Rohit Mittal @rohitdotmittal Twitter profile

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Rohit Mittal

@rohitdotmittal

3 years

The learnings shared in this thread cost us $100k in lawyer fees and other expenses. Sharing them for free for other fintech founders. Let's start:

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Rohit Mittal

@rohitdotmittal

6 months

@packyM Once you’ve tasted freedom, you can’t go back. A few months ago, thankfully I passed that test too. I hope I contribute more than I have received.

Rohit Mittal

@rohitdotmittal

11 months

Happy July 4th everyone. It’s my first July 4th as an American citizen. It took me 4,630 days from arriving in the US to becoming a citizen. There were a lot of steps to get to this point. F-1 -> OPT -> OPT cap gap -> H-1B -> O-1A -> EB-1A -> EAD -> Citizenship Arrived in the…

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Rohit Mittal

@rohitdotmittal

2 years

Getting Airpods to connect to the right device is a $10B company. Who's solving this problem?

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Rohit Mittal

@rohitdotmittal

6 months

Lending startups pitching their unique underwriting model.

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Rohit Mittal

@rohitdotmittal

2 years

Goldman Sachs has lost $4 billion on Marcus in the last 4 years (excluding acquisitions). Still no path to making money. Consumer fintech is hard.

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Rohit Mittal

@rohitdotmittal

4 months

First time founder: - idea - design - product Second time founder: - distribution - distribution - distribution Build distribution in your product.

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Rohit Mittal

@rohitdotmittal

3 years

I talked to a founder who is focused on just building his company. No personal investments. No rolling funds. No scout checks. No personal brand building. Only working on his company. Like a psychopath.

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Rohit Mittal

@rohitdotmittal

3 years

This is what /r/wallstreetbets discord group looks like

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Rohit Mittal

@rohitdotmittal

11 months

Happy July 4th everyone. It’s my first July 4th as an American citizen. It took me 4,630 days from arriving in the US to becoming a citizen. There were a lot of steps to get to this point. F-1 -> OPT -> OPT cap gap -> H-1B -> O-1A -> EB-1A -> EAD -> Citizenship Arrived in the…

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Rohit Mittal

@rohitdotmittal

3 months

We were 5 roommates at Columbia University who started 4 startups. We started companies or were early employees: - Rohit M. (me) - cofounder/CEO at Stilt - Priyank - co-founder/CTO at Stilt - Mukund - co-founder, CTO at Dunzo - close to a $1B delivery company in India - Rohit S.…

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Rohit Mittal

@rohitdotmittal

4 months

First time founder: - raise the most amount of money possible - build a team quickly to feel like the CEO Second time founder: - raise the least amount possible to prove the hypothesis - hire few really strong people

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Rohit Mittal

@rohitdotmittal

3 months

First time founder: - need capital - need press - need brand name investors - need nice office space - need swag Second time founder: - need customers

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Rohit Mittal

@rohitdotmittal

2 months

I’m looking at a lot of VC backed companies stuck in something like this: - ARR: 1x - Net burn: 1x-2x - Cash in the bank: 0.5x - Runway: less than 6 months - Growth: less than 25% - Capital raised: 15x - Valuation: 50x Now, the founders have no options. They can’t raise the…

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Rohit Mittal

@rohitdotmittal

2 years

A YC/Tiger Global for debt capital can be one of the most disruptive things for the fintech ecosystem. It is still insanely expensive, time consuming, and honestly, brutal to raise debt. Founders have no experience in this. Thinking of starting a small debt fund to solve this.

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Rohit Mittal

@rohitdotmittal

4 months

Legal immigrants are stuck on the H-1B treadmill while illegal immigrants are starting businesses. I have several friends on H-1B who make $1M in household income (dual income). They are looking to do interesting things. But they are stuck in the infinite H-1B loop waiting for…

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Rohit Mittal

@rohitdotmittal

3 years

I don't invest much but when I rarely do, it's super fast. From saying Yes to WIRE - 3 hours.

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Rohit Mittal

@rohitdotmittal

2 years

Founders who haven't done fintech before don't realize the insane regulatory overhead to run consumer fintech products. It's easy to get it wrong. Adding a lending component increases the complexity exponentially. Takes a special type of founder to push through.

