069 --> 00:01:42,690 Daniel Foggo: 25,000 retail investors to fund loans. And so we've got very 31 00:01:42,690 --> 00:01:46,049 Daniel Foggo: diverse funding. So note, we don't really have much concern, 32 00:01:46,049 --> 00:01:49,170 Daniel Foggo: if you like, around the supply of funding to fund 33 00:01:49,200 --> 00:01:50,639 Daniel Foggo: our loans given that diversity. 34 00:01:51,510 --> 00:01:55,140 Sean Aylmer: Okay. Let's get into renewable energy loans. Demand shut up 35 00:01:55,140 --> 00:01:58,320 Sean Aylmer: more than 50% in the year to June 30. So what 36 00:01:58,320 --> 00:01:59,850 Sean Aylmer: are your customers using the money for? 37 00:01:59,850 --> 00:02:04,469 Daniel Foggo: We are a significant funder in the Australian market of 38 00:02:04,469 --> 00:02:08,220 Daniel Foggo: solar panels and also home batteries. In fact, we believe we 39 00:02:08,220 --> 00:02:11,130 Daniel Foggo: are the largest funder of home batteries in Australia. The 40 00:02:11,130 --> 00:02:13,440 Daniel Foggo: genesis of that is the fact that we've actually run 41 00:02:13,440 --> 00:02:18,359 Daniel Foggo: two government sponsored or state government sponsored home battery subsidy 42 00:02:18,360 --> 00:02:20,609 Daniel Foggo: programs, one in South Australia and one in New South 43 00:02:20,610 --> 00:02:23,579 Daniel Foggo: Wales. So that has given us a real presence in 44 00:02:23,579 --> 00:02:26,040 Daniel Foggo: that market built. It's allowed us to build relationships with 45 00:02:26,040 --> 00:02:29,220 Daniel Foggo: a lot of vendors of renewable energy equipment. It's allowed 46 00:02:29,220 --> 00:02:34,138 Daniel Foggo: us to build relationships with the manufacturers of home batteries and 47 00:02:34,230 --> 00:02:37,290 Daniel Foggo: also with energy retail companies such as AGL as you 48 00:02:37,290 --> 00:02:40,108 Daniel Foggo: mentioned. So we see ourselves as being really well positioned 49 00:02:40,109 --> 00:02:42,749 Daniel Foggo: in that market with a lot of exciting opportunities ahead. 50 00:02:43,319 --> 00:02:45,780 Sean Aylmer: Okay. So what is the deal with AGL batteries? 51 00:02:45,780 --> 00:02:48,630 Daniel Foggo: Actually if you wind it back a bit and you 52 00:02:48,630 --> 00:02:53,069 Daniel Foggo: just think about the opportunity around renewable energy in Australia, 53 00:02:53,070 --> 00:02:57,599 Daniel Foggo: about 10% of the consumption of electricity or the supply 54 00:02:57,599 --> 00:03:00,570 Daniel Foggo: of electricity on the grid is from solar panels in 55 00:03:00,570 --> 00:03:04,858 Daniel Foggo: Australia. There's about 3. 2 million installations in the country 56 00:03:05,460 --> 00:03:10,169 Daniel Foggo: that represents about 25% of households. We're world leaders in 57 00:03:10,169 --> 00:03:13,409 Daniel Foggo: solar, but we're not really in the mainstream still. There's 58 00:03:14,070 --> 00:03:17,489 Daniel Foggo: 75% of households who don't have solar. There's a very 59 00:03:17,490 --> 00:03:20,010 Daniel Foggo: large number of homes that don't have batteries because penetration 60 00:03:20,010 --> 00:03:24,240 Daniel Foggo: of batteries is extremely low. Only about 5% of solar installations 61 00:03:24,240 --> 00:03:27,630 Daniel Foggo: at the moment are coupled with batteries. So there's a 62 00:03:27,630 --> 