- Krepling Investor Updates
- Posts
- January 2024 Update
Introduction
In January, our time was dedicated primarily to integrating the sales pipeline developed in December and intensifying our sales efforts for the year ahead. Equally, our focus was on advancing the development of Krepling Pay, an initiative set to redefine our approach to e-commerce transactions. I'm pleased to report that we are nearing the completion of Krepling Pay's development, having secured the necessary certification from our partners at TSYS. With an eye towards an April launch, we're on the cusp of a significant milestone for Krepling.
Krepling Pay marks a pivotal first step in our journey to transcend the boundaries of our traditional, monolithic ecosystem. By introducing plugins for Magento and WooCommerce, along with a straightforward, easy-to-integrate custom script, we're opening doors for merchants with bespoke commerce solutions to benefit from our services. This initiative has been in beta testing for over a year, laying a solid foundation for a future where Krepling can capitalize on the growing GMV of our merchants by realizing 2.7% from each transaction processed through our core platform.
Our commitment to Krepling Pay extends beyond offering lower fees and a superior checkout experience. We've invested months in meticulously planning and refining a checkout solution that not only competes with e-commerce industry giants like Bolt and PayPal but also provides a route for merchants outside the Krepling ecosystem to join our platform without subscribing. This strategy is not just about enhancing our service offerings; it's about creating a seamless, e-commerce-specific checkout solution accessible even to those not on Shopify, thereby broadening our reach and impact.
The strategic direction we've chosen with Krepling Pay is a testament to our dedication to innovation and excellence. We believe this new payment solution will not only improve our merchants' operational efficiency but also significantly enhance their customer experience, thereby fostering loyalty and driving sales. We are not just navigating the evolving landscape of e-commerce; we are actively shaping it to better serve our merchants and, by extension, their customers. To refresh our shareholders on Krepling Pay, here is a brief presentation:
A significant step forward we have made coming off our annual board meeting for 2023, has been the formation of a sub-committee executive team. This team comprises myself, our CMO, CSO, and Matthew Bonnici, a NED on our board, who will be serving as a fractional CFO to our executive team.
I have dedicated a considerable amount of time working closely with the broader executive committee to establish the operational foundations of the company. This groundwork is crucial as we continue to expand our team, particularly within the sales and marketing departments. Our ambition for the year is bold yet clear: to make Krepling an accessible platform for all merchants, thereby positioning ourselves as one of the most powerful commerce tools globally.
A cornerstone of this ambition is the launch of a free trial, an initiative that will necessitate an in-depth analysis of marketing channels in terms of ROI and detailed analytics on merchant retention and expansion post-trial. This approach aligns with our commitment last year to refine our pricing strategy, which involved 2-3 months of price sensitivity testing and a strategic shift for our sales team to focus exclusively on selling plans with a minimum ACV of $12k. This pivot has delineated a clear division between our sales and marketing teams, each now operating with its distinct set of OKRs and KPIs.
Currently, we are channeling our efforts to replicate the solid foundation we established for our sales and agency channels, which has been a driving force behind our monthly growth, within our marketing team. This endeavor is about creating a balanced and robust infrastructure that supports our ambitious goals for expansion and customer acquisition.
Revenue 🚀
Krepling is now at $225.6k in MRR, pacing 10-15% MoM revenue growth.
Other KPIs 📊
Average monthly gross churn (%) is at 1.2%, Average MRR net retention is at 104%, Average gross margins are at 95%, ARPU is at $3.6k
Burn 🔥
Krepling burnt $42,930 during the month of January.
Runway 🛫
We estimate we have 24-36 months of runway given the current cash on hand.
Team Size 👥
Krepling currently has 11 team members (including both co-founders).
Click here to explore openings at Krepling
We are hiring in almost every sector! Feel free to reach out with resumes you feel we should be taking a look at.
Product Update ⚙️
The current development status of V0.1.0 of the product (titled 'Core Release') is at 91%.
Asks and Discussions 🗣
We’d like to ask our shareholders if they have any connections to any e-commerce-based web agencies. These can be agencies that operate in any of the following fields of commerce and web development: web design, SEO, and PPC management. We’d love to explore a potential partnership and introduce them and their merchants to Krepling Pay. Please introduce them directly to me ([email protected]) or to our CSO Matt ([email protected]).
Reach out 👋
My email: [email protected]
If you would like to quickly catch up let's schedule 15 mins here:
Best, Liam