Should other startups imitate Carbon by publishing their financial statements?

On one end, most people seem to argue that it’d reduce the ease at which private companies throw around unverifiable claims ( being the biggest or largest). However, I also think it’s helpful that companies still figuring it out get to stay under the radar.

*Private companies by default aren’t mandated to publish their FS.

I must Commend Carbon for making their Financials public, a good gesture that other startups should emulate, in order to move away from the hype of Fund Raising and focus on Audited Financial Metrics that really matter in the long run.

However, I would have loved to see the loan default value rates and value of Loan Loss Provisioning on the Financials.

Kudos Cabon

We must commend Carbon for that, it’s a tough decision to hold that transparent status. We need more startup to be that transparent and stop announcing undisclosed funding round.

Yes Ebuka,
I agree with this.

Hmmm, that’s good angle. Loan default value rates and value of Loan Loss Provisioning on the Financials.
I guess the perk of voluntarily disclosing info is that you get to decide what to show to the public. But yes, It would be interesting to see that, and possibly compare with the commercial banks.

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The loan default rates and value of loan loss provisioning were not ‘clearly’ stated in Carbon financials. But this article points out the net impairment loss which should include these metrics you mentioned.

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Thanks for the Link.

Wow, N3.14b is really HUGE.

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While being transparent as a private company is cool, there’s the part of government agencies that can ride on that for taxes and regulatory moves which are likely to put new entrants in a difficult position.
Another interesting point about it is that new entrant have a sort of benchmark for the lending sub-sector of the financial services industry.

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