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Sheel Mohnot Profile picture
@pitdesi
Sep 19, 2020 • 10 tweets • 3 min read • Read on X
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Starting a workout challenge with my friends that ends on Election Day so we can be tough as nails to pump fist with victory. Want to join??? Day 1 is today! Image
Push ups self explanatory
Sit ups too
Plank
Mountain climbers
Triple triples
And Sumo Squat jacks
Day 5! Coming out of that day of rest strong today! It's not too late to get started, just start from today. Image
Week 1 in the books!!!! Rest day tomorrow. Those situps are getting to be a lot for me. Image
Now we're up to 2x a day, still easing into it Image

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More from @pitdesi

Sheel Mohnot Profile picture
Apr 20
Extremely common crypto refrain…

But wtf is my cousin in rural India going to do with USDC? With Wise he can buy groceries a few seconds after I hit send.

Stables are ~useless without on and off-ramps, and those are the reasons this map looks like it does.
I send USDC to a self-custody wallet. He transfers to a crypto exchange and sells USDC for INR then withdraws to his bank. He gets KYC’d along the way, eat spreads and fees, and banks often flag these transactions. With Wise I send $ to his UPI account. Nothing reqd on his end.
To be fair - if I was sending to someone who understood crypto, I would do: ACH → USDC (Coinbase) → Polygon → CoinDCX → INR bank. It would cost $11.51 because the exchange auto-clips $10 from the govt, but you get the $10 back on taxes.

Wise would cost $7.33

(for $1000)
Read 4 tweets
Sheel Mohnot Profile picture
Oct 5, 2024
Bhutan is a fascinating place that most of you have never been, so I’ll post observations here:

Flying in is wild.

Super short runway, 18k ft 🏔️ on both sides, cloud cover & no radar, so the 25 pilots that can fly here do so by 👀, only during a few hrs/day when winds allow
Pilots have to navigate a winding valley to get there with <2 miles of visibility to the landing strip, and they have to navigate electric poles and roofs as they get closer.

Evan Spiegel flew in on a G650 this week but a Bhutanese pilot was required to fly it.
Bhutan was an absolute monarchy until 2008. The current king came into power in 2006 (age 26) and oversaw the transition to a constitutional monarchy w/ an election in 2008.

I had lunch with him. He’s sharp and curious, wants an outsiders perspective on stuff. Image
Read 15 tweets
Sheel Mohnot Profile picture
Jun 16, 2024
Wowwwww
Everyone in fintech has been saying that the Bilt credit card ($3.1B valuation) is too good to be true; How can you get cash back on rent payments?

Turns out they have an unsustainable deal with Wells that is losing the bank hundreds of $millions. Wells made a number of incorrect assumptions in their underwriting.

They assumed that it would be a top of wallet card for renters who carry balances. Instead, a lot of savvy consumers (myself included) use the bank for the minimum required to collect the rental points.

Wells assumed that 65% of card-purchase volume would be non-rent, generating interchange-fee revenue.
The reality is inverted... most of the volume is rent payments on which they don't earn much.

Wells also assumed that 50-75% of the balances would be revolving, earning them interest. The reality is they mostly have cardholders like me who don't carry a balance - only 15-25% are revolving.

Wells is paying 0.8% to Bilt on rent payments, even though the bank doesn't get interchange on them. Wells has a massive mortgage business and thought that they'd be able to cross-sell mortgages when the renters become homeowners but that hasn't panned out.

Kudos to Bilt for negotiating a killer contract that doesn't expire until 2029... but I wonder what the future looks like after that. Wells says they won't renew it as-is.

In the meantime - it's a great card... pay your rent via the card and make 5 other transactions a month to get 1% back on your rent.Image
wsj.com/finance/bankin…
Wild how many companies I've seen trying to be the "Bilt for X" (I've seen 4 "Bilt for mortgage" companies alone) and every time I dig in to the unit economics there is some hand-wavy answer about how Bilt made it work...

Good luck!
Read 5 tweets
Sheel Mohnot Profile picture
Apr 6, 2023
Adyen & Stripe '22 annual reports are out.

Adyen processed $837B, +49% YoY (+70% in '21).
Stripe processed $817B, +26% YoY (+60% in '21)

Adyen market cap: ~$47B
Stripe valuation: $50B

GPV/employee
Adyen: $251M (w/ 3.3k employees)
Stripe: $116M (w/ 7k employees)
Source:
Stripe annual report: assets.ctfassets.net/fzn2n1nzq965/5…

Adyen annual report: adyen.getbynder.com/m/62ef2a84c324…
These businesses have different margin profiles:

Stripe likely has a higher gross margin than Adyen, but we don't have data to compare Stripe's net revenue with Adyen ($1.4B).

That being said - Adyen's EBITDA of ~$800M is likely way higher than Stripe.
Read 4 tweets
Sheel Mohnot Profile picture
Apr 3, 2023
Had an epic weekend at a super fun participatory conference in Tahoe called "Learning Man"

We each made presentations to share knowledge & skills outside of work.

There were 30 presentations; people took them VERY seriously... Image
Topics included:
Breaking down the chess scandal
Anatomy of a DJ transition
How LLM's work
Keeping up with the Justices (Supreme court)
Finding the perfect partner
Knife skills
Acroyoga
Fertility 101
Practical survival skills
The Art of Negotiation
Date night planning
Beatboxing ImageImageImageImage
Principles for the weekend were spot on:
Beginners are sexy
Get uncomfortable
Hiccups are natural
So serious, it's hilarious
The world is a passion project Image
Read 7 tweets
Sheel Mohnot Profile picture
Mar 10, 2023
SVB closed today by the California Department of Financial Protection and Innovation 😞

All insured deposits moved to the Deposit Insurance National Bank of Santa Clara

They say accounts will have access to their insured deposits Monday morning.

fdic.gov/news/press-rel… twitter.com/i/web/status/1…
I got really emotional and my heart sank reading this.
As of q4- only 2.7% of SVB’s deposits were insured. I’m sure the number is much higher now given that a lot of people pulled out everything in excess of $250k yesterday. Image
Read 5 tweets

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