Weave Success: Priyank Singh, Co-Founder, STILT

Meet Priyank Singh, co-founder of STILT, a lending platform which is now part of Y Combinator’s Winter 2016 batch. He’s been a Weave member for the past six months – using Weave to meet a wide range of people to get advice, hone his pitch, and get in some pitch practice for his eventual interview with the YCombinator partners.

Priyank’s first Weave meeting was with Jane Fu from Kinzon Capital. He saw it as an opportunity to practice his pitch and get her opinion on two things: how investors compare startups and what metrics they care most about. Both things that turned out to be critical for his application and interview for YC. “It’s always difficult to choose the correct metrics, and constant feedback helps,” Singh says. After this meeting, they focused their metric to default rate and loan originations. “Weave is a good platform to meet more people, talk about your idea, share your experiences and learn about things you don’t know.” Another meeting Priyank remembers vividly is his meeting with David Roebuck at DFJ Dragon Fund, who gave him key advice on how to raise more lending capital. “Speaking with him helped me validate my business idea, and create an investor page,” said Priyank.

STILT_PriyankSTILT is a concept that Priyank launched in May 2015 with Rohit Mittal (another Weave user!). It is a lending platform that focuses on expats who are educated and financially responsible, but don’t have a U.S. credit score. This often makes it difficult for traditional lenders and banks to understand their true risk. STILT predicts their financial responsibility, likelihood of employment and propensity to leave the U.S. to determine loan amounts and interest rates.

When Priyank and Rohit decided to apply to YC, they kept in mind two specific pieces of advice from those he met through Weave: know your growth metrics and fully understand legal risks and compliance issues. They’d also practiced their pitch and received countless feedback from other founders and investors they met through Weave. “It’s a unique opportunity to practice your pitch in front of a person who doesn’t know about you or your business. It helped me alot.” Now that they’re in the Winter 2016 batch, they’re looking forward to demo day in March.

With most people he meets through Weave, Priyank likes to touch base every 2-3 months. “We keep updating them with our progress. It helps us to build good relationships. A few folks have helped us to provide good introductions in the industry,” he said. That’s what he appreciates most about Weave – the community. “Keep in touch with everyone. People are super helpful and they wont mind providing introductions. It’s less time consuming and the quality of the people on the platform is high.”

To find out more about STILT, visit their website: https://www.stilt.co/ 

If you have your own Weave Story to share, please email me at lauren@weave.in.

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