fbpx
Log In Sign Up
Sign Up

Update #16 – November 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 #16 – November 2023

Yo yo,

November was fun. We always knew we were in a seasonal business, but kinda wild to watch it unfold in real time. We added 100+ new customers in November and expect that number to accelerate in December. We also had our strongest ever month in AUM growth, collected $50K+ in cash and launched self-directed IRA’s in beta. LFG.

Metrics

  • MRR: $21,370 (+12%)
  • Customers: 666 (+17%)
  • AUM: <redacted>
  • Runway: 20 months

What Happened Last Month

  • Launched self-directed IRA’s in beta – working with our first few customers by hand to make alternative investments out of their IRA. We support real estate transactions, startup & venture funds and crypto.
  • Launched a provider view in beta – for financial advisors, CPA’s & other service providers to administer client accounts & handle tax reporting for them.
  • Released a new course on strategies to save money on 2023 taxes for customers, and used it to drive a bunch of new customers + add value to existing customers.
  • We slowed down selling new VIP customers due to capacity issues – making some systemic changes, and will relaunch in January.

What’s Happening This Month

  • Busy season! Most people should set up a Solo 401k by December 31st so prepping for an EOY rush. Lots of customer education with webinars most days.
  • Publicly launching self-directed IRA’s on December 8. Launch event here.
  • Prepping for our 2024 plan. I’ll give y’all a sneak preview – becoming bff’s with CPAs, advisors & other service providers to build out that part of our offering, getting really good at alternative investments and eventually launching a free tier.

How You Can Help

  • We’re looking for a fractional head of compliance, ideally ASAP. Our last compliance firm was not very good – we have lawyers on the case, but need someone to step in between.
  • Sign up for a Solo 401k if you qualify. Get everyone you know who is eligible for a Solo 401k to use us. Publicly talk about why people should set up a Solo 401k with us and tag us.

– Ankur