00:03:31,769 Daniel Foggo: large untapped opportunity there and plenty left to do. If 63 00:03:31,770 --> 00:03:35,640 Daniel Foggo: you think about electricity prices going up, that drives a 64 00:03:36,359 --> 00:03:39,360 Daniel Foggo: greater rationale for people to install solar panels and home 65 00:03:39,360 --> 00:03:43,260 Daniel Foggo: batteries. If you also think about the expectations for rapid 66 00:03:43,440 --> 00:03:47,249 Daniel Foggo: uptake of electric vehicles, that's another reason for one to 67 00:03:47,639 --> 00:03:51,179 Daniel Foggo: start thinking about installing solar and home batteries. And in 68 00:03:51,179 --> 00:03:55,350 Daniel Foggo: fact, look, we actually sponsored Accenture to write a report 69 00:03:55,350 --> 00:03:58,200 Daniel Foggo: at the start of this year looking at the bundling 70 00:03:58,200 --> 00:04:01,860 Daniel Foggo: of solar panels, home batteries and electric vehicles and some 71 00:04:01,860 --> 00:04:04,560 Daniel Foggo: of the conclusions of their report were really quite compelling. 72 00:04:05,160 --> 00:04:07,799 Daniel Foggo: And that starts with very basic things such as if 73 00:04:07,799 --> 00:04:11,190 Daniel Foggo: you buy an electric vehicle, it is cost competitive with a 74 00:04:11,190 --> 00:04:14,430 Daniel Foggo: combustion engine over the lifetime of that vehicle now. And 75 00:04:14,430 --> 00:04:16,589 Daniel Foggo: actually that report was written when fuel prices were a 76 00:04:16,589 --> 00:04:18,988 Daniel Foggo: bit lower than they are now. If you then go 77 00:04:18,990 --> 00:04:21,659 Daniel Foggo: and install a solar panel or solar panels and a 78 00:04:21,660 --> 00:04:25,859 Daniel Foggo: battery over the lifetime of that vehicle and despite the 79 00:04:25,860 --> 00:04:29,820 Daniel Foggo: upfront cost of the equipment you're purchasing, you'll save around $ 80 00:04:29,849 --> 00:04:36,419 Daniel Foggo: 12,000. The average household buy and installing this equipment can 81 00:04:36,420 --> 00:04:40,349 Daniel Foggo: reduce their power bills from about $2, 000 a year to 82 00:04:40,349 --> 00:04:44,910 Daniel Foggo: about $ 230 a year even if they purchase an EV 83 00:04:45,210 --> 00:04:48,899 Daniel Foggo: by buying solar and a home battery. So it's quite compelling 84 00:04:48,900 --> 00:04:51,270 Daniel Foggo: for households to invest in this equipment. 85 00:04:51,420 --> 00:04:53,070 Sean Aylmer: Can I ask a really dumb question here, Daniel? And 86 00:04:53,070 --> 00:04:56,428 Sean Aylmer: this is pure self interest. So if I can buy 87 00:04:56,428 --> 00:05:02,190 Sean Aylmer: that infrastructure, the solar panels, the battery, the electric vehicle, 88 00:05:02,940 --> 00:05:06,509 Sean Aylmer: the actual infrastructure to get the solar panel energy to 89 00:05:06,510 --> 00:05:09,510 Sean Aylmer: the battery to the car, that's all part of the 90 00:05:09,510 --> 00:05:11,430 Sean Aylmer: deal. And so the numbers you are talking about is 91 00:05:11,430 --> 00:05:15,510 Sean Aylmer: you're investing upfront in that and you can say $12, 000 92 00:05:15,510 --> 00:05:18,839 Sean Aylmer: over the lifetime of the car, $ 2, 000 to $ 200 93 00:05:19,080 --> 00:05:22,920 Sean Aylmer: for energy bills by putting in that upfront cost. It's 94 00:05:22,920 --> 00:05:24,060 Sean Aylmer: as easy as that