Invest in Progress

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Jun 2026

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Invest in Progress is a podcast brought to you by the Scottish Mortgage Team. It offers a backstage pass to the conversations that occur between our managers and visionary leaders solving some of the world’s most complex problems. This podcast is for all UK investors, existing shareholders of Scottish Mortgage and professional investors in Australia, Germany, Switzerland, Belgium, The Netherlands, Luxembourg, Hong Kong and Singapore. The views expressed are those of the contributors and should not be considered as advice or a recommendation to buy, sell or hold a particular investment. The content of this podcast was accurate to the best of our knowledge at the time of publication. Scottish Mortgage Investment Trust PLC (Scottish Mortgage) is listed on the London Stock Exchange and is not authorised or regulated by the FCA. Hosted on Acast. See acast.com/privacy for more information. For further details please see our legal information at www.scottishmortgage.com Hosted on Acast. See acast.com/privacy for more information.

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25 recent

June 4, 202611 min

10-MINUTE TAKE: Affirm

This is a compressed version of Scottish Mortgage’s interview with the buy-now, pay-later service’s chief executive and co-founder Max Levchin.Listen to the full episode here. Affirm offers shoppers a transparent alternative to credit cards. It tells consumers upfront what monthly charge they face, promises no late fees or hidden charges, and in many cases offers a 0 percent interest rate. Levchin tells Scottish Mortgage Investment Trust manager Tom Slater what drove him to create the business and why it has an edge over rivals.Background:Scottish Mortgage first invested in Affirm in 2019, when it was still a private company.Today, the listed business provides credit to millions of customers across the US, Canada and the UK when they make online and offline purchases. It now has its sights set on further expansion and is taking a greater share of business away from the incumbents in the credit card industry.In this podcast, Levchin reveals how he came to build Affirm after his prior success at PayPal, Affirm’s appeal to merchants and consumers, and why its underwriting technology gives it an enduring advantage. Timecodes:00:02  Introduction00:56  Max Levchin interview begins01:03  A transparent alternative to credit cards01:24 Lessons from PayPal02:55  A painful credit card experience05:50 How Affirm works08:35  Underwriting data provides a ‘powerful moat’Glossary (in order of mention):Point-of-sale lending: Credit offered at the moment a customer buys something, either online or in a shop.Network effects: The phenomenon whereby a product or service becomes more valuable as more people or businesses use it.Charge-off: When a lender writes off a debt as unlikely to be repaid, usually damaging the borrower’s credit record.Delinquent/delinquency: A loan or credit account becomes delinquent when the borrower is late making required payments.IPO: Initial public offering – the process by which a private company lists its shares on a public stock market.Accrued interest: Interest that has built up over time on a loan or balance.Underwriting: A lender's process of assessing whether to grant credit to a borrower, and on what termsCompetitive moat: A durable advantage that makes it hard for competitors to copy or overtake a business.Check the podcast description to ensure this content is suitable for you. Your capital is at risk. Presenter: Claire ShawExecutive Producer: Leo KelionLine producer: Jessica RooneyBroadcast Technician: Samual O’Hare Editor: Jody Black Hosted on Acast. See acast.com/privacy for more information.

