StarZero All shows Try the podcast clipper →

Sep 20, 2023 · 21m · top-founders

How He Built a $10m Revenue Company Around Camp Ticket Software, Bootstrapped!

Asaf Darash · 10m spoken Nathan Latka · 7m spoken
0:00 / 0:00

gold bands on the timeline = statements, start to end. Hover to read, click to jump. CC turns on captions

In this interview with Nathan Latka, Regpack founder and CEO Asaf Darash reveals how he bootstrapped his service-onboarding and billing platform to over $10.5 million in ARR. Operating with just 30 employees, Regpack combines core SaaS subscriptions, embedded payment processing, and risk-free installment billing to achieve industry-leading capital efficiency.

How this conversation actually went

Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. Nathan holds 41.1% of the talking time here. How this is scored →

Nathan as informed peer 6.0 Guest teaching 4.5 Guest disagreement 2.5 Nathan pushing back 4.8
05100:0010:0020:001:15–8:28 · Nathan as informed peer 6/10 Asaf Darash on Regpack's Academic Origins and Mission Nathan diligently breaks down Regpack's revenue streams, calculating the take rate and overall ACV per client. Asaf clarifies the distinction between base processing take rates and weighted averages, while also educating Nathan on the mechanics of camp ticket purchase protection.8:28–12:23 · Nathan as informed peer 7/10 Innovative Installment Payments and Risk Mitigation Strategy Nathan intensely challenges the installment payment model, repeatedly demanding to know who holds default risk on their balance sheet and raising time value of money concerns. Asaf counters effectively by detailing non-refundable deposits and high completion rates.12:23–17:52 · Nathan as informed peer 7/10 Bootstrapped Scaling to Over $10.5M ARR Nathan checks Asaf's numbers by multiplying ACV by customer count to verify the $10.5M ARR figure, and pushes past a vague answer on revenue per employee efficiency. Asaf responds with detailed operational insights into low technical debt, AI support, and multi-vertical expansion.17:52–21:02 · Nathan as informed peer 4/10 GMV Targets, Historical Milestones, and Ownership The conversation shifts to GMV projections, historical milestones, ownership stakes, and the standard Famous Five rapid-fire questions with low tension.1:15–8:28 · Guest teaching 5/10 Asaf Darash on Regpack's Academic Origins and Mission Nathan diligently breaks down Regpack's revenue streams, calculating the take rate and overall ACV per client. Asaf clarifies the distinction between base processing take rates and weighted averages, while also educating Nathan on the mechanics of camp ticket purchase protection.8:28–12:23 · Guest teaching 6/10 Innovative Installment Payments and Risk Mitigation Strategy Nathan intensely challenges the installment payment model, repeatedly demanding to know who holds default risk on their balance sheet and raising time value of money concerns. Asaf counters effectively by detailing non-refundable deposits and high completion rates.12:23–17:52 · Guest teaching 5/10 Bootstrapped Scaling to Over $10.5M ARR Nathan checks Asaf's numbers by multiplying ACV by customer count to verify the $10.5M ARR figure, and pushes past a vague answer on revenue per employee efficiency. Asaf responds with detailed operational insights into low technical debt, AI support, and multi-vertical expansion.17:52–21:02 · Guest teaching 2/10 GMV Targets, Historical Milestones, and Ownership The conversation shifts to GMV projections, historical milestones, ownership stakes, and the standard Famous Five rapid-fire questions with low tension.1:15–8:28 · Guest disagreement 2/10 Asaf Darash on Regpack's Academic Origins and Mission Nathan diligently breaks down Regpack's revenue streams, calculating the take rate and overall ACV per client. Asaf clarifies the distinction between base processing take rates and weighted averages, while also educating Nathan on the mechanics of camp ticket purchase protection.8:28–12:23 · Guest disagreement 4/10 Innovative Installment Payments and Risk Mitigation Strategy Nathan intensely challenges the installment payment model, repeatedly demanding to know who holds default risk on their balance sheet and raising time value of money concerns. Asaf counters effectively by detailing non-refundable deposits and high completion rates.12:23–17:52 · Guest disagreement 3/10 Bootstrapped Scaling to Over $10.5M ARR Nathan checks Asaf's numbers by multiplying ACV by customer count to verify the $10.5M ARR figure, and pushes past a vague answer on revenue per employee efficiency. Asaf responds with detailed operational insights into low technical debt, AI support, and multi-vertical expansion.17:52–21:02 · Guest disagreement 1/10 GMV Targets, Historical Milestones, and Ownership The conversation shifts to GMV projections, historical milestones, ownership stakes, and the standard Famous Five rapid-fire questions with low tension.1:15–8:28 · Nathan pushing back 4/10 Asaf Darash on Regpack's Academic Origins and Mission Nathan diligently breaks down Regpack's revenue streams, calculating the take rate and overall ACV per client. Asaf clarifies the distinction between base processing take rates and weighted averages, while also educating Nathan on the mechanics of camp ticket purchase protection.8:28–12:23 · Nathan pushing back 7/10 Innovative Installment Payments and Risk Mitigation Strategy Nathan intensely challenges the installment payment model, repeatedly demanding to know who holds default risk on their balance sheet and raising time value of money concerns. Asaf counters effectively by detailing non-refundable deposits and high completion rates.12:23–17:52 · Nathan pushing back 6/10 Bootstrapped Scaling to Over $10.5M ARR Nathan checks Asaf's numbers by multiplying ACV by customer count to verify the $10.5M ARR figure, and pushes past a vague answer on revenue per employee efficiency. Asaf responds with detailed operational insights into low technical debt, AI support, and multi-vertical expansion.17:52–21:02 · Nathan pushing back 2/10 GMV Targets, Historical Milestones, and Ownership The conversation shifts to GMV projections, historical milestones, ownership stakes, and the standard Famous Five rapid-fire questions with low tension.

