Build In Public: Spotlight Edition (Nate Washington)

Hi everyone, welcome to the latest spotlight edition of the Build In Public newsletter. Every week, I interview one prolific creator or founder and unpack insights, strategies, and actionable advice from their story that can be helpful in your own journey. 

In today’s edition, I wanted to feature Nate Washington, co-founder and CTO of Qoins. I first heard about Qoins when I watched the pitch live at an event in Atlanta. It was impressive but what really piqued my interest was that Nate used a bunch of no-code tools (mainly Bubble) to build out the MVP of Qoins. It was probably one of the first mainstream fintech apps that was built on Bubble that became successful and raised funding. Anyway, Nate and I became friends and he helped me out in my early days of the no-code journey and always remember his kindness and willingness to support others around him. Qoins is in the middle of a huge public fundraising campaign on Republic and I thought this was a great time I invite Nate to my newsletter and get to share his story.

Without further ado, here is our text interview:

AN INTERVIEW WITH NATE WASHINGTON

KP: Who are you and what’s your background?

NW: My name is Nate Washington, and I’m cofounder and CTO of Qoins. I’m a self-taught software engineer who is also a supporter of the No-Code movement.

KP: What are you building/creating currently?

NW: Qoins helps our customers save money and pay off debt faster by automating the process. In addition, we provide financial education to help customers achieve a better financial future.

KP: What’s a milestone you’re excited about?

NW: We’ve recently helped our customers pay off a total of over $20 million worth of debt. We’re excited about that, and we’re aiming for $100 million by the end of 2022. In addition, we’ve just launched a campaign on Republic, which allows our customers and supporters to come along on this long-term journey with us.

KP: What specific inflection point led you on this journey? Why are you building what you are building?

NW: I’m a multi-time founder. I met my cofounder randomly while doing contract work after shutting down my second company. He already had the idea, but we both decided to work on it after having experienced the pain point that we wanted to solve. (Having lots of credit card debt, student loans, and auto loans.)

KP: Who does your current project help/serve the most?

NW: Our most active customers are ages 25-34, with slightly more women than men. Most of these people are making big life changes for the first time and incurring debt as a result. (First home, marriage, kids, etc.)

KP: What are 1-3 killer features/selling points that you believe make your offering quite unique and valuable?

NW: Using our service, most traditional loans can be paid off 3-5 years early and save customers thousands of dollars on interest payments.

Later this year, we’re releasing our Qoins Debit Card, which ultimately will allow you to pay off your debt even faster by allowing merchants you already shop at to help pay off your loans.

KP: What specific feedback has led to some significant changes?

NW: Pricing your product is an art, not a science. For a while, we tried to differentiate ourselves from competitors with lower prices. We ultimately found that customers don’t mind a higher price, as long as you provide the right value, and that it’s better for your business long-term.

KP: What is one tip on building an audience you’d give your younger self from 4 years ago?

NW: Don’t focus so hard on actually “trying” to build an audience. Just focus on doing cool shit and people will talk about you.

KP: What is the best piece of advice someone has given you in 2021?

NW: Go to therapy. I personally think every founder of a company should be in therapy.

KP: Where can people find you on the Internet?

NW: Twitter: @nwashjr2

Instagram: @natewashingtonjr

KP: Where can people find your startup/campaign?

NW: Website: https://qoins.com

Republic Fundraising campaign: https://republic.co/qoins

CLOSING THOUGHTS

Thank you for reading! Please share this with your friends on Twitter/Linkedin or if you have any comments or questions, don’t hesitate to hit reply :)

Note: In case you didn’t know, I also do a podcast called Build in Public. Here is the latest episode with Ruben Harris, co-founder and CEO of Career Karma.