Firing on all cylinders
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. The board felt compelled to share that this was the "best meeting we've ever had" as we showed such a good grasp of what's been working, what's not working, and how we're going to adjust the strategies to hit our numbers for this year. Credit goes to each and every one of you as we were able to confidently present an optimistic but realistic plan to navigate through this coming year.
Wednesday - In the midst of everything else going on, we had a hiccup appear out of nowhere with [ ] latest payment. Investors were being credited with millions and millions of dollars incorrectly and it was amazing to watch all the teams come together to tackle this problem. Between the servicing team, the product and engineering teams, and the IR and syndication teams who had to handle the influx of inquiries by investors, hours were spent that day untangling the problem, figuring out how to fix it, and deploying into production. Before midnight, the problem was resolved and the fixes were all in. While all this was going on, we also shipped an entirely new set of monthly board and investor reporting with dozens of brand new metrics we've never tracked before that help our stakeholders better understand how we're tracking on growth for the year.
Thursday - Even with the [ ] deal issues, the product and engineering team never skipped a beat as the big Underwriter release to get Investors into the platform moved forward as planned. Anytime we can add another section to the navigation is a big deal and this one has major implications for the future as we'll enable Underwriters to whitelist and manage the investors they've brought on board. On the commercial side of the house, a joint effort between Client Solutions, Underwriting, and IR and Syndication helped push the first of two new Underwriters live this week as Aluna brought Carryt onto the platform. One of the things we're going to be measured against this year is how much market penetration and adoption we can get from third party underwriters and the pace at which it's going this year already is definitely proving this out.
Friday - This was another day where the entire company was moving in tandem with one another. Beyond just the all-hands, where we demonstrated why we had a lot to be proud of in January and why it's going to take a multi-team effort to hit our AUM goals, the commercial teams launched two deals on the same day, including one with yet another new third party underwriter in [ ]. Three deals and two new underwriters all in one week is a success in every measurable sense. The product and engineering teams also kept pushing as an Investor release went out to get us closer to being able to successfully complete our full credesign. Topping it all off, we got the first term sheet in at the end of the day for the credit facility we were talking about in the all-hands earlier in the day. The terms are not wholly unexpected but the ability for us to size this up to [ ] if we play our cards right is extremely reassuring. As you all saw, we are only projecting for [ ] in net new money in 2023 and this pushes us materially closer to those goals.
We were firing on all cylinders last week, together, as one team. Let's keep the momentum going 🚀
