
To infinite and beyond! Building a better world @joinforage CTO/Cofounder
Joined August 2010
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- Following667
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Victor Esteban retweeted
Today, @CBinsights named @joinforage to the Fintech 100, recognizing us as one of the world’s most promising fintech companies.
It’s an incredible honor to join a list that has previously recognized industry giants such as Stripe and Plaid.
The recognition comes at an exciting inflection point as we evolve from the leading EBT payments platform into the affordability network for millions of American families!
I think we talk past each other because folks look at the same thing but from different perspectives. Capitalism is positive-sum at the macro level but feels zero-sum at the individual level. Just look at how that wealth gets divided between wages, profits, and consumer surplus. It's in the math.
Victor Esteban retweeted
My god this is such a good speech that every SWE needs to hear. You know what? Every person should hear it
Keep the happy memories, eyes on the reality, be excited about the future. That’s the best that anyone can do
Victor Esteban retweeted
Before vibe coding became a thing, programming was already evolving in that direction. It already increasingly consisted of installing and configuring stuff other people wrote, without reading the source.
Okay problem fixed:
Companies that pay people enough to live get tax credits.
Companies that don’t, pay more taxes.
Why should taxpayers cover the gap when a company chooses not to?
Victor Esteban retweeted
We just raised $40M to solve America’s affordability crisis.
Groceries are the #1 financial stressor in America. Food prices are up 30% since the pandemic. For the 100 million Americans earning under $50K, the money runs out before the month does.
To fix it, Forage is building a network for affordability:
1. For families, we’re building a suite of products to expand financial access
2. For partners, we’re building a revenue growth engine by helping them win on affordability
Today, our technology is used in over 100,000 stores across all 50 states. Our payments volume is up 13x YoY. When grocers switch to Forage, they see a 15% lift in EBT revenue.
We also launched the Forage app, a free tool that helps cost-conscious families check their EBT balances, save on groceries, and earn rewards on every purchases.
US grocery is a $1.5T market. We're just getting started.
Onwards! 🚀
Money is the most powerful abstraction ever created for measuring human activity but the danger of any good abstraction is that it becomes so convenient you stop looking through it
The hard parts of parenting are easy to describe.
The best parts resist language.
That’s why people talk more about the struggle than the joy, even when the joy is greater.
Seriously one of the greatest of all time
.@williamhockey is one of the least visible founders in tech relative to what he has created.
He co-founded Plaid and is now building Column, a software company that owns a bank, and powers Ramp, Wise, Bilt, Mercury, and others. He funded it himself by borrowing against nearly everything he had in Plaid shares, and has never raised any outside capital.
His story matters because so much of the value in our industry gets created through exactly this kind of extreme personal risk. He is maniacal about being the best in the world at his thing, and has spent his entire career betting on himself and doing whatever it takes to win.
He also spends a lot of time outside the US (in places like Kinshasa) which has given him a rare perch on the power of the US dollar.
We discuss:
- Why emerging markets are often the most financially innovative
- What owning 100% of his company allows him to do that VC-backed founders cannot
- Getting margin called and nearly going bankrupt
- Why the best founders are specialists
- What it takes to be the best in the world at your thing
- How Silicon Valley's consensus culture produces consensus founders
- How the US dollar functions as an instrument of national security
Enjoy!
Timestamps:
0:00 Intro
9:19 Emerging Markets
14:03 Silicon Valley's Elite Consensus Problem
16:03 Rejecting the VC Hamster Wheel
21:45 Equity and Liquidity
26:03 Funding a Bank
29:45 The Necessity of Extreme Founder Risk
37:18 Finding Leverage
45:20 Longevity and Profitability in Banking
48:46 Matching Your Capital Structure to Your Business
51:44 The Unseen Power of the US Dollar
1:02:30 How AI Will Transform Legacy Banks
1:09:23 The Kindest Thing
Victor Esteban retweeted
.@williamhockey is one of the least visible founders in tech relative to what he has created.
He co-founded Plaid and is now building Column, a software company that owns a bank, and powers Ramp, Wise, Bilt, Mercury, and others. He funded it himself by borrowing against nearly everything he had in Plaid shares, and has never raised any outside capital.
His story matters because so much of the value in our industry gets created through exactly this kind of extreme personal risk. He is maniacal about being the best in the world at his thing, and has spent his entire career betting on himself and doing whatever it takes to win.
