Category

Founder narrative

82 posts in this category.

Founder narrative

The month a payout feature made me a money transmitter at 65K MRR

A composite founder diary. At 65K MRR a banking partner asked whether client funds ever touched our balance. Nine days in the statutes turned up a federal felony that says your knowledge is irrelevant, an exemption written for somebody else, and a civil penalty of 10,556 dollars a day that the statute itself prints as 5,000.

10 min read85
Founder narrative

The month I could not sue my own customer, at $59K MRR

A composite founder diary. I sent a $21,600 collection letter and got back a sentence about a certificate I did not hold. California bars an unregistered company from suing on that business while deeming it to consent to being sued. The threshold that decided it was $177,000, not the $757,070 every guide quotes.

10 min read79