Krista Morgan knows how difficult it is to build a startup. She also knows just how quickly it can all fall apart.
In 2012, Morgan founded P2Binvestor, a lending marketplace for small businesses. By 2019, the company had issued more than $1 billion in loans, and annual revenue topped $10 million. Then, disaster struck: One of P2B’s clients was a subsidiary of another business owned by Michael Mann, then the CEO of MyPayrollHR. Mann, it turned out, had been perpetrating a $100 million bank fraud. When the scheme crumbled, P2Binvestor was out nearly $10 million it couldn’t afford to lose. Mann pleaded guilty and was sentenced to as many as 24 years in prison, and P2Binvestor found itself on the brink of collapse.
Image: Krista Morgan COURTESY OF STAGE