The plan forward
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. These are outlined below at a high level:
Pushing for growth on the marketplace side of the platform - We are going to need to continue to grow the marketplace as the first batch of underwriters coming onto the platform are usually coming with borrowers and need our investors. To hit the revenue targets we set for ourselves next year, we’re going to need to find a way to reach $[ ]M+ in total outstanding, up from ~$[ ]M we have today. This will require a concerted effort from all teams to get borrowers through committee, source capital from new investors, and onboard underwriters through the process.
Improvements to underwriting process and framework to facilitate faster transactions - Reaching that level of growth on our marketplace will require both borrowers to be able to get through committee faster and also a more formalized, steralined framework for third party underwriters and the borrowers they’re bringing onto the marketplace.
Formalizing the referral strategy between borrowers and underwriters - The relationship between borrowers and underwriters is a two way street. We need to develop the methodology to support our ability to send borrowers in our pipeline over to underwriters while also supporting the growth of borrowers who have gotten too large for the marketplace to find an off ramp to large underwriters.
Finalize the product development roadmap for the whitelabel solution - This has been a constant refrain from all the underwriter conversations we’ve been having. They are all searching for a way to create a branded experience for their borrowers and their investors rather than rely on what we have today which is fully Percent branded. In doing so, we also become a pure play technology solution as these underwriters are using us and paying us for the tech and tech alone.
Forecast out the revenue mix by line of business from Jan to Dec in 2023 - Our business changes every year but even more so next year as we ship critical features (e.g. the whitelabel solution) that will have significant impacts on our revenue mix. This month by month breakdown will enable us to know what segments of the business to prioritize for each month.
As you might have heard on a few of my podcasts recently, for startups, where you start isn’t where you end. We’re maturing as a company and in doing so, we’re going to need clarity around what this next evolution of the business will look like and how we get there 🗺
