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or investment advice, or be used to evaluate any investment or security, and is not directed

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slash disclosures. Welcome to the A16Z podcast. Today we're having another of our hallway style conversations.

These episodes are based on videos that are also available on our YouTube channel at

YouTube.com slash C slash A16Z videos. How can a payment startup succeed in an industry

dominated by a few well-known incumbents, and what obstacles might it encounter

along the way? A16Z general partner Alex Rampel and Terry Angelos, SVP of Commerce Solutions at

Visa, discuss these questions and others in this free-flowing conversation about the future of payments

and their time as co-founders of payments company trial pay. I'm Alex Rampel. I'm a general partner here at

Druson Horowitz, where I mainly cover things fintech or financial technology. And I'm here with

Terry Angelos, who is the SVP of Commerce Solutions at Visa. But I know him better as my co-founder

at Trial Pay, which we started. So today is April 24th, 2018. I believe we

incorporated Trial Pay in April of 2006. So I've known you for 12 years. That's right. Nice to be here.

Great. So given that intro, can you think back? Does your memory go far enough? Can your random access memory go back

to 2006 and maybe say how we met? Yeah, it was kind of a strange trip for me. I had, I was,

I just finished up at business school and had gone back to South Africa. I was working on some projects there.

And had flown back to Boston,

actually having some discussions with Haymontonnesia and General Catalyst.

And happened to connect with Chris Dixon.

Chris at the time was working on an interesting company, was recruiting folks, and was

sort of chatting with me about whether that might be a possibility.

...