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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    1. Patrick McKenzie‏ @patio11 5 Sep 2019
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      We launched Stripe Capital today: https://stripe.com/capital  It offers extremely fast, data-driven access to working capital in advance, based on your business' activity on Stripe. This was my #1 ask of Stripe as a customer for 3 years running. I'm so happy we're rolling it out.

      14 replies 51 retweets 474 likes
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    2. Patrick McKenzie‏ @patio11 5 Sep 2019
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      Why was this my #1 ask? Let me screengrab the cashflow report for a SaaS company I used to run from a year where I really wanted this. Green is revenue, red is expenses, gold is profit. This graph starts at 0; the business is profitable every month.pic.twitter.com/L7fVrPCcFH

      2 replies 0 retweets 25 likes
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    3. Patrick McKenzie‏ @patio11 5 Sep 2019
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      August was finally landing the payment for a large deal with a large enterprise. As you can imagine, that required a lot of pre-work. Pre-work costs current money. You would think a profitable software business with a contract in hand would get all the money from banks, right?

      2 replies 0 retweets 23 likes
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    4. Patrick McKenzie‏ @patio11 5 Sep 2019
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      You would think that... if you've never gone through bank underwriting in the last 20 years. I visited, in person, eight banks in two countries. *Not one* was willing to loan money against either the existing extremely stable SaaS revenue stream or the upcoming work.

      1 reply 1 retweet 30 likes
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    5. Patrick McKenzie‏ @patio11 5 Sep 2019
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      It wasn't an easy, "We just don't lend to small businesses" decline either. It was a "Hmm, interesting. Can we get together 50 pages of documentation from you, two years of taxes, a business plan, and a personal guarantee? Then we'll deny you 6 weeks from now."

      2 replies 1 retweet 37 likes
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    6. Patrick McKenzie‏ @patio11 5 Sep 2019
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      I ended up paying the cash expenses (salaries, etc) for the pre-work with a combination of decreasing my own salary (and playing personal credit card games for 6 months), revolving balances on business cards, and getting a small line-of-credit from a non-bank lender.

      1 reply 0 retweets 22 likes
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    7. Patrick McKenzie‏ @patio11 5 Sep 2019
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      This seems like a silly amount of work for a SaaS company, which by construction have EXTREMELY stable cash flows. They're so stable, in fact, that banks literally will not believe you when you explain how the math works. ("Oh you think revenue naturally recurs? That's cute kid")

      1 reply 1 retweet 42 likes
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      Patrick McKenzie‏ @patio11 5 Sep 2019
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      So if you ever find yourself needing money to fund business expansion, and you'd like to get it from a company which can spell MRR and doesn't need to have a bespoke conversation with an underwriter because seriously why would we do that, check your dashboard.

      7:22 PM - 5 Sep 2019
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      3 replies 1 retweet 42 likes
        1. Patrick McKenzie‏ @patio11 5 Sep 2019
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          As time goes to infinity it is extremely likely that we come up with other ways to get your businesses the money they need to achieve your goals for them. If there are particular form factors that interest you, please drop us a line.

          4 replies 0 retweets 36 likes
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        2. Alex Hillman @Home  💛 🏡‏ @alexhillman 5 Sep 2019
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          Replying to @patio11

          I'm fascinated by this offer, and have seen it in our biz dahaboard for the last few months. I know and feel this problem very (extra so, with a brick and mortar). 10% fee seems high though, no? Granted not compounding, but my AMEX working capital loans is <4%.

          3 replies 0 retweets 4 likes
        3. Patrick McKenzie‏ @patio11 5 Sep 2019
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          Replying to @alexhillman

          This might be the one time where you *don't* want me advising a software company about pricing. :) On a more serious note: the entrepreneur in me would tell anyone who thinks they can get a better offer to take the best offer available. There are some that come with strings.

          1 reply 0 retweets 4 likes
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        1. Ritesh Oedayrajsingh Varma‏ @rovarma 5 Sep 2019
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          Replying to @patio11

          Awesome initative. We definitely could have used this in the past, and probably in the future - any plans for expansion outside of the US?

          0 replies 0 retweets 0 likes
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