The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 15 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Bean: Divvy offers free software by monetizing card interchange fees
“We make money just like the banks would. And then we give you the software that Expensify and others are giving you. So we really combine it into one platform.”
Bean: Co-founders can be true partners without a 50/50 equity split
“And the advice I would give a non CEO co-founder is you have to understand where you sit for me. I always knew Blake was the quarterback and I was the running back to use a football reference, meaning we were partners and he, I don't think he could have done i…”
Bean: The vast majority of Divvy's revenue comes from interchange fees
“Almost, almost all I would say majority of that is on interchange.”
Bean: Underwriting skill minimizes loss rates rather than increasing revenue
“Underwriting just minimizes your losses. It doesn't actually add you. If you're really good at underwriting, it doesn't add revenue. It minimizes your loss rate.”
Bean: Divvy Maintains Annual Churn Rate Under 5 Percent
“Yeah, it's very fair. So which is crazy on a free product that people can walk away, right?”
Bean: Brex Innovated on Credit While Divvy Innovated on Software
“Brex drove innovation on the credit side and they deserve a lot of credit for it. We drove innovation on the software side and we deserve a lot of credit for it.”
Bean: Secondaries Done Right Give Founders Motivation to Keep Building
“Secondaries done right, can give motivation which allows, you know, early founders and early employees to keep going as opposed to, you know, stop, right? Cause it's easy to say, oh, I've been grinding away for however many years and I just need something out …”
Bean: Divvy targets Main Street SMBs rather than just VC-backed companies
“Luckies of the world, but just SMBs, you know, we kind of have two audiences. I say like one to 50 and 50 to 500, slightly different use cases for the most part, but SMBs in general, that that's, we're going after the mom and pops of America, Main Street Ameri…”
Bean: Companies need $200M to $300M in revenue to go public
“So if you're going to go public now SPACs do make it a little bit different, but I think you see a lot of companies that go public and we would look at it and say, Hey, you gotta be doing like two hundred million of revenue, you know, three hundred million of …”
Alex Bean: Divvy will hit a $100M run rate within two years
“No, I'm very confident that we will achieve that.”
Bean: Major Banks and Startups Will Emulate Divvy's Budgeting Features
“You're going to see the market, whether it's the big companies like Chase, Wells Fargo, Amex, et cetera, or other startups. Copying suit. Budget is one of those things that we've held to and we're super proud of, and it's super powerful for our customers. And …”
Divvy paused its SMB lending product during COVID-19 and plans to relaunch
“Well, we do have that set up. We are not Fully launched on it simply from a product standpoint, we actually launched it pre COVID. We pulled it obviously with COVID. And now we're, you know, going to start launching it again.”
Alex Bean: Divvy will easily top 20,000 customers by year-end
“I mean, I think we'll easily top 20 and even with some growth pay on that, so we'll see, but we're going over a hundred percent, so we expect that to continue.”
Bean: Ingesting invoices serves as customer acquisition for Divvy virtual cards
“Every invoice is a new vendor that we can talk to and say, do you want to accept a virtual card? Or do you still want to accept the ACH? And there are ways for us to make money in that flywheel and get new customers.”
Bean: Divvy captures 200 to 300 bps interchange on card spend
“Clearly, if someone's a hundred percent company spending a 100,000 dollars, you know, there's 200 to 300 bips, so you can do the math, right? Like, now, there's a lot that we have to account for, though, right? What people don't forget is we are giving rewards…”