Founder Notes with Nelson Chu and Prath Reddy

What does it take to be approved for a deal on Percent? This week, I chat with Bina Shetty, who leads our originations team and brings decades of investment banking experience to the table. We cover how we underwrite non-bank lenders, why Latin America is a breakout region for private credit, and why the best founders keep things simple and scrappy. It’s a behind-the-scenes look at how our marketplace works—and what we look for in every borrower.

The traditional startup playbook—raise big, spend fast, swing for the fences—is fading. In this episode, I unpack why the VC model is under pressure, how AI is fueling a new era of smaller, faster, more profitable startups, and why debt might beat equity for founders who want to scale on their own terms. If you’re still raising like it’s 2013, this one’s for you.

This week, I sat down with Sean Smith, co-founder of SMB Investor Network, to talk about a very different slice of the private markets—entrepreneurship through acquisition. We cover everything from his leveraged finance days at CIBC to why he's now focused on buying HVAC companies and plumbing businesses. Plus, we discuss how private credit and SMB equity are surprisingly complementary when it comes to building a resilient, income-generating portfolio.

With new tariffs already taking effect—and more on the way—I wanted to unpack how this shift is affecting small businesses, capital flows, and ultimately, how we're adapting our lending strategy at Percent to navigate these changes. From forced supply chain changes to increased capital needs, these policy moves are reshaping the economic landscape. I also share listener questions on team dynamics, hard deals, and leadership under pressure.

In this episode, I’m joined by Lucas Keefer, VP of Originations and one of the earliest team members at Percent. We talk about what it really takes to build a company from the ground up — wearing multiple hats, embracing uncertainty, and learning by doing. Lucas shares his journey from JPMorgan to Percent and how “filling the gaps” helped shape both his career and our company. If you’ve ever wondered how startups actually scale, this one’s for you.

In this episode, I share the four core mantras that have guided me through building Percent from the ground up. From embracing market feedback over rigid vision to recognizing how small mistakes compound, I dive into the principles that have helped me navigate the unpredictable terrain of fintech entrepreneurship. Whether you're just starting out or scaling a venture, these battle-tested principles offer a framework for making clearer decisions and building with intention in today's rapidly evolving market.

In this candid conversation, I sit down with Charlie Lienau, Percent's Head of Operations, to explore the art of building for longevity in fintech. From his early days in Argentine investment banking to scaling our global team, Charlie shares insights on measured growth, data-driven decision making, and why focus beats speed when scaling a fintech. We dive deep into lessons learned from five years of evolution at Percent and why sometimes the riskiest decisions lead to the greatest rewards.

In this special episode, I sit down for a candid conversation with Prath Reddy, Percent's President and our first hire, to discuss how we've navigated major market shifts since founding the company. From COVID-19 to rapid Fed rate hikes, we explore how being nimble helped us turn crisis into opportunity, share an inside look at building a private credit platform, and discuss what excites us about the future of embedded finance.

In this candid episode, I share insights on a crucial yet often overlooked part of building a company: choosing and nurturing your board of directors. Fresh from a year-end strategy session, I discuss selecting the right board members, structuring effective meetings, and building personal relationships beyond the boardroom. Whether you’re a founder or investor, gain practical wisdom on governance and scaling from six years of building Percent.

In this episode, I’m diving into how Percent helped one of our borrowers reduce their cost of capital by over 400 basis points while accessing $7 million in debt financing. I’ll walk you through how our platform empowered this borrower to grow, how we brought retail investors alongside institutions in this deal, and why this success story matters for the future of private credit. Tune in to get an inside look at how we’re leveling the playing field for investors and borrowers alike.