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Update #15 – October 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 #15 – October 2023

Sup fam,

Back to regular programming. After a slow September, October picked up the pace. We’ve recently been alternating good months, but optimistic we’re going to close the year out strong as our Solo 401k business has a strong seasonal component & we’re seeing demand pick up.

Customer deposits have been strong, leading to climbing AUM despite iffy public markets – and we’re soon working to add higher value accounts which should get dollars on platform compounding even faster.

Metrics

  • MRR: $19,828 (+13%)
  • Customers: 569 (+6%)
  • AUM: <redacted>
  • Runway: 20 months

What Happened Last Month

  • Rebranded, launched Decode, shipped hella in-app improvements.
  • We’ve tightened up our Solo 401k product ahead of busy season. We’re at the point now where I feel confident that we have the best product in the space and it’s going to get even better from here. Here’s a quick overview of how we’re better than everyone else.
  • We’re starting to find our product focus around “software to save you money on taxes” – and a lot of our offerings fit into this narrative. Once we make it past Solo 401k season, the goal will be to expand the different strategies available, as well as unlock the ability for other financial professionals to use our platform for their clients.

What’s Happening This Month

  • We’re working to launch self-directed IRAs to a small group of users to invest in alternative investments – real estate, startups, crypto, venture funds & more. If that’s something you want to experiment with, let me know.
  • We’re aiming to launch a “Carry for Advisors” product this month that will allow financial advisors, CPAs and other service providers working with end customers set up Solo 401ks for them and manage their account.
  • We’re launching a free ebook this month (The Business Owner’s Guide to Paying Less in Taxes) and paid course (25 Tax Strategies to Reduce Your Tax Bill) and promoting with a bunch of partners.

How You Can Help

  • If you are eligible for a Solo 401k this year, y’all should 100% set one up before December 31st. If you have a SEP IRA, you should consider setting up a Solo 401k instead (here’s why a Solo 401k is better) with us and rolling your funds over.
  • We’re hitting the ground running spreading the good gospel of how to minimizes taxes before December 31st. If you see our content in the wild, amplify it!

– Ankur