June 4, 202658 min

Affirm: Why Shoppers are Walking Away from Credit Cards

Affirm’s buy now, pay later service offers shoppers a transparent alternative to credit cards. It tells consumers up-front what monthly charge they face, promises no late fees or hidden charges – and in many cases offers a zero percent interest rate. Co-founder and chief executive Max Levchin reveals how the business originated in his own “painful” experiences with credit cards, and how AI-powered shopping agents could supercharge its future.Background:Scottish Mortgage first invested in Affirm in 2019, when it was still a private company.Today, the listed business provides credit to millions of customers across the US, Canada and the UK when they make online and offline purchases, and it has its sights set on further expansion and taking a greater share of business away from the incumbents in the credit card industry.“No one loves thinking about money because it’s a drag, it’s complicated,” Levchin tells investment manager Tom Slater in this interview. “It doesn’t have to be this way. And we’ve proven that for our little niche, big as it is… we can alleviate the burden.”In this podcast, the two discuss how Levchin came to build Affirm after his prior success at PayPal, the technology that underpins the company’s ability to tailor loans to each customer and purchase, why merchants are keen to cover the cost of zero percent credit from a third party, and how AI-powered shopping agents could impact the firm. Timecodes:00:03 Coming up…00:48 Introduction02:25 Max Levchin interview begins02:51 A transparent alternative to credit cards04:05 A threatened amputation08:52 Lessons from PayPal11:44 Returning to the world of fintech14:28 A terrible credit card experience18:15 Attracting early investors22:14 How Affirm works25:48 The appeal to merchants28:36 Focusing on the Affirm Card31:23 Underwriting data provides a ‘powerful moat’35:41 Why permit credit for luxury purchases?39:25 Listening to your gut42:20 How big could Affirm get?45:39 AI agentic shopping48:54 What the world looks like if Affirm fulfils its mission50:38 Claire Shaw and Tom Slater on the investment case57:35 Podcast lookaheadGlossary (in order of mention):Point-of-sale lending: Credit offered at the moment a customer buys something, either online or in a shop.Network effects: The effect where a product or service becomes more valuable as more people or businesses use it.Fintech: Technology-driven financial services, such as digital payments, lending or banking tools.Charge-off: When a lender writes off a debt as unlikely to be repaid, usually damaging the borrower’s credit record.Delinquent/delinquency: A loan or credit account becomes delinquent when the borrower is late making required payments.IPO: Initial public offering: the process by which a private company lists its shares on a public stock market.Accrued interest: Interest that has built up over time on a loan or balance.CMO: Chief marketing officer, the executive responsible for a company’s marketing strategy.Competitive moat: A durable advantage that makes it hard for competitors to copy or overtake a business.Cash flow: The movement of money into and out of a person’s or company’s accounts.Total addressable market: The total revenue opportunity available if a company could reach all possible customers for its product.Operating expense: Day-to-day business spending, such as salaries, rent or marketing.AI agent: An AI system that can carry out tasks or make decisions on a user’s behalf.Net promoter score: A customer loyalty measure based on how likely users are to recommend a company or product.Flywheel: A business dynamic where one improvement drives another, creating self-reinforcing growth.Read the transcript.Check the podcast description to ensure this content is suitable for you. Your capital is at risk. Presenter: Claire ShawExecutive Producer: Leo KelionLine producer: Jessica RooneyBroadcast Technician: Samual O’Hare Editor: Jody Black Hosted on Acast. See acast.com/privacy for more information.

June 4, 202611 min

10-MINUTE TAKE: Enveda

This is a compressed version of Scottish Mortgage’s interview with the biotech’s founder Viswa Colluru, for those of you wanting just the highlights.Listen to the full episode here.The biotech company Enveda has developed a new approach to explore and ‘decode’ nature’s chemistry. Its goal is to discover molecules that could underpin a new generation of blockbuster drugs. In this podcast, the firm’s founder and chief executive, Viswa Colluru, explains why Enveda has the potential to become a trillion-dollar business, and Scottish Mortgage Investment Trust manager Tom Slater considers the risks and opportunities the portfolio company faces. Background:Scottish Mortgage first invested in Enveda in November 2024. The US-headquartered company uses a proprietary artificial intelligence (AI) large language model to discover and develop new medicines from natural sources. At the time of writing, it has a pipeline of 12 drug candidates in various stages of development that could form the basis of new therapies to treat dermatitis, obesity, inflammation and chronic pain. Enveda’s founder, Viswa Colluru, has reimagined the drug discovery process from first principles based on his insight that natural molecular compounds should have a better safety profile than engineered ones.“Healthcare is the biggest industry in the world, and if you can increase the odds of success in drug discovery, there are so many unmet needs that its opportunity is effectively unbounded,” says Scottish Mortgage manager, Tom Slater. Timecodes:00:00    Introduction01:00    Interview starts01:10    “Things that work in the lab [often] don’t work in people”02:30    A mission grounded in a family death04:25    Investing his life savings08:45    Partnering with Microsoft and Sanofi Glossary (in order of mention):Chronic myeloid leukaemia:A type of blood cancer that affects white blood cells.Mass spectrometer:A lab instrument that measures the mass of molecules to help identify them.SaaS:Software as a service – software accessed online via a subscription.Cost of capital:How expensive it is for a company to raise money from investors or lenders. Hosted on Acast. See acast.com/privacy for more information.

