Partner @btv_vc, invest in fintech + vertical ai
New York/Bangalore
- Tweets 1,939
- Following 1,437
- Followers 2,430
- Likes 3,213
Indian founders are increasingly treating @ycombinator like the entrance exams we've gotten used to growing up. YC means nothing if you don't know how to build the company afterwards. The hours spent on the YC app are hours lost on building a company that is uniquely indian.
28
36
735
170,046
1/n Thread on Indian neobanking. We've seen a ton of hoo-ha about the space over the past 6 months w/some great websites sprouting up also. Summing up my views based on my experience in the space since ~ 2017. Thanks @itaidamti for prompting the thread...
9
38
167
ChatGPTs answer is in fact correct here.
There are many reasons for India to have its own homegrown AI products but @bhash, this example is short sighted and you know that.
18
6
140
51,552
Psyched to be joining @btv_vc full time as a Principal to continue building a fintech powerhouse with this incredible team & special thx to @pitdesi on convincing me to dip out of Wharton 🙏
@iamjakestream @_laurenmessner @jbahrdestefano @SloaneNichole @jenny_colgate @digmonster
12
3
136
78,700
I’m excited to share that I’ve joined @btv_vc as a Venture Partner!
I’ve had a great time getting to know the team over the past few months. They’re an incredibly humble & intelligent group building a venture fund that I wish I could’ve pitched to when I began building Wizely.
8
7
112
Some open ended reflections from the past year on my transition from founder to early stage VC @btv_vc. Previously, I strongly believed early stage VCs should always be former founders/operators, I was wrong 🧵
7
10
72
55,599
What’s our investment thesis @btv_vc?🧵
It's that time of year when deal flow is slow, and venture funds start spinning out market maps and investment theses. So that got me thinking, what’s our thesis at @btv_vc? Yes, we’re a fintech fund & yes, we can start to throw around phrases that everyone loves - “orchestration”, “embedded”, and the “greatness” of vertical saas! (1/n)
4
9
61
56,455
At @btv_vc, we're excited about companies building for global trade.
Opportunities in this space take various forms from b2b payments (i.e workflows), to trade financing, cross border payments infra and b2b marketplaces.
Publishing some thoughts recently shared with our LPs 🧵
5
9
56
19,962
As an investor, if you’re going to go scope out competitors for your own portfolio, at least have the decency to be half decent at it. This is just laughable and poor form.
4
2
51
Excited to announce Better Tomorrow Ventures investment in Effectiv where we led their $4.5M Pre-Series A, joined by Accel.
More on why we invested below 👇
@pitdesi @sandepudi @xs2ritesh @btv_vc @effectivai @accelindia
techcrunch.com/2023/07/26/ef…
1
7
43
8,639
Seeing so many India + SEA startups that solely raised from US funds at pre-seed/seed. US funds and accelerators with little to no understanding of local dynamics blindly comped to what they saw locally on both idea and price and threw money into these. Little did they know they fell prey to adverse selection, lazy and rudimentary analysis.
Now you have a cohort of companies with SAFEs that are capped 2-3x higher than what they should have been. Founders receive no real or market specific feedback and no new investor can feasibly invest at a decent price.
Sad to see this. Founders showed promise but needed structure and localized feedback to help validate and iterate their ideas for domestic needs. Instead they got served the cool aid of what works here in the US works everywhere else. 🤷♂️
3
1
44
23,094
I gave @boltdotnew, @lovable and @Replit the same prompt, all returned with vastly different products. I liked Bolt's "taste" the best and will lean on it for my next project. Maybe brand loyalty gets built if this happens again but why not run a bake off every time anyway.
11
2
40
4,407
Had a chance to read the @TheKenWeb piece on @thirdwaveindia . As a reader of the ken since 2017, have to say I’m disappointed. I saw an imbalanced piece leaving out important points and making claims with what appeared to be questionable vetting.
the-ken.com/?sc=B3qF7V&st=li…
2
3
29
Excited to announce @btv_vc investment in @GetOneCardIN !
Through our Opportunity Fund, we’re thrilled to partner with one of the best fintech teams globally in their Series D2. @sinhaanurag14, @vkhathi and @rupeshk_19 are on their way to building an iconic Indian consumer credit platform that we believe has the makings of a fintech compounder in the years to come.
