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Oct 24, 2020 · 20m · top-founders

Holded Grows 100% YoY to $4m ARR, Last Round Valuation $22 Million

Javi Fondavilla · 11m spoken Nathan Latka · 5m spoken
0:00 / 0:00

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

Holded co-founder Javi Fondavilla sits down with Nathan Latka to detail how the Barcelona-based SMB operating system grew 100% year-over-year to $4M ARR with 125% net revenue retention, driven by a self-service acquisition engine and embedded FinTech monetization through Stripe.

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 34.4% of the talking time here. How this is scored →

Nathan as informed peer 5.8 Guest teaching 2.7 Guest disagreement 1.7 Nathan pushing back 2.8
05100:0010:0020:001:37–4:14 · Nathan as informed peer 5/10 Holded Business Model and SMB Operating System Nathan introduces the company and immediately drills into the business model, asking whether Holded is pure SaaS. Javi explains their expansion into financial services and transaction volume.4:15–10:25 · Nathan as informed peer 6/10 Founding Story, Co-Founder Match, and Funding History Nathan dives into CAC and unit economics, calculating paybacks on 250k euro monthly spend generating 20k new MRR. Javi details acquisition channels and viral contact network effects.10:26–12:58 · Nathan as informed peer 6/10 Financial Run Rate and FinTech Product Strategy Nathan seeks clarity on ARR numbers across currency conversion (EUR vs USD) and MRR run rate, then asks for the rationale behind launching the FinTech product.12:59–15:30 · Nathan as informed peer 7/10 Valuation, Runway, Team Composition, and Retention Nathan demonstrates SaaS metric expertise by instantly calculating expansion revenue percentages from Javi's 1.5% logo churn and 125% net MRR retention.15:31–17:52 · Nathan as informed peer 6/10 Stripe Partnership Economics and GMV Monetization Nathan extrapolates total GMV take rate into an aggressive 24 million revenue figure. Javi pushes back and educates him that credit card processing is only viable for invoices under 1,000 euros.17:52–20:15 · Nathan as informed peer 5/10 Famous Five Rapid-Fire and Episode Conclusion During the Famous Five, Javi refuses to give a conventional answer for what he wished he knew at 20, leading Nathan to press and clarify the question, but Javi holds firm.1:37–4:14 · Guest teaching 2/10 Holded Business Model and SMB Operating System Nathan introduces the company and immediately drills into the business model, asking whether Holded is pure SaaS. Javi explains their expansion into financial services and transaction volume.4:15–10:25 · Guest teaching 2/10 Founding Story, Co-Founder Match, and Funding History Nathan dives into CAC and unit economics, calculating paybacks on 250k euro monthly spend generating 20k new MRR. Javi details acquisition channels and viral contact network effects.10:26–12:58 · Guest teaching 2/10 Financial Run Rate and FinTech Product Strategy Nathan seeks clarity on ARR numbers across currency conversion (EUR vs USD) and MRR run rate, then asks for the rationale behind launching the FinTech product.12:59–15:30 · Guest teaching 2/10 Valuation, Runway, Team Composition, and Retention Nathan demonstrates SaaS metric expertise by instantly calculating expansion revenue percentages from Javi's 1.5% logo churn and 125% net MRR retention.15:31–17:52 · Guest teaching 6/10 Stripe Partnership Economics and GMV Monetization Nathan extrapolates total GMV take rate into an aggressive 24 million revenue figure. Javi pushes back and educates him that credit card processing is only viable for invoices under 1,000 euros.17:52–20:15 · Guest teaching 2/10 Famous Five Rapid-Fire and Episode Conclusion During the Famous Five, Javi refuses to give a conventional answer for what he wished he knew at 20, leading Nathan to press and clarify the question, but Javi holds firm.1:37–4:14 · Guest disagreement 1/10 Holded Business Model and SMB Operating System Nathan introduces the company and immediately drills into the business model, asking whether Holded is pure SaaS. Javi explains their expansion into financial services and transaction volume.4:15–10:25 · Guest disagreement 1/10 Founding Story, Co-Founder Match, and Funding History Nathan dives into CAC and unit economics, calculating paybacks on 250k euro monthly spend generating 20k new MRR. Javi details acquisition channels and viral contact network effects.10:26–12:58 · Guest disagreement 1/10 Financial Run Rate and FinTech Product Strategy Nathan seeks clarity on ARR numbers across currency conversion (EUR vs USD) and MRR run rate, then asks for the rationale behind launching the FinTech product.12:59–15:30 · Guest disagreement 1/10 Valuation, Runway, Team Composition, and Retention Nathan demonstrates SaaS metric expertise by instantly calculating expansion revenue percentages from Javi's 1.5% logo churn and 125% net MRR retention.15:31–17:52 · Guest disagreement 3/10 Stripe Partnership Economics and GMV Monetization Nathan extrapolates total GMV take rate into an aggressive 24 million revenue figure. Javi pushes back and educates him that credit card processing is only viable for invoices under 1,000 euros.17:52–20:15 · Guest disagreement 3/10 Famous Five Rapid-Fire and Episode Conclusion During the Famous Five, Javi refuses to give a conventional answer for what he wished he knew at 20, leading Nathan to press and clarify the question, but Javi holds firm.1:37–4:14 · Nathan pushing back 2/10 Holded Business Model and SMB Operating System Nathan introduces the company and immediately drills into the business model, asking whether Holded is pure SaaS. Javi explains their expansion into financial services and transaction volume.4:15–10:25 · Nathan pushing back 2/10 Founding Story, Co-Founder Match, and Funding History Nathan dives into CAC and unit economics, calculating paybacks on 250k euro monthly spend generating 20k new MRR. Javi details acquisition channels and viral contact network effects.10:26–12:58 · Nathan pushing back 3/10 Financial Run Rate and FinTech Product Strategy Nathan seeks clarity on ARR numbers across currency conversion (EUR vs USD) and MRR run rate, then asks for the rationale behind launching the FinTech product.12:59–15:30 · Nathan pushing back 2/10 Valuation, Runway, Team Composition, and Retention Nathan demonstrates SaaS metric expertise by instantly calculating expansion revenue percentages from Javi's 1.5% logo churn and 125% net MRR retention.15:31–17:52 · Nathan pushing back 4/10 Stripe Partnership Economics and GMV Monetization Nathan extrapolates total GMV take rate into an aggressive 24 million revenue figure. Javi pushes back and educates him that credit card processing is only viable for invoices under 1,000 euros.17:52–20:15 · Nathan pushing back 4/10 Famous Five Rapid-Fire and Episode Conclusion During the Famous Five, Javi refuses to give a conventional answer for what he wished he knew at 20, leading Nathan to press and clarify the question, but Javi holds firm.