June 4, 202653 min

Enveda: Finding Hidden Medicines in Nature

The biotech company Enveda has developed a new approach to explore and ‘decode’ nature’s chemistry. Its goal is to discover molecules that could underpin a new generation of blockbuster drugs. In this podcast, the firm’s founder and chief executive, Viswa Colluru, explains how Enveda could become a trillion-dollar business, and Scottish Mortgage Investment Trust manager Tom Slater considers the risks and opportunities the company faces. Background:Scottish Mortgage first invested in Enveda in November 2024. The US-headquartered company uses a proprietary artificial intelligence (AI) large language model to discover and develop new medicines from natural sources. At the time of writing, it has a pipeline of 12 drug candidates in various stages of development that could form the basis of new therapies to treat dermatitis, obesity, inflammation and chronic pain. Enveda’s founder, Viswa Colluru, has reimagined the drug discovery process from first principles based on his insight that natural molecular compounds should have a better safety profile than engineered ones.“Healthcare is the biggest industry in the world, and if you can increase the odds of success in drug discovery, there are so many unmet needs that its opportunity is effectively unbounded,” says Scottish Mortgage manager, Tom Slater. Timecodes:00:03    Coming up…00:50    Introduction02:49    Viswa Colluru interview begins03:08    “Things that work in the lab [often] don’t work in people”04:35    A mission grounded in a family death08:50    Invested life savings11:24    Picking up from where evolution left off15:16    Using AI to make sense of nature21:32    A chemistry-first approach25:16    Historic points of failure27:32    Reimagining drug discovery from first principles29:19    Splitting work between US and India32:19    A growing drug candidate pipeline35:07    Partnering with Microsoft and Sanofi38:19    The relationship with Recursion Pharmaceuticals41:02    “Incredible people looking in unexpected places”43:00    A globally loved pharma company43:38    Tom Slater on the investment case52:42    Podcast lookaheadPlease see our glossary of terms. Read the transcript.Check the podcast description to ensure this content is suitable for you. Your capital is at risk. Presenter: Claire ShawExecutive Producer: Leo KelionLine producer: Jessica RooneyBroadcast Technician: Samual O’Hare Editors: Kerry Ingram Hosted on Acast. See acast.com/privacy for more information.

May 6, 202543 min

Horizon Robotics: Driving the Autonomous Revolution

How the founder of a Horizon Robotics plans to become the Microsoft for robots.   Join the Scottish Mortgage Team as we sit down with Dr. Kai Yu, founder of Horizon Robotics, a pioneer in autonomous driving technology. Discover how this ambitious company is transforming vehicles into "computers on wheels" and revolutionising the robotics industry. Episode highlights: Founder's Commitment to Machine Learning: Dr. Kai Yu, a leading AI scientist, has dedicated over 30 years to advancing machine learning. His passion for developing self-learning machines has been a driving force behind Horizon Robotics' innovative solutions.Founding Mission of Horizon Robotics: Horizon Robotics aims to transform vehicles into "computers on wheels" by mastering both hardware and software development. Their AI chips and computing platforms are pivotal in achieving various levels of autonomous driving, making them a key player in the autonomous driving revolution.Global Partnerships with OEMs: Horizon's "Journey Together" mantra has fostered strong relationships with automakers worldwide, including a significant $2bn investment from Volkswagen. These collaborations showcase Horizon's ability to build trust and embrace global partnerships.Embracing Innovation: The competitive and crowded EV market in China serves as an ideal testing ground for Horizon's technology. With over 50% market share, Horizon has successfully taken on Western Advanced Driver Assistance System providers, proving their scalable solutions' effectiveness.Vision for the Future: Horizon Robotics envisions becoming the "Microsoft for robots," applying their technology across various industries. This ambition highlights their potential to revolutionise not just autonomous driving but the entire robotics landscape.Whether you're an investor, tech enthusiast, or simply curious about the future of technology, this episode offers valuable insights into a company poised to become a leader in the robotics industry. Check the podcast description to ensure this content is suitable for you. Your capital is at risk.  Presenter: Claire ShawExecutive Producer: Niamh KiddLine producer: Jessica Rooney Broadcast Technician: Samual O’Hare Editors: Rhona Taylor-Craig, An Phan    Hosted on Acast. See acast.com/privacy for more information.