Glad to co-invest with our friends at @QEDInvestors and join early backers @peakxvpartners and @z47_vc on this journey.
3
6
27
8,004
Transition from founder to VC has taught me this 👇
As a Founder: How do I use urgency to exercise sound judgement
VC: How do I use patience to exercise sound judgement
2
3
25
Great to have Tiger Global join us in backing @monnai_corp. Since @btv_vc led its seed round last year, Monnai has launched its 1st product, expanded to 25+ flagship customers across 4 geographies and today covers 5Bn+ consumers with one single API (1/2)
venturebeat.com/ai/monnai-ba…
1
8
26
20,811
I really dislike seed stage decks with competitive landscape slides showing a feature list against other upstarts & incumbents to indicate a "fully fledged offering". All this tells me is that your weak insight is breadth of the product is what the market is missing!
1
2
24
2,842
3/n These direct bank partnerships can really be split into 4 parts that I'll elaborate on below. However, to sum up - unlike in the US/EU, Indian neobanks are largely stuck building UI layers on top of incumbent products (lipstick on a pig).
1
1
24
Wife: you need to take your skin care more seriously
Me: Vaseline and Cetaphil are fine
Wife: You’re wrong
Me: why don’t you just buy me whatever, and I’ll use it
Wife:
8
22
4,962
Wrapping up 2 weeks in SF spent with friends, family and the incredible team @btv_vc. From “NYC or nowhere” to “Portrero or Eureka”, something in SF feels resurgent 👀
1
22
Why we invested in Monnai? 🧵
@btv_vc @monnai_corp @pitdesi
Emerging mkt fintech is a massive opportunity that promises hundreds of millions of customers. But fintechs & FIs have massive reputation + $$ risk given how loose onboarding and identity standards can be.
3
5
23
Basis has assembled one of the highest performing teams at the frontier of AI x Fintech. From day 0, @mitch_troy and Matt have described a future of accounting from the lens of an agent led reality. Their velocity is intense and their clarity is humbling. If you want to learn from and contribute to one of the strongest teams in the space, this is your chance.
Thrilled to have @trybasis bring on some of the best in the business in @rabois @vkhosla @adinatecklu @natfriedman and to continue our partnership @btv_vc @pitdesi
We’ve raised $34m to accelerate our goal of equipping every accountant with a team of AI agents.
Led by Keith Rabois at Khosla Ventures with Nat Friedman & Daniel Gross and continued participation from Better Tomorrow Ventures, BoxGroup, and Avid Ventures.
Excited to also welcome:
Aaron Levie, Adam D’Angelo, Amjad Masad, Azeem Azhar, Clem Delangue, Claire Hughes Johnson, Jack Altman, Jeff Dean, Jeff Wilke, Kyle Vogt, Larry Summers, Lenny Rachitsky, Michele Catasta, Noam Brown and others
5
22
8,626
Excited to host and moderate a panel on AI x Fintech at the @whartonfintech conference during #NYFinTechWeek. I'll be joined by @mitch_troy of @trybasis, @hesam_motlagh of @Arkifi and @ac_steele of @ActivantCapital.
📅 Date: April 12
📍 Location: Rise by Barclays
4
21
3,169
Help us to continue building @btv_vc!
We’re hiring a new investor at @btv_vc!
We are small and collaborative team, so you’ll get exposure to nearly every aspect of being a VC.
We’ll expect you to play a critical role in sourcing new investments, conducting due diligence, and supporting portfolio companies.
We're looking for someone who is curious and ambitious, builds relationships easily, has a passion for working with founders, operates in a high sense of urgency by default, and maintains high standards of excellence in their work.
Bonus points for startup or technology company operating experience and a passion for fintech. We absolutely love our work and hope you have the same level of passion for it as we do.
We’re looking for someone early in their career (~4-6 years in) in the Bay Area or willing to move.
If the above sounds interesting to you, you can learn more and apply by following the link below!
1
2
18
1,482
Why we invested in @Plumery_com? 🧵
@vgoldin @pitdesi @jbahrdestefano
At @btv_vc, we think there is a massive opportunity for fintech companies to sell modern technology stacks into traditional banks, making processes more efficient and products more competitive
Banking tech startup Plumery raises $4.5 million finextra.com/newsarticle/422… via @Finextra
1
4
19
7,184
Why super apps don’t work for my finances? There is something oddly unsettling when seeing the opportunity to invest side by side the opportunity to order a pizza. 🚨
1
3
19
Why does @ycombinator continue to back indian saving models that continue to fail at achieving any meaningful traction?