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Rohit Mittal

@rohitdotmittal

2 years

Everyone talks about a 10x engineer. No one talks about a 10x compliance officer. For fintech companies, 10x compliance officers are more important than engineers. As you scale, they will be the highest leverage role in the company. Learn how to hire identify and hire them.

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Rohit Mittal

@rohitdotmittal

5 months

@alexisohanian Whatever she says. 🤣

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Rohit Mittal

@rohitdotmittal

2 years

I just saw that one of our early Stilt borrowers started a VC fund and now manages $1B+ in assets. I couldn't have imagined that ever happening when we started. Giving immigrants opportunity have massive 2nd order effects.

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Rohit Mittal

@rohitdotmittal

2 years

For fintech founders who are pushed by VCs to raise a big debt facility after a few million dollar seed round. It cost us $750k to close a facility + add mezz to it. You'll burn through most of your seed before you do your first loan. Be prudent.

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Rohit Mittal

@rohitdotmittal

4 years

I was talking to a friend about India last night. Based on the VC funding and excitement for startups, from the outside, it doesn't seem bad but I'm not following India as closely. This is what he sent. He is super bearish.

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Rohit Mittal

@rohitdotmittal

6 months

Fintech. Is. Hard. Consumer Fintech. Is. The. Hardest. Apple, arguably, has distribution, design, engagement, consumers with spending power, etc. You can't have more ideal conditions to launch a consumer fintech product. It still didn't work.

The Kobeissi Letter

@KobeissiLetter

6 months

BREAKING: Apple is shutting down its credit card partnership with Goldman Sachs. According to WSJ, the contract will be terminated within the next 12 to 15 months. The exit will cover their ENTIRE consumer partnership which began in 2019. This includes shutting down the…

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Rohit Mittal

@rohitdotmittal

4 years

To everyone who is looking at exits in fintech and thinking overnight success: Radius Bank: 33 years old E-trade: 38 years old Credit Karma: 13 years old CardWorks: 33 years old Plaid: 7 years old Think long-term.

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Rohit Mittal

@rohitdotmittal

3 years

When founders talk about their fundraising experience.

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Rohit Mittal

@rohitdotmittal

2 years

I see so fintech founders raising money, and just burning them on outside lawyers without really understanding what they are doing. New fintech founders need to understand that compliance is a "core function" similar to technology. You can't afford to be blind about it.

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Rohit Mittal

@rohitdotmittal

7 months

In OpenAI's whirlwind weekend, it's clear that YC and YC-adjacent folks have an incredible position in Silicon Valley. Sam (CEO), Greg (President), Jason Kwon (CSO), Brad Lightcap (COO), Emmett Shear (current CEO) etc are all either YC, were affiliated with YC, or worked at YC…

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Rohit Mittal

@rohitdotmittal

6 years

@Jason No more whole foods soup for me. Ever.

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Rohit Mittal

@rohitdotmittal

2 years

An early stage startup's guide (🧵) to working with lawyers. I've worked with 12-15 law firms over the past few years and spent over $2M on legal fees. In talking to 100+ fintech founders, I’ve found that working with legal/compliance is alien to most.

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Rohit Mittal

@rohitdotmittal

3 years

I've been thinking of building free tools to help immigrants in building a new life in the US. What could be most helpful categories? - Visas - Financial Literacy - Cultural Integrations - Work Opportunities - Networking

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Rohit Mittal

@rohitdotmittal

3 years

Signed my first petition ever. Recall @chesaboudin @Jason @DavidSacks @micsolana @cyantist

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Rohit Mittal

@rohitdotmittal

4 months

First time founder: - automate everything Second time founder: - duct tape everything until we have real PMF

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Rohit Mittal

@rohitdotmittal

5 years

It was incredibly difficult for us to start a company while working on H-1B. Thanks to @ycombinator , a lot of hard work, persistence, and luck for where we are today. #immigrants

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Rohit Mittal

@rohitdotmittal

16 days

Start with a small market and a niche problem. I know 2 bootstrapped founders with 9-figure valuations who started their companies with the aim to earn $1k-$5k per month. Their goal was to do something on their own so they don't have to find a job (or no one will hire them).…

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Rohit Mittal

@rohitdotmittal

3 months

Brex recently announced a $200M securitization backed by corporate charge card receivables. This is the 4th securitization by the 7 year old company and provides interesting insights into their business. A quick overview of Brex: - Brex offers corporate charge cards for…