or not? 95 00:05:24,060 --> 00:05:27,479 Daniel Foggo: It is as easy as that. And I think where we are foc... There's 96 00:05:27,480 --> 00:05:30,450 Daniel Foggo: critical elements to make that happen. One is finance to 97 00:05:30,450 --> 00:05:32,399 Daniel Foggo: make it easier for people so you don't have to 98 00:05:32,400 --> 00:05:35,940 Daniel Foggo: pay the upfront cost and that is where Plenti comes 99 00:05:35,940 --> 00:05:39,060 Daniel Foggo: in. And then also there's a role to play for 100 00:05:39,779 --> 00:05:42,420 Daniel Foggo: us to work with energy companies and that does bring 101 00:05:42,420 --> 00:05:46,800 Daniel Foggo: us to the relationship we have with AGL. So we 102 00:05:46,890 --> 00:05:49,320 Daniel Foggo: have worked on what we have described as a bundled 103 00:05:49,320 --> 00:05:52,738 Daniel Foggo: energy solution with AGL and we are rolling that out 104 00:05:52,740 --> 00:05:57,479 Daniel Foggo: with other energy retailers. And first and foremost what this does 105 00:05:57,480 --> 00:05:59,880 Daniel Foggo: is it's an innovation that makes it easier for households 106 00:06:00,720 --> 00:06:04,140 Daniel Foggo: to transition to a clean energy home by combining their 107 00:06:04,140 --> 00:06:07,560 Daniel Foggo: finance plan with the purchase of solar and a battery 108 00:06:08,250 --> 00:06:12,240 Daniel Foggo: and the energy retailer's energy plan. So you can go 109 00:06:12,240 --> 00:06:16,319 Daniel Foggo: through one application to sign up to the finance to 110 00:06:16,320 --> 00:06:18,180 Daniel Foggo: buy their equipment and to sign up to an energy 111 00:06:18,180 --> 00:06:21,660 Daniel Foggo: plan, very seamless process, and you can make one monthly 112 00:06:21,660 --> 00:06:25,860 Daniel Foggo: repayment via your energy provider but via AGL. And we 113 00:06:25,860 --> 00:06:27,690 Daniel Foggo: do all this sort of work and heavy lifting in 114 00:06:27,690 --> 00:06:30,300 Daniel Foggo: the background to make that a seamless experience for the customer. 115 00:06:30,630 --> 00:06:32,789 Sean Aylmer: Stay with me, Daniel. We'll be back in a minute. 116 00:06:38,909 --> 00:06:42,450 Sean Aylmer: My guest this morning is Daniel Foggo, Co- founder and CEO of 117 00:06:42,450 --> 00:06:47,339 Sean Aylmer: Plenti. Plenti is Australia's largest peer- to- peer lending platform. Exactly 118 00:06:47,339 --> 00:06:48,119 Sean Aylmer: how does it work? 119 00:06:49,380 --> 00:06:52,439 Daniel Foggo: We have tried to make it as easy as possible 120 00:06:52,440 --> 00:06:56,250 Daniel Foggo: for people to invest in what is the largest asset class 121 00:06:56,250 --> 00:06:58,710 Daniel Foggo: in the world and that is debt. And so we 122 00:06:58,710 --> 00:07:03,660 Daniel Foggo: are providing people with access to predominantly consumer loans. They 123 00:07:03,660 --> 00:07:06,900 Daniel Foggo: can do that via our website or via the app 124 00:07:06,900 --> 00:07:10,349 Daniel Foggo: that we have available via the App Store, iPhones and 125 00:07:10,350 --> 00:07:14,820 Daniel Foggo: Androids. You can start investing from $ 10 and the way 126 00:07:14,820 --> 00:07:18,210 Daniel Foggo: you invest is via a marketplace. We've sought to make 127 00:07:18,210 --> 00:07:21,270 Daniel Foggo: that as simple as possible for the investor. You