3
19
4/n Indian neobanks are caught distributing incumbent products through a nice UI (not UX) rather than innovating on the core experience itself. Banks hold this leverage and the customer unfortunately has not experienced much innovation yet...
1
18
Awesome v2 conversation between @HarryStebbings & @pitdesi on the latest @twentyminutevc!
Unfiltered and unapologetic 🔥
open.spotify.com/episode/2z1…
1
1
17
3,036
After using @Superhuman for ~2yrs now, I've come to the realization that I'd pay the $30 just for "search" when moving emails to folders on mobile. How does search giant, google still not have this for @gmail?
1
1
16
Thrilled to announce our partnership with @trybasis! @btv_vc led a $3.6M seed round, joined by our friends at @AvidVc & @BoxGroup.
We're excited to see founders Matt & @mitch_troy build the primary financial intelligence layer for any company, globally.
Here's why we invested:
1
6
16
3,594
14/n This last part is the hardest piece and where I believe separation amongst Indian neobanks succeeding will occur. Its still a nascent market for neobanks and only patient capital has a chance of seeing any progress (if any).
4
17
5/n Part 1: Tech & Product - This piece with every bank partner is a mess. APIs are rusty which is expected and the internal drive to improve performance even when working with neobank partners is dismal. Open banking PR, sandbox PR etc is largely a farce and a mega PR campaign.
1
16
2/n Path forward in India for a neobank is largely via direct bank partnerships. One thing to remember is that Indian banks still hold a massive amount of trust capital and banks don't charge much in noticeable fees given how value conscious Indians are....
1
16
Thrilled to announce @btv_vc investment in Monnai! Through a network of data providers, bureaus & consumer insights partners, @monnai_corp's off the shelf APIs assess fraud, credit readiness and KYC of consumers across emerging markets in near real time.
venturebeat.com/ai/monnai-ta…
1
8
14
As a Venture Partner, I'm looking forward to continuing our mission of partnering with and investing in fintech founders at the earliest stages of their entrepreneurial journeys.
If you’re an aspiring founder, already a founder, or excited about fintech, DM me and let's talk!
2
14
This isn’t exhaustive, and we intend to find more, but broadly, founder/problem fit (so far) has tended to fall into these categories:
1/Silver Haired Domain Veterans
2/Operationally Maniacal Cage Fighters
3/“MBA” Type Problem Solvers
4/Wide Eyed Naive Geniuses
(5/n)
1
3
14
11,661
Imagine if birds could eat for free today and pay later? Bnpl for birds with new underwriting that let’s you track every seed!
2
12
As a founder, your learnings are static in time & lose relevance every day. The insights with which you built products become stale and irrelevant & the arena founders compete in evolves fast. Over reliance on past experience & heuristics is detrimental to the founders you back.
2
13
1,692
I voiced this to @pitdesi in our 1st meeting & he instantly cut me off, arguing that some (if not most) of the best early stage VCs he had worked with had never been founders themselves. It’s something I’ve not stopped thinking about as I've made this transition.
1
13
1,639
And then, leave the rest to luck…both for successful exits and getting to do this job in the first place. @pitdesi @iamjakestream @btv_vc
1
13
1,342
X1’s greatest feature is the unlimited number of virtual cards that you can use (and proceed to immediately cancel) for Resy reservations that incur a cancellation/no show fee.
I hated that the 1st benefit X1 touted was the weight of its credit card!
I don't get it - do people even know if 17g is a lot or a little? Doesn't resonate with me but I'm not the target.
Raised $62M from Craft, Spark, FPV; last round less than a year ago, sold for $95M
3
13
7,143
6/n Part 2: Compliance & Reg - This is a big test for all neobanks. Who owns the customer? Banks will never let go, so what does co-ownership mean? How does that impact the UX and the communication experience? What can a customer do on the neobank's app vs the bank app?
1
13
7/n Figuring this out takes months of grit to get something right that actually has equitable value. In the US/EU customer ownership and tech stack largely lies with the neobank. In India, reg stack is entirely driven by the bank partner not the neobank.....