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Rohit Mittal

@rohitdotmittal

5 months

Now, 18 years ago as a clueless teenager, I attended @vkhosla 's talk at IIT Delhi. I didn't know much about entrepreneurship or tech. But a friend and I were just fascinated by that world. Not a lot of people at the talk at the time and I got to talk to him freely for a while.…

Rohit Mittal

@rohitdotmittal

4 years

15 years ago: Circa 2005, I met . @vkhosla (Vinod Khosla) at an event at IIT Delhi. The first time ever I met a legend. I got an autograph and I still have it. Never stop dreaming the dreams.

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Rohit Mittal

@rohitdotmittal

4 years

Is anyone as excited about Google Tables as I am? I love Airtable but if I can keep everything integrated in one ecosystem, hell yeah! Having new products as a part of the same suite makes life so much easier.

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Rohit Mittal

@rohitdotmittal

2 months

@eriktorenberg What got me was “suuure he’s a genius but there are many geniuses”

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Rohit Mittal

@rohitdotmittal

4 months

@ankurnagpal Concentrated South Asian people who make too much money. Lol. Maybe it’ll be bigger than Taylor Swift? 🤣

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Rohit Mittal

@rohitdotmittal

3 years

AFAIK, Stilt is the only company that has raised ~$250M in debt from multiple lenders including banks like SVB with just $7.5M in equity. Been helping founders save millions by avoiding mistakes in raising debt. Founders need to understand debt. Let me know if you need help.

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Rohit Mittal

@rohitdotmittal

9 months

It's been 7+ years since we went through @ycombinator . I have never stayed in touch with so many people from the same community as I have with YC founders. It's always fascinating to see the progress W16 founders have made in their lives and the quality of new founders just…

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Rohit Mittal

@rohitdotmittal

2 years

A quick thread on underwriting for fintech founders: Most founders think that underwriting is just machine learning based risk models. The reality is far more intricate. Here’s how to think about it:

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Rohit Mittal

@rohitdotmittal

2 years

1/16 Next one for fintech founders. Let's learn about "Loan Management Software". I'll share how you can save millions of dollars, execute faster, and be more compliant. Here's a short 🧵:

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Rohit Mittal

@rohitdotmittal

4 years

We are building the best bank account for immigrants and we want to hear from you. What features and services would be really helpful that you don't have from your current bank account?

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Rohit Mittal

@rohitdotmittal

4 years

Stilt Debit Card. Shipping to customers soon. It works. It's not metal.

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Rohit Mittal

@rohitdotmittal

2 years

I just saw that an immigrant founder who raised a Series B from the best investors was a Stilt borrower early in his US journey. I am so excited and fascinated by the second-order effects of high quality and affordable credit for immigrants.

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Rohit Mittal

@rohitdotmittal

1 year

Some personal news: We have been acquired by J.G. Wentworth. After 7+ years of building Stilt, we decided to join forces with J.G. Wentworth to build financial products for millions of everyday Americans starting with a personal loan product.

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Rohit Mittal

@rohitdotmittal

3 years

In the last few months, we have shipped: ✅ Checking Account ✅ Remittance (40 countries w/ lowest rates) ✅ Loan pre-approvals (for bank customers) ✅ Instant Loan (30 sec) ✅ Build Credit ✅ Instant P2P Transfers ✅ Physical Debit Card Available on web, iOS, and Android.

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Rohit Mittal

@rohitdotmittal

3 years

We are announcing our biggest debt round to-date from Silicon Valley Bank. 🚀🚀 At Stilt, we are driven by the mission of democratizing financial services and this facility will help us further that mission.

Stilt, a financial services provider for immigrants, raises $100 million debt facility from Silicon...

Stilt, a provider of financial services for immigrants in the United States, announced today it has raised a $100 million warehouse facility from Silicon

techcrunch.com

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Rohit Mittal

@rohitdotmittal

2 years

So you say you want to be in fintech and want to build a payments company. Here’s the NACHA guide for payments.

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Rohit Mittal

@rohitdotmittal

2 years

Fintech people: I want to open source a basic set of compliance policies that cost $25k-$50k. One step towards reducing the cost of launching a fintech product. What's the best way to do that (without taking any legal risk on ourselves)? DM me if you can help.

