Mintwell — Investor Update — May 2026

From: Priya Nair, CEO Date: 4 June 2026 Period: May 2026

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TL;DR

MRR grew 21% to $58.4K as our first two SMB lenders went live on the new underwriting API. The big setback: onboarding takes longer than planned, which slowed activation. My main ask this month is a warm intro to heads of risk at digital-first business lenders — our sweet spot.

Key metrics

Metric	Apr 2026	May 2026	Change
MRR	$48.3K	$58.4K	+21%
New customers	6	9	+3
Active users	1,140	1,420	+25%
Net revenue retention	104%	108%	+4 pts
Cash balance	$1.62M	$1.49M	-$130K
Monthly burn	$128K	$131K	+$3K
Runway	12.7 months	11.4 months	-1.3 months

Highlights

• First two SMB lenders live in production. Both are running real loan decisions through our underwriting API; one is already routing 100% of new applications to us.
• MRR crossed $58K, up 21% month over month — our strongest growth since launch.
• Hired a Head of Customer Success (Daniel Osei, ex-Plaid) who started 26 May and is already rebuilding onboarding.

Lowlights / challenges

• Onboarding is too slow. New customers are taking ~5 weeks to reach first live decision, against our 3-week target. The bottleneck is data-mapping each lender's loan file format by hand. We are building a self-serve mapping tool (in progress, expected mid-June) and Daniel is owning the playbook.
• One pilot stalled. A mid-size lender paused their rollout over a compliance review on our data retention. We have sent our SOC 2 report and expect a decision by 20 June; if it slips, it pushes ~$4K MRR into Q3.

Asks — how you can help

• Warm intros to heads of risk or credit at digital-first business lenders (US or UK). Our best-fit customers do $5M–$50M in annual originations. Even a name to research helps.
• A referral for a senior backend engineer (Go + payments/lending experience) — this is our top open role and the constraint on shipping the self-serve mapping tool faster.

Hiring

• Recently joined: Daniel Osei — Head of Customer Success
• Now hiring: Senior Backend Engineer (Go), Founding Account Executive — referrals very welcome

Runway and cash

Cash $1.49M; burn $131K/month; runway ~11.4 months. Burn ticked up with the CS hire and will rise modestly as we add the backend engineer. We are planning to open a Series A conversation in Q4 once we are consistently above $80K MRR with onboarding under three weeks.

Thanks

Thank you to Marcus for the intro to LedgerLoop, which became one of this month's live customers, and to Anya for the SOC 2 auditor recommendation that got us through certification ahead of schedule.