ScaleFactor Fails to Scale, Blames COVID-19

SponsorsAccountant Connect: https://cloudaccountingpodcast.promo/adpSynder: https://cloudaccountingpodcast.promo/synderSmansha: https://cloudaccountingpodcast.promo/smanshaShow Notes09:59 – A Message from Founder and CEO Kurt Rathmann - ScaleFactor 12:06 – Fintech Startup That Raised $100 Million From Investors Bessemer And Coatue Is Abruptly Shutting Down - Forbes14:05 – ScaleFactor is shutting down after coronavirus craters sales – Austin Business Journal16:58 – ScaleFactor Announces “2.020” Vision, Including Plans to Build Marketplace for On-Demand Financial Solutions – Business Wire19:45 – Our early ScaleFactor speculations - Episode 7020:36 – The Twenty Minute VC: Venture Capital | Startup Funding | The Pitch - 20VC: Raising $105m in Just 13 Months Over 3 Separate Rounds, The 5 Core Ways VCs Can Add Value & How Founders Can and Should Fully Leverage Their Cap Table with Kurt Rathmann, Founder & CEO @ ScaleFactor – The Twenty Minute VC 29:16 – ScaleFactor: Our Response to the News - Acuity 32:18 – Wirecard AG’s former chief executive officer was detained by Munich prosecutors – Accounting Today 33:42 – Wirecard filed for bankruptcy this week – Wall Street Journal Backstory: Wirecard’s suspect accounting practices revealed – Financial Times34:00 – Softbank sues E&Y over Wirecard - CNBC38:36 – Nasdaq to suspend trading of Luckin Coffee shares from Monday - Reuters39:12 – GE KPMG Auditor Swap: General Electric and KPMG Officially Call It Quits – Going Concern40:38 – Intuit changes tech development focus, lays off 715 – Accounting Today 44:45 ­– IRS sent $1.4B in stimulus checks to dead people, audit finds – Accounting Today47:42 ­– PPP recipients can apply early for loan forgiveness, SBA says - Journal of Accountancy 48:31 – SBA exempted lawmakers, federal officials from ethics rules in $660 billion loan program – Washington Post52:39 – Mastercard to purchase open-banking company Finicity for $825 million – MarketWatch 55:40 – Last week's Square discussion – Episode 18056:35 – Are Intuit and Square dating? - SquareGet in TouchThanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram! You can now call us and leave a voicemail, maybe we'll play it on the show. DIAL (202) 695-1040Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribeApple Podcasts: http://cloudacctpod.link/ApplePodcastsPodchaser: http://cloudacctpod.link/podchaserSpotify: http://cloudacctpod.link/SpotifyGoogle Play: http://cloudacctpod.link/GooglePlayStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacctpod.link/OvercastClassifiedsClientHub: https://clienthub.appGo here to create your classified ad: https://cloudacctpod.link/RunClassifiedAd  TranscriptADP has your back with Accountant Connect. Their award-winning multi-client payroll management and analytics platform is a remarkably effective tool for adding value to every client engagement. Stay tuned to hear more from our sponsor, ADP Accountant Connect, later in the episode. Blake Oliver: [00:00:20] One of the questions I had immediately was where did all the money go? What happened to the $100 million? Because there's no way, with 100 employees, that they burned through $100 million in a year. Not possible. David Leary: [00:00:32] That's a lot of money, but they got 1,000 clients. That's $100,000 per client. I texted somebody who is a leader at a Top-100 accounting firm, and I said, "Hey, can I buy your firm for $100 million?" I...