Wint Revenue & Funding (2024)

hello everyone my guest today is joran elfrin he is the ceo and founder of a company called uh of a company called wint.se uh he's a tech scale on a mission they want to revolutionize the bookkeeping industry and make entrepreneurial life as easy as possible at the same time thinking about how to bring clean water to the world all right you're ready to take us to the top yeah that's great nice to meet you all right how are you doing both of these things at once book keem big and clean water yeah well for the first i just checked out this ceo so i'm working with the finder founder wind and i have some more time since i checked out and now i'm in the board and i'll be working with both wind and some startups and some of the clean water project because i think the world is needed clean water yeah okay so for the purpose of this if you're going to have a real climate crisis for the purpose of this interview uh since the the listeners are mostly b2b sas folks we'll focus on wint which is your b2b sas products correct yes that's great okay great so tell us what the company does and how you make money well we make money in the subscription based model and we do all the accounting we both the software and we have a full solution so we take care of everything uh according accounting you need uh standard you need an accountant you don't when you use what okay and so what do people pay on average for this per month they pay on average two thousand swedish kronor it's like 200 dollars okay 200 a month and when did you launch the company what year uh we started it 2011 and it's my own company and that wasn't a traditional accounting firm that now it's just a tech company okay so it's a holding company an accounting firm now it's just a tech company is that right 100 percent that's right it used to be 100 accounting that's great and so what have you scaled to how many customers are using the platform uh well we are up to uh to the end of this year 1000. okay so about a thousand customers and you mentioned 200 bucks a month was an average so what you're doing about 200 grand a month right now on revenue 200 grand i know if we are you swedish kroner here you know in sweden so it's like uh three million for this children okay 300 dollars a month that's right 200 000 yeah brought to you up to 300 so we're growing steadily every every day and what if you're at about 200 or 300 grand a thousand per month today where were you a year ago a year ago oh that depends on how you count it yeah you know the accounts it's like the figures come from an old company the accounting firm and we transferred from we went from 30 million swedish ground to zero and went from 0 to 30 minutes but that took like all these years so the growth rate is like 30 this year okay 30 percent on the right product the sales product because we closed everything else down got it so if it was a 30 year over year growth rate that means you went from 150 000 bucks united states dollars per month to about two hundred thousand uh united states dollars a month yeah i can't give you the exact figures well that's correct where is most of this growth coming from how are you finding customers well we think we find them only through the the inbound traffic and unfortunately it's me uh mostly facebook today but we are building our own content platform so we talk we don't talk about the counting and the bookkeeping stuff we talk about how we're gonna make running a company really simple and that's how we get the customers to visit our website and like they convert doing for the sales team so so yawn what's your team size today how many people well we are at 70 people uh in sweden zero yeah seven zero and we have ten uh developers uh down sri lanka okay uh so okay so 70 people total and break down like the content marketing and sales teams how big are those teams uh the content then exports only 10 people doing the marketing and sales okay 10 our marketing and sales and then what about the content who's creating all your content uh we did it ourselves in the team in the accounting team and marketing a really small team and we done that since we launched actually how do they decide so i mean the reason i ask you say your number one growth channel is content marketing well like so what does that mean how do they figure out what keywords to write about uh how long are the posts like what are they doing on a daily basis on a daily basis we uh now we use this the christmas calendar and we have one of our guys he's called john navy make small films on every day to to just build on what to think about coming to the end here that's one thing and we publish it every day and the other one we write different articles both from our client perspective and or to how to free your timing and so on and we when we're going through that plan okay but again there's infinite things you can write about so how do you decide what to write about yeah do you know the traditional accounting firm they write like you know it's a new text issue but we don't write that we write about how to be an entrepreneur make it real simple that's the trick i think to find different way of talking to to our customers and have you bootstrapped the company or raise capital uh we raised capital we raised it a couple of times we are into yeah how much capital have you raised uh in like five million u.s dollars 50 million village problem okay 5 million bucks and are you cash flow positive today or are you still investing you're burning money still investing so we're investing for the coming year so we're investing in our in our new strategy going to a specific target market and keep on growing when do you think you'll be cash flow positive i think it will be in 12 to 18 months i see very good and any kind of sas company churn is critical uh what's your churn rate today and how do you keep it low uh well we have a high tone rate because of the old traditional way but the the return rate on the new clients are they are low but i don't have the actual figures in my head so i can't tell you sorry what are they definitely under when you say low no uh well it's i can't count it on my fingers it's not but do you mean under under five percent a month under ten percent a month yeah under under what five or ten so under five percent churn per month and and when you look at that on an annual basis are you driving a lot of upsells and expansion revenue or no uh well actually no we have a flat rate it depends on how the clients are growing uh if the easier the price is going up and if they use a higher volume it's like a more paid on the tradition on the subscription okay and and when you're acquiring these companies and you look at your fully weighted cac right to get a new what would you say i think you said they pay on average uh how much 200 bucks a month what what are you spending to get that customer in the first roof here place we that's one of the big changes we've done we have a height the car cut how i don't have the figures in my head but we are changed uh i'm going on a specific target market and for us it's the real estate market in sweden if you're real estate agents that's what we do and they are really low because they it's a unique solution for them so it's a much lower cost on those that's one of the big changes because when you're running a company you you you used to have your books some did some somehow you do them and they're not correct you have a lot of costs doing to transform it into the system from the start and that's why we also try to reach the new start companies and some segments uh some verticals like the real estate agents so when you say you've gotten the cac lower how low have you gotten it uh well i don't have the figures i know a range is fine i'm just generally like are you talking a thousand bucks or ten thousand dollars or a hundred dollars dollars i have to transform it into euros and then to swedish kroner so uh we all think approximately well what should i guess one year revenue okay i mean that's pretty healthy and any plans to raise additional capital or well we haven't set that settled yet so i think uh probably yeah yeah yeah very good yarn all right let's uh let's wrap up here with the famous five number one what's your favorite business book my favorite business book uh the last one i read is uh the elon musk story was my favorite book from today number two is there a ceo you're following or studying yeah the same guy no number three what's your favorite online tool for building your company uh for me it's a trello number four how many hours of sleep to get every night sleep i think i get like six hours that's pretty good and what's your situation you're in married single kids uh married my wife's upstairs she's home because she had this uh tumor in her head just getting rid of that so we're here i have three kids uh one here living in gothenburg and two daughters in the deep forest of vermont it's up north so it's a lot of traveling you know very good well i hope your wife recovers quickly how old are you uh well i'm 53 53 last question what do you wish your 20 year old self knew uh what what i knew well i don't like to i would i didn't want to know i wanted to do it again the same way well it's not about a regret or something you would change it's it's like a lesson something you tell your kids no i i think just uh be brave and try to step out your comfort zone as quick as possible just do it guys be brave step out of your comfort zone launched a company called wint which is essentially bookkeeping helping folks uh scale and get their books done faster in a fun uh way they've got about a thousand customers paying 200 bucks a month so doing about 200 thousand dollars per month right now on revenue up from 150 000 just about a year ago there are burning capital they raised 5 million bucks 70 people based between sweden and sri lanka under five percent revenue churn per month spending you know call it 2400 bucks to get a new 200 a month customer for a 12-month payback as they look to scale yarn thank you for taking us to the top thank you great video