The FinTech realm is buzzing with Tofu’s recent announcement. Operating under the banner “GetPaid Inc.”, this FinTech startup has made a grand entry in the US market, unveiling a holistic business management platform.
This platform addresses the administrative challenges of the extensive 9.8m self-employed demographic by refining their invoicing, expense management, and tax calculations.
A monumental success during its initial operational phase, Tofu recorded an impressive one million app installations within a year, operating in test mode. The second quarter of 2023 also showcased a staggering 40% MRR QoQ growth for the company. The remarkable Annual Recurring Revenue (ARR) reached $4.5m during its debut year.
What differentiates Tofu is its commitment to saving valuable time. While the traditional invoicing process consumes approximately 12 minutes, Tofu’s platform halves this to a mere 6 minutes. Such efficient features are a response to the alarming statistics revealing that freelancers dedicate only about 53% of their time to billable tasks, with a significant 22% going towards administrative tasks. The platform acknowledges the struggles of self-employed individuals who often can’t afford administrative assistance.
Furthermore, Tofu stands out with its exceptional user experience. It prioritises inclusivity by supporting a wide range of popular payment modes, from P2P transfers and card payments to cash. Such a diverse range ensures an accelerated product adoption rate, offering users an integrated solution tailored to their varied requirements.
“Self-employed individuals wait three times longer to get paid than full-time staff, with 28% of business decision makers citing cash flow as the main reason for slow payments. Tofu’s ultimate objective is delivering a best-in-class solution that empowers self-employed individuals to conveniently accept payments while on the move. More integrations are coming at the end of the year, including support for Tap to Pay on iPhone,” Tofu founder and CEO Alexey Bogdanov said.
As per the US Bureau of Labor Statistics, the number of self-employed individuals in the US stands at 9.84m, of which 54% juggle multiple jobs. A significant 76% of them work full-time, while the remaining 24% are part-time workers. It’s noteworthy that self-employed individuals often have longer working hours, with nearly half of them committing to 10 or more work hours daily, which is 50% more than their full-time counterparts.
“GetPaid Inc.”, popularly known as Tofu, is a pioneering FinTech startup. With its innovative back-office management platform, Tofu aims to streamline invoicing, expense management, and tax calculation for the vast self-employed community.
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