David Anderson
Former Co-Founder & CPO, Tandym. On 1 show, 1 appearance. The Shows tab opens the full record on each.
founderexecutiveoperatorLinkedIn ↗bytandym.com ↗
David Anderson worked for 14 years at Capital One in senior product and credit roles, including Head of Installment Lending Products. In 2021, he co-founded Tandym, a fintech platform enabling e-commerce merchants to offer private-label store cards, which raised $16 million in venture funding before shutting down.
1shows
1appearances
19statements
2resolved
1supported
1contradicted
50%fully supported
Everything David Anderson said on any show that made the record, most notable first. Each card names its show and opens the statement there.
Anderson: Tandym's investors walked after $10M Series A funding docs were signed
“Like, we got all the way through confirmatory due diligence. Like, it was moving to the finish line. Funding docs went out. I signed the funding docs. And I think they got cold feet.”
Anderson: E-commerce is one of the hardest spaces to sell into
“Most of the brands that we would win, it would take, you know, three months to get to a signed contract, sometimes as long as six months and did not know this before, but e-commerce is one of the, I think most challenging spaces to sell into. Because there's s…”
Anderson: Tandym's early adopters bought for founder vanity, not economics
“Where we found success with early brands It was founder led brands. Oftentimes, like the name of the brand was the name of the founder. And for the founder, it was like an emotional, oh, this is really cool. Like I get my own payment method with my name on it.…”
Anderson: Tandym found enterprise sales cycles matched SMBs at 3–6 months
“We were finding the sales cycles were roughly equivalent. So the three to six months was still true for those bigger brands. So obviously, You'd much rather spend that time and win a brand that's 10 X the size of, you know, the ten million dollar brands.”
Anderson: Tandym burned around $500K per month
“Our monthly, yeah, our monthly burn was around half a million”
Anderson: Tandym paid six figures monthly to its sponsor bank
“Our monthly fee to our sponsor bank was six figures.”
Anderson: Subscale fintechs cannot support sponsor bank cost bases
“If you're going to get into that business, you have to have either immediate scale or a very certain path to immediate scale because you just can't support that cost basis on a subscale business.”
Anderson: Launching Pay by Bank first would have extended Tandym's runway to 4 years
“But if we have launched that product first, built up a merchant base, and then launched credit, I mean, number one, the ten million that we raised through the beginning of 22 would have lasted us for like, I don't know, three years, four years.”
Anderson: Target gets around $150M quarterly from its card issuer
“I think Target gets a check from their issuer each quarter that's in the neighborhood of like one hundred and fifty million dollars.”
Anderson: Capital One required retail partners to be multi-billion-dollar businesses
“So when I was at Capital One we wouldn't even entertain the idea of adopting a program or launching a new program if the retailer wasn't a multi-billion dollar retailer.”
Anderson: Celtic Bank holds no loan assets for its fintech partner programs
“Celtic, I think, I don't know if they're unique or not, but their model is they don't hold any of the assets for any of their partner programs.”
Anderson: Tandym charged merchants a 1% transaction fee versus 3%+ on Stripe
“Our headline rate at the end was one percent transaction fee, which you compare that to a Visa MasterCard product that merchants pay, you know, three plus if you're on Stripe. Maybe you're on world pay or somebody like that and get a better rate, but our cost …”
Anderson: Traditional payment rails cannot provide SKU-level cart data for underwriting
“With every transaction that we processed, We got skew level data from the cart. So I knew exactly what shirt you bought. I knew the size. I had product images and this allows you to do a bunch of really interesting and unique things. You can start to underwrit…”
Anderson: Tandym captured 5% to 10% of merchant checkout volume
“We were seeing between five and 10% of a brand's checkout moving to our product, which to set context, like PayPal captures maybe 15 to 20% of a brand's checkout.”
Anderson: Tandym raised an $8M seed round in Q2 2022
“We raised an eight million dollar seed at the beginning of 22. So pretty quickly after the pre-seed I want to say it closed in like Q two of 22.”
Anderson: Tandym raised $6M insider bridge round in mid-2023
“So I think maybe like the summer-ish of 23, we raised, I think it was six from insiders.”
Anderson: Tandym reached $1M ARR in early 2024
“The business gets to a million in ARR probably like, honestly, Q one ish of 24, Q two ish of 24.”
Anderson: Pay-by-bank payments accounted for half of Tandym's late originations
“And I think towards the end, half of our originations Were these, we call it debit, but these payments.”
One line per show, most statements first. The link opens David's full record on that show: the calibration, argument clarity, speaking style and every statement made there.
| Show | Role there | Eps | Statements | Record | |
|---|---|---|---|---|---|
 PRODUCT MARKET FITLEDGER | Former Co-Founder & CPO, Tandym | 1 | 19 | 50% 1/2 | full record on A Product Market Fit Show → |