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Justin Fischer

๐Ÿ‘ค Speaker
222 total appearances

Appearances Over Time

Podcast Appearances

SaaS Interviews with CEOs, Startups, Founders
They Help Banks Underwrite Cannabis Founders, $500k ARR Now, $1m Soon?

We have every, you know, every T cross and every I dotted like all our compliance stuff.

SaaS Interviews with CEOs, Startups, Founders
They Help Banks Underwrite Cannabis Founders, $500k ARR Now, $1m Soon?

In fact, most of them are community banks and credit unions.

SaaS Interviews with CEOs, Startups, Founders
They Help Banks Underwrite Cannabis Founders, $500k ARR Now, $1m Soon?

So not even at the JP Morgan level, like there's 8,000 community banks and credit unions in the US, right?

SaaS Interviews with CEOs, Startups, Founders
They Help Banks Underwrite Cannabis Founders, $500k ARR Now, $1m Soon?

98% of them are under $10 billion, meaning they're like everyone you see around Austin or anywhere where they've got a handful of branches and they're just trying to bank their community.

SaaS Interviews with CEOs, Startups, Founders
They Help Banks Underwrite Cannabis Founders, $500k ARR Now, $1m Soon?

Yeah.

SaaS Interviews with CEOs, Startups, Founders
They Help Banks Underwrite Cannabis Founders, $500k ARR Now, $1m Soon?

No.

SaaS Interviews with CEOs, Startups, Founders
They Help Banks Underwrite Cannabis Founders, $500k ARR Now, $1m Soon?

So the great thing is we start off small.

SaaS Interviews with CEOs, Startups, Founders
They Help Banks Underwrite Cannabis Founders, $500k ARR Now, $1m Soon?

So we have a $5,000 minimum.

SaaS Interviews with CEOs, Startups, Founders
They Help Banks Underwrite Cannabis Founders, $500k ARR Now, $1m Soon?

So it's enterprise software, right?

SaaS Interviews with CEOs, Startups, Founders
They Help Banks Underwrite Cannabis Founders, $500k ARR Now, $1m Soon?

But we have a $5,000 minimum, but very quickly-

SaaS Interviews with CEOs, Startups, Founders
They Help Banks Underwrite Cannabis Founders, $500k ARR Now, $1m Soon?

Monthly, MRR.

SaaS Interviews with CEOs, Startups, Founders
They Help Banks Underwrite Cannabis Founders, $500k ARR Now, $1m Soon?

And what's great about it is our banks end up growing.

SaaS Interviews with CEOs, Startups, Founders
They Help Banks Underwrite Cannabis Founders, $500k ARR Now, $1m Soon?

We had a customer who was at that in November, who's now over 20K in just a matter of months.

SaaS Interviews with CEOs, Startups, Founders
They Help Banks Underwrite Cannabis Founders, $500k ARR Now, $1m Soon?

And part of that, Nathan, is because we actually charge off of each business that's under compliance.

SaaS Interviews with CEOs, Startups, Founders
They Help Banks Underwrite Cannabis Founders, $500k ARR Now, $1m Soon?

So as their businesses start growing, even if those businesses are just buying multiple products or working in multiple markets, those are all individual pricing for us.

SaaS Interviews with CEOs, Startups, Founders
They Help Banks Underwrite Cannabis Founders, $500k ARR Now, $1m Soon?

So

SaaS Interviews with CEOs, Startups, Founders
They Help Banks Underwrite Cannabis Founders, $500k ARR Now, $1m Soon?

So here's the model, right?

SaaS Interviews with CEOs, Startups, Founders
They Help Banks Underwrite Cannabis Founders, $500k ARR Now, $1m Soon?

So you are a bank and you want to bank someone.

SaaS Interviews with CEOs, Startups, Founders
They Help Banks Underwrite Cannabis Founders, $500k ARR Now, $1m Soon?

Okay, well, you're going to charge them $250 a month because it's hard to bank their kind of industry.

SaaS Interviews with CEOs, Startups, Founders
They Help Banks Underwrite Cannabis Founders, $500k ARR Now, $1m Soon?

And they're happy because they have consistent banking.