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Rohit Mittal

@rohitdotmittal

2 years

When building a lending product, you will need a few basic things: - State Licenses/bank charter - Compliance - Loan Management System - Payments (Origination + Servicing) - Credit Reporting - Underwriting - Debt Capital All of this is built into one API:

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Rohit Mittal

@rohitdotmittal

4 months

Just to give you context of a startup’s journey: - registered Stilt on Sep 1, 2015 - started YC in Jan 2016 - sold Stilt in Nov 2022 - stayed at acquiring company for about 1 year - dissolved Stilt entity in Nov 2023 It’s about 8-9 years of work. I spent about 25% of my life…

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Rohit Mittal

@rohitdotmittal

3 months

I need a Devin engineer, but for compliance. If someone can build a similar product for compliance, fintech companies will execute 10x faster. Also true for many other regulated industries.

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Rohit Mittal

@rohitdotmittal

2 months

I forgot to mention one of the crown jewels of YC W16 batch: Truebill. They raised $84M and sold for $1.275B, a whopping 15x return. A seemingly straightforward startup that helped consumers manage their recurring subscriptions. I still recall that meeting in 2016 with Idris…

Rohit Mittal

@rohitdotmittal

2 months

Our YC batch (W16) had some amazingly cool companies, some pivoted to being cool and building great technology. Now that some time has passed, the winning companies are clearer. Many of them are pushing the boundaries of technology and what's possible. I’m still in awe of the…

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Rohit Mittal

@rohitdotmittal

17 days

Bootstrapped founder: 2nd time - I'll raise VC next time so I can grow quickly and hire the best people - I'll build a bigger company - I'll get validation from the outside world VC backed founder: 2nd time - I'll bootstrap it so I don't have a big pref stack and I'm not on a…

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Rohit Mittal

@rohitdotmittal

4 months

I have never seen a fintech CEO build great things if they ran away from learning compliance. It's a core part of the job.

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Rohit Mittal

@rohitdotmittal

3 months

First time founder: - Lending Second time founder: - BNPL Third time founder: - Embedded fintech Booyah!

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Rohit Mittal

@rohitdotmittal

6 months

Chase is offering $900 for checking + savings + direct deposit. They are probably paying $1.5k all in CAC for a banking relationship.

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Rohit Mittal

@rohitdotmittal

3 years

If @lennysan 's newsletter was a startup, it'd be raising at a $1B valuation with Tiger Global and Andreessen fighting over it.

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Rohit Mittal

@rohitdotmittal

1 month

The VC investment game has significantly evolved in the past few years. Many VC firms are either incubating startups or running their own accelerator programs. A non-significant part of the fund is now focused on EIR or accelerator programs. ⁃ 8VC has dedicated 1/3rd of the…

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Rohit Mittal

@rohitdotmittal

2 years

One of my goals is to help new fintech startups launch faster. Over the next few months, I will share @stilt_inc 's internal compliance research and resources for free. Take the knowledge out of closed rooms and make it cheaper to build fintech products.

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Rohit Mittal

@rohitdotmittal

17 days

TIL: Apple Trade-In process is run by: - an Irish company - that raised only $2.5M in pre-seed funding 🤯🤯

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Rohit Mittal

@rohitdotmittal

2 years

I am bullish that in 2022, fintech infrastructure providers will enable products that were not possible before. Both for B2C and B2B. - Speed to launch - Lower friction + Faster onboarding - New Credit Products - Better Risk Management - Investing - Cross border + many others.

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Rohit Mittal

@rohitdotmittal

9 months

@ycombinator alumni weekend was one of the most energizing weekends of the year and still going strong around mid night.

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Rohit Mittal

@rohitdotmittal

3 years

I see a gap in the market for an early-stage (seed) fund focused on fintech companies. But one that doesn't just invest equity dollars but helps provide support across multiple areas. Fintech is way tougher than B2B SaaS. No generalist investor is able to really help them.

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Rohit Mittal

@rohitdotmittal

3 months

Everyone talks about a 10x engineer. No one talks about a 10x compliance officer. For fintech companies, 10x compliance officers are more important than engineers. As you scale, they will be the highest leverage role in the company. Learn how to hire identify and hire them.

