Meghan Markle just revealed that she and Prince Harry like to ring in the new year early.

In the premiere episode of her new podcast from Lemonada Media, Confessions of a Female Founder, the Duchess of Sussex welcomed fellow founder Whitney Wolfe Herd as her first guest. Wolfe Herd co-founded Tinder and went on to create Bumble, becoming the world’s youngest female billionaire when she took Bumble public as its CEO in February 2021.

For Meghan, Wolfe Herd has also become a close pal and confidante, particularly as Meghan set out to create her own brand, As ever, which sold out its first product launch in under an hour last week.

The friends first connected after Meghan and Harry stepped back from royal life in 2020 and moved their family from the U.K. to Montecito, California. In the episode, the pair reminisced about meeting for the first time a few years ago, with Wolfe Herd asking, “Do you remember when I came to your house in a disco cowboy outfit?”

As the pals recalled, Wolfe Herd and her husband, Texas-born oil and gas heir Michael Herd, were on their way to a New Year’s Eve party with mutual friends when they made a stop at Meghan and Harry’s home for an earlier gathering.

“I was like, how am I going to meet this iconic, elegant, classy couple and I’m wearing a rhinestone disco crystal ball cowboy outfit?” the Bumble founder recalled. “That was the theme on New Year’s Eve.”

Meghan clarified with a laugh: “That was the theme for the party you were heading to after you dropped by our place. It wasn’t the theme of our house.”

The Duchess of Sussex said that she and Prince Harry were having a quiet night together at home as their children — Prince Archie, now 5, and Princess Lilibet, now 3 — were still very young.

“I’d call it an ‘East Coast New Year’s,’ ” she shared. “That ball is dropping at 9 p.m. [PT], and I’m going to bed.”

However, the Herds’ appearance in full costume made quite an impression on Meghan and Harry’s kids.

“To this day, Archie still will say, ‘When do I get to see the cowboys again?’” Meghan shared.

“He was so tiny, and they were so sweet,” Wolfe Herd added.

As it turns out, Archie was in costume himself!

“I think Archie ran out in like a Batman suit or some — oh no, PJ Masks! PJ Masks,” the Duchess of Sussex recalled.

In her introduction, Meghan praised Wolfe Herd as not just a “wildly successful female entrepreneur,” but also “the kind of friend who just always seems to know the exact right thing to say when I need perspective.”

“So many people, I think, often will make the false assumption that when someone is really successful, part of that success is because they keep it close,” she mused. “Really, part of that success is because you share it so broadly.”

When Wolfe Herd called the praise “generous,” Meghan was insistent: “I’m talking about you,” she said. “That’s how you show up.”

In addition to a friend, Meghan said she often used Wolfe Herd as her professional “soundboard,” an invaluable resource as As ever began to take shape.

“I was still in such an incubation stage, not even of a brand, but just an ideation of what it could be,” she recalled.

The Duchess of Sussex praised her friend and fellow founder as “an undeniable visionary,” adding, “What I love most about her is her ability to cut through the noise, focus on what truly matters and be vulnerable in the honesty of what that experience has been like.”

Although she faced public scrutiny at every step of the process, the Duchess of Sussex told PEOPLE that the experience of creating her brand has been defined by growth.

“I appreciate everyone who gave me the grace to make mistakes and figure it out and also to be forgiving with myself through that. It’s a learning curve,” Meghan added.