Divide and conquer
March 20, 2023
This past week, across continents, across time zones, across teams, we came together to solve the many different challenges and problems thrown our way.
Over the last weekend, we put ourselves out there as a viable bridge financing platform for startups staring down a situation where their operating company cash was trapped at SVB. We had underwriters emerge ready to structure financing for these startups and they came with investors ready to fund. The outcome of this was over 200 different potential relationships coming organically and from some of our channel partners and many of these will likely become clients in due time.
The week kicked off with a bang as the repercussions of the fallout from SVB were immediately felt. To safeguard ourselves from future disruption, we got to work to set up secondary SPV accounts for all our deals. In parallel, we worked to get a new bank account set up for our operating company at a Tier 1 that we knew would be safe no matter what happens.
We officially also signed our term sheet with a credit fund, kickstarting our ability to deploy captive capital at scale across various different deals that meet their criteria for investment. Starting at $[ ]M, if we do our job correctly we can scale this all the way up to $[ ]M under the current terms. Partnerships like this can change our trajectory especially when we're shooting to grow our total notes outstanding by $[ ]M this year.
On the topic of growing notes outstanding, Prath and I were on the other side of the world leading two roundtables with single and multi-family offices to share more about the potential of what blended notes can mean for their asset allocation strategy. Overall it was extremely well received and we have our work cut out for us in terms of follow ups as it normally takes 3-6 months to get them over the line but several follow ups have already been scheduled based on our presentations.
Last but certainly not least, we had a strategically important release for the Underwriter portal in order to unlock the ability to set up multiple accounts for an underwriter's team members and create roles for them that define what they can and can't do on the platform. This is the first but critical step to launching the functionality for an underwriter to entirely manage their own market, where they're bringing their own borrowers and their own investors and they just need technology to make it all work. This is as important a release as any and a critical one for this next stage of growth.
Divide and conquer was the theme for this week and as we get larger this will become ever more the norm but seeing it all play out in as hectic and crazy a week as this last one was has been amazing to watch. Let's keep it up 💪
