July 18, 2022

It's a big week this week and one of the first where we're splitting up the team to make a showing at two conferences at the same time. Underpinning it all though is our need to secure and expand our investor base, whether they're small, medium, or large. This is mission critical at this stage as we're not short of borrower interest, we're not lacking in underwriter interest, and we're more than capable of technologically supporting both sides in getting their deals to market.

July 11, 2022

There's been a reversion back to the mean when it comes to valuations as SaaS company valuations are back to 2019 levels. Fortunately, there's some back of the napkin math from VCs during that time that is coming back into the forefront. This is what that means when it comes to key metrics we're being measured against.

July 5, 2022

This has been one of the biggest things holding us back from achieving our objectives, especially on the revenue front. It's been a long time coming and over a year since we were able to book this kind of revenue but finally after weeks of going out to market with one of our most difficult institutional transactions, we are set for a first close of [ ] today, with the option to sell the remaining [ ] in the coming weeks ahead, which we'll gladly take especially as the team sets out for a few of the key industry conferences in July.

June 27, 2022

A company at its best is a well-oiled machine where each component part succeeds to contribute to the overall functionality and success. At companies like ours, the high level components are below:

June 21, 2022

One of the biggest releases these past few weeks has been the new syndication process that our Capital Markets team is now actively using and our third party underwriters will be starting to use very soon. The past few deals have been incredibly fascinating to watch as some have gone exactly according to plan and others have forced us to rethink how we market and attract investment into these opportunities.

June 13, 2022

What an incredible run of progress on our platform these past few weeks. We knew June was going to be big and it's shaping up to be a banner month with all the feature releases that have been pushed out. We've been touting our new syndication process, we've been talking about being able to offer default protection, we've been clamoring for a full transaction history, and in the span of three weeks we've been able to push all of it out.

June 6, 2022

After we paused our Series B process, I made it a point to let the handful of VCs who did extensive diligence on us know that I would be keeping them in the loop on all of our progress. With the release of the underwriter product last week, it felt like the appropriate time to share an update on how the last few months have evolved.

May 31, 2022

It was a whirlwind of a week heading into the long weekend as the LendIt conference is traditionally one of our strongest showings. Credit to the team who attended as they took over 100 meetings in 2 days and had countless in-person conversations with people who stopped by our booth. This was the first time we really had the opportunity to sell our underwriter offering and it was incredibly well received.

May 23, 2022

As the market conditions continue to evolve, we're keeping a close eye on what VCs are expecting of us when it comes to a Series B. The simple truth is that best of breed companies still continue to get funded and oftentimes at reasonable valuations. We have been extremely careful to not over-raise and also not raise at valuations that are problematic down the line if we can't live up to those expectations. With our Series A valuing us at [ ], our current revenue trajectory for 2022 has us far exceeding this prior round valuation even in this environment, one where many companies are taking a downround and raising a new round at a valuation that's less than the prior round.

May 16, 2022

We continue to make good progress on [ ] and we will soon be able to offer the first ever credit protection product for private credit markets. To start, we're going to be layering it into just our blended notes and not a note for any individual borrower as we want to ensure that in the event of a default, we don't damage their long term prospects for success. We're tracking well towards launching the first blended note with credit protection coverage on June 1st.  There's been a few key developments in recent weeks that are making all of this possible.

May 9, 2022

This week is a very special one as we come together to celebrate four years of our company's life. It's been four years of trying to reinvent private credit markets from the ground up. Four years of learning, testing, building, shipping, and doing it all over again. And most important of all, four years of bringing together a world class team that I would argue rivals the best of any company out there.

May 2, 2022

Our webinar last week highlighted the first of a few underwriters who are gearing up to join the platform when we officially launch the Underwriter portal to the public in a few weeks time. This is a watershed moment for our company, one where our ability to live up to the hype and realize our vision of becoming an infrastructure provider is realized for the very first time. We're incredibly fortunate to have the likes of underwriters like [ ] and several others in our pipeline who have the skillset, the network, and the desire to seek out innovation in an industry that's as archaic as they come.

April 25, 2022

Coming off of a quarter where we only had [ ] new borrower join the platform and just [ ] onboard in the past two quarters, we made it a priority in April to push new borrowers forward. As a result of that, in April alone we've already launched [ ], are slated to launch another before the end of the week, and are in the final stages of discussions for another that is navigating some final legal hurdles as a result of having a co-underwriter.

April 18, 2022

As we cross the middle of the month, we are tracking well on the objectives we laid out in the all-hands. One of the big focuses this month was on getting Underwriter out the door and ready for prime time in May for third party underwriters to use for the very first time. Credit to the Product and Engineering teams for going heads down and reprioritizing what needs to get done to help hit this target, especially given how many dependencies were tied to getting this out the door.

April 11, 2022

One of the core values of our company is to be transparent with all of you around not just positive and developmental feedback for you individually but also how we are doing as a company. More than just doing an all-hands, my job and the management team's job is to hold ourselves accountable how we are tracking towards our objectives for the year and for you to know how we're progressing. To that end, we are re-tooling our weekly standups to be extremely tactical, focused on the major objectives for the year (e.g. revenue targets) and critical objectives for the month that unlock our other objectives for the rest of the year.