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Rohit Mittal

@rohitdotmittal

2 months

H-1B has become a jail. For most people, this jail is, unfortunately, the best option they have. Friends who have been in the US for 15+ years are still waiting for resolution on their immigration situation. They are making a ton of they are working in big tech and have job…

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Rohit Mittal

@rohitdotmittal

3 months

CRMs with AI should be 10x better. By connecting my phone, emails, meetings, etc. I should be able to keep track of everything in almost real time. Most CRMs don’t work because they require a lot of input from the user. I have to mark every conversation, add notes, update…

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Rohit Mittal

@rohitdotmittal

4 months

@sulemanali @relativityspace Funnily enough, we were in the same batch. Space seemed so far away at that time. The most common company type was chatbots.

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Rohit Mittal

@rohitdotmittal

4 years

I've been toying with this idea of building the "Immigrant Operating System" and calling it "iOS."🤔 Lots of immigrant focused services bundled together - available on day 1 of their arrival in the US.

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Rohit Mittal

@rohitdotmittal

2 years

We had been heads down building the best way to launch a credit product without a bank sponsor. Our goal is to make it 10x simpler to launch credit products. Companies can build quickly with modern APIs and abstract all the complexity. Weeks not months.

Stilt secures $114M in debt & equity to help fintechs and neobanks launch credit offerings with its...

Stilt, which started its life as a provider of financial services for immigrants, has raised $14 million in Series A funding led by Link Ventures as it

techcrunch.com

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Rohit Mittal

@rohitdotmittal

3 years

Deposits in Stilt accounts increased by 20x in the last 3 months. Immigrants are first class citizens of our products and we treat them with the respect they deserve. It results in Stilt earning a higher share of their wallet.

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Rohit Mittal

@rohitdotmittal

2 years

Fintech founders: BaaS and card issuers can't be used for "credit products". If you have a debit card, you can't just lend money to customers. There's 10% overlap between debit and credit. The rest needs to be built separately. Post coming soon!

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Rohit Mittal

@rohitdotmittal

3 months

Sometimes, not doing anything can make you millions. Like $15M-$20M. One of my friends quit NVDA in 2012 and moved to NY to work at a startup. Why? Because he was bored at NVDA, the work wasn’t challenging enough. He worked super hard, did remarkable work, and earned a…

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Rohit Mittal

@rohitdotmittal

3 years

Q: How do you know if a startup is a fintech startup? A: They have more API providers than actual customers.

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Rohit Mittal

@rohitdotmittal

3 years

Looking for suggestions to add founders, solo-capitalists, operators et al to add to cap table. People who are good, have a high bar for quality and can help with tactical issues. Check size doesn't matter; quality of the person is the most important. Fintech focus is a plus.

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Rohit Mittal

@rohitdotmittal

3 years

We have now analyzed $100B worth of transactions from immigrant applications (they connect their primary bank account for a loan application). Hardly any startup has that much data on immigrants and their holistic finances. Helps us build better risk models.

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Rohit Mittal

@rohitdotmittal

3 years

In the US, when you launch a consumer credit product, you can’t launch it without appropriate lending (credit) licenses. This is true even if you are giving money for free and not charging interest.

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Rohit Mittal

@rohitdotmittal

3 years

Feel free to reach out to me if you want more details on licensing. I can share our research that'll help you with faster progress. Or sign up for

Rohit’s Newsletter | Rohit Mittal | Substack

All things life lessons, career insights, startups, and venture capital. Click to read Rohit’s Newsletter, by Rohit Mittal, a Substack publication with thousands of subscribers.

rohitmittal.substack.com

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Rohit Mittal

@rohitdotmittal

3 years

It was the biggest month in Stilt's history since inception. 💵 highest loans disbursed 💲 highest deposits 🌎 highest remittance 📈 highest credit builder users 🤑 highest revenue This month, we blew away all metrics. 🚀

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Rohit Mittal

@rohitdotmittal

5 months

Not exaggerating.

