The Ledger
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Simons: Over 60% of SoloSuit customers have debt collection cases dismissed
“Around like 60%, even more of the time, Customers cases get dismissed, and they actually win their case just by filing an answer.”
Simons: Recurring revenue is overrated; transactional lawsuit volume is highly predictable
“We think recurring revenue is a little bit overrated. And our revenue, I think is very predictable. People are getting sued at the same rate every month. They have been for decades. So we consider our revenue to be very predictable, even though it isn't techni…”
Simons: Half of debt defendants claim they are sued for unowned debt
“According to Consumer Financial Protection Bureau, about 50% of people that are sued for debt say they're being sued for debt they don't owe.”
Simons: SoloSuit is the first platform to automate nationwide court filings
“What we're doing is we are according to my knowledge, like the first and only company that is compiling like a software stack that allows us to calculate the Filing information for different courts and then to file on those courts.”
Simons: 10M Americans are sued for debt annually; 9M lose by default
“Ten million people are sued for debt every year in the US. Nine million of them automatically lose their case because they can't figure out how to respond.”
Simons: SoloSuit currently serves approximately 400 paying customers per month
“Like currently we help, like, 400 paying customers a month.”
Simons: SoloSuit has protected over $100 million from credit card debt losses
“At the moment, we've done over, we've helped over 22,000 people, and we've helped protect over a hundred million dollars from credit card debt losses.”
Simons: SoloSuit charges a flat $197 fee to review and file responses
“Currently we just have a flat, flat rate business model. Price is subject to change, but right now it's, they pay us a 197 dollars.”
Simons: Nearly 100% of SoloSuit customer acquisition comes from organic search
“Nearly a hundred percent of our customers come to us from SEO focus on ranking first on Google search and YouTube search.”
Simons: SoloSuit has raised less than $1 million in total funding
“Oh, we've raised less than a million so far.”
Simons: SoloSuit pivoted because users struggled to file generated documents themselves
“People, even once they generated their document on our site, a lot of people didn't file because it was just too hard to file a document in court.”