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

0:00 · Nathan 68.8% · guest 31.2%0:00 · Nathan 68.8% · guest 31.2%3:00 · Nathan 26.9% · guest 73.1%3:00 · Nathan 26.9% · guest 73.1%6:00 · Nathan 26.7% · guest 73.3%6:00 · Nathan 26.7% · guest 73.3%9:00 · Nathan 18.7% · guest 81.3%9:00 · Nathan 18.7% · guest 81.3%12:00 · Nathan 24.9% · guest 75.1%12:00 · Nathan 24.9% · guest 75.1%15:00 · Nathan 25% · guest 75%15:00 · Nathan 25% · guest 75%18:00 · Nathan 56.7% · guest 43.3%18:00 · Nathan 56.7% · guest 43.3%
Sharpest disagreement ▶ 19:11 Javi refuses to name a regret or piece of advice

When Nathan presses Javi to give advice he wished he had known at 20, Javi firmly sticks to his position that he would want to know nothing and refuses to change his answer.

 Hardest push from Nathan ▶ 19:08 Nathan challenges Javi's dismissal of the Famous Five prompt

Nathan refuses to accept Javi's initial 'nothing' answer, restating that it is not about regret but about information.

 Biggest teaching moment ▶ 16:32 Javi breaks down realistic FinTech GMV credit card adoption

Javi corrects Nathan's broad GMV revenue calculation by explaining that large B2B invoices are not paid via credit card, limiting their addressable take rate to invoices under 1,000 euros.

 Nathan holds their own ▶ 15:14 Nathan does instant cohort expansion math

Nathan quickly translates Javi's stated 1.5% logo churn and 125% net retention into an exact 40-43% expansion revenue figure on the fly.
the scores for every segment, with the reasoning behind each
ChapterTopicNathan as informed peerGuest teachingGuest disagreementNathan pushing backWhy
Holded Business Model and SMB Operating System 5212 Nathan introduces the company and immediately drills into the business model, asking whether Holded is pure SaaS. Javi explains their expansion into financial services and transaction volume.
Founding Story, Co-Founder Match, and Funding History 6212 Nathan dives into CAC and unit economics, calculating paybacks on 250k euro monthly spend generating 20k new MRR. Javi details acquisition channels and viral contact network effects.
Financial Run Rate and FinTech Product Strategy 6213 Nathan seeks clarity on ARR numbers across currency conversion (EUR vs USD) and MRR run rate, then asks for the rationale behind launching the FinTech product.
Valuation, Runway, Team Composition, and Retention 7212 Nathan demonstrates SaaS metric expertise by instantly calculating expansion revenue percentages from Javi's 1.5% logo churn and 125% net MRR retention.
Stripe Partnership Economics and GMV Monetization 6634 Nathan extrapolates total GMV take rate into an aggressive 24 million revenue figure. Javi pushes back and educates him that credit card processing is only viable for invoices under 1,000 euros.
Famous Five Rapid-Fire and Episode Conclusion 5234 During the Famous Five, Javi refuses to give a conventional answer for what he wished he knew at 20, leading Nathan to press and clarify the question, but Javi holds firm.