2
12
The founder journey certainly equips you with empathy. Putting in extra effort in a pass email, extra patience as founders try to convince you or when portfolio founders are delayed on milestones. Or even a warm smile at events when a shy founder is eager to introduce themselves.
1
12
1,528
Watching the team @btv_vc pull this together from a fleeting idea to launch (soon) has been awesome. This team can ship!
And maybe that’s why we’re the right fintech accelerator for you!
@_laurenmessner @jbahrdestefano @SloaneNichole @digmonster @iamjakestream @pitdesi
We're launching an accelerator @btv_vc!
Fintech founders have unique needs; we're building the best accelerator to serve them. Our first cohort starts in SF on Aug 1.
Check us out at themint.vc - happy to answer any questions, & please send founders our way!
1
12
1,152
10/n The RBI has no official view on neobanking yet so every neobank needs to figure out whether to structure as a BC, DSA, marketing partner or tech partner and the revenue model for each is very different. Neobanks cannot make bps on deposit values...
1
12
Put simply, our thesis is, and always will be, “the people”. But as fintech investors, how do we think about investing in people?
In fintech, opportunities are beginning to show in the hairiest of places as you move further down the stack. And further up the stack, opportunities at the application layer have rightfully been classified as “software companies, but not really software companies” (3/n)
1
11
2,850
In a career path where feedback cycles are long, relying on your past as a founder/operator is dangerous and quickly outdates you. Instead, irrespective of background, a focus on humility, empathy, curiosity and adaptability to remain relevant is key.
1
2
12
1,642
Totally agree, but also a great feature for any b2b fintech in India. Lend against locked up TDS to ease cash flow.
Emphasis on “feature”
1
1
11
3,486
The mental muscles of why now, biz model evolution etc take far more sophistication that requires a return to the basics of economics, business and macro theory. There’s a reason folks like @bgurley have consistently performed!
1
10
1,333
9/n Part 3: Commercials - Who makes money where, what revenue pools can be shared, what business metrics look like to ensure "mutual success"? This is largely in the hands of the neobanks negotiating capacity and will differ from startup to startup to get a model that works....
1
11
12/n shared from deposits. Neobanks have very few avenues if any to make sustainable revenue. This is a massive blow considering that the likes of Chime/Revolut make a substantial amount of income from interchange & payments.
1
11
13/n Part 4: Alignment and realization of misalignment of strategic expectations - Every Indian neobank realizes soon enough that their vision is in direct conflict with the expectations of a banks goals as well as the priorities of the teams you work with towards integration...
1
10
Wishing now more than ever that I did not drop out of Russian lit. Could’ve joined my VC brethren today in opining on the Russian coup 💪
1
10
838
1/Silver Haired Domain Veterans:
Unlike the storied conception that young founders make the best founders, we’ve found that within fintech there are opportunities better suited for the tenured executive. Specifically, one with a hungry ambition to not only build but also show respect towards the entrenchment of the status quo as a constraint to be optimized for (6/n)
2
10
1,974
In the past year, I’ve spoken to a number of teams claiming to be India’s 1st Save Now Buy Later (SNBL) company.
We built this at @wizelyapp in 2017! Here’s why it doesn’t work 👇
2
9
2,314
Thank you @pitdesi, @iamjakestream, @_laurenmessner, @jenny_colgate, @SloaneNichole, @jbahrdestefano and Yoni - looking forward to all the great work we’ll do together!
1
10
8/n Which makes customer ownership all the more critical for long term sustainable value. A neobank needs to build products for its customers, not the compliance managers. Breaking this limbo can be near impossible.
1
10
That’s factually incorrect, historical scriptures, texts etc certainly refer to India as a civilizational entity but not a political one. Regardless, my point was broader. We can agree to disagree, but homegrown AI should compete on more sincere grounds.
10
899
Staying truly relevant can be hard in a job that is surrounded by false positives. VCs wanting to network about a company you invested in, a portco raising an up round, founders begging for your time. It’s easy to seek validation in these but it's a dangerous spiral.
1
9
1,273
The VC job is perfectly set up to provide an ego rush & it can be easy to neglect empathy. And while valuing it can be the reason a founder chooses you over another VC, it’s clear that winning takes a whole lot more. By relying only on empathy, you’ll quickly fall behind.