can 128 00:07:21,270 --> 00:07:24,630 Daniel Foggo: choose to invest in our rolling markets. So you are 129 00:07:24,960 --> 00:07:28,020 Daniel Foggo: investing in short term loans or you can invest in 130 00:07:28,320 --> 00:07:32,130 Daniel Foggo: our three- year or five- year investment markets. So your 131 00:07:32,130 --> 00:07:35,370 Daniel Foggo: funds are committed to longer term loans where ordinarily you'd 132 00:07:35,370 --> 00:07:38,340 Daniel Foggo: be earning a higher return or finally you can invest 133 00:07:38,340 --> 00:07:41,579 Daniel Foggo: in our green energy loans. So loans that are funding 134 00:07:41,580 --> 00:07:45,210 Daniel Foggo: solar panels and home batteries. We don't set the rates. 135 00:07:45,240 --> 00:07:49,110 Daniel Foggo: The rates are determined by the supply and demand for 136 00:07:49,110 --> 00:07:53,400 Daniel Foggo: funds. So from an investor's perspective, you would log onto 137 00:07:53,400 --> 00:07:56,280 Daniel Foggo: our website. If you looked at our five- year investment 138 00:07:56,280 --> 00:07:58,620 Daniel Foggo: market, you might see that the rate today it's about 139 00:07:58,620 --> 00:08:01,410 Daniel Foggo: six and a half percent. You might see some borrow 140 00:08:01,410 --> 00:08:04,739 Daniel Foggo: orders that sit in that market. If you set an 141 00:08:04,740 --> 00:08:10,110 Daniel Foggo: investment order at a rate of 6.4%, your funds would 142 00:08:10,110 --> 00:08:13,110 Daniel Foggo: be matched immediately. If you set it at a higher 143 00:08:13,110 --> 00:08:16,950 Daniel Foggo: rate, say 6.6%, then much like a stock market, you'd 144 00:08:16,950 --> 00:08:20,280 Daniel Foggo: be in a queue and it's first and next matched 145 00:08:20,340 --> 00:08:23,850 Daniel Foggo: at each rate. So if the market rate increases to 6. 146 00:08:24,059 --> 00:08:25,919 Daniel Foggo: 6%, then you'd be funding loans. 147 00:08:27,119 --> 00:08:29,910 Sean Aylmer: What are the loans for? Are they the loans that you 148 00:08:29,910 --> 00:08:30,480 Sean Aylmer: are providing? 149 00:08:30,780 --> 00:08:33,330 Daniel Foggo: Yes, they are the loans that we are providing. They 150 00:08:33,330 --> 00:08:36,779 Daniel Foggo: are loans to credit with the Australian borrowers. And maybe 151 00:08:36,780 --> 00:08:40,769 Daniel Foggo: it's worth touching on that. Our average borrow has very 152 00:08:40,770 --> 00:08:44,130 Daniel Foggo: strong credit characteristics. Our average credit score across the whole 153 00:08:44,130 --> 00:08:48,330 Daniel Foggo: portfolio in the business is over 800, which is very strong 154 00:08:48,690 --> 00:08:51,389 Daniel Foggo: for our personal loans. The average credit score of our 155 00:08:51,389 --> 00:08:54,779 Daniel Foggo: customers is actually above the big four bank average credit 156 00:08:54,780 --> 00:08:58,410 Daniel Foggo: score. As we understand it, the majority of our borrowers 157 00:08:58,469 --> 00:09:02,400 Daniel Foggo: are homeowners, which improves their credit profile. The average borrow 158 00:09:02,400 --> 00:09:05,610 Daniel Foggo: is about 42 years of age. So we're actually surprisingly 159 00:09:05,610 --> 00:09:09,179 Daniel Foggo: underweight for a FinTech business borrowers under the age of 30. 