Tech Founder Takes Online Business Loan, Grows Massively
The founder of Testimonial.to took to X to share his story about using a revenue based business loan from Stripe Capital. It worked very well for him. His posts about it are below:
Everyone in the comments missing the point picking on the interest amount. Dude deployed cash to grow his business by $300k ARR.
— Preetam Nath (@hipreetam93) July 27, 2023
Not really to build a business from scratch, but to scale a business that already proved the PMF
— Damon Chen (@damengchen) July 26, 2023
Some marketing expenses and hiring
— Damon Chen (@damengchen) July 26, 2023
I can take $187,300 from Stripe without giving away a single share of my company. The modern-day "VC"! pic.twitter.com/1wiTQsa7KF
— Damon Chen (@damengchen) February 2, 2024
Stripe Capital works similar to how other platforms work in that their product is a loan with MCA-esque features. For example, merchants apply a fixed percentage of their credit card sales toward their loan balance up until the loan is paid in full.
Last modified: February 2, 2024
