Rohit’s Newsletter

The Compliance Debt

We discuss about a type of debt that's specific to fintech companies: compliance debt. It's impossible to avoid, but also misunderstood.

Aug 31 • 

Rohit Mittal

9

March 2025

Klarna IPO - how should it be valued compared to Affirm?

Klarna is the next big fintech IPO and recently filed its F-1. Comparing Klarna's numbers to Affirm to determine a potential valuation. Affirm is…

Mar 21 • 

Rohit Mittal

6

January 2025

Finding regulatory orifices for fintech products

Building a fintech product is a delicate balance of - illegal and undifferentiated. It's easy to know if your product is differentiated, but how do you…

Jan 17 • 

Rohit Mittal

4

1

November 2024

Using AI in Underwriting: Borrower Income Calculations

Income calculations are complicated when error tolerance is low. Increasingly, borrowers have multiple sources of non-standard income which further…

Nov 7, 2024 • 

Rohit Mittal

7

October 2024

Unpacking Embedded Lending: Components, Risk, and Business Models

I break down different types of embedded lending business models with their pros and cons. Choosing the right type of model can make all the difference…

Oct 19, 2024 • 

Rohit Mittal

4

1

September 2024

Where does value accrue in public fintech companies?

We think of fintech as a giant monolith but it has many sub-verticals like lending, payments, banking, insurance, etc. Let's have a look at the winning…

Sep 22, 2024 • 

Rohit Mittal

August 2024

Building large embedded lending businesses (consumer and SMB)

How to think about building an embedded lending company that could go public. There have been big companies in embedded consumer lending but not in SMB…

Aug 20, 2024 • 

Rohit Mittal

8

1

July 2024

Understanding Aven's business and future potential

HELOC is a growing market and making it accessible through a credit card has been on people's minds for a while. Aven's the first to build a successful…

Jul 21, 2024 • 

Rohit Mittal

4

How Onbo grew to $2.5M+ in revenue from billboard ads

At Stilt, we launched a Credit as a Service product in 2022 called Onbo. Sharing my learnings from growing an innovative fintech product from $0 to…

Jul 16, 2024 • 

Rohit Mittal

1

Analyzing $200M securitization from Brex

Brex announced their $200M securitization a few months ago. I look into their business model, growth, and the unit economics of corporate credit cards.

Jul 9, 2024 • 

Rohit Mittal

3

June 2024