To feel comfortable using our products, you need to understand how we make money. We must be transparent about this so you know our business is sustainable and will be around for a long time.
We’ve raised just under $10M across two financing rounds. Our first round in late 2021 was $1.5M. And our second round in early 2023 was $8M. We’ve kept burn low and, as a team of 7 FTEs, we have 5+ years of runway right now.
We think teams will pay us for making it easy to safely generate yield on their idle assets. Earn is our first foray into this space. Though we’re not currently charging for this feature (you’re keeping 100% of the interest you earn), we believe it’s the right way to capture value since it aligns our incentives with yours—the more money you make, the more money we stand to make.
And since you can “go direct” and cut us out at any time, we’re incentivized to build the best tooling around managing your money. This means we need to build things like payroll, accounting, compliant payments, notifications, invoicing, seamless on- and off-ramps, and much more. There is no shortage of products we can build to make managing your assets both easier and more secure.
Using Splits as the interface for your banking needs is a huge responsibility, and one of our top priorities is making Splits default alive so you don't have to worry about our runway.
We believe building this system onchain is a long-term competitive advantage. While it makes some things harder in the short-term, it completely changes how we operate and capitalize our business long-term. “Your opex is our opportunity.” By never taking custody of your assets, we can keep a much leaner team and, with the right business model and company culture, we can get to profitability much faster than a competing product in the traditional financial system.