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SaaS Interviews with CEOs, Startups, Founders
Miami Based Fintech did $70m in 2023 Revenue - What about Gross Margin?
Mar 21, 2024
33:23
Snipd AI
The podcast delves into a fintech company's revenue growth, default rates, and capital deployment goals. It explores challenges in revenue-based finance, write-offs, and suing for cost-effectiveness. The CEO's hands-on approach to operations, growth strategies, and maintaining low default rates are also highlighted.
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Quick takeaways
- Funkite targets $300m in capital deployed in 2024, posing questions about its long-term financial viability.
- Funkite maintains a good loss rate of 6.8% on total receivables, with efforts to recover at least 50% from defaulted accounts.
Deep dives
Funkite Overview and Growth
Funkite, a FinTech company based in New York, provides funding to small businesses in the US. Founded in 2015, Funkite offers a boutique funding style tailored to meet individual business needs. With a focus on capital efficiency, they receive around 5,000 monthly business applications, approving a percentage of those. By 2023, the company reported approximately $70 million in revenue, maintaining good economics with a low default rate of 16% and a charge-off loss rate of 6.8%. Funkite employs 91 team members and funds deals through promissory notes and partnerships with capital providers.
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highlights
Listen to the best highlights from the podcasts you love and dive into the full episode