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Show Notes

• 09:59 – 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 - Forbes
• 14:05 – ScaleFactor is shutting down after coronavirus craters sales – Austin Business Journal
• 16:58 – ScaleFactor Announces “2.020” Vision, Including Plans to Build Marketplace for On-Demand Financial Solutions – Business Wire
• 19:45 – Our early ScaleFactor speculations - Episode 70
• 20:36 – 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 Times
• 34:00 – Softbank sues E&Y over Wirecard - CNBC
• 38:36 – Nasdaq to suspend trading of Luckin Coffee shares from Monday - Reuters
• 39:12 – GE KPMG Auditor Swap: General Electric and KPMG Officially Call It Quits – Going Concern
• 40:38 – 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 Today
• 47:42 ­– 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 Post
• 52:39 – Mastercard to purchase open-banking company Finicity for $825 million – MarketWatch 
• 55:40 – Last week's Square discussion – Episode 180
• 56:35 – Are Intuit and Square dating? - Square

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Thanks 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) 695-1040

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Transcript

ADP 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...