February 21, 2023

There's certain weeks where everything just seems to be humming and this past week was most definitely one of them. Everything was in sync (even with some mini crises along the way) and we managed to have a few chips fall our way as well. 

Tuesday - We held our Q4 '22 board meeting but rather than spend time rehashing what happened last year, we shared real-time updates with the latest January numbers and where we're expecting February to shake out.

February 13, 2023

Ahead of our board meeting on Tuesday and the subsequent all-hands on Thursday, I thought it would be helpful to recap our results in January as the board is keen to track every single metric we're measuring ourselves against.

Breaking down our January financial results and it's a tale of two narratives. On the one hand, we missed on Borrower Platform Fees as deals from existing borrowers we underwrite were downsized more than we had anticipated and we also predicted we would be able to ramp up our new higher fee structure faster than we actually were able to.

February 6, 2023

We’ve officially kicked off the conference season in 2023 as we made our way down to Miami for the iConnections Global Alts conference for family offices and other institutional investors. This is a fairly unique conference as there are two sides of our market in attendance - investors looking for debt opportunities and also underwriters / credit funds who manage debt funds and are looking for capital but also have opportunities to underwrite against.

January 30, 2023

Nothing like starting the year off right! As we've been driving the point home consistently over the past few weeks, this year is all about hitting and exceeding our numbers in a year where most companies will struggle to make their projections. Thanks to everyone's efforts this month, we're going to come in at a forecasted [ ]  in revenue compared to our initial projection of [ ]. This is the first time we've actually exceeded our projected revenues in a given month in over half a year and it's been a long time coming.

January 23, 2023

It's funny how the world works sometimes. For those who don't know, when we first started we were actually a blockchain company, touting the future of private credit and securitization on chain. We were doing "real world assets" as the crypto/blockchain community likes to call it, before it was in vogue. Fast forward a few years later, we've shied away from that vision for many reasons, most notably of which is that the blockchain really can't help that much with the securitization process as it exists today.

January 17, 2023

With the imminent close of [ ] this week which was underwritten by [ ], we have our first ever deal that’s closing with an underwriter who's signed on to our new master services agreement with the latest fee schedule, as we mapped it out in the all-hands last week. This one could not have gone any better - the [ ] team was eager to get going, [ ] is a well funded venture backed company, and the webinar roadshow we did to market the deal was extremely well attended.

January 9, 2023

It‘s such a rare and wonderful occasion that we can bring the team together for several days to celebrate all that we’ve accomplished in 2022.

We are all so focused on our day to day that it’s often so easy to forget the people behind the screen on Zooms and Huddles. Every one of you was brought on board not just because you’re the best at what you do with incredible potential, but also because of the contributions we knew you’d make to support and enhance the collaborative culture we strive to uphold.

January 3, 2023

It’s officially a new year and while it’s just a day on the calendar, it’s an opportunity to start anew. 2022 will be remembered for its market volatility and economic challenges as public markets closed out with its worst loss since 2008. Hype cycle asset classes like crypto and collectibles crashed down to earth. With all that as the backdrop, what can we expect for 2023? Below are a few of my predictions that I think could play out this year. 

December 27, 2022

As we wind down the last week of the year, it was only right to look back on just how far we've come in 2022. In a year where every market, every sector, every asset class faced challenges that only come around once every decade or so, we managed to do what most could not - we put our heads down and just kept pushing in order to deliver, to execute, and to excel.

Here's a look back at how much we were able to accomplish in 2022, in a year that will go down as one of our best and most important ever as we make that strategic shift to becoming a pure play software company.

December 19, 2022

It’s that time of year again, when the work begins to slow down a bit and clients start to shut things down for the holidays. These are often the important weeks of the year as we can spend quality time with friends, family, and those we love to remind ourselves what matters most in life.

I encourage all of you to take the time to rest and recharge and come back refreshed for the year to come. The journey for every startup is a marathon not a sprint and getting there is an exercise in resolve, perseverance, and sheer will to defy the odds.

December 12, 2022

I'm pleased to announce that we have officially locked in our plan for the $[ ] in venture debt that's coming due on Thursday. After much back and forth, [ ] has agreed to take down $[ ] of the position, with an additional ~$[ ] being syndicated back out to our investors.

This was a combined effort by so many teams to get this over the finish line. Underwriting played a part in pulling together the materials and structure needed to support a new transaction with an investor like [ ] coming into the fold. Investor Relations and Syndicate had to start pulling together an order book on an extremely compressed timeline as documents and terms weren't locked in until last Friday.

December 5, 2022

Amidst all the work being done internally on 2023 strategic planning, there's been quite a bit happening overall in the industry and several good articles that have come out in the past few weeks that are worth reading through.

November 28, 2022

The last few years have been a portrait of excess without good governance. Startups raised at astronomical valuations, getting term sheets for fundraising rounds in days often times without even needing to provide a data room. If anyone ever tried to do real diligence, the company would push back and just go with the investor who didn't need it. After the rounds were done, the normal process of setting up a board, holding quarterly meetings, adhering to thresholds that required board approval, all went out the window. Founders felt empowered to do as they pleased because in their mind, investors needed them more than they needed investors. The downstream impact of these decisions have hit fairly close to home for us these last few weeks.

November 21, 2022

This past Wednesday we held our latest board meeting and it was our first real one in months given the amount of time dedicated to fundraising this year. It was also the first time we presented our plan for the upcoming year and the key workstreams we're going to be focusing on to help make that transformation into a pure play technology company.

All in all it was a productive discussion about where we came from, why we pursued the various paths we did, and where we go from here. Each workstreams' key initiatives were carefully dissected to assess whether we were spreading ourselves too thin or if there was a realistic chance to achieve these objectives.

November 14, 2022

It's been another productive week in the books for a multitude of reasons. First, we secured another commitment for the Series B from [ ]. They are keen to figure out ways to become not just investors but users of the platform as well to syndicate their club deals where they share deal flow with the counterparts.

More importantly, as the deadline looms large, we have locked in our timeline to refinance our venture debt with the Tier 1 investment bank. They've committed to take down $[ ]M, extend the term out for 18 months, and syndicate out the remaining $[ ]M to our investors.