Goldfinch Update #45
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Goldfinch Update #45
🐦 Fly Goldfinch Fly - New launches, enhanced deal structures and more flexible liquidity. Learn more!
🎙️Highlights of the Week
Launched a brand new $2 million pool with Fazz - invest here before it fills up!
Learn more about why a Callable Loan is such an attractive investment in our latest blog post
Dive into the latest Fazz Credit Memo produced by an independent Credit Analyst and join our upcoming AMA next week on Twitter Spaces on Tuesday 4/11 9AM PT
Goldfinch goes to the New York Stock Exchange! Watch Co-founder and CEO, Mike’s interview here
Listen to Co-founder and CTO, Blake on his podcast interview hosted by Amberdata
Missed our last AMA event with the Founders, Legal and Eng Team? Catch up on notes in Discord and save the date for the next one - takes place monthly
Will you be at NFT NYC? Catch Senior Credit Manager, Aaron speaking on the Legal & Finance Stage and meet some of our team members!
👀 From the Beak
The new Fazz Financial callable loan is now live!
Fazz Financial is a Singapore-based Series C Fintech backed by Y Combinator (S17), Tiger Global, and prominent Angel investors. Proceeds from the deal will be used as on-lending capital to grow its micro, small and mid-size enterprises (MSME) loan book.
Using this new callable loan structure, investors will have the right to “call back” any amount of their principal during each “call period,” which will occur every 90 days. This unique offering made possible by Goldfinch, will allow you to have more flexibility in withdrawing your capital.
The loan will be capped at USDC 2 million.
Fazz Credit Memo and upcoming TwitterSpaces AMA
Third-party credit analysts have produced a comprehensive credit memo synthesizing the data room information into a multi-page summary. Evaluate the deal’s credit risk with ease by viewing the memo directly here (Executive Summary and Full Memo). We’re also hosting a TwitterSpaces early next week - save the date for Tuesday April 11th, 9AM PT / 12PM ET!
Join Jaou, Senior BizOps, Aaron, Senior Credit Manager, Abhi, Credit Analyst and Robert, Community Manager to dive deep into the Fazz Credit Memo and share more about this community-driven initiative to help investors understand the loans. Bring your questions - all are welcome!
So what is a Callable Loan and why is this an attractive investment?
A callable loan is a type of loan that gives lenders the right to demand principal payment at regular intervals before the final maturity date of a loan. This means that if the lender decides to call the loan, the borrower has to repay the call amount at the end of the call period or face default.
In the past few months, the Warbler Labs team has interviewed over 100 existing and potential Goldfinch investors. One message was very clear: crypto investors highly value liquidity. Callable loans are a middle ground between instant liquidity and 1–4 year investment lock-up. Crypto investors get a more suitable liquidity timeframe, while still giving borrowers the time to generate yield from their business activities
Read the full article on our Medium Blog, written by Aaron.
📰 Goldfinch in the Media
Goldfinch live at the New York Stock Exchange!
Mike was invited to join Judy Shaw, host of New York Stock Exchange’s Floor Talk show, right in the middle of NYC last week! He shares with her his thoughts on the current investing environment and emphasizes the strong opportunity we have now to invest in private credit. He then briefly shares how Goldfinch is using blockchain technology to make these private credit deals more efficient and accessible. Go give it a watch and spread the word!
Amberdata Podcast recording with Blake, CTO & Co-Founder
Amberdata's Podcast series features leaders in the Crypto space where they go in-depth and dive into various topics. In this latest episode, Chris Martin, Amberdata's Principal Analytics Engineer, interviews Blake West, CTO & Co-Founder of Warbler Labs and Co-Founder of Goldfinch. During this podcast, they talk about the Goldfinch governance token, UID, the current state of DeFi and the future state of DeFi!
👂From the Community: What we’re Hearing
Overheard on Twitter
We appreciate all the support and shoutouts sharing our latest Fazz loan, and spreading awareness of Goldfinch!
📅 Events
Tuesday April 11th, 9AM PT / 12PM ET - TwitterSpaces AMA with the Credit Team to discuss the Fazz Credit Memo
Friday April 14th, 9:35 AM ET - Aaron will speak at NFTNYC on the Legal and Finance Stage
We always have events in the works, from education to early alpha, so make sure to stay tuned, by following @goldfinch_fi on Twitter, or in the Goldfinch Discord.
🗳️ Governance
Any $GFI holder can make a Goldfinch Improvement Proposal (GIP) via the process here. Voting costs nothing and happens through Snapshot.
Proposals Passed
GIP-44: Temporarily set the withdraw cancellation request fee to 0%
Summary: Goldfinch should allow users to cancel their FIDU withdrawal request with 0% fees for a short 28 day window to give users the opportunity to reconsider their withdrawal.
✨Shoutout to our star community member Nanojohn for putting this together and gathering feedback in our #proposals-idea channel in Discord!
This is now live and implemented!
Proposals live in Discourse
GIP-45: Templatize legal agreements for deals *note this did not pass quorum on snapshot, thus we will repost next week following the community approved cool-down period. Be on the lookout to vote!
Summary: Pay up to 70,200 USDC from the Goldfinch treasury to Reed Smith for a loan agreement template that can be used by borrowers for Goldfinch deals. The template aims to adapt traditional debt mechanics for on-chain mechanisms, standardize deal terms and reduce deal execution cost and timelines.
We welcome discussion and ideas for new Governance Improvement Proposals - head over to our #proposals-idea channel in Discord
💼 We’re hiring!
Just announced! Senior Product Designer. Check out our website for a full list of openings
We’re looking for a designer who is passionate about our mission to expand access to capital by creating a single global credit marketplace. We take pride in building beautiful products and as our product designer you will set a vision for how we design these experiences for our users. Please reach out to us if you are interested and help us spread the word through your network. Read more and apply here
🎱 Senior Pool / Borrower Pool Updates
Current Senior Pool APY: 14.4% combined (7.8% USDC + 6.6% GFI)**
Fazz - SME Loans in Southeast Asia - Invest here
Key Terms:
Borrower: Fazz Financial
Type: FinTech (payment, SME lending)
Region: Southeast Asia
Amount: 2 million USDC (capped)
USDC Interest: 13% fixed APY
Term: 24 months
Call Options: Every 3 months with 60 days notice
Get real-time updates when new Backer Pools launch, and news on upcoming Borrowers, here.
The Senior Pool is automatically diversified across different Borrower Pools. Backers can invest in specific Borrower Pools, and earn an additional share of rewards for their role doing so. Pools normally close for Backer deposits within a week. Learn more here.
📊 Stats
Total loss rate in the last 30 days: 0
Repayments in the last 30 days: ~$1M USD ($1,058,598.13)
Protocol Revenue in the last 30 days: ~$124K USD ($124,234.17)
Total Active Loans: ~$101M USD ($101,344,766.13)
See more data on Dune
🧠 Resources
📚 Ready to start investing? Read the step-by-step guide.
💰 Considering providing capital to the protocol, but would prefer to chat with a human first? Complete the Goldfinch Capital Provider Interest Form here.
🛠️ Find job openings for a variety of roles building for Goldfinch at Warbler Labs here.
📗 Read Borrower Profiles here, and view the protocol’s pipeline of upcoming Borrower Pools here.
🐦 Follow us on Twitter, join our Discord, and see the latest governance activity on Discourse.
**Disclaimer: All APYs on Goldfinch are dynamic, and these APYs are a snapshot from 4.7.2023. The Senior Pool APY changes based on the amount of capital in, and the utilization rate of, the Senior Pool.