In the ever-evolving world of Fintech and the Future of Work, abill.io has emerged as a frontrunner in simplifying invoice and tax management, and payments for freelancers and businesses involving freelancer services. As we close out 2023, we take a moment to reflect on the milestones we've achieved and the lessons we've learned along the way.
Empowering Freelancers with Global Reach
From the outset, we've been committed to empowering freelancers around the globe. In February 2023, we made our services accessible to freelancers in 220 countries, breaking down geographical barriers and expanding the reach of our platform. This expansion has been instrumental in connecting freelancers with businesses worldwide, fostering a global marketplace of talent.
Our commitment to innovation has not gone unnoticed. In April 2023, we were selected as a semifinalist in TechChill 's 50 Founders Battle, showcasing our potential to revolutionize the freelancing industry. This recognition culminated in a 50,000 EUR investment prize in May, demonstrating the confidence in our vision and capabilities. Further validation came in June when we were selected as the Fintech Track winner at the SummerSaaS Pitch event by Flashpoint VC and got a state-backed sponsorship from Investment and Development Agency of Latvia (LIAA) to exhibit at Money20/20 in Amsterdam. These accolades have fueled our determination to deliver even more cutting-edge solutions.
Software Revamp and Currency Expansion
In August, we embarked on a significant software revamp to accommodate our growing user base and pave the way for new features. This overhaul has strengthened our platform's infrastructure, enabling us to seamlessly process a wider volume of transactions. Additionally, in September, we expanded our invoicing and payments service to support four new currencies – USD, GBP, AUD, and CAD – catering to a broader international clientele.
DAC7 Reporting API and Marketplace Integration
In October, we launched our DAC7 reporting API solution, designed specifically for online freelancer marketplaces, streaming platforms, and online work platforms. This innovative feature automates the compliance process for businesses, ensuring they meet their regulatory obligations by reporting platform seller's income according to DAC7 directive. Additionally, in November, we commenced onboarding our first two clients, online marketplaces that will utilize our platform for freelancer payment distribution and automated DAC7 reporting.
Multilingual Expansion and KYC Integration
Our dedication to accessibility extends beyond geographical boundaries, as we recognize the importance of catering to users from diverse linguistic backgrounds. In December, we unveiled three new language localisations to our website – Bulgarian, Polish, and Romanian – further enhancing our global reach. Furthermore, we integrated Veriff's API-based KYC verification tool, providing our platform with an additional layer of security and compliance.
Challenges and Learnings
Despite the remarkable progress we've made, 2023 wasn't without its challenges. During the year, we encountered setbacks related to our integration with a Banking-as-a-Service partner. Unfortunately, the partner's license was revoked and their company went bust. This experience served as a valuable lesson, emphasizing the need for resilience and the importance of building robust, in-house solutions to minimize reliance on external services.
Our Vision for the Future
As we embark on 2024, we remain committed to our mission of simplifying invoicing, tax management and payments for freelancers and businesses alike. We envision a world where freelancers can seamlessly connect with businesses, receive payments promptly. Businesses, on the other hand, can automate payments to freelancers and platform sellers, while staying compliant with international tax regulations and directives.
With our dedicated team of five, we have already achieved remarkable milestones. Since our launch in 2021, we have delivered and settled 12,300 freelancer invoices, totalling 10 million EUR in value. Our user base has grown to 9,000 registered users, and December marked our record-breaking month, with 560K EUR in invoice value processed for freelancers and businesses all over the world!
Our Plans for 2024
We are excited to carry this momentum into 2024, where we plan to expand our user base, introduce innovative features, and build strategic partnerships. Our key objectives for 2024 include:
- Ramp up sales of our new DAC7 API service to online platforms whose sellers operate in the EU
- Announce our seed round and attract investors to fuel our growth and expansion
- Enhance and streamline our B2C and B2B customer onboarding process
- Add new payment and money withdrawal methods for cheaper and faster payment distribution
- Find and establish partnerships with local tax companies in the EU to provide comprehensive personal tax compliance solutions
We are confident that 2024 will be a pivotal year for abill.io as we continue on our mission to make global freelancing hassle-free, by providing easier tools for finance and tax management to all parties involved - freelancers and businesses hiring them, freelancer marketplaces, and online platforms.