SaaS Interviews with CEOs, Startups, Founders
His company has lended $400m via unique canadian model with Jeff Goldenberg
07 Feb 2016
Chapter 1: What is Borrowell and how does it operate as a marketplace lender?
This is The Top, where I interview entrepreneurs who are number one or number two in their industry in terms of revenue or customer base. You'll learn how much revenue they're making, what their marketing funnel looks like, and how many customers they have. I'm now at $20,000 per talk.
Chapter 2: What metrics does Borrowell use to measure customer acquisition success?
Five and six million. He is hell-bent on global domination.
Chapter 3: How does Borrowell manage its loan capital and equity?
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Chapter 4: What challenges does Borrowell face in loan processing and growth?
She's in the entertainment industry and is currently working a full-time day job and doing her side hustle on the side. Kim, congrats. For you guys' chance to win 100 bucks every Monday, simply subscribe to the podcast on iTunes now and then text the word Nathan to 33444 to officially enter.
Chapter 5: What is the concept of Engineering as Marketing and how does it benefit Borrowell?
Again, text the word Nathan to 33444 after you've subscribed. Okay, Top Drive, coming up tomorrow morning, I give you my decision and I tell you whether we sell Heyo or not.
Chapter 6: How does Borrowell generate revenue from its loans?
Who knows what'll happen? All right, Top Tribe, good morning to you.
Chapter 7: What insights does Jeff Goldenberg share about the Canadian lending market?
Another day, another great entrepreneur. This one's name is Jeff Goldenberg, and he's the head of growth at Burrowell, a leading Canadian online marketplace lender. He's a sought-after expert and speaker in the areas of digital marketing, growth hacking, business development, all for innovative high-growth companies.
He's also an entrepreneur in residence at MaRS Discovery District, as well as the mentor at the Tech Startups and Startup Next Accelerator. Jeff, are you ready to take us to the top?
Chapter 8: What advice does Jeff give to aspiring entrepreneurs based on his experiences?
I'm so ready. Let's do it. Let's do this, man. So first things first, tell us what Burrow Well does and how'd you get involved there at Head of Growth?
For sure. So Borrowell is a marketplace lender. We compete. So in Canada, we don't have the fintech revolution that you guys had six or seven or eight years ago when companies like Lending Club and Prosper really took a huge bite out of the traditional banking system. In Canada, we have a big five banks that owns most of the business.
So what Borrowell is just trying to do is we offer online loans to high credit Canadians just as an online and convenient option to the to the big banks.
Okay. Interesting. And I mean, what are some of the metrics you guys track that, that help you understand if you're winning or losing?
Well, we're an extremely data-focused company, and that's what makes our marketing team really good. We basically have a culture of data where everything needs to be backed up by data, and we study the funnel every which way till Friday. And we do our marketing on a one- to two-week basis, so we have a highly experimental marketing regime where we're not buying three or six months in advance.
We're studying all the metrics and finding out what converts the best and the correlations and what cohorts... of potential customers are the best. So we don't really have one specific one.
Although when you're an early stage high growth company, CAC or cost of customer acquisition cost is really sort of the key metric because you want to grow really fast, but you also want to be declining what it costs you to acquire a customer at the same time.
And when you think about it, that's really like conflicting goals to grow as fast as you can and to become as efficient a marketer as you can. But high growth, early stage companies that are looking to raise VC capital are asked to do just that. So it's very challenging.
So- CAC is a customer acquisition cost is really your, your main focus. If you had to pick one, that's right. How much, how much it costs us to get a customer define a customer because I see on your website, you have the number kind of up there. It's kind of a sexy number, 365 million in loan applications. But when do you actually define your funnel? When do you find define someone as a customer?
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