May 23, 2022 · 26m · top-founders
He's Processing $100m+ in GMV Run Rate Connecting Lenders like Affirm with Consumer Brands like Lenovo
gold bands on the timeline = statements, start to end. Hover to read, click to jump. CC turns on captions
In this interview, host Nathan Latka speaks with ChargeAfter founder and CEO Medad Sharon about building a multi-lender Buy Now, Pay Later platform and scaling an infrastructure network backed by major tier-one banks. Sharon explains the mechanics of point-of-sale financing, the company's fee-based monetization model, and the broader shift toward contextual consumer credit.
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 42.5% of the talking time here. How this is scored →
speaking balance: gold is Nathan, purple is the guest (3 minute bins)
Sharon directly pushes back against Latka's persistent questioning, declaring that while he discusses metrics with investors, he will not reveal private numbers on a podcast.
Hardest push from Nathan ▶ 22:17 Latka challenges opaque metrics citing the WeWork precedentLatka justifies his aggressive line of questioning by arguing that without probing unit economics, VC-backed companies burn money unchecked like WeWork.
Biggest teaching moment ▶ 20:05 Sharon breaks down transaction margin distributionSharon corrects Latka's 3-5% margin assumption, schooling him on how standard interchange fees of 1.6% are split among issuers, networks, and acquiring gateways.
Nathan holds their own ▶ 7:23 Latka corners Sharon into defining GMV run rateWhen Sharon ambiguously claims 'hundreds of millions', Latka immediately interrupts and forces him on record to define the calculation as an annualized GMV run rate rather than lifetime GMV.
the scores for every segment, with the reasoning behind each
| Chapter | Topic | Nathan as informed peer | Guest teaching | Guest disagreement | Nathan pushing back | Why |
|---|---|---|---|---|---|---|
| Introducing Medad Sharon and the Evolution of Retail Finance | 4 | 5 | 1 | 2 | Sharon explains how BNPL aggregation works, noting that single lenders reject up to 70% of applicants, which educates Latka on ChargeAfter's multi-lender value proposition. | |
| Marketplace Metrics and GMV Run Rate Discussion | 6 | 2 | 5 | 7 | Latka presses Sharon on exact merchant numbers and GMV volume after Sharon mentions 'hundreds of millions', forcing him to clarify whether it is an annualized run rate or lifetime total. | |
| Becoming the 'Visa of BNPL' and Monetization Mechanics | 5 | 4 | 4 | 6 | When Sharon tries to keep monetization terms vague, Latka refuses to move on and forces him to clarify between a SaaS flat fee, pure GMV take rate, or blended model. | |
| Early Capital and Seed Funding Journey | 4 | 2 | 2 | 3 | Latka inquires about seed valuation caps in Israel in 2017, and Sharon gives general confirmation without diving into specific terms. | |
| Scaling Through Series A, Series B, and Banking Partnerships | 5 | 6 | 3 | 5 | Latka asks if strategic bank investors widen ChargeAfter's margin spread, prompting Sharon to explain that banks act directly as marketplace lenders rather than margin multipliers. | |
| Probing Industry Margins and Sustainable Economics | 6 | 8 | 8 | 8 | Sharon corrects Latka's margin estimate from 3-5% down to under 1.6% split across multiple players, and later forcefully objects to sharing private revenue metrics, leading Latka to challenge opaque VC-backed models. | |
| Team Distribution and the Future of Point-of-Sale Credit | 3 | 4 | 1 | 1 | Sharon outlines team distribution across Israel and the US along with the company's long-term vision of becoming the connectivity rails for point-of-sale credit. |