Nov 6, 2024 · 26m · the-pitch
Will These VCs Bet on Her Startup? | $100K on the Line for Remynt!
Gwyneth Borden · 8m spoken Mac Conwell · 4m spoken Josh Muccio · 3m spoken Elizabeth Yin · 2m spoken Cyan Banister · 2m spoken Ben Taft · 1m spoken
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gold bands on the timeline = statements, start to end. Hover to read, click to jump. CC turns on captions
Gwyneth Borden pitches Remynt, an ethical fintech platform designed to help consumers resolve delinquent debt while rebuilding their credit, ultimately securing $100,000 in investment from Cyan Bannister and The Pitch Fund.
How this conversation actually went
Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. Josh holds 14.9% of the talking time here. How this is scored →
Josh as informed peer 3.8 Guest teaching 2.9 Guest disagreement 2.3 Josh pushing back 3.8
speaking balance: gold is Josh, purple is the guest (3 minute bins)
Sharpest disagreement ▶ 18:02 Gwyneth warns passing investors they will regret it
Gwyneth boldly challenges the panel's skepticism, asserting that they will regret not investing and declaring her moonshot certainty.
Hardest push from Josh ▶ 15:46 Mac confronts Gwyneth on improper investor positioningMac directly pushes back on Gwyneth's dismissive stance toward customer acquisition concerns, telling her it is the wrong way to pitch investors.
Biggest teaching moment ▶ 2:25 Gwyneth details charged-off debt acquisition economicsGwyneth breaks down the exact mechanics and margins of purchasing debt portfolios at 2.5 cents on the dollar.
Josh holds their own ▶ 8:35 Elizabeth breaks down fintech margin compression and multi-product limitsElizabeth leverages sector-wide fintech data to dismantle the assumption that customer lifetime value easily expands across multiple banking products.
the scores for every segment, with the reasoning behind each
| Chapter | Topic | Josh as informed peer | Guest teaching | Guest disagreement | Josh pushing back | Why |
|---|---|---|---|---|---|---|
| Introducing Gwyneth Borden and the Remynt Mission | 1 | 5 | 1 | 0 | Josh introduces the premise before Gwyneth delivers her opening pitch detailing delinquent debt statistics, credit card charge-off mechanics, and Remynt's unit economics. The investors listen without interruption as she educates them on buying debt for 2.5 cents on the dollar. | |
| Clarifying the Business Model and Founder Origin Story | 2 | 4 | 2 | 2 | Mac seeks clarification on the debt repayment and credit rebuilding sequence, prompting Gwyneth to correct his understanding by explaining their upfront opt-in model. The VCs share personal anecdotes of dealing with credit damage, creating a supportive atmosphere. | |
| Underwriting Strategy, Long-Term Vision, and Elizabeth Yin's Decision | 6 | 3 | 2 | 5 | Elizabeth presses Gwyneth on long-term margins and underwriting data. Elizabeth delivers a detailed critique of expanding fintech SKUs and declining margins, concluding with a pass based on fund fit. | |
| Mac Conwell's Concerns on Customer Acquisition Runway | 5 | 3 | 4 | 6 | Mac challenges Gwyneth on customer acquisition runway, pointing out that engaging debtors will deplete cash quickly. Gwyneth pushes back citing her marketing stack and high industry margins before Mac bows out. | |
| Ben Taft Explores Minimum Viable Milestones and Passes | 4 | 4 | 5 | 6 | Ben questions whether Remynt can prove viability without a bank partner, passing when Gwyneth explains bank prerequisites. Gwyneth then forcefully insists VC concerns about acquisition are unfounded because debt collection is inherently profitable. | |
| Pitching Advice, Pitch Fund Match, and Securing $100K | 5 | 2 | 4 | 5 | Mac gives direct advice on investor communication, which Gwyneth accepts before boldly declaring the VCs will regret passing. Cyan invests $50K and Josh matches $50K from the Pitch Fund, completing the round. | |
| VC Debrief: Founder Conviction, Coachability, and Pre-Seed Realities | 7 | 0 | 0 | 6 | In the post-pitch debrief, the investors and Josh dissect Gwyneth's pitch style, noting her intense confidence, resistance to admitting unknowns, and potential perception of uncoachability. | |
| Post-Show Founder Update and Season Finale Announcement | 0 | 2 | 0 | 0 | Josh narrates a post-show update where Gwyneth reveals payment processor obstacles, followed by closing show announcements and season finale housekeeping. |
Statements from this episode (20)
Borden: 27% of Americans in Top 100 Metros Have Severely Delinquent Debt
“27% of Americans and the 100 largest US metros currently have severely delinquent debt.”
