Bindle Systems Revenue & Funding (2024)

Bindle Systems was generating an estimated $400 to $500 per month in revenue as of November 2021, a figure derived by the host and confirmed by Carlos Korten during the interview. The calculation was based on approximately 4,000 scans per month at the company's benchmark price of 10 cents per scan.

Bindle Systems had approximately 200 active paying clients as of October 2021, which Korten defined as invoice clients that completed at least one scan and paid at least 10 cents during the month. The company also reported roughly 100,000 wallets installed across its user base as of the same period.

The company's benchmark price is 10 cents per scan, which Korten described as deliberately below industry benchmarks of dollars per seat. Verifiers, meaning employers or venues hosting events, are the paying customers rather than individual wallet holders. The company was operating across 30 U.S. states and two to three Canadian provinces. No free tier was described, though self-attestation was mentioned as a lower-trust credential option available to end users in jurisdictions without state-issued verified credentials.

Bindle Systems charges verifiers, employers and event venues, 10 cents per scan as its primary revenue mechanism. The company processed a couple thousand scans per month as of November 2021, with the host and Korten using 4,000 scans as the working figure for a revenue derivation that produced an estimated $400 to $500 in monthly revenue. Average revenue per scan (ARPU) is 10 cents.

Korten described the pricing model as still evolving, with the company learning utilization rates across large public events, closed private events, and one-time celebrations such as weddings. The company is also exploring return-to-work institutional use cases with enhanced reporting. Longer-term, Korten described the same token infrastructure as applicable to digital ticketing, academic records, and voter registration, which he framed as future revenue opportunities on existing rails.

Gross margin, burn rate, runway, churn, LTV, CAC, and conversion rate were not discussed in the interview. Korten did acknowledge that burn was high relative to the company's revenue stage, describing the team as punching above its weight class against well-capitalized competitors, but no specific burn figure was provided.

Bindle Systems had approximately 15 full-time employees as of November 2021, including the six co-founders. Korten described the team as including an engineering group and a design group. No further breakdown of team composition by function or geography was provided in the interview.