Kagan Sumer on banking
From Kagan Sümer & Philipp Westermeyer: The Gorillas Story · · OMR
“The bank called me and told that they accused us of sending money to Lebanon for money laundering or drug dealing; they advised us to close operations and my visa process was cancelled.”
On , Kagan Sumer, CEO & Founder at Gorillas, spoke about banking during Kagan Sümer & Philipp Westermeyer: The Gorillas Story on OMR.
About Kagan Sumer
Kağan Sümer, CEO and founder of the instant delivery service Gorillas, discussed the company's growth and strategy in a May 2022 interview. He stated that Gorillas had reached an approximately $800 million revenue run rate and that two metropolises were generating operating profits. Sümer described the company's approach as prioritizing values such as being "bold" and "authentic," citing a UK skydiving marketing campaign that had low return on investment but aligned with those values. He noted that Gorillas had given a $1 million bonus to riders and operational crew after reaching unicorn status. Sümer also addressed challenges, including a bank's accusation of money laundering related to transfers to Lebanon, which he said led to the cancellation of his visa process. He argued that immigrant entrepreneurs who create employment and foreign investment deserve more government attention. Commenting on the broader market, Sümer said that a period of Federal Reserve money injection had created "greed and super-high valuations," which he predicted would be replaced by a focus on legitimate profitable businesses. He forecast that a "natural selection" among delivery players would leave three or four prominent companies.