Fusebill co-founders Tyler Eyamie and Greg Burwell experienced firsthand the struggles and labour-drain of working with an archaic billing system during their time at Ottawa tech’s early success story, Protus.
When Protus was acquired in 2010 and their jobs were made redundant, the two of them decided to combine their entrepreneurial ambitions and find a better way to do subscription billing.
Not only would such a venture create a solution to a problem they knew existed for many businesses, but also there was a real opportunity to create a disruption in the market.
Fusebill Founders Tyler Eyamie, CEO, and Greg Burwell, CTO
Investors agreed, and Fusebill successfully brought in $2 million in revenue from venture capitalists within its first two years of business and another $6 million just a few years after that.
This innovative accounting integration—as well as Fusebill’s ability to connect seamlessly with many everyday software solutions such as Salesforce, Netsuite, and Hubspot—enables businesses to streamline and simplify their billing processes and ensure a better customer experience. These integrations also create efficiencies, which grant businesses more time and resources to capacitate growth.
Fusebill simplifies all its clients’ recurring invoicing, payment management, revenue recognition, and reporting and analytics, regardless of how complicated the payment model. This enables its clients to decrease the amount of time they spend on billing, reduce their failed and late payments, and comply with accounting standards.
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“Our software integrates with general ledgers and supports standard accounting principles, and even though this foundation was complicated for us to develop, it was a priority from the beginning. We knew it would be the key to solving compliance and recurring billing challenges for companies of all sizes.”
– Tyler Eyamie, CEO
FROM REVOLUTIONARY ROOTS TO SUPPORTING AND FOSTERING INNOVATION BEYOND
In under a decade Fusebill has experienced explosive growth, quickly claiming a market hold within the subscription as a service (SaaS) space. SaaS is offering a modern way for customers to access services and it’s bringing new approaches to the traditional business model—even replacing the traditional model entirely in some markets.
Helping to foster this innovation, Fusebill’s software is supporting an impressive roster of cutting-edge SaaS clients in a wide range of industries, from content development and healthcare, to fundraising and fleet management.
Over the last year, Fusebill has increased its annual recurring revenue 110% year-over-year and its customer count by more than 155%. As a result of its continued growth and success, it welcomed an increase in its employee count of over 40% and expects to increase that number again by more than 50% in the coming year. Additionally, for nearly three years the company has been growing its ideal customer cohort 20% month-over-month from a monthly recurring revenue perspective.
Driving innovation with automated billing
Fusebill is currently gaining a lot of attraction in the Internet of Things (IoT) and connected devices space—one of the fastest-growing markets today. Embracing this technological evolution and the resulting interest in billing solutions to accommodate it, Fusebill has welcomed new clients such as Avionica—a leading software and connected device provider in the aviation industry—and ClearPathGPS—a commercial fleet management solution provider.
Various billing models, from usage, consumption, and storage to user licenses, one-time fees, and recurring fees can all be handled elegantly with Fusebill. This means even the company’s most complex clients can attain differentiation over their competition.
Fusebill has also formed new integration partnerships to support growth in the IoT space, such as with GeoTab Inc.—a global leader in the world of telematics. This is Geotab’s first and only billing integration, and it powers agile monetization of GO devices through real-time billing communications with the Geotab cloud.
One of Fusebill’s main goals has always been to support businesses through all phases of their growth and development. But in order to evolve and scale, businesses need to have a solid foundation; that includes efficient billing, consistent customer experience, and reliable cash flow.
Fusebill is helping cutting-edge companies in the SaaS and IoT markets—as well as in many other market segments—implement agile fintech monetization solutions to enhance their recurring billing and subscription management capabilities and ensure scalability and success.
