June 3, 2024

When we created the financial plan for 2024, we sought to be as precise as possible, locking in which deals would rollover in which months to set the revenue targets, leading to an uneven but generally upward revenue growth month over month. 4 months into the year, we learned that borrowers tend to make business decisions on their own terms and that level of precision would be difficult to predict.

May 28, 2024

Heading into this year, we were focused at the corporate level on doing everything we could to maximize our runway as we push towards profitability and also ensure we had a solution for our venture debt with Nomura that was slated to come due in June.

May 20, 2024

Coming out of this year, we had forecasted that we'd have $[ ]M left in cash in the bank by the end of the year if we just hit our numbers and with a clear line of sight to profitability without needing to raise. With revenue coming in $[ ]K+ above plan just four months into the year, it's looking like we would have given ourselves even more runway just based on our own performance alone.

May 13, 2024

Supporting any technology company (especially one dealing with financial services) is an arsenal of people and solutions that help keep hackers and attackers at bay. These bad actors are looking to find holes in our security systems so they can steal user account data, siphon funds, or hold us for ransom. Combatting this requires constant monitoring and fielding of alerts both on and off-hours.

May 6, 2024

Over the past two quarters as we've set out on a path to optimize investor acquisition, we've had to evaluate and improve every single step in the onboarding and retention process. The outcome KPI that we measure ourselves against is how long it takes for an investor to go from sign up to investment and that has improved from well over 3 weeks to under 2 weeks in just two quarters, a monumental achievement. 

April 29, 2024

In a follow up to the note from last week where we found our vision to be 80% of what we anticipated and 20% of it to not be exactly quite right, I'm excited to share our own adjustments to our vision off the heels of what we've accomplished in the last two quarters in the all hands this week.

April 22, 2024

One of the better podcasts I've heard in a while was where Miguel Armaza from the Fintech Leaders podcast interviewed Mike Seckler, the CEO of Justworks. As someone who's founded companies, sold companies, and wanted to do it all over again, he shared a wealth of insights and experiences that most certainly have parallels to what we've gone through.

April 15, 2024

The return of New York Fintech Week is a time where VCs from all around the country descend upon the city and between the gatherings and lunches and dinners, it turns into quite the week. I had the chance to attend a number of these events and this year more than ever felt like we’ve hit a bit of the mainstream. 

April 8, 2024

One of the key metrics the board is monitoring is our revenue per employee as it is a good indication of how efficient we actually are and how scalable we can be. Back in Q1 2022, we were averaging just $[ ]K in revenue per employee and yet by Q4 2023, we pushed it all the way up to $[ ]K and in recent months we're tracking even above $[ ]K. Behind this metric though is all the little things that we've gotten so much better at doing well.

April 1, 2024

With the first quarter of the year in the books, it’s been remarkable to look back and see just how much we accomplished. Bar none, this was the best quarter in our company’s history by every conceivable metric. It’s a testament to what we can accomplish together as a team when we are laser focused on results. Below are just a few of the records and firsts we achieved these last 3 months:

March 25, 2024

Over the past few weeks, Bryan and Prath have been working hard to try and establish a partnership with a fund that could dramatically alter the trajectory of our AUM growth for 2024 and beyond. I'm pleased to share that we have entered into a letter of intent with a group called Wingspan Capital that will aim to establish an interval fund called "Pursuit" that will deploy capital into our offerings at a scale that we have never seen before.

March 18, 2024

Peter Walker is the Head of Insights at Carta and he often posts some really interesting data around fundraising, valuations, and more. Last week he happened to share a lookback at the vintage of companies founded in 2018 (the same year we were founded) on Twitter/X and it was a sobering look at the dropoff that happens with each successive round.

March 11, 2024

In striking the balance between supply and demand, we've done a remarkable job recently at growing our accredited investor base, even in light of the latest defaults and workouts. We're coming in over $[ ]M ahead of our initial plan for accredited investors as of February and that's a testament to all of the efforts from marketing and IR/Syndication to not just acquire new investors but nurture existing and convert sign ups that never funded their accounts.

March 6, 2024

Our monthly all-hands have usually been just me speaking to you about key topics for the month. In light of that, I'm pleased to share that we're going to be changing things up a bit this week and having one of our longest tenured board members, Navtej S. Nandra, coming in to share some of his thoughts around his experiences in being a part of our company for the last 4 years and where he wants to see us focus our efforts heading into the rest of this year.

February 26, 2024

As February comes to a close, we are getting ahead of the ball and beginning to prepare the Q2 product roadmap. I appreciate all the time the various different individuals and teams spent with Gary the past few weeks to outline the key features they’d like to see implemented next. Looking back at Q1, it has been a fantastic quarter for the team as we shipped or are in the process of shipping out deposit interest and statements.