Product Education: Building Trust, Informing Policy

May 29, 2025

In today’s fast-paced fintech landscape, the lines between departments are blurring – and for good reason. Our extensive experience in Marketing and Compliance has shown us the incredible power of genuine cross-functional collaboration, particularly when communicating about our product to diverse audiences, like customers, partners, vendors, and legislators. It’s no longer sufficient to simply market a product or ensure its compliance; we must actively educate. This approach is a strategic imperative that empowers our customers and drives fair, effective policymaking that benefits all.

Building Trust and Adoption

Fintech customers demand more than just a financing product; they need solutions that deliver transparency and clarity. Understanding how a product functions and its direct benefits is essential for them. We take ownership of proactively providing this insight. Effective product education is key here – by sharing straightforward educational content about our financial offerings, we build customer confidence, minimize friction, and foster strong loyalty.

A detailed funding call that breaks down terms, comprehensive self-serve resources, and readily available contact information all contribute to a customer feeling informed, secure, and supported. Our onboarding materials aren’t just instructions; they’re foundational guides. When customers understand our product, we see improved engagement, better performance, higher retention, and greater overall satisfaction. Simply put: more educated customers tend to be more successful business owners and ultimately more loyal customers – and that’s a win, win.

Driving Effective Policy

From a legal and policy standpoint, the value of simple, jargon-free, factual materials is tremendous. Legislators need a clear, accurate understanding of our product to create regulation that is both fair and effective. Policymakers often attempt to classify products into existing categories, so it’s critical that we articulate the nuanced differences between similar yet distinct offerings.

Consider the innovation in fintech over the past decade alone, particularly products like ours that allow businesses to pay according to their revenues. This concept often excites and impresses policymakers, because the benefits are immediately clear. However, the tendency of attempting to apply laws passed decades ago to these modern financial products often is like putting a square peg in a round hole. Those foundational laws were simply not designed for the kind of flexible, responsive financial solutions that exist today. Clear, proactive education helps bridge this gap, ensuring that new legislation is well-informed and doesn’t inadvertently stifle beneficial innovation for the many underserved by traditional financing. By clarifying these distinctions, we contribute to a regulatory environment that supports progress.

Final Thoughts

Whether we’re earning customer loyalty or helping to inform legislation, education is fundamental to building long-term trust and fostering sustainable growth. To achieve this, we need to:

• Make education an ongoing strategic priority: This isn’t a one-off campaign; it’s a continuous commitment that evolves with changing customer needs and industry regulation.
• Align compliance with creativity: Our internal teams must collaborate closely, ensuring that marketing communications are easy to understand while also being fully compliant.
• Stay close in a fast-evolving industry: The fintech landscape is constantly changing. Marketing and Legal teams should partner early and often, both internally and externally, to ensure educational efforts remain relevant and impactful.

Safeguarding Ethical Alternative Financing

January 31, 2025

Access to capital remains a significant challenge for small businesses in the US, with nearly 50% of small business loan applications being declined, according to a 2024 Small Business Administration (SBA) report. Alternative financing has stepped in to fill this gap, but with that opportunity comes an important responsibility to operate with integrity, transparency, and fairness. Every company in the small business financing sector has a duty to each other to uphold ethical standards to support a healthy, thriving ecosystem.

At Forward, we believe that compliance is more than just following the rules, it’s about doing the right thing. By maintaining rigorous compliance standards, we’ve helped to build confidence in our services and foster long-term relationships with our customers and business partners. Here, we’ll explore three key methods to promote ethical standards in alternative financing.

