Waytobill is a tech-focused company specialising in solutions for companies with subscriptions as a business model. The majority of clients are B2C subscription merchants within the insurance, membership, and charity sectors, nonetheless, our solutions are available for businesses operating in other sectors, including media, energy, telecom, etc.
Waytobill’s subscription checkout available across all sales channels enables merchants to improve conversion and retention rates, as the checkout supports recurring payment methods, including our Digital Autogiro. The checkout helps merchants grow subscription volume by 25-50% and is integrated with the five largest telesales systems in the Nordic market.
At Waytobill, we are on a mission to revolutionise how businesses and charities process monthly payments. Our innovative platform provides a seamless and secure payment experience for businesses and their customers. In 2022, we made great strides in our mission. From revenue growth to market expansion, the past year has been a year of significant milestones and we’re eager to share our success story with you.
1. Rapidly growing customer base
2022 was a highly successful year for Waytobill in many different spheres of business, but perhaps the most impressive accomplishment was the significant growth of our customer base. We welcomed 15 new organisations to the Waytobill family, with the majority being non-profit organisations looking to optimise their fundraising solutions. And although we reflect on our success in 2023, we’re proud to announce that just in the first month of 2023, we’ve already secured agreements with an additional six new merchants!
2. Expansion to new markets
From the earliest days of Waytobill, Sweden has been at the forefront of our focus and will remain so in the near future, driving most of our growth. However, as we increase our market share in Sweden, we have also begun expanding to other Nordic countries.
October 2022 marked the commencement of our international rollout as Waytobill solutions became available to Norwegian merchants, with clients successfully operating in the new region from day one. An agreement with a merchant in Finland was another major step taken towards our internationalisation, followed by a new merchant ready to start operating in Denmark.
As we move forwards with our growth plans, we intend to broaden our reach to other European countries.
3. Continuous increase in subscribers
Our customer base has grown significantly and so has the number of merchants’ subscribers acquired through Waytobil. Starting from just over 100 subscribers at the beginning of the year, we saw an exciting continuous increase, reaching nearly 10,000 subscribers by the end of 2022, with some of our merchants reporting conversion rates as high as 70%. This growth had a direct impact on our Annual Recurring Revenue (ARR), putting us on the right track to reaching break-even in August 2023.
In the final two quarters of 2022, we saw a 100% quarter-over-quarter growth in our Monthly Recurring Revenue.
4. Team expansion
The successful onboarding of new merchants and our international rollout have required us to bring in extra expertise. We started 2022 as a team of nine and ended it as a robust group of 14 individuals, working together towards innovating subscription billing. Our adaptable approach has allowed us to attract and retain international talent, with employees located in Stockholm, Barcelona, and Tirana.
5. Content strategy and web traffic
One of our key objectives in 2022 was to develop a content strategy that would drive traffic to the Waytobill website and blog while providing high-quality content to our readers, focused on recurring payments and subscriptions. Apart from explanatory articles about recurring payment methods and our solutions, we’ve been generating content with real examples and ideas for marketing initiatives, planning, and strategies. Our new content plan and regular publishing strategy have enabled us to improve our search engine rankings.
Comparing January 2022 to December 2022, we saw a tenfold increase in impressions and a fivefold increase in clicks to our pages. This has generated new sales leads through organic search, demonstrating the effectiveness of our content strategy.
6. Online community growth
We understand the importance of a strong social media presence and community and so in 2022, we focused on growing our LinkedIn audience and reach by generating audience-relevant content on the platform.
Over the twelve months of 2022, our LinkedIn community grew by 125%, while we shared more than 70 posts on our company page. This impressive number has significantly increased our reach on the platform, resulting in our posts being seen more than 60,000 times and our ads reaching more than 55,000 impressions.
The above data makes us extremely proud and excited for the upcoming months of continued growth and success. We are confident that our solutions will continue to meet the needs of our customers, and we are eager to expand our reach in the coming years. We thank our investors and partners for their continued support and look forward to updating you on our progress in the future!
Do you have questions about the results or solutions? Contact us!