Market Research Report: doxo Inc.

Company Overview

• Name: doxo Inc.

• Mission: The company aims to provide an easy, secure way for consumers to pay all their bills through a single account, using any payment method, on any device.

• Founded: 2008

• Founders/Key People:

• Mark Goris, CTO

• Roger Parks, VP Business Development

• Steve Shivers, CEO

• Headquarters: Seattle, Washington

• Number of Employees: Approximately expected to rise to 200.

• Revenue: As of recent updates, doxo is generating annualized revenue above $40 million.

• What is the company known for: doxo is known for disrupting the bill payment market by providing a comprehensive and user-friendly platform to manage and pay bills efficiently. It serves over 10 million people and offers innovative features to ease bill payment.

Products

• doxo Platform

• Description: An all-in-one bill management platform that allows users to pay and schedule bills using various payment methods via a single login.

• Key Features:

• Payment to over 120,000 billers.

• Real-time payment tracking.

• Free payments with linked bank account.

• Includes five key protections, such as identity theft and credit score protections.

• Mobile and web app support enabling payments on any device.

• doxoPLUS

• Description: A premium service offering enhanced protections and additional features for a monthly subscription.

• Key Features:

• $1 Million Identity Theft Protection.

• Credit Score Protection.

• Overdraft Fee Protection.

• Late Fee Protection.

• Private Pay™ Protection.

Recent Developments

• Recent Funding:

• Raised $18.5 million Series C financing led by Jackson Square Ventures after 11 years of bootstrapping.

• Company valuation has increased more than fivefold compared to its previous mark.

• New Product Launches:

• Expanded B2B software offering to include solutions for billers such as utilities and healthcare providers, allowing for streamlined paper billing processes.

• Growth and Expansion:

• Focus on expanding the business-to-business segment initiated in 2015, leveraging a 10x revenue growth boost.

• The primary focus of the Series C funds will be to bolster the biller business and enhance the software.

• Strategic Decisions:

• Chose to limit venture capital engagement strategically to reduce company dilution and maintain control over growth milestones.

• Operational Enhancements:

• Plan to double the workforce to at least 200 employees to onboard more billers and improve the platform’s capabilities with new features.

• Market Positioning:

• Acknowledged as one of the fastest-growing companies in North America, recognized by Inc. Magazine and Deloitte, among others.

Conclusion

doxo Inc. has carved a strong niche in the bill management sector by providing consumers with a convenient, secure, and reliable way to manage household expenses. Through strategic funding and a focus on both B2C and B2B expansions, doxo continues to innovate and secure its position as a leader in the fintech space. The company’s recent funding round and operational enhancements mark a pivotal moment in its growth trajectory, setting it up for continued progress and market impact.