160 00:09:09,750 --> 00:09:13,439 Daniel Foggo: So as I mentioned, this is established asset class. It's 161 00:09:13,440 --> 00:09:15,630 Daniel Foggo: a very stable asset class and that's what we're providing 162 00:09:15,630 --> 00:09:16,078 Daniel Foggo: access to. 163 00:09:16,320 --> 00:09:18,569 Sean Aylmer: I'm trying to work out in the risk spectrum. If 164 00:09:18,570 --> 00:09:23,670 Sean Aylmer: I have $100,000, $10, 000 that I want to invest effectively, where 165 00:09:23,670 --> 00:09:26,970 Sean Aylmer: does that sit on my risk spectrum if I decided 166 00:09:26,970 --> 00:09:27,930 Sean Aylmer: to go to the marketplace? 167 00:09:28,380 --> 00:09:33,449 Daniel Foggo: We've funded via the Plenti lending platform just shy of $ 1 billion. 168 00:09:34,529 --> 00:09:34,889 Sean Aylmer: Oh wow. 169 00:09:35,639 --> 00:09:40,500 Daniel Foggo: We've paid investors over $ 80 million of interest and every 170 00:09:40,500 --> 00:09:43,319 Daniel Foggo: investor's got every amount of interest and principle due to 171 00:09:43,320 --> 00:09:47,219 Daniel Foggo: them. So we've provided the returns that were expected by 172 00:09:47,219 --> 00:09:50,639 Daniel Foggo: investors. It's been a very stable and reliable experience for 173 00:09:50,639 --> 00:09:54,002 Daniel Foggo: investors, obviously with a caveat that historical experiences (inaudible) 174 00:09:54,359 --> 00:09:57,660 Daniel Foggo: to necessarily to future experience. But one of the ways 175 00:09:57,660 --> 00:10:01,530 Daniel Foggo: that we do that beyond lending to prime customers is 176 00:10:01,530 --> 00:10:05,160 Daniel Foggo: we have a fund called our Provision Fund. So we 177 00:10:05,160 --> 00:10:07,830 Daniel Foggo: have borrowers pay into that fund, so part of the 178 00:10:07,830 --> 00:10:10,708 Daniel Foggo: cost of their loan can be to pay into the 179 00:10:10,708 --> 00:10:14,670 Daniel Foggo: Provision Fund. And that fund is there to help protect 180 00:10:14,670 --> 00:10:17,670 Daniel Foggo: investors from any late payments and default. And so the 181 00:10:17,670 --> 00:10:20,700 Daniel Foggo: history over the last eight years of us funding loans 182 00:10:20,700 --> 00:10:22,950 Daniel Foggo: via that platform is that whenever there has been a 183 00:10:22,950 --> 00:10:25,410 Daniel Foggo: late payment or a default, the Provision Fund has stepped in 184 00:10:25,830 --> 00:10:28,770 Daniel Foggo: and compensated the investors. So they haven't actually noticed that there's 185 00:10:28,770 --> 00:10:31,559 Daniel Foggo: been a late payment or default from the borrower. And 186 00:10:31,559 --> 00:10:35,160 Daniel Foggo: in fact, that Provision Fund now represents in the order 187 00:10:35,160 --> 00:10:40,170 Daniel Foggo: of about 8% of the loan book, and it's over two 188 00:10:40,170 --> 00:10:44,130 Daniel Foggo: times the expected losses that we expect to see over 189 00:10:44,130 --> 00:10:46,980 Daniel Foggo: the next five or so years on that retail platform. 190 00:10:46,980 --> 00:10:49,590 Daniel Foggo: So we think that is the key thing to making 191 00:10:49,590 --> 00:10:53,580 Daniel Foggo: it a understandable risk from an investor's perspective and to 192 00:10:53,580 --> 00:10:56,490 Daniel Foggo: make sure that investors see it as a sensible risk 193 00:10:56,490 --> 00:10:57,180 Daniel Foggo: adjusted return. 