speaking balance: gold is Nathan, purple is the guest (3 minute bins)

0:00 · Nathan 51.3% · guest 48.7%0:00 · Nathan 51.3% · guest 48.7%3:00 · Nathan 39.2% · guest 60.8%3:00 · Nathan 39.2% · guest 60.8%6:00 · Nathan 40.9% · guest 59.1%6:00 · Nathan 40.9% · guest 59.1%9:00 · Nathan 34.9% · guest 65.1%9:00 · Nathan 34.9% · guest 65.1%12:00 · Nathan 43.9% · guest 56.1%12:00 · Nathan 43.9% · guest 56.1%15:00 · Nathan 23% · guest 77%15:00 · Nathan 23% · guest 77%18:00 · Nathan 42.4% · guest 57.6%18:00 · Nathan 42.4% · guest 57.6%21:00 · Nathan 93.4% · guest 6.6%21:00 · Nathan 93.4% · guest 6.6%
Sharpest disagreement ▶ 12:00 Reframing camp markup and time value of money

Asaf firmly rejects Nathan's assumption that camps should mark up installment plans, arguing that filling capacity early saves far more marketing expense than interest fees.

 Hardest push from Nathan ▶ 10:38 Interrupting to demand who bears credit risk

Nathan interrupts Asaf to demand direct accountability on default risk when a user stops paying an installment plan after reserving a spot.

 Biggest teaching moment ▶ 6:32 Educating host on high-stakes camp insurance

Asaf reframes Nathan's confusion about purchase protection by explaining that parents risking $2,000 per week for camp gladly pay insurance against sudden sickness.

 Nathan holds their own ▶ 12:50 Reconciling ARR math from ACV and customer counts

Nathan demonstrates sharp financial acumen by instantly calculating that 1,500 organizations at a $7,000 ACV equals $10.5M ARR and asking Asaf to reconcile any discrepancy.
the scores for every segment, with the reasoning behind each
ChapterTopicNathan as informed peerGuest teachingGuest disagreementNathan pushing backWhy
Asaf Darash on Regpack's Academic Origins and Mission 6524 Nathan diligently breaks down Regpack's revenue streams, calculating the take rate and overall ACV per client. Asaf clarifies the distinction between base processing take rates and weighted averages, while also educating Nathan on the mechanics of camp ticket purchase protection.
Innovative Installment Payments and Risk Mitigation Strategy 7647 Nathan intensely challenges the installment payment model, repeatedly demanding to know who holds default risk on their balance sheet and raising time value of money concerns. Asaf counters effectively by detailing non-refundable deposits and high completion rates.
Bootstrapped Scaling to Over $10.5M ARR 7536 Nathan checks Asaf's numbers by multiplying ACV by customer count to verify the $10.5M ARR figure, and pushes past a vague answer on revenue per employee efficiency. Asaf responds with detailed operational insights into low technical debt, AI support, and multi-vertical expansion.
GMV Targets, Historical Milestones, and Ownership 4212 The conversation shifts to GMV projections, historical milestones, ownership stakes, and the standard Famous Five rapid-fire questions with low tension.