Statements from this episode (19)

Disclosure
Fondavilla: Holded is launching embedded payments partnered with Stripe
“We're about to deploy our first let's say, this is around this, which is hold the payments together with Stripe payment initiation to start offering this type of services to our customers.”
Javi Fondavilla Oct 24, 2020 ▶ 2:32
Assertion Not checkable as stated
Fondavilla: Holded processed nearly €4B in GMV in 2019
“So in 2019, we had a GMB of almost four billion euros.”
Javi Fondavilla Oct 24, 2020 ▶ 2:57
Assertion Not checkable as stated
Fondavilla: Holded ARPU is around 40 euros per month
“Today is around 40 euros per month.”
Javi Fondavilla Oct 24, 2020 ▶ 4:15
Assertion Partly supported
Fondavilla: Holded has raised 7 million euros in total funding
“Seven million euros today.”
Javi Fondavilla Oct 24, 2020 ▶ 5:30
Assertion Not checkable as stated
Holded spends around 250,000 euros per month on paid advertising
“Around 250 K.”
Javi Fondavilla Oct 24, 2020 ▶ 6:21
Assertion Not checkable as stated
Holded generates nearly 20,000 euros in net new MRR from ads
“Almost 20 K in that new MRR.”
Javi Fondavilla Oct 24, 2020 ▶ 6:29
Assertion Not checkable as stated
Holded CAC sits around 300 euros per customer
“So now it's around 300 euros.”
Javi Fondavilla Oct 24, 2020 ▶ 7:18
Assertion Not checkable as stated
Fondavilla: Word of mouth and virality drive 40% of Holded acquisition
“Well, there's multiple projects going on now, but I can say that today we're living out of the paid ads channel and the word of mouth slash virality, which represents 40% of our acquisition.”
Javi Fondavilla Oct 24, 2020 ▶ 7:34
Assertion Not checkable as stated
Holded reaches nearly 9,000 active business subscribers
“Almost 9000.”
Javi Fondavilla Oct 24, 2020 ▶ 8:14
Assertion Not checkable as stated
Holded reaches €3.4 million ARR in late 2020
“So we are at almost, I think, four million dollars. So doing the compression, but where the. Is that Euro or USD? So three, 3.4 million euros. 3.4 annually. Yeah, I know, ARR.”
Javi Fondavilla Oct 24, 2020 ▶ 10:27
Insight
Fondavilla: SMB SaaS must unlock new revenue channels without moving upmarket
“So in the end with this small business segment, there's a limit on the, how much money you can charge them. No, they have limited resources. So, and we don't want to change the game. We don't want to go up in the market. So at some point you need to find new r…”
Javi Fondavilla Oct 24, 2020 ▶ 11:03
Assertion Partly supported
Holded closed 2019 at €2 million in revenue
“So a year ago, well, we've closed the 2019 at two million. So we are so two million euros.”
Javi Fondavilla Oct 24, 2020 ▶ 12:37
Assertion Not checkable as stated
Fondavilla: Holded Retains 60% of Its Previous Round in the Bank
“We're a really cash, a cash efficient company. So we still have 60% of the round in the bank.”
Javi Fondavilla Oct 24, 2020 ▶ 13:29
Disclosure
Fondavilla: Holded Operates Entirely Without a Sales Team
“We don't have sales team.”
Javi Fondavilla Oct 24, 2020 ▶ 14:31
Assertion Not checkable as stated
Fondavilla: Holded Averages 1.5% Monthly Logo Churn
“We have an average of 1.5% per month.”
Javi Fondavilla Oct 24, 2020 ▶ 15:05
Assertion Not checkable as stated
Fondavilla: Holded Maintains Around 125% Net MRR Retention
“So our net MRR retention is around 125%.”
Javi Fondavilla Oct 24, 2020 ▶ 15:21
Disclosure
Fondavilla: Holded gets 20% to 30% revenue share on Stripe payments
“So, for example, in the payment gateway, as we're partnering with Stripe, so they are giving us a revenue share on top of their commission, no? So if they charge a, 2.8% and we can get 20, 30% commission, no? So we'll be having, I think, something like 0.8 or …”
Javi Fondavilla Oct 24, 2020 ▶ 15:39
Disclosure
Fondavilla: Holded models capturing up to 6% of sub-€1,000 GMV in four years
“So actually our model is that we do have four years to make sure that we're able to capture up to six percent of the GMB, but only on the GMB below a thousand euros invoices, no?”
Javi Fondavilla Oct 24, 2020 ▶ 17:08
Assertion Not checkable as stated
Fondavilla: €800M of Holded's €4B GMV came from sub-€1,000 invoices
“Which, for example, last year out of those four Four billion, we had almost eight hundred million of invoices between zero and a thousand euros, no?”
Javi Fondavilla Oct 24, 2020 ▶ 17:23
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