Wyre Reflections

It's been a minute since I've posted here...

2022/2023 was probably the biggest roller coaster of my life, and I've taken some time off to focus on personal relationships, creative projects, and reflect on my past decade building Wyre.

Post-Wyre, I was crushed. I felt like I let a lot of people down and had zero confidence in myself.

I was encouraged to start chatting with other startups/founders and through that, built back a lot of confidence in building businesses and recognized how much I learned over the years.

Mostly writing this to share my thoughts on the Wyre experience, but also serving this as an open invitation to any founders who just need somebody to talk to - my DMs are always open. Please don’t be shy.

Starting Wyre.

Mike and I started Wyre in 2013. We iterated many times on different ideas, but ultimately, Mike said, "wouldn't it be cool to add Bitcoin into this chrome extension?"... 

Haha, that curiosity led us down this decade-long path of product pivots and ultimately grew our obsession with the crypto ecosystem. We were mostly building fun products that solved issues for a small number of die-hard fanatics (including us).

It took us a while to realize that Wyre could be a MASSIVE business and after a lot of pivots, we realized how awesome the opportunity was. It wasn't easy getting there though... haha, I think it took us ~6 years to realize the larger vision.

But, we didn't give up.

When I took over as CEO in 2020, I was able to take what was largely Mike's vision with Wyre and grow it to the massive business we had once hoped to build.

At the time, the company had 5 days left on payroll, making minimal revenue, and a culture that needed some changing - employees were burnt out (bear markets aren't for the faint-hearted).

Over the next 2 years, I revamped the business into a $80M+ revenue machine, added hundreds of customers, integrated support for many other blockchain ecosystems, strengthened our APIs, and put a lot of focus on our products. I raised a lot of capital and spent time strengthening our management team.

Like most crypto companies during a bull run, we were on our toes problem solving in an ever changing market.

To say that Wyre was one of the most incredible experiences of my life would be a massive understatement.

So, what happened?

We weren't looking to sell the business in 2022, but when Bolt approached us during our Series C fundraise, I could see an incredible future where Wyre and Bolt would be leading innovators of the payments space. It wasn't simply an acquisition where we'd sell and move on, but rather an acquisition where together we could bring immense value to both our customer bases.

I envisioned a strategy where Wyre would transform Bolt by broadening their offerings beyond a "1-click" checkout feature. By leveraging Bolt’s extensive merchant network combined with Wyre’s technical prowess, we would be able to deliver exceptional payment experiences to rival giants like PayPal, CashApp, and Coinbase.

We accepted the acquisition deal at the peak of the 2021/22 bull market, an impeccably timed decision that, unfortunately, did not anticipate the subsequent market downturn. 

Navigating a crypto business through the ensuing bear market while working through the acquisition, presented a massive challenge that required delicate balancing between downsizing and preserving company value. 

While ultimately Bolt chose a different path leaving us to salvage what we could of Wyre, in my view, this wasn't the only reason Wyre could no longer survive. I believe our most critical misstep was shifting focus away from the core business operations.

Lessons Learned

Although Wyre did not become the unicorn we hoped it would be, there were valuable lessons learned through the years we spent building, learning, and growing together with the sharpest, most visionary minds in the space. 

I wanted to share some of those lessons I personally learned during the last few months before Wyre closed its doors:

1.) Nothing is done until it's done. Never consider a deal done until it's officially closed. The distraction of potential acquisitions can veer you off course. Focus on maintaining operational integrity and making decisions beneficial for the company's sustainability, regardless of the deal's progress.

2.) Make sure you have a great network with unbiased opinions. Cultivate a network of friends and advisors outside your company to provide unbiased insights. Internal stakeholders often have vested interests that might complicate decision-making. External advice can offer clarity and direction when internal dynamics become overwhelming.

3.) Ego is the mind killer. Emotional detachment is crucial. Taking things personally in high-stress environments can cloud judgment and lead to suboptimal decisions. Maintaining objectivity is key to navigating through turmoil.

4.) Prioritize Communication. When crises hit, the instinct might be to retreat and isolate. However, this is when you should communicate the most. Transparency and frequent communication can fortify trust and morale, helping to navigate through the toughest times.

There’s more lessons, but if I had the chance to counsel myself during those final months, I'd likely share the same advice that I listed above. Also, god bless my friend who sent me Peter Thiel’s post “Founder as Victim, Founder as God” - highly recommend giving that a read if you’re a founder.

What's Next?

Again, I'm beyond thankful for having the opportunity to build Wyre and grateful for EVERYONE who's taken a chance on Mike/I, the broader Wyre team, and the vision we were building.

I'm in the process of launching another company and will be sharing more information on that soon. Took a lot of learnings from Wyre and the broader payments/compliance space to help build something awesome.

The experience at Wyre has been a profound teacher. In the coming months, I look forward to sharing more insights that might benefit others navigating a similar path.

Again, DMs are open and beyond happy to chat to anybody.

- Yanni