Statements from this episode (16)

Insight
Darash: Service industries are fragmented due to unique onboarding requirements
“And as I was looking, I saw the service industry in general, and especially the education industry in the service industry, and it was extremely fragmented, and the reason that it's extremely fragmented is because it has a very unique need, a need for onboardi…”
Asaf Darash Sep 20, 2023 ▶ 2:23
Assertion Not checkable as stated
Darash: Regpack's weighted average take rate on payment processing is 1%
“The weighted average is one percent.”
Asaf Darash Sep 20, 2023 ▶ 4:59
Disclosure
Darash: Payment processing represents about 40% of Regpack revenue
“Payment processing is about 40%.”
Asaf Darash Sep 20, 2023 ▶ 5:49
Disclosure
Darash: Embedded purchase protection insurance drives 20% of Regpack's total revenue
“We also offer a program called purchase protection for our for the organizations. Which allows them to, the end user to protect themselves against death, sickness, et cetera. And that's about 20% of our revenue.”
Asaf Darash Sep 20, 2023 ▶ 5:54
Disclosure
Darash: Regpack's average SaaS subscription is $2,000 to $4,000 per year
“Between two K to four K... Per year.”
Asaf Darash Sep 20, 2023 ▶ 7:09
Disclosure
Darash: Regpack averages $7,000 to $10,000 per customer across all streams
“Between seven to 10. Yeah. Like you have clients that make a hundred K off of them and you have clients that you make like the, basically the minimum you would make off the client is five. The max we have clients that we make a hundred, a 150 off.”
Asaf Darash Sep 20, 2023 ▶ 8:14
Assertion Not checkable as stated
Regpack Customers See 30% Revenue Growth From Installment Payments Feature
“Now, organizations that have implemented this new feature of automatic installments have seen a 30% revenue growth right by, right off the bat, just from implementing that.”
Asaf Darash Sep 20, 2023 ▶ 10:03
Assertion Not checkable as stated
Regpack Reports 97% Completion Rate on Customer Installment Plans
“Which by the way, we have 97% payments on the installment plans that go through completely. Only three percent of the payments don't go through.”
Asaf Darash Sep 20, 2023 ▶ 11:37
Assertion Not checkable as stated
Darash: Regpack has approximately 1,500 customer organizations
“Today we have about if I'm not mistaken, 1500 organizations.”
Asaf Darash Sep 20, 2023 ▶ 12:41
Disclosure
Darash: Regpack is completely bootstrapped
“Totally bootstrapped.”
Asaf Darash Sep 20, 2023 ▶ 13:31
Assertion Not checkable as stated
Darash: Regpack operates with 30 full-time employees
“Full-time we have 30 people.”
Asaf Darash Sep 20, 2023 ▶ 13:39
Assertion Not checkable as stated
Latka: Most bootstrapped SaaS firms generate $200K per employee
“Most bootstrap companies at your stage are doing something like a, like 200 K in revenue per employee.”
Nathan Latka Sep 20, 2023 ▶ 13:51
Assertion Not checkable as stated
Darash: Regpack grew revenue from $7M to over $10.5M in one year
“What was that, seven?”
Asaf Darash Sep 20, 2023 ▶ 15:49
Insight
Darash: Multi-department software adoption makes SaaS churn virtually impossible
“When you get a client, you start working with that organization to go into additional verticals for that organization. Now, once they have gone into two or three verticals, that's it. It's game over. They can not leave. And why can't they leave? Because it's n…”
Asaf Darash Sep 20, 2023 ▶ 16:37
Assertion Not checkable as stated
Darash: Regpack operates a $10.5M ARR SaaS platform with two engineers
“Two.”
Asaf Darash Sep 20, 2023 ▶ 17:41
Prediction Not checkable as stated
Darash: Regpack will take about three years to reach $1B annual GMV
“I think it will take like three years.”
Asaf Darash Sep 20, 2023 ▶ 18:19
Made with StarZero

Turn any episode into a week of clips.

This entire site, over 2,600 episodes transcribed, diarized, checked and made playable, runs on the StarZero media pipeline. Drop in your own episode and the podcast clipper finds the moments worth sharing, cuts them, captions them, and reframes them for every feed.

Try the podcast clipper Learn more