Productfy used a KISS note instead of a SAFE for pre-seed
Yui Vo · Productfy Sells 10-20% in $16m Series A To Help Anyone Launch a Credit Union in Under a Week · Jan 14, 2022 · at 15:36
Yui Vo, CEO of Productfy, describes the deal structures used in the company's early fundraising rounds.
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“We had a pre-seed round on a kiss note, not a safe. Then we did a then we did the price round on seed of the 2.35.”
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More from Yui Vo
Productfy targets non-fintechs with zero upfront costs and transaction fees
“What we actually want, want to move more towards is, is to enable organizations that don't have engineering teams, that don't have compliance team, that don't have servicing teams to be able to launch a financial product. And so that's the model that we are no…”
Productfy charges low thousands monthly plus transaction and interchange fees
“We're talking very, very minimal program management fees in the hundreds of dollars until you go live and it's the low thousands and then per month. And then we charge on ACH, on KYC on wires. And then we split the interchange on revenue.”
Productfy generates $1,000 to $5,000 per month per average customer
“Yeah, I think it's probably safe to say one to five K is probably the right number.”
Productfy added 150,000 production users between January and August 2021
“Between January and August, I think it was like a hundred and 50,000 production users got added to our system.”