Building a $100M+ FinTech Venture from Michigan: Ryan Rosett, Founder and Co-CEO of Credibly (Part 7)

Sramana Mitra: Is your whole team in Michigan? Are you doing this out of Michigan?

Ryan Rosett: We have three offices in the United States. Our Ops team is mostly in Southfield, Michigan including our Head of Strategies, our Chief Financial Officers, and CTO. Then, we have an office in New York city where our Head of Data Science works. Then, we have a bigger office out in Tempe, Arizona, where our Chief Credit Officer works and manages underwriting and the collection side of our business.

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Building a $100M+ FinTech Venture from Michigan: Ryan Rosett, Founder and Co-CEO of Credibly (Part 6)

Sramana Mitra: Now, just explain the core business model.

Ryan Rosett: We have three channels: our renewal department, wholesale channel, and the direct sales channel. We have risk-based pricing with a lot of automation. We have prequalification models. A quick no is fine too. We’re very much about the customer experience. Obviously a customer doesn’t want to hear that they’re rejected, but I think they’d rather hear that they’re rejected in one second than, wait four hours, two days, or a month to hear that.

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Building a $100M+ FinTech Venture from Michigan: Ryan Rosett, Founder and Co-CEO of Credibly (Part 5)

Sramana Mitra: What was your go-to-market strategy? And what is your go-to-market strategy today? It sounded like you got access to customers through First Data. Or did I get that wrong?

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Building a $100M+ FinTech Venture from Michigan: Ryan Rosett, Founder and Co-CEO of Credibly (Part 4)

Sramana Mitra: Could you double click down on the technical integrations that were required to make all this happen? You’ve talked about First Data on one hand, you obviously need to have an integration with the customers’ credit card system and bank account. So what is the integration landscape of this solution?