Disclosure
Atwood moved SupportPay out of Silicon Valley to sustain operations.
“After I raised my first three million in capital, I realized I could not sustain a business in Silicon Valley.”
Assertion Not checkable as stated
Tech investors shifted focus from active users to revenue in early 2016.
“Right in June, March of last year, the whole world when it came to investment changed and it went from active users or a number of customers to amount of revenue.”
Insight
SupportPay's real value is long-term legal proof, not daily expense tracking.
“The value to them is not the day to day submitting the expenses. The value is that longtime history and proof.”
Assertion Not checkable as stated
SupportPay converts 12% of website visitors into paid users.
“Well, right now our conversion rate to an active user for the new users from, let's see, from all the way to, if you look at the entire marketing funnel, we're getting about a 12% from visitor to paid user.”
Assertion Supported
Millennials having children unmarried expands SupportPay's market beyond divorce.
“Because these millennials these days actually aren't getting married anymore. They're just having babies. So it's actually not the divorce.”
Assertion Supported
SupportPay has raised $7.1 million total, including a recent Series A.
“Yes, we've raised about 7.1 million dollars. We just closed our series A in December.”
Assertion Not checkable as stated
SupportPay processes $14 million per month in child support transactions.
“We're looking at about fourteen million a month in child support.”
Assertion Not checkable as stated
SupportPay has over 43,000 total users and nearly 2,000 paying customers.
“Today we have over 43,000 customers, and we have about almost 2000 paying customers.”
Assertion Not checkable as stated
SupportPay has an annual churn rate of about 3% on active users.
“Churn on an active user is about three percent right now.”
Assertion Not publicly verifiable
Globally, 300 million separated parents exchange $900 billion in child support.
“Globally, there's three hundred million parents that are exchanging over nine hundred billion dollars.”
Assertion Not checkable as stated
SupportPay generated a couple hundred thousand dollars in revenue during 2016.
“2016 revenue. I don't have those at the top of my head. A couple 100,000.”
Assertion Partly supported
US taxpayers spend $6 billion annually maintaining fragmented child support systems.
“You and I as taxpayers, we spend six billion dollars every year to build and maintain child support systems in the US alone.”
Assertion Supported
US state child support systems run on custom mainframes averaging 10+ years.
“Every state has their own system. They're all custom built, and they're all on average 10 years or older and made on mainframe.”
