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Ignacio Semerene
Co-founder & Head of Product
Daniel Taylor launched the finance platform Bags with Ignacio Semerene and William Hayden in 2020, after the earnout from his first startup coincided with George Floyd’s murder. “It was a point of reflection for me as a Black entrepreneur with the privilege of access to capital,” he says. “The fastest-growing segments of entrepreneurs in the U.S. are minority-and women-owned businesses. By increasing their access to capital, we could help them to generate wealth, create good jobs, and revitalize local communities.” Today, with the help of the resources provided to Ignacio as a 2023 recipient of the Google For Startups Funds, Bags is achieving that mission. They’ve given over 4,000 diverse entrepreneurs a full analysis of their finances and the debt landscape, paired them with coaches, used AI to match them with funding opportunities, and more.
Google Ads helped Bags gain clients early on, accounting for over 20 percent of new business. Then Google Analytics data showed them the power of referrals, helping them reduce ad spend and focus on core customers. Bags also uses nearly every tool in the Google Workspace suite. “It’s those small things we take for granted,” Ignacio says, “but they reduce friction, make things easier, and help us scale our service.” And scale they have: Bags has seen client growth of 90 percent month-over-month, plus major growth in value per customer since adding a subscription service in 2023. The credit available on their platform grew from $300 million to $4.6 billion over the course of the year. Now Bags is exploring ways to bring more value to the entrepreneurs. “We think we have the potential to have the largest data set on small business growth in America,” Daniel says. “If we're able to continue to provide that depth of value, the result will be incredible information so that our businesses can make better decisions.”