SoloSuit Revenue & Funding (2024)

SoloSuit generated $180,000 in revenue in 2020. By November 2021, the company was processing approximately 400 paying customers per month at a flat rate of $197 per case, implying a monthly run rate of roughly $80,000 and an annualized run rate of approximately $960,000. That monthly figure represents growth from $15,000 per month in November 2020, a more than five-fold increase in twelve months.

SoloSuit was serving approximately 400 paying customers per month as of November 2021, up from a level consistent with roughly 80 to 90 paying customers per month in November 2020, based on the $15,000 monthly revenue figure divided by the $197 price point. More than 22,000 accounts have been created on the platform in total, though Simons noted he did not have the exact number of those who completed a paid filing.

The company charges a flat rate of $197 per case regardless of the debt amount. Simons confirmed this is the current pricing and noted it is subject to change. The average debt amount among SoloSuit customers being sued is $4,700. There is no recurring subscription; each engagement is a one-time transaction tied to a specific lawsuit.

SoloSuit operates on a flat-fee, transaction-based model. Users generate their legal response documents for free on the platform, then pay $197 for attorney review and court filing. The service launched as entirely free in 2018 and introduced the paid filing service in 2019.

Simons argued the model produces predictable revenue because the volume of debt lawsuits in the United States is consistent month to month. Ten million Americans are sued for debt every year, and 9 million of those automatically lose because they cannot figure out how to respond. SoloSuit targets those 9 million people. Approximately 60 percent of customers who file an answer through SoloSuit have their cases dismissed.

Cumulatively, the company has helped protect more than $100 million in debt from predatory lawsuits. The company is also building what Simons described as the first software stack capable of calculating filing requirements and filing documents across the estimated 10,000 to 30,000 courts in the United States. Profitability was not discussed in the interview. Gross margin, churn, LTV, CAC, and burn rate were not discussed.

SoloSuit had a team of six people as of November 2021. Two of those six are engineers. The remaining team members work in operations, handling the manual steps involved in processing and filing court documents. Simons said the next planned hire is additional engineers, with a focus on automating and expanding the court filing infrastructure.