March 18, 20251 hr 8 min

Nubank: The Missionaries of Modern Banking

How the co-founder of a Latin American challenger bank plans to transform the future of finance. Join us for the latest episode of Invest in Progress, featuring David Vélez, co-founder and CEO of Nubank – the largest challenger outside China. Vélez shares with Lawrence Burns how he's revolutionising banking across Latin America and saving users tens of billions in the process.Episode Highlights:Breaking the Banking Monopoly: When five banks controlled Brazil's financial sector, making services expensive and inaccessible, Vélez spotted an opportunity to disrupt the status quo with simplified processes and reduced costs.Unlikely Disruptor: Despite having no retail banking experience, technology background, or Portuguese language skills, Vélez envisioned a technology-driven banking transformation focused on consumer needs and digital-first solutions.Economic Impact: Nubank has returned approximately $20 billion to customers – money that would have otherwise gone to traditional banks as fees – demonstrating their commitment to affordability and customer value.Scale and Reach: Now serving over 114 million customers across Brazil, Colombia, and Mexico, Nubank has grown into the largest challenger bank outside China by delivering a seamless digital banking experience.Customer Love: With one of the highest Net Promoter Scores worldwide, Nubank's customer-centric approach has built extraordinary brand loyalty rarely seen in financial services.AI-Powered Future: Vélez discusses how AI integration could evolve banking from merely "having a bank in your pocket" to enjoying a personalised experience akin to having a banker in your pocket too.Worldwide Ambitions: With a methodical approach to global expansion, Nubank aims to become the world's largest retail bank by addressing inefficiencies in banking models worldwide. Check the podcast description to ensure this content is suitable for you. Your capital is at risk. Presenter: Claire ShawExecutive Producer: Niamh KiddLine producer: Jessica RooneyBroadcast Technician: Samual O’HareEditors: Rhona Taylor-Craig, An Phan Hosted on Acast. See acast.com/privacy for more information.

February 25, 20251 hr 4 min

Tempus AI: Pioneering AI-Enabled Healthcare

Hear from the founder on a mission to make his company the Amazon of the healthcare industry.  Join us for the latest episode of Invest in Progress, in which Eric Lefkofsky, Founder and CEO of Tempus AI, tells Scottish Mortgage manager Tom Slater about transforming the healthcare landscape with artificial intelligence and big data. Episode Highlights:Personalized Healthcare Revolution: Discover how Tempus AI is revolutionising cancer diagnosis and treatment by leveraging one of the largest libraries of oncology data. Eric shares the personal journey that led to the creation of Tempus AI, driven by a desire to improve his wife's cancer treatment.Technological Edge: Learn about Tempus AI's unique technological advantage, akin to Tesla's in the EV market. Eric explains how Tempus integrates AI with diagnostics to provide intelligent, personalised insights that empower physicians and improve patient outcomes.Data-Driven Insights: Explore how Tempus AI's vast data resources are being utilised to accelerate drug discovery and enhance clinical trials, in partnership with major pharmaceutical companies like GSK and AstraZeneca.AI's Transformative Potential: Eric discusses the future of AI in healthcare, envisioning a world where AI diagnostics become the norm, saving the global healthcare industry trillions of dollars and significantly extending human life expectancy.A Visionary Leader: Gain insights into Eric's entrepreneurial spirit and his ability to articulate a compelling vision for Tempus AI, drawing parallels with industry giants like Amazon and Google.This episode is a must-listen for anyone interested in the intersection of technology and healthcare, offering a glimpse into a future where AI not only saves lives but also transforms the efficiency of healthcare systems worldwide. Don't miss this opportunity to hear from a leader who is not just imagining the future but actively building it. Check the podcast description to ensure this content is suitable for you. Your capital is at risk.  Presenter: Claire ShawExecutive Producer: Niamh KiddLine producer: Jessica RooneyBroadcast Technician: Samual O’Hare Editors: Rhona Taylor-Craig, An Phan Hosted on Acast. See acast.com/privacy for more information.

