Jeff Goldenberg

Because if you measure it at the application level, it takes into account all those people who applied that didn't qualify.

So lower credit customers.

So we try to optimize for a cost per offer and figure out which channels can deliver the lowest cost per offer.

That is highly top secret, especially while we're sort of in this venture capital raising stage.

Sure.

So we've raised, at the end of last year, we raised $5.4 million.

Okay.

Series A?

It was actually sort of a seed on steroids.

It included both the debt capital that we lend out and equity to build the business.

And this next Series A round that we're after right now is going to be a very big round, both in terms of equity for marketing and people, and in terms of loan capital too, which is basically our product.

But as a marketplace lender,

We're in between the loan originator and the customer.

And we take a fee like a marketplace does.

We were selling equity in Borrowell.

So when I talk about loan capital, I guess I refer more to the money that we then give out to the customers and loans.

And then on the equity side, it's the money that we raise to build the business.

So when we do raise money, we need to raise on both sides of the table.

We need to raise...

the fuel to build the company and the loan capital, which is our product.