November 7, 2022

We went into the weekend with another $[ ]M commitment into our Series B from a new fintech focused fund that has been incredibly impressed with what we've built and the impact the platform can have on this very analog industry. We are now over the 2 month mark since the term sheet was signed and we're slowly but surely chipping away at the $[ ]M total we're aiming for, with a target for firm commitments and a final order book to be locked in before Thanksgiving. This market has made it one of the most challenging fundraising markets ever as many VCs are simply not deploying capital, others are promising a commitment and then downsizing it materially, and others are even committing and then backing out.

October 31, 2022

A key part of our growth story in 2023 is going to have to come from increasing our total assets outstanding, regardless of whether we're underwriting the transaction or not. With our marketplace, we have the opportunity to generate revenue from borrowers, investors, and now underwriters as well.

October 24, 2022

It's been quite the hectic week and a half as we've managed to squeeze in 3 conferences back to back. ABS East, Opal's Family Office Conference, and Money 20/20. It's also a bit of a coming out party for us as this is the first stretch of conferences where we've had the chance to demo our platforms from end to end.

At ABS East, the team collectively took ~30 scheduled meetings over two days in Miami, predominantly with prospective underwriters.

October 17, 2022

The senior leadership team has had several productive meetings this week around 2023 strategic planning. The outcome of this is several workstreams that are going to be further developed over the next few weeks and presented in detail at our next all hands in November.

October 11, 2022

It's been a good week on the Series B front. As the final docs were signed and we began to take in wires, we also had several new commitments come through as well. These commitments were years in the making, with both dating back to 2019 when they first diligenced us.

The first fund has partners that all come from traditional finance. They saw us initially when we were touting ourselves as being able to power the future of digital assets for private credit markets, which we pivoted from shortly thereafter.

October 3, 2022

As our Series B is slated to close soon, we have the question of our venture debt outstanding that we need to figure out what to do with. The terms on the $[ ] we raised via our platform stipulated that the debt would have to be refinanced either when we close our Series B or by December 15th, whichever one comes first. We have been actively looking towards institutional venture debt providers to take over the debt in order to extend the maturity out much longer and reduce the exposure our platform investors have in the deal.

September 26, 2022

As we approach year end and with the Series B closing process underway, it’s time to begin to map out what 2023 will look like for us. This upcoming year will be unlike the past as we have no more excuses, no more foundational work left to do. This is the year where we pull all the growth levers we have at our disposal to deliver on a lofty target for recurring technology revenue.

September 19, 2022

You may have heard this past week about one of the largest acquisitions ever made of a private company - Adobe buys Figma for $20B, about 50x their current year ARR. The media loves to highlight the final number but behind the scenes was a 12 year journey where the future was not always so bright or definitely not so certain. 

September 12, 2022

As we move the Series B towards a close, the next phase of our company's life becomes all the more exciting but also all the more critical. The strategic decisions and moves we make in the coming months will reverberate over the next few years, having material implications for our future success.

August 29, 2022

So much movement is happening on the third party underwriting side now that we've had ample time to demo the platform to numerous different groups. We just received a term sheet from a credit fund this past week to do co-underwriting with us and they are committing to deploy into deals that they are running lead on underwriting and structuring and using that capital to take down anywhere from 50-80% of the deal. Doing some quick math, this equates to [ ] in new recurring revenue but more importantly, it establishes a captive capital base when it's becoming harder to come by with just retail investors.

August 22, 2022

As we look to try and find a resolution for [ ], the deal we currently have in workout, I thought it was important to highlight the differences in how we're approaching this deal versus other defaults we've had prior.

Unlike [ ] where the primary recourse has to be by going through the court system, [ ] is in a situation where they are struggling to sell the assets themselves and as a result, defaulted on our note.

August 15, 2022

As we've made the strategic shift to opening up our platform for third party underwriters, it's allowed us to transition how we pitch the platform as well. Dozens of platform demos were made these past few weeks to VCs for our Series B, strategic partners, and prospective underwriters and the feedback has been resoundingly positive.

Our platforms have seen tremendous progress over these last few months and we're shipping new features at a pace we've never been able to do before.

August 8, 2022

It's been a whirlwind of a week as we had one meeting after another for the Series B. Topping it all off, we managed to squeeze in a board meeting in between it all to give them the full update on the state of our business.

To say they came away excited is an understatement. Hearing about what we were able to do with [ ] as the first third party underwritten deal and seeing the margins we are able to produce only serves to validate the future of our business.

August 1, 2022

It's a big week for Series B discussions as we have [ ] different groups actively looking into our materials and setting up meetings. We'll have a lot more clarity in the next few weeks for sure as we move this process forward.

July 25, 2022

As of last Friday, we officially reached an inflection point in the company. For the first time ever, we closed a third party underwritten transaction, one where we left the infrastructure that we've built do the talking. We couldn't have scripted a better story for how this first deal came to life and everything worked exactly as planned.