How airCFO Was Instrumental in Startup FloatMe’s Debt Facility Raise

We had the privilege of interviewing Joshua Sanchez, CEO and Co-Founder of FloatMe

FloatMe is mission-focused on helping people make better financial decisions. They offer a mobile app to help millennials bridge cash gaps and improve their finances.

As CEO, Josh is responsible for the financial health, strategic vision, company culture, and building out a scalable leadership team for FloatMe. His job is to lead his colleagues in the company’s mission to empower everyone along their financial journey. Josh uses a  “hands-on” approach to jumping on critical activities and giving attention to his team members. 

Here’s how the conversation between airCFO's Financial Advisory Manager Michael Pearson and Josh went:

Joshua Sanchez, CEO and Co-Founder of FloatMe Interviewed by Michael Pearson, Financial Advisory Manager at airCFO

Q: What prompted you to look for a Fractional CFO and Outsourced controller?

What prompted us to reach out for a fractional CFO service was that we are a financial services company, and we didn’t have somebody in-house who was managing our finances. The business is becoming increasingly complicated, and we’re growing fast, so we needed somebody to orchestrate the madness and chaos regarding our financials. 

Q: What stood out to you about airCFO? 

What stood out to me about airCFO is really the holistic approach. You have the ability to handle the accounting side, the financial modeling side, and the tax side of the business but more importantly, it’s also the personal side. Founders can leverage airCFO to support a variety of things. I think that has been the overall thing that has stood out to me about airCFO. 

Q: Without giving out too many trade secrets, I know you guys raised a really exciting debt facility, how did that go and how did airCFO help in completing that deal? 

We are super fortunate to have raised a debt facility. The challenge with a debt facility is that it’s not like traditional equity. It’s much more complex and you have to really dig into the terms. That’s something that airCFO was really instrumental in for us. It was with negotiating some of the terms, making sure that the architecture of the flow of funds was working properly. It’s extremely important for us and our business and how it functions. In addition to that, it was the repayment schedule for us where recycling capital varies quickly and that was really important to incorporate into our agreement. I think those were some of the most critical things in regards to supporting us in our debt facility and also the prior experience with some of the team members having done this for other companies in the past really honed us and helped us out

Q: What do you like best about working with airCFO?

What we like best is the availability.  It’s sending out a message late at night and having a response. It’s the flexibility. Things are always changing in a fast-growing startup, so it’s continuously iterating on models, it’s changing out things, it’s perhaps even updating revenue. Apart from that, it’s the knowledge. We have the ability to access a team of professionals and that’s what really speaks volumes as to what airCFO brings to the table. 

Q: What do you think airCFO does well? 

airCFO does a really good financial model, which can work for a variety of businesses, and there’s a lot of customization and flexibility that works with that model. I think that’s what airCFO does best and, of course, resourcefulness. 

Q: What is one thing you’d like someone to know who is considering using airCFO? 

I would like someone who is considering airCFO to know to really think deeply about their type of business. Think deeply about the space they operate in because some solutions would require more customizations. What may work for another business may not work for theirs. I would sell airCFO as the team that you can trust and is always available. That’s really the short and sweet response there.

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