February 4, 202541 min

Blockchain.com: Outlasting the Crypto Chaos

When Bitcoin has been declared dead more than 415 times in the past 14 years, how is it that crypto platform blockchain.com is still alive and well?Scottish Mortgage manager Tom Slater welcomes Peter Smith, Co-Founder and CEO of Blockchain.com onto the Invest in Progress podcast to explain. Founded in 2011, Blockchain.com is the world’s oldest, most trusted platform for transacting in cryptocurrencies for individuals and institutions. The company now has 37 million users worldwide with approximately a third of all bitcoin network transactions going through its platform.However the crypto landscape has been undeniably volatile over the last decade. So how has the company emerged stronger now than ever before?Peter Smith's vision of providing financial freedom and choice to all, his dedication to being the most trusted platform in this space, and maintain a long-term view, certainly have something to do with it. Add a more supportive environment under Trump’s administration, and the outlook looks pretty exciting.Check the podcast description to ensure this content is suitable for you. Your capital is at risk. Presenter: Claire ShawExecutive Producer: Niamh KiddLine producer: Jessica RooneyBroadcast Technician: Samuel O’HareEditors: Rhona Taylor-Craig, An Phan Hosted on Acast. See acast.com/privacy for more information.

January 14, 202547 min

Solugen: Decarbonising the Chemicals Industry

Hear from the entrepreneur on a mission to decarbonise one of the dirtiest industries on the planet.Scottish Mortgage manager Tom Slater welcomes Gaurab Chakrabarti, Co-Founder and CEO of Solugen onto the Invest in Progress podcast. Join them as they delve into the $6trn chemicals industry, a foundation of modern civilisation yet one of the most polluting sectors in the world.Solugen is rewriting the rules by producing chemicals in a sustainable way: by combining biology and nature.What started as a homemade reactor made out of pipes bought from Home Depot, is now a business attracting industry giants and the US Department of Energy.Tune in to Invest in Progress to discover how this company not only paves the way for a more sustainable future, but could make chemical production a high-growth industry again. Check the podcast description to ensure this content is suitable for you. Your capital is at risk. Presenter: Claire ShawExecutive Producer: Niamh KiddLine Producer: Jessica RooneyBroadcast Technician: Samual O’HareEditors: Rhona Taylor-Craig, An Phan Hosted on Acast. See acast.com/privacy for more information.

December 17, 202439 min

Wise: Money Without Borders

In this bonus episode of Invest in Progress, hear from the company revolutionising global money movement.With international payments a profitable afterthought for the banks, it’s been left to a newcomer to build the best way of moving money around the world. Meet Wise.Wise's chief executive and co-founder, Kristo Käärmann, and Scottish Mortgage deputy manager Lawrence Burns, discuss the fintech's remarkable rise, which offers low-cost, faster cross-border transactions for millions.Check the podcast description to ensure this content is suitable for you. Your capital is at risk. Credits:Presenter: Claire ShawProduction manager: Niamh KiddProduction team: Baillie Gifford Hosted on Acast. See acast.com/privacy for more information.