GetLatka interview
How Fundkite Hit $70M in 2023 Revenue with 90 Employees and a 6.8% Charge-Off Rate (Interview with CEO Alex Shvarts)
Alex Shvarts (CEO of Fundkite) spoke to Nathan Latka on March 7, 2024.
Fundkite figures from the interview
- Revenue (2023)
- $70M
- Charge-Off Rate (life to date through Dec 31 2023)
- 6.8%
- Team Size (2024)
- 90
- Monthly Applications Processed (per month)
- 5,000
- Offer Rate (per month)
- 27%
“What we do is called revenue based finance. We're buying future receivables based on historical sales, and we're buying them at a discount.”
“We model anywhere from eight to sixteen months, but it's very unpredictable. There is no term. There is no fixed term with our product.”
“Nine out of ten of those deals that go into defaults are not because the merchant is running into issues. They're going in because they get the debt settlement companies call them and say, basically, stop paying.”
Bio
Alex Shvarts is the CEO of FundKite, one of the fastest-growing FinTech companies in New York that provide funding to small businesses across the U.S. Founded in 2015, Alex’s business utilizes a boutique funding style, offering business owners a flexible variety of products and services that can be tailored to fit their individual financial situations. Prior to founding FundKite, Alex engineered and sold proprietary technology to the greater FinTech industry.