JustiFi Revenue & Funding (2024)

JustiFi was founded in January 2021 and brought its first platform customers into production in the late summer of 2021, meaning the company had less than one year of revenue-generating history at the time of the May 2022 interview. Keeley did not disclose a specific revenue figure for JustiFi itself during the interview.

As of May 2022, JustiFi was working with a couple dozen vertical SaaS platform customers, with Latka estimating the range at 24 to 48 platforms and Keeley not disputing that characterization. The customer base spans pre-revenue platforms all the way to platforms processing over $1 billion in annual GMV, with Keeley noting the company works with a couple of platforms in the over-$1-billion range.

JustiFi does not impose a minimum GMV threshold for onboarding. Keeley said the company welcomes pre-revenue platforms that want to monetize payments from dollar one. Pricing for the Insights dashboard is a SaaS fee, and Engage is purchased separately; the payments processing product is priced on a basis-point model. Specific dollar amounts for the SaaS or service fees were not disclosed in the interview.

Keeley described JustiFi's go-to-market as deliberately selective, preferring a small number of deeply partnered platforms over a high-volume, self-serve model. Onboarding allows platforms to run JustiFi alongside existing processors and to begin with a subset of their GMV before migrating fully.

JustiFi's primary revenue model is a basis-point take on the GMV flowing through its platform customers' payment ecosystems. Keeley explained that the company's goal is first to unlock 200 basis points or more for the platform customer across payments processing and other fintech products, and then to retain 5 to 20 basis points on top of that amount as JustiFi's own revenue. The 5 to 20 basis points JustiFi keeps is additive to, not deducted from, the 200 basis points the platform receives.

In addition to the GMV-based take rate, JustiFi sells Insights as a standalone SaaS fee and Engage as a separately purchased coaching and LMS service. Keeley noted that some large platform customers are purchasing only Insights and Engage while they plan a future migration to JustiFi's processing infrastructure. The company deliberately targets a select number of platform partners rather than pursuing thousands of customers, describing its approach as a team-based, bespoke partnership model.

As a directional illustration of the model's scale potential, Latka noted that at $5 billion in GMV and a 20-basis-point take rate, JustiFi's run rate would be approximately $10 million, and Keeley confirmed that figure was directionally correct. Latka also calculated that at $3 billion in GMV and 200 basis points unlocked for platforms, JustiFi would have created roughly $60 million in new revenue for its platform customers, which Keeley also confirmed. Profitability, burn rate, gross margin, churn, and CAC were not discussed in the interview.

JustiFi had approximately 27 full-time employees as of May 2022. Keeley told Latka that a little over half of the team are engineers. The remainder includes staff supporting the Engage LMS and virtual fintech coaching service. Casey Kipfer, co-founder and Chief Payments Officer, leads the payments team. The company was founded in January 2021, meaning it reached 27 employees in roughly 16 months.