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Podcast Episode #6: Mailbox Money
Backed by the co-founder of YouTube, the co-founder of Twitch, and the former CEO of TikTok.
Rate of Return Podcast: Episode #6
As a reminder, these ‘Mailbox Money’ posts are offers for you to ask questions directly to guests on the podcast. I’ll be choosing 3-4 responses for each guest to answer!
What is Karat?
Karat Financial is one of the best things to happen to creators. What most people don’t realize is that creators often have trouble getting approved for business credit cards, lease agreements, loans, and more — due to their very different style of income generation.
After focusing on Fintech Strategy at McKinsey, as a Product Manager at Facebook, and building creator tools for Instagram — Eric understood that this was a massive issue for creators of all sizes. Alongside Will (ex-Goldman Sachs & Palantir), the two were able to build one of the hottest companies in the payments space.
The company’s credit card offers no fees, no interest charges, major rewards, and even the chance to be featured on a billboard in Times Square.
Wei and Kim founded Karat in 2019, then earned a spot in Y Combinator’s Winter 2020 accelerator. By June 2020, Karat launched its first product, the Karat Black Card, a credit card for creators, and earned $4.6 million in seed funding from investors like Twitch co-founder Kevin Lin.
Karat proved its concept with 50% growth from month to month and eight figures in transactions since launch last year. More than 30 creators have invested in Karat, including Jared Leto, 3LAU, Nas Daily and Josh Richards.
— TechCrunch
Karat has conquered its niche of being the preferred card for creators and is working toward being the ultimate financial solution for those building their own brand online.
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