194 00:10:58,500 --> 00:11:01,200 Sean Aylmer: Fantastic. The more I think about this, in a sense, 195 00:11:01,380 --> 00:11:05,458 Sean Aylmer: it's the ease also of what you are doing that's beneficial to 196 00:11:05,458 --> 00:11:09,150 Sean Aylmer: me, for example. So I get now I understand my 197 00:11:09,480 --> 00:11:13,620 Sean Aylmer: potential for losses and I understand the platform. For me 198 00:11:13,620 --> 00:11:16,200 Sean Aylmer: to do it though, it's about being easy to do 199 00:11:16,200 --> 00:11:18,540 Sean Aylmer: and I presume that's one of the things that Plenti 200 00:11:18,870 --> 00:11:19,800 Sean Aylmer: prides itself on. 201 00:11:20,160 --> 00:11:25,530 Daniel Foggo: Indeed. Look, we are a technology focused business and about... We have 202 00:11:25,530 --> 00:11:27,840 Daniel Foggo: over 50 people in our business who are focused on 203 00:11:27,840 --> 00:11:30,570 Daniel Foggo: product and technology. And that is all about making an 204 00:11:30,570 --> 00:11:33,599 Daniel Foggo: easy experience for customers, whether they're a borrower, because that 205 00:11:33,599 --> 00:11:37,020 Daniel Foggo: helps us attract the best borrowers, or whether they're an 206 00:11:37,020 --> 00:11:40,770 Daniel Foggo: investor. So one can actually sign up, go through the 207 00:11:40,770 --> 00:11:43,170 Daniel Foggo: process to open an account, go through all the AML 208 00:11:43,170 --> 00:11:45,000 Daniel Foggo: processes and so on. We make that as seamless as 209 00:11:45,000 --> 00:11:48,330 Daniel Foggo: possible and you can start investing almost as soon as 210 00:11:48,330 --> 00:11:51,449 Daniel Foggo: we've gone through that process, which is very rapid. And as 211 00:11:51,450 --> 00:11:53,759 Daniel Foggo: I mentioned, you can start investing from $ 10. What we 212 00:11:53,759 --> 00:11:56,458 Daniel Foggo: find is people will often start investing in our shorter 213 00:11:56,460 --> 00:11:59,760 Daniel Foggo: term markets. They'll have a good experience. They'll transfer more 214 00:11:59,760 --> 00:12:03,540 Daniel Foggo: money on the platform. And that's led to an average investment on 215 00:12:03,540 --> 00:12:08,040 Daniel Foggo: the platform of around $ 20,000. And we also allow people 216 00:12:08,040 --> 00:12:11,880 Daniel Foggo: to invest via SMSFs and the average investment via SMSF 217 00:12:11,880 --> 00:12:14,010 Daniel Foggo: is actually approaching more like $100, 000. 218 00:12:14,280 --> 00:12:16,350 Sean Aylmer: Fantastic. Daniel, thank you for talking to Fear and Greed. 219 00:12:16,410 --> 00:12:17,578 Daniel Foggo: Many thanks, Sean. Good to chat. 220 00:12:17,910 --> 00:12:20,880 Sean Aylmer: That was Daniel Foggo, C0- founder and CEO of Plenti, 221 00:12:20,880 --> 00:12:23,880 Sean Aylmer: which is a supporter of this podcast. This is a 222 00:12:23,880 --> 00:12:26,759 Sean Aylmer: Fear and Greed daily interview. Remember, this information is general 223 00:12:26,760 --> 00:12:29,279 Sean Aylmer: in nature and you should always seek professional advice before 224 00:12:29,280 --> 00:12:32,280 Sean Aylmer: making any investment decisions. Join us every morning for the 225 00:12:32,280 --> 00:12:35,160 Sean Aylmer: full episode of Fear and Greed, Australia's most popular business 226 00:12:35,160 --> 00:12:37,319 Sean Aylmer: podcast. I'm Sean Aylmer. Enjoy your day.