• Provide Transparent Information – Small business owners should have a clear understanding of the funding they receive—what it costs, how payment works, and what terms apply. Confusing or vague disclosures can place unnecessary financial strain on customers. Funding providers should present information in a straightforward, easy-to-understand manner. Forward customers will always find the cost of our financing clearly outlined on the front page of our contract. By proactively adopting ethical practices like this, we protect both our customers and our business, while contributing to the overall integrity of the industry.
• Stay Ahead of Regulatory Changes – The regulatory landscape for small business financing is constantly evolving. In recent years, multiple states have introduced laws requiring commercial financing providers to disclose standardized terms to customers. These measures aim to help business owners compare financing options more effectively. Staying on top of these regulatory changes is crucial for compliance. Forward has a dedicated team monitoring new laws at both the state and federal levels, ensuring that company policies align with the latest legal requirements. Quickly and fully adapting to regulatory changes demonstrates our commitment to responsible financing.
• Cultivate a Culture of Ethical Business Practices – Beyond compliance with laws, companies should foster a culture of ethical decision-making. This means prioritizing the customer experience and ensuring fair treatment. When financing providers operate with integrity, they build trust with customers and support a more sustainable marketplace. Doing the right thing is embedded in our culture and core values at Forward, guiding the decisions we make every day—from our frontline team members to our executive team.

Final Thoughts

The need for alternative financing solutions for small businesses is clear. Yet, without proactively adopting responsible practices, the industry risks increased regulation that could further restrict the already limited funding options available. By prioritizing compliance, transparency, and ethical decision-making, we can collectively help to ensure that alternative financing remains a viable option for small businesses.

Reflections on Leadership, Growth, and Building for the Future

December 13, 2024

It’s an exciting time at Forward! As we prepare to welcome our new CEO, Jason Mullins, in the new year and our current CEO, Justin Bakes, transitions to the role of Executive Chairman, I can’t help but reflect on our incredible journey. Over the past 7 years at Forward, I’ve had the privilege of witnessing firsthand the leadership and dedication behind building not just a successful company, but a thriving team driven by a shared purpose. Providing hard-working small businesses, which are the backbone of our economy, with access to the working capital they need to succeed. We wanted to create a solution and build a mission-driven organization where talented people would be excited to run to work every day. That desire became the foundation of Forward.

The Foundation of Leadership

Looking back, I believe a few key principles have been essential to our success:

• Vision and Purpose – From day one, we’ve had a clear vision: to make working capital more accessible and empower small businesses. This purpose has fueled our passion and provided a guiding star for every decision we made.
• Transparent Communication – Open and honest communication is the foundation of our relationships with our team and our customers. We’ve worked hard to foster a culture where everyone feels comfortable sharing ideas and concerns, which is vital for collaboration and dynamic problem-solving.
• Adaptability – The business world is constantly evolving, especially in the fintech industry. Our ability to adapt to new challenges, embrace change, and maintain a solutions-oriented mindset has allowed us to navigate uncertainty and emerge stronger.

Lessons Learned in Leadership

The years I’ve spent at Forward have been a masterclass in leadership. I’ve gained invaluable insights that have shaped my own leadership journey and the way I approach challenges.

• Invest in People – Our people are truly our greatest asset. We have prioritized investing in their development, providing opportunities for growth, and cultivating an environment of continuous learning. This has expanded our collective expertise and created an engaged and loyal workforce.
• Culture and Values – Defining and nurturing our company culture has been crucial. Our values based on authenticity, transparency, innovative thinking, and customer focus – have shaped our identity and guided our interactions at every touchpoint.
• Strategic Planning – Sustainable growth requires careful planning. As we evolved, we developed clear strategies, set measurable goals, and put action plans in place to achieve them – with solid communication and progress tracking all along the way. This disciplined, proactive approach has helped us stay focused and make more informed decisions with greater collaboration and alignment across the organization.

Why a Deep Leadership Bench Matters

Building a strong, diverse leadership team is essential for achieving both immediate wins and building a sustainable future.

• Driving Innovation – Leaders at all levels have expanded our collective expertise, bringing diverse perspectives and ideas to the table. This fuels innovation and allows us to explore new possibilities.
• Ensuring Continuity – A deep leadership bench helps ensure that the company can seamlessly navigate transitions, whether planned or unexpected. This creates stability and confidence, both internally and externally.
• Supporting Growth – Strong leadership is essential for scalability and building effective, resilient teams. These leaders inspire and support their people, creating a culture where individuals are empowered to grow and develop professionally, which also contributes to the organization’s overall success.

