The Ledger
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Boscovic: Flatfile automates 97% of data exchange decisions
“So fast forward three years now with the billions of decisions we've observed across our customers, we can automate 97% of the decisions in the data exchange process.”
Boscovic: Most SaaS innovation addresses legacy systems relying on CSVs
“There's no cute API that you can connect to. To get your data automatically synchronizing via Zapier in when you're coming from a system that was built 20, 30 years ago. And that's where the majority of SaaS innovation is happening, right? We're solving these …”
Boscovic: Enterprise internal tools often exceed billion-dollar SaaS products in active users
“Whether you're CBRE or whether you're a large multinational bank, you have hundreds of internal tools that have more users than the average, like billion dollar SaaS product, right? Like CBRE has internal tools with 50,000 brokers using it every day, right?”
Boscovic: Category creation is costlier than competing in established markets
“Category creation is incredibly expensive because unlike, you know, innovating in a, with a new CRM where you can, all of your sort of education, your customers is clearly done and you get to be better, right? You get to differentiate yourself.”
Boscovic: Flatfile reaches $100M total funding with $50M Series B
“Five, zero million. So we've come up to about a hundred million total in funding.”
Boscovic: Investors ignored customer acquisition costs in 2020 and 2021
“By and far through 20, 20, 20, 21, right? This is going to be top line growth at that point, right? Like, you know, you talk to your board, you talk to investors, nobody's paying an enormous amount of attention to the cost of acquiring these customers.”
Boscovic: Founders can abandon failing ventures sooner with few repercussions
“I wish I knew that you could let go of things that Sooner than you want to with very few repercussions. I was like a bull, like a dog with a bone with like my first startup. I went three years too long with that.”
Boscovic: SaaS products are useless until customers import their data
“You build a CRM, useless until the customer brings their data. You build a visitor management system, which is the company I was working at before Flatfile, Envoy, and you need your customers to bring lists of employees and daily lists of visitors coming to th…”
Boscovic: Envoy customers manually entered visitors due to incompatible formats
“We had customers that were sending their teams in early an hour every day to manually enter in the visitors that were coming to their offices because we couldn't accept the format of the file that was coming from their ancient building management system.”
Boscovic: Capital One PM signed up for Flatfile's early MVP
“A product manager from Capital One signed up and like was like, hey, like we want to talk to you about this product. We really need it. And they were trying to build like a bulk ACH payment like feature where like you could upload a list of invoices and pay th…”
Boscovic: Flatfile mid-market ACV is $10k to $15k per year
“Our average ACV is, is, you know, at the, you know, two segments that put the enterprise segment aside, but at the sort of mid market commercial segment, it's about 10, 15,000 dollars.”
Boscovic: Enterprise accounts generate about 20% of Flatfile revenue
“We are still largely mid market from a revenue percentage, about 20% of our revenue is full enterprise.”
Boscovic: Flatfile processes 2M onboardings annually across 500 customers
“We have seen, we see about two million onboardings a year now. So significantly different and about across about 500 SaaS customers.”
Boscovic: Flatfile grew from zero to $4M ARR in two years
“So 20, 20, zero to a million 2019 Sorry, 2021 last year, a million to just shy of four.”
Boscovic: Flatfile is tracking 2x to 3x ARR growth in 2022
“And this year we're shooting for a two to three X. So tracking in that range, I'm not gonna be specific about where we're at right now, but you're thinking about it, right?”
Boscovic: Flatfile's CAC payback period is between one and two years
“Almost, almost always. Again, it fluctuates quarter over quarter, month over month, but we're almost always.”
Boscovic: Flatfile net dollar retention is well over 120%
“Well over one 20. And we've always been as a business.”