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Update #13 – August 2023

Sign up for monthly investor updates. Every month, Carry Founder, Ankur Nagpal, sends this public list the (almost identical) update sent to our stakeholders. Sign up to receive the next update.

Update #13 – August 2023

Yooo –

August was solid. We did almost no marketing events and still grew MRR 35% m-o-m lead heavily by Carry Black. We also added a new Solo401k customer almost every day this month somewhat organically which bodes really well for the busy season.

New product development has slowed down a bit – partially, we’re blocked by some of our vendors moving slower than we’d like – but also because we’ve been spending a meaningful amount of time upgrading our core user experience.

With that said, our upcoming roadmap is pretty, pretttty fun so stay tuned.

Metrics

MRR: $17,206 (+35%)
Customers: 524 (+4%)
AUM: <redacted> *
Runway: 20 months

* We made an adjustment to how we report AUM. Previously, it was the sum of all deposits – now it factors in the current asset value so fluctuates as the market does.

August Updates

  • Shipped lots of qualify of life improvements and design upgrades. Our new home screen is pretty, we’ve made it a lot easier to transfer money in between all the accounts hosted on platform, bring in assets from other brokerage websites, redone our financial plan intake experience & more.
  • We turned off a lot of the webinars since we saw higher than expected churn from those cohorts – we need to upgrade our financial plan experience slightly before pushing hard on them again.
  • We’ve been working with <redacted> on Carry Black – our done-for-you service for business owners that make $200K+ in profit. We’re sold out of the spots we have available since we want to scale slowly, but can see this being a huge driver for the business moving forward. Early results suggest every one of our beta customers will end up with massive improvements / tax savings where the program more than pays for itself.

What’s Happening Next Month

  • Hopefully making meaningful progress on our upcoming product roadmap. Some of the projects that are on deck: self-directed IRA’s, a native integration with a banking partner to make alternative investments better, a business cash management account and starting to make some parts of our financial plan experience self-serve.
  • Starting to productize some of Carry Black. Right now, it’s almost entirely a service that we want to build tech around. Our goal is to build tech around it and slowly add 1-2 new customers every single month.
  • I’m hosting a live workshop on September 14 for startup founders & executives on Lessons Learnt Scaling Teachable to $50M in Revenue – free to signup!

​How You Can Help

  • As we build out self-directed IRA’s, we’re looking for an integration partner / trust company to hold the assets – recommendations are welcome.
  • We’re also hoping to sign on with a BaaS partner for the Solo401k’s / self-directed IRA’s soon – midway through the process, but if there’s anyone we should look at, let us know.
  • If you know anyone self-employed in California or who filed an extension for 2022, it’s still not too late to get a tax deduction with a Solo401k. Details here.

Hope y’all have an incredible long weekend (sup from Vilnius) and let’s fkn get it this fall.

– Ankur