Synapse

“I assume there's some level of malfeasance there, but I bet it's really small. Someone stole some money, but this tiny amount, mostly it's just, Reconciliation's hard. To make sure that books balance, it's hard. It's really hard. And they didn't do it for a lo…”

“And eventually, Synapse, the software company, the program manager, started to add other banks. And they added two, three banks, and they moved money around between them pretty indiscriminately. In ways that I would say, this is not my real, legally, it's not …”

“I looked at purchasing them and I back slowly away.”

“He started this thing called Synapse, I think, which he sold to Meredith or Time Magazine for a hundred million dollars. Then with that money, he started Priceline he started with this guy named Jay Walker, and I think they sold that for billions of dollars, a…”

“We don't have a direct competitor still in the market right now. There's indirect incumbents.”

“We spent Probably about 50 grand to get the first kind of iteration out the door and started to monetize it”

“About four million dollars.”

“We have about 60 on the platform 60 enterprises directly today.”

“Over the next two years, they're going to onboard us to 11,000 clients of theirs, which is exciting.”

“ExxonMobil. And they basically read about us in the newspaper after coming out of an accelerator and asked to see the software where we were like, well, we don't have software yet. Here's our plan. And it was a problem for them that, that they said, well, we'l…”

“Annually and increased from there based off a per seat model, but we actually just flipped the switch with COVID to not having any minimums and pricing at 1500 dollars a seat to lower all barriers, and we're seeing contracts come through at greater deal value …”

“We have not yet gone to series A, and when we do our plan is to start working with series A partners at around two and a half million ARR. So we're not quite there yet, but you know, we'll be there in about a year's time or less.”

“Yeah, I mean, we will have over a hundred percent growth this year.”

“We were at a little over 400 K in AR less than a year ago.”

“A little over 20.”

“So we just took on another million dollars in August.”

“So we brought on some venture debt through Comerica Bank. And it was mainly to really build the relationship early so that when we do our Series A, we can take about 30% of venture debt on top of that next round.”

“With the VCs who we put together you know, we, they're already looking to commit about five, a little over five million going into the next round combined.”

“About 10 to 12.”

“I've seen series A companies in our space as low as 25 pre money and all the way up to forty million pre money.”

“We're retaining about 89% of clients right now.”

“Yeah, we think that payback will be five to six months once we roll out the product-led growth strategy.”

“It's about 10 grand.”

“One, Jay Steinfeld, who was the owner of Blinds.com, who sold to the Home Depot. He was very instrumental in helping us.”

“We're most likely not going to go and get a charter.”

“So we've kind of like always only partnered with people where no tri-party agreements are needed. So they just come and sign an agreement with us, and then we kind of manage everything else behind the scenes.”

“At this point, I don't have an account with Bank of America, Chase, Wells Fargo, anyone. I literally only have my customers' cards in my pocket.”

“When your company is growing very quickly, that switch is a step function. It's not a gradual switch. It doesn't give you a lot of time to be like, okay, I have about six months before I can improve on this. You have to quickly be able to change.”