He also spends a lot of time outside the US (in places like Kinshasa) which has given him a rare perch on the power of the US dollar.
We discuss:
- Why emerging markets are often the most financially innovative
- What owning 100% of his company allows him to do that VC-backed founders cannot
- Getting margin called and nearly going bankrupt
- Why the best founders are specialists
- What it takes to be the best in the world at your thing
- How Silicon Valley's consensus culture produces consensus founders
- How the US dollar functions as an instrument of national security
Enjoy!
Timestamps:
0:00 Intro
9:19 Emerging Markets
14:03 Silicon Valley's Elite Consensus Problem
16:03 Rejecting the VC Hamster Wheel
21:45 Equity and Liquidity
26:03 Funding a Bank
29:45 The Necessity of Extreme Founder Risk
37:18 Finding Leverage
45:20 Longevity and Profitability in Banking
48:46 Matching Your Capital Structure to Your Business
51:44 The Unseen Power of the US Dollar
1:02:30 How AI Will Transform Legacy Banks
1:09:23 The Kindest Thing
Victor Esteban retweeted
Arguing that Elon Musk’s success is due to “narrative control”, luck, or riding others coattails is such an implausible claim that it functions as a useful litmus test for a persons analytical judgment.
This isnt about whether you like Elon Musk. I don’t know him, and I am largely agnostic about him as a person. But I do know his record as a CEO, and studying management and business strategy has been a major part of my job for the past 20yrs. From that perspective I can tell you that Musk isn’t just a good CEO. He is one of the most effective CEOs of our generation.
When I hear people write off Elon’s achievements bc someone else started these companies, it is a clear tell that they don’t understand business. Ideas are a dime a dozen. They are not what makes a great CEO. Execution is. And part of execution is recognizing a good idea when you see one and understanding how to build something around it that actually works.
Tesla was months from bankruptcy when Musk took control. It’s now the company that forced every major automaker on earth to retool their entire product strategy. SpaceX was a startup that serious people in the aerospace industry dismissed as a fantasy. It now conducts more orbital launches than the rest of the world combined and has driven launch costs down by an order of magnitude. Starlink is on track to become one of the most consequential communications infrastructure projects in history. These aren’t narrative achievements. Theyre tangible businesses that work, at scale, in industries where failure is the default condition.
And there’s a consistent pattern where Elon has repeatedly looked crazy, and then been right. The people who called reusable rockets a dream watched a booster fly back and land itself. The people who said a mainstream consumer EV company was impossible watched Tesla restructure the global auto industry. This is a person who has repeatedly seen something others cant see yet, absorbs the ridicule, and then builds toward it anyway.
The PayPal criticism this author pushes is another perfect ex. Do you know how he became CEO? Elon identified the importance of network effects in the late 90s and realized he could take advantage of cheap capital during the internet bubble to pay users to join his network. He was labeled a lunatic. Losing money upfront to lock customers into your network is well understood now but it wasn’t back then. Confinity was forced to merge bc they couldn’t compete with it…and that’s based on Peter Thiel’s own account in Zero to One.
Elon was considered reckless at the time. But he was right.
And now we have people criticizing Musk’s Mars goal. But as Ben Thompson explained, Mars is the strategic North Star that forces you to radically confront the cost structure required to achieve it. Which leads you down the only path that actually scales, without settling for easier short-term solutions. If you’re serious about putting a city on Mars, full reusability is non-negotiable. And that engineering logic turns out to be what dramatically lowers launch costs. Which unlocks Starlink at scale. And Starlink creates the revenue flywheel that funds everything else. An Arianespace executive called reusability a dream in 2013 and said it was impossible. But the dream isnt the destination. It’s the constraint that forces you down the only engineering path that actually works. And it’s why SpaceX is a trillion company today.
You can write off one company as luck. You can write off two as fortunate timing. But at some point the sheer weight of success across different industries and challenges stops looking like coincidence and starts looking like a big flashing signal.
When someone executes repeatedly in industries where lack of execution destroys almost everyone else, the correct analytical move is to update your model. If you can’t see that Elon is a great CEO, then you’re just revealing the limits of your own analytical process.
Traditional apps encode possibilities ahead of time. AI-powered apps explore possibilities at runtime.
We use money to measure value, and somewhere along the way we start treating it like the value itself. Then the debate turns into who has more money instead of whether we can actually build more homes, make more food, or train more doctors.












