Ilona Limonta‑Volkova is a venture capital investor passionate about fintech and innovation. In her writing on Forbes and her free newsletter, Bear and the Bull, she’s working to demystify the forces shaping the financial world through sharp insights and compelling storytelling.
Independent writers and newsletters are increasingly important to reaching key audiences as traditional media undergoes a shift toward community-driven storytelling.
Between her reporting and her NPR-distributed podcast, “Money Memories,” Ilona explores how culture, capital and technology intersect to shape the future of money. Her work is rooted in both personal storytelling and deep financial expertise. Let’s dive in.
Tell me how you got started with blogging and your newsletter.
Ilona: I started a newsletter when I first launched my blog in the summer of 2020, at that time using Mailchimp, but I didn’t keep it up. Without a clear vision or system, it was hard to maintain, especially while trying to scale. I found more traction on Instagram, so the newsletter faded away in the beginning.
I started writing for Forbes later that year. I dabbled in personal finance blogging and even tried Pinterest, but it didn’t stick. It took me about four or five years to return to it seriously.
Over time, people kept saying, “You need a newsletter, it’s your own channel.” Platforms like Substack changed my view. Seeing newsletters get acquired helped me realize the monetization potential. That’s what really reignited my commitment. I’ve now been consistently publishing for the last 13 weeks.
How’s reader feedback been?
Ilona: It’s been slow but super meaningful. Someone once said, “This helped me buy a house.” Another said they loved how I broke down venture capital behind the scenes. And PR folks sharing articles has helped me grow my list and deepen those relationships.
How do you approach writing for Forbes vs. your newsletter?
Ilona: I now treat my newsletter like a weekly investment memo. If I launch a fund one day, this is what I’d want Limited Partners to read. Initially, I thought it would just consolidate my podcast, Forbes articles and social, but it’s become its own hub of thought leadership.
Now I write newsletter-first. Then I extract what’s relevant and revise for Forbes, where it’s more neutral. My newsletter is where I include personal stories, humor and a more casual tone. Like when I wrote about AI and HVAC: My Forbes version didn’t include the photo of my roof leak. But that lived in the newsletter and it made the point better.
How would you describe your writing voice?
Ilona: It’s evolved. Writing consistently has helped me find my voice. On Forbes, there’s an expectation of neutrality and polish. But in my newsletter, I get to be myself — personal, funny, direct. A friend said my newsletter was “kind of funny,” and I was like, “Yeah! I am funny!”
I’ve also built a deep repository of research and observations over the years. Sometimes, The Wall Street Journal covers something I’ve already written about. That validation is huge. So my content often blends personality with conviction and can now back up with data and trends.
What trends do you think people should be paying more attention to?
Ilona: I’m incredibly bullish on newsletters. They remind me of podcasting since they’re still wild and full of creative opportunity, but they can be monetized, build community and serve as a platform for events or thought leadership.
On a broader scale, I’m fascinated by U.S. manufacturing. We hear a lot about reshoring, but U.S. factories are still lagging on innovation. There’s a disconnect between what tradespeople need and what VCs imagine from their desks. I’m writing more about that, especially as it relates to AI and blue-collar work.
Another one: financial wellness apps. I get pitched constantly. And honestly, many feel like payday lenders with a tech wrapper. Human behavior is the issue, not a lack of resources. Financial education is everywhere now. Monetizing people’s financial struggles often veers into predatory territory.
You mentioned earlier that PR folks sharing articles has been helpful. What else makes PR people or sources stand out to you?
Ilona: Definitely not generic press releases. I’ll skim them and add to my CRM, but I rarely act on them.
What works is specificity when someone references an article I wrote or shows they understand my beat. There are a few PR people I work with regularly who get it. I can say, “Hey, I’m looking for someone with an international angle on mortgage tech,” and they’ll deliver.
I also use intro calls to build my network as an investor, not just a writer. Founders and CTOs pick up on that. If I highlight competitors or show I understand the market, it creates instant credibility.
What happens when PR reaches out after you’ve written on a topic?
Ilona: It’s common. Now I just ask, “Is there something new here?” If yes, great. If not, I move on. But promoting the piece? That helps too. This is unpaid labor, so helping it reach more people is the least anyone can do.
Sometimes their follow-ups give me new ideas. I’ll even ask, “Are there angles I didn’t cover?” That starts a better conversation.
What’s your preferred way to be contacted?
Ilona: Email. I don’t use LinkedIn for PR outreach. That’s for my job in finance. I’ve had to draw a firm line. Otherwise, I get overwhelmed. Social DMs are fine in a pinch, but email is best.
Thank you, Ilona, for sharing your insights on writing, the media landscape and what to watch in fintech. In addition to following her work on Forbes, you can subscribe to Ilona’s Bear and the Bull newsletter for sharp insights on fintech, investing and personal finance here.
