114. First Time Founders Should Focus on Accountability - feat. Josh Sanchez, CEO @ FloatMe

This is Rich Maloy with SpringTime Ventures,bringing you the VC Minute,quick advice to help startup founders fundraise better.This week's guest is a springtime fund one portfolio company,Josh Sanchez from FloatMe.Josh was a first time founder whose passion for solving this problem was only matched by his grit to make it work.When we met him in2019,he had an early version of the product and a hockey stick user growth chart,that would be the envy of any startup.The business has been on a tear since then.We love Josh.He's a great guy building a mission driven FinTech company that is producing great results.

Hi I'm Josh Sanchez and I'm the Co-Founder,and CEO of FloatMe.What FloatMe does is we have a big vision to revolutionize access to credit and savings through personalization and alternative data.Who we do it for is the mission,and our mission is to help the low middle income achieve financial prosperity.I think they're America's backbone.How we serve them today is we provide them with alternative access to credit in the form of interest-free,credit-free advances of up to$50,or as members refer to'em as,as floats,tools to help them better understand their money and opportunities to either make more money or,or save money.We today managed to scale to a little over millions of members on the platform and have managed to help them save over200million in overdraft fees alone.Prosperity for our members is not investments,retirements,it's being able to do two things,access credit and build savings.We have raised a little over50to date across three different types of fundraising.One equity,two credit,and three debt.On the equity side,we've raised20to date.16of that was led by Foundry Group in December of21for our Series A.On the credit side,we have raised a25million credit facility.And that's to help fund the lending component of the business.And then third is venture debt which is typically associated once you close your series A financing event.I've been going out this for what feels like six years now,and over time I've learned a lot of things.The one piece of advice or lesson that always stuck with me was,especially as a first time founder,is you have to demonstrate accountability.And what that means is you don't have that credibility that a second or third or four-time founder might have.It means showing how you're communicating progress every single week,month over month.And it means having that discipline to hold yourself accountable to that.I like to think that people invest in that discipline and,and demonstration of accountability.For a first time founder,I,I think that's super important.