Borden: US Credit Card Charge-Offs Surged From $22B to $42B in 2023
“In fact, credit card charge-offs Almost doubled from twenty-twenty-two to twenty-twenty-three, from twenty-two billion to forty-two billion.”
Borden: Remynt Anticipates a 10X Return by Recovering 30% of Purchased Debt
“We are currently looking to close our one million dollar round at the end of this month, so that we can spend up to 250,000 dollars on buying about ten million dollars of debt value, and we anticipate recovering about 30% of that, so that would be a 10 X retur…”
Remynt Replaces Debt Call Centers with Marketing Automation and $10 Repayments
“No, so you opt in immediately. So you choose up front. So we make it really easy for someone who really does want to start handling this obligation. And what we do is we don't offer any preset repayment plans. We leverage marketing automation tactics, no call …”
Borden: Current Credit Rebuild Products Perpetuate Harm for Lower-Income Individuals
“The problem is when you're on the rebuild cycle, those products that you're being offered only help perpetuate you to be worse off, and for people who are, like, smart and, like, highly educated, yeah, they'll get it together for the most part and figure it ou…”
Borden: Debt buyers receive 50 to 150 data points per consumer
“When you buy debt, you get 50 to 150 pieces of information on that consumer.”
Yin: Multi-product cross-selling rarely succeeds, even for major banks like Chase
“But when you actually look at the data, even like Chase, a big behemoth, most people don't have a bank and a credit card and a mortgage and all the other products with Chase. Most people have maybe one thing with Chase and then other things with other banks, r…”
Yin: Hustle Fund passes on Remynt over capital intensity and thin margins
“So, this is going to take a lot of capital. The margins are going to be thin, and I think for us and our small fund, it's probably not the best fit, but I really am rooting for you and hope that you knock this out of the park.”
Conwell: Credit-rebuilding debt collection programs will generate customer brand loyalty
“And so I can imagine if I'm working with a program that helps me build my credit, there's gonna be some brand loyalties.”
Conwell: Passing on Remynt Due to Unresolved Customer Acquisition Concerns
“I'm really interested. I can't get over that hump just yet.”
Taft: Passing on Remynt until initial debt collection milestone is proven
“Where I stand and where we stand as a fund is it would go a long way for us if you were past that first milestone because that's the furthest you can get on your own to prove that this business will work. And now you're at the obstacle where you need the money…”
Borden: $70B in delinquent charged-off debt is repaid annually
“Seventy billion dollars of delinquent charges off debt gets repaid every year, right?”
Borden: CFPB regulates 6,300 debt collection companies
“The concern about the acquisition is, I don't think is as founded as you might all assume, just because there are 6300 companies that do debt collection that are regulated by the Consumer Financial Protection Bureau because it's such a profitable space.”
Yin: Fintech founders must answer for past industry CAC failures
“Because especially in fintech, a lot of VCs have gotten burned by customer acquisition. So in, in many ways you have to address problems That are unrelated to your business that have been created by other fintech companies.”
Borden: Remynt will reach a $1B valuation and IPO
“And I am hundred percent confident That we are going to crush it and be a billion dollar company and be the third publicly traded debt buyer collector. I have no doubt in my mind.”
The Pitch Fund commits $50K to Remynt
“And Gwyneth, the Pitch Fund would also like to invest. If you can hold 50 K for us, that'd be awesome.”
Bannister: Early Founders Benefit More From Admitting Unknowns Than Overpreparing
“Now, I found that when people are getting a lot of no's, they over prepare, and so she's spending a lot of time to be really, really, really ready. But I guarantee you that her peers are not. And so a little bit of that sort of winging it, I know that sounds c…”
Taft: Pre-seed startups should sell vision instead of feigning hard traction
“We're selling sizzle at the pre-seed, right? And as soon as it's like stake, it's, you know, there's something to measure, then you can start to scrutinize the business, and if you start to insinuate that there's maybe more stake than there is, then we'll star…”
Borden: Payment Processors Dropped Remynt Due to Debt Collection Industry Risk
“Our payment processor dropping us because it turns out debt collection is treated like cannabis and gambling and those kinds of controversial industries, and so there are a lot of payment processors that won't work with us”