Karim Jouini is the founder of Expensya, an expense management platform sold to Medius Group for $100m. Karim is now building his second company called ThunderCode: an AI testing agent for software teams.Timestamps:00:00 - In this episode01:58 - Introduction02:59 - Missing PMF, SMB sucks, pivot to mid-market06:03 - Brex, Ramp, & copycats in Africa/LatAm/Asia10:31 - Karim's new AI company16:55 - Expensya: industry evolution, black swan event25:42 - Selling to corporates, build vs. buy, competition 31:01 - North star metrics, improvising, burn-outs, failed PoC38:45 - What takes you to $3m ARR won't take you to $10m ARR43:49 - Decision to sell, acquisition process, price discovery, etc49:37 - Secrets behind "Build locally, sell globally" [Tunisian playbook]54:32 - Personal: Making a lot of money... & building again References:Expensya's acquisition - https://www.medius.com/news/cid-B5994B54FD438614/media-alert-medius-completes-acquisition-of-expense-management-firm-expensya/Brex exists SMB space - https://techcrunch.com/2022/06/17/as-brex-exits-the-smb-space-its-ceo-says-that-doesnt-include-startups-at-least-the-funded-ones/What would Google Do? https://aszapla.wordpress.com/wp-content/uploads/2011/12/what-would-google-do.pdfListen on all platforms:Youtube - â https://www.youtube.com/@TheRallyCapPodcastSpotify - â https://open.spotify.com/show/3vUDH5yEH6pvRkqM1TVaxSâ Apple Podcasts - â https://podcasts.apple.com/ca/podcast/the-rally-cap-podcast/id1731710244â Where to find Karim:Linkedin: https://www.linkedin.com/in/karimjouini/X/Twitter: https://x.com/karim_jouiniWhere to find Kyane:Linkedin: https://www.linkedin.com/in/kyanekassiriX/Twitter: https://twitter.com/kyanekassiriLearn more about Rally Cap: https://techcrunch.com/2022/05/05/rali_cap-gets-backing-from-global-vcs-and-launches-30m-fintech-fund-for-emerging-markets/