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Rohit Mittal

@rohitdotmittal

7 months

One of the most common things I keep telling new fintech founders is to not build your own Loan Management System. Like never. It's such a complicated piece of software with so many potential compliance and risks. There are multiple modern options in the market now. - LoanPro -…

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Rohit Mittal

@rohitdotmittal

2 months

The standard VC model worked for a while. The world has changed the model hasn't. I expect that the next 5 years will see new funding models closer to PE than VC. VC funds used to be about returns, but now they are mostly about fees.** **based on my conversations with some…

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Rohit Mittal

@rohitdotmittal

2 years

Founders don't realize the risk of dependencies in building a fintech company. Owning and managing the right types of risk is a real skill all fintech founders need to develop quickly. Fintech infrastructure is still disjointed and hard to put together.

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Rohit Mittal

@rohitdotmittal

1 month

Brigit announced $100M+ revenue year with full year profitability. - 32 million cash advances - $2.3 Billion in cash advances - 4.5 million points credit score increase of 100k+ users Brigit claims that 75% of adults in the US are living paycheck to paycheck. Hard to believe…

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Rohit Mittal

@rohitdotmittal

4 months

Immigrants don't have trust funds. Immigrants don't have parents at Goldman Sachs. Immigrants don't have uncles at IBM. Immigrants don't have a family network at big 4. They build everything from scratch. Easy to underestimate the disadvantages they start with.

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Rohit Mittal

@rohitdotmittal

3 years

The number of expert fintech investors who are clueless about different revenue types for fintech companies is staggering. I hope people don't lose money just because they want to look like fintech experts.

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Rohit Mittal

@rohitdotmittal

2 years

Our sales guy is not happy. I think it’s a good sign for The level of interest in launching credit products is through the roof. We are seeing 3 reasons: - Interchange revenue is not enough - Existing products are suboptimal - 10x simpler setup

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Rohit Mittal

@rohitdotmittal

1 month

It blew my mind to see how insanely expensive going to college is. Pre-tax it’s easily $500k+ to send your kid to one of these colleges. Tuition Costs for a top 10 universities for engineering: • Massachusetts Institute of Technology (MIT): $85,960 • Stanford University:…

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Rohit Mittal

@rohitdotmittal

20 days

Valuable reshare: An early stage fintech founder's guide to working with lawyers. I've worked with 12-15 law firms over the past few years and spent over $2M on legal fees. In talking to 100+ fintech founders, I’ve found that working with legal/compliance is alien to most.…

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Rohit Mittal

@rohitdotmittal

3 years

The reason is that if you are assessing credit risk (using a credit report or other similar data), it triggers lending regulations. By making decisions on who to lend, you are limiting access to credit for a certain population.

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Rohit Mittal

@rohitdotmittal

2 years

Making it easier to launch fintech products is going to be a major trend for the next few years. Still a lot to be done in removing complexity, improving speed to market, and ensuring compliance while delivering a great customer experience.

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Rohit Mittal

@rohitdotmittal

2 months

For all the time and energy we put in some verticals of fintech, there are almost no big companies. BaaS started 8-10 years ago and we have only 1 company valued at $1B. A few examples: - Synapse: sold assets to Tabapay - Bond: sold to FIS - Solid: fighting lawsuits with…

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Rohit Mittal

@rohitdotmittal

3 years

$30M to go to be amongst “the rich”. 🤣

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Rohit Mittal

@rohitdotmittal

5 months

“Make something people want.” I think I nailed it. 🙃

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Rohit Mittal

@rohitdotmittal

4 years

15 years ago: Circa 2005, I met . @vkhosla (Vinod Khosla) at an event at IIT Delhi. The first time ever I met a legend. I got an autograph and I still have it. Never stop dreaming the dreams.

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Rohit Mittal

@rohitdotmittal

4 months

For any level of success, no alternative to hard work + taking risks. In India, My dad ran a kirana store (like a bodega in the U.S.). Since I was 12, I worked with him at the store. I was at the store after school, after college, during weekends, almost every day until I moved…

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Rohit Mittal

@rohitdotmittal

3 years

Immigrants don't have trust funds. Immigrants don't have parents at Goldman Sachs. Immigrants don't have uncles at IBM. Immigrants don't have a family network at big 4. They build everything from scratch. Easy to underestimate the disadvantages they start with.

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Rohit Mittal

@rohitdotmittal

21 days

KYB is a big opportunity that most companies are going after. There are at least 5 YC companies automating KYB Reviews: - Greenlite - Accend - Parcha - Coris - Middesk - Ballerine All these products are great and seem to be solving a pain point for onboarding businesses. These…

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