Final Thoughts

As we embrace this next chapter, I’m confident in our ability to thrive through strong leadership, collaboration, and empowering our people to succeed. By fostering a culture that values resilience and teamwork, we’re well-positioned for continued success. With deep gratitude for our exceptional team, loyal customers, and trusted partners, I’m excited to see what we can continue to achieve together.

Enterprise Partnerships, Expansion Opportunities, and the Future of Fintech

November 18, 2024

As a venture capital investor for startups, company founder, and a former VP & GM at Upstart (NASDAQ: UPST), an online lending platform, I’ve seen how vital enterprise partnerships can be in shaping the future of a business. Fintech is evolving rapidly, and enterprise partnerships offer a key advantage—not just in driving innovation, but in unlocking new expansion opportunities. By effectively collaborating with the right partners, we can access new markets, integrate cutting-edge technologies, and enhance regulatory compliance in a way that wouldn’t be possible alone.

Importance of Enterprise Partnerships in Fintech

As the fintech landscape grows more interconnected and the financing gap for many US small businesses widens, strategic partnerships are becoming essential for driving accelerated innovation. These collaborations are key to expanding access to capital, supporting sustainable growth, and unlocking the limitless opportunities ahead. For us, it’s not just about competing today, but laying the groundwork for tomorrow.

What Makes for a Successful Enterprise Partnership?

• Aligned Vision & Goals: A successful partnership begins with a shared vision and mutually beneficial goals. Both parties must be honest and transparent, as misaligned objectives lead to wasted time and missed opportunities.
• Complementary Strengths: Each partner should bring a unique strength to the table, such as technology, market reach, data insights, or regulatory expertise.
• Customer-Centric Focus: Partnerships should prioritize creating value for customers, addressing pain points, and enhancing the user experience.
• Open & Transparent Communication: Establishing clear lines of communication is essential to promptly addressing challenges and leveraging opportunities.
• Scalability & Flexibility: The ability to scale the partnership and adapt to changing market dynamics is a crucial consideration for success.
• Long-Term Commitment: Building trust through a long-term approach, where both parties are committed to sustained growth and evolution.

What Are Some Best Practices for Working with Enterprise Partners?

• Establish Clear Roles & Responsibilities: Define the roles, responsibilities, and expectations for each partner upfront to ensure seamless collaboration.
• Set Joint KPIs: Develop a framework for measuring success, including shared Key Performance Indicators (KPIs) and metrics to track progress.
• Invest in Regular Check-Ins: Consistent communication, feedback loops, and regular check-ins to ensure alignment and address any issues.
• Leverage Technology for Integration: Use technology to facilitate smooth data sharing, streamline processes, and enable efficient integration of systems.
• Risk Management & Compliance: Work together to identify and mitigate risks, ensure compliance, and keep pace with regulatory changes.
• Celebrate Wins & Learn from Failures: Recognize achievements and review any setbacks to continuously improve the partnership.

Where Fintech Is Going?

It’s truly incredible how fast the fintech industry is evolving. What was once a niche market has grown into a dynamic and innovative space that’s reshaping how we think about finance. Whether it’s through digital payments, AI-driven funding, or personalized financing experiences, the possibilities seem endless.

• Focus on Financial Inclusion: Fintech companies are driving financial inclusion, providing access to financing for underserved segments of the market.
• Personalization via AI & Data Analytics: AI and data analytics are playing a pivotal role in underwriting, risk assessment, and personalizing financing offers to better match the specific funding needs of businesses.
• Increasing Demand for Alternative Financing: The growing demand from small- and medium-sized businesses for flexible financing options has increased, especially as traditional lending criteria have tightened.
• Expanding Potential for Embedding Finance: There is a growing opportunity to embed finance, where alternative financial products are integrated into non-financial platforms to reach users in a convenient manner for them.
• API-Driven Models: API frameworks are fostering interoperability, enhancing product offerings, and making partnerships more seamless.