1
9
1,489
Great to partner with the folks at @CommerceVC @EMVC @kearnyjackson @9yardscapital and others
@pitdesi @venturedan @VivekKri @mdharrisnyc @MelissaFrakman @os7borne @sriramkri @sunilchhaya @jelenahoffart
9
Re-learning the fundamentals of business requires intentionality and adaptability. Dependence on your network of VCs, who often talk their book, risks reliance on group think. Instead, staying humble about what you don’t know and staying curious to fill the gaps are key.
1
8
1,289
@monnai_corp 👀
“At scale, we expect Monnai to complement credit bureaus globally and be offered as an alternative in areas or regions where bureaus cannot best serve.”
@btv_vc @PierreDemarche @ravishp @pitdesi
A Call for a Better Bureau. Fooling FICO, Contextual Credit, and a Call for a Better Bureau !
fintechfundamentals.substack…
#fintechfundamentals
1
1
8
546
As a reminder, here’s why @btv_vc led @monnai_corp seed round (2/2)
@pitdesi @PierreDemarche @ravishp
Why we invested in Monnai? 🧵
@btv_vc @monnai_corp @pitdesi
Emerging mkt fintech is a massive opportunity that promises hundreds of millions of customers. But fintechs & FIs have massive reputation + $$ risk given how loose onboarding and identity standards can be.
8
512
Reflecting back, this was driven by a frustration and anger towards the VCs I had engaged with as a founder who for a variety of reasons I had felt “wronged” by. Horse trading, ghosting etc.
2
8
1,869
This weekend I learned that ALL CAPS TWITTER is the literal example of degenerative AI. Degenerative & Artificial…
7
616
Thanks for having me! @VincentJXue
🔊🎉💚 EP3 of the Ivey Venture Podcast with @nbobba Is Now Out on Spotify! 🔊🎉💚
We hope you enjoy! 🥂
Tune in here: open.spotify.com/episode/5fe…
2
2
8
1,628
11/n so finding sustainable recurring models of revenue is important within these constructs that work for the bank and the neobank. Again a huge obstacle for any neobank wanting to GTM. Pls note interchange in India is ~0% for debit cards & UPI and interest income cannot be...
2
8
Incredible work being done by the team @trybasis
Much more to come…
Excited to announce our partnership with @wissllp to bring integrated, end-to-end AI to accounting workflows.
The Wiss team have been instrumental to bringing these new capabilities to accounting, and we are really excited to continue working closely for the coming decade.
1
8
587
People in SF take way too long to order coffee, it’s unhinged behavior. They can grow a new batch of almonds by the time you complete your alternative milk infused order.
1
8
451
Grew up saying Happy Diwali, Eid Mubarak and Merry Christmas. What’s life without a reason to celebrate every single day?
1
7
1,266
1/ Today @wizelyapp will begin a progressive rollout of our Financial Recipes🌱 & SmarTips⚡️. Over the coming months, we'll continue to bolster Recipes🌱 with increased access to guidance & additional access to offerings that contribute to the financial wellness of our customers.
1
2
7
I overheard that Mckinsey estimates this to be equivalent to installing roughly 6 garbage bins
6
317
One of our first companies from the @TheMint_vc is hiring!
🚀 We're expanding the founding team! Join us as our first AI Engineer, our first Designer, or our second Fullstack Engineer (all SF-based).
We're creating a financial data platform that gives accounting teams super-powers. You could help us build it.
inscope.notion.site/Careers-…
7
619
Disappointed that my @WHOOP didn’t account for an extra hour of sleep due to day light savings ending last night. Seems like table stakes no? @willahmed
7
1,410
And so, this means that solutions are becoming increasingly harder and more complex to build, and one’s ability to grok business model durability is called into question far more. When we meet a founding team, the question we ask ourselves is “What’s their right to win?”. Or another way, can we see clear founder/problem fit? As we comb through the investments we’ve made, those we’ve been close to making and those we’ve passed on, a few themes emerge (4/n)
2
7
2,453
At @wizelyapp, we have always believed in the power our community can play in helping us make better financial decisions. “Save with Friends” is the 1st of many steps in this direction. You can now create saving goals with a group of friends using Wizely.
link.medium.com/Gd1SyhrFRW
3
5