PunchPay's Quest to Empower SMB's
Michael Ly & co are after one of the largest legacy industries on earth
The Current State
Michael Ly is a true serial entrepreneur (and Tempe native, meaning he’s got natural pirate DNA). The game of startups all began at ASU, where he started his first company, a pilot software company. After graduating, he got deep into the weeds of accounting, primarily for SMB’s, which is where the discovery for how substandard their accounting & fintech tooling truly is. That led him to starting Reconciled, one of the countries fastest growing accounting firms. Today, they do > $7M in ARR & have a staff of over 50, primarily based in Tempe. Afterwards, Michael realized most big banks wouldn't allow access to capital for SMB’s (they’r all show, like someone we know IE all-show-****). Thus, insert his latest startup, PunchPay. Their mission is to provide micro-loans for small businesses by converting individual expenses to cash, allowing SMB owners to refocus their attention on what matters; growing their business. Let’s dive into the details of what PunchPay is building, and why nobody’s cracked the nut before, given how big the opportunity is.