Final Thoughts

As we look toward the future, it’s clear that fintech will continue to break boundaries and redefine how small businesses access working capital. Working with strategically aligned partners allows us to create powerful ecosystems that deliver more value to customers and drive growth for all involved. Ultimately, it’s about finding partners who share your vision and complement your strengths.

A CPO’s Perspective on a Global Workforce

October 22, 2024

Let’s talk about the future of work, because, frankly, it’s already here. Throughout my career in Human Resources, I’ve had a front-row seat to the evolution of the workforce. Organizations have shifted from a traditional approach, where everyone worked in the same office, to a dynamic, global operation with talented individuals spread across multiple countries. This shift has been a game-changer for both organizations and employees, bringing a wealth of benefits, but also a unique set of challenges. It has highlighted the critical need for clear communication, adaptability, and ongoing evolution. To fully reap the benefits of a global workforce, organizations must continue to adapt to its demands.

The Benefits of a Global Workforce

Let’s face it – talent doesn’t adhere to geographical boundaries. Here’s why a global workforce is becoming increasingly more important:

• Access to a Wider Talent Pool: When we look beyond our own backyard, we discover a whole world of talented people. By casting a wider net, we can connect with skilled professionals from diverse backgrounds and experiences, increasing our ability to find the ideal candidates for specialized roles. I have found this particularly helpful when hiring for highly technical roles, like those in Tech and Data Analytics. We strive to open our roles locally and then expand as needed.
• Cost Optimization: Hiring globally, particularly outside of the US, is a delicate balance between maximizing talent while optimizing resources. We can tap into skilled professionals in places where the cost of living is lower. Also, with more employees working remotely, office-related expenses decrease, allowing organizations to reinvest in their teams and operations. A true win-win situation in my eyes. That said, there’s no substitute for in-person time (more on this later!).
• Hello, Innovation! Bringing together individuals from across the US and other countries introduces diverse perspectives and approaches to problem-solving. This melting pot of ideas creates an environment where innovation thrives.
• Enhanced Company Culture: A global workforce makes our company culture richer and more inclusive. Team members gain opportunities to connect with people from different backgrounds, fostering empathy and collaboration while creating a more inclusive work environment.

The Challenges of a Global Workforce

While the benefits of global hiring outweigh the challenges, it’s not without its hurdles. There are a few key areas organizations need to focus on to try to make it work as smoothly as possible.

• Communication and Collaboration: When working with any team, communication must be a top priority, especially with a global team. I’ve had my fair share of learnings here. Different languages, locations, processes, and cultures can make it hard to keep everyone on the same page. With the right focus, tools, regular check-ins, and a commitment to clear communication, we can ensure that all team members are working toward the same goals, no matter their location. This certainly takes work – it means really digging in to understand the unique operations of each office location and finding balance and alignment.
• Legal and Regulatory Compliance: Navigating different labor laws across countries, and even states, can be complex. That’s why partnering with local experts who understand the nuances and intricacies of these laws is critical. Plus, having in-house attorneys who are knowledgeable about multijurisdictional regulations ensures we protect both our employees and the organization.
• Building Trust and Team Cohesion: This is a big one. Building trust with a predominantly remote team spread across multiple countries takes effort. As teams continue to grow, scale, and hire in different locations, I’ve found at times it can bring uncertainty to existing team members who have been with the company long-term. Makes sense. Companies need to get creative to bring people together like virtual team-building and learning and development opportunities, regular, intentional in-person time, and cross-functional team projects. For example, we host a bi-annual Palooza in both our US and DR location to bring team members together. We’ve found that making space for employees to share their experiences, especially face-to-face, helps build trust and creates a sense of belonging.

Final Thoughts

In today’s world, the future of work is no longer geography bound. Expanding our workforce beyond traditional borders opens up exciting possibilities for innovation, growth, and opportunity. However, it also brings its share of challenges. We are learning as we go, evolving our approach to meet the unique needs of our people. By focusing on communication, compliance, and connection, we are working to build one unified team, regardless of geographical location. While we may not have all the answers yet, one thing is certain: the only constant is evolution.