"These former Amazon and Great Learning execs are leveraging WhatsApp to make billing simpler for SMEs"- Your story
Your story: Hyderabad-based fin-tech startup Swipe, is a simple billing and payments app for small businesses. It can help create invoices, purchases, and quotes in less than 10 seconds. It also allows direct sharing of payment links on WhatsApp so SMEs can get paid.
With the hit of COVID-19, most SMEs and MSMEs understood the need and importance of digitization.
It was during that time that Aditya and Sri Teja, serial entrepreneurs and friends for over seven years decided to act on it. They realized the problem was way larger as approximately 75 million SMEs in India rely on manual processes to track sales, purchases, and payments. This led the duo to start Swipe, a simple billing and payments app for small businesses in India in 2021. With Swipe, it takes less than 10 seconds to send sales reports to the accountant.
"Today, more than 10,000 businesses come to Swipe to record their daily transactions, and we're growing 100 percent month on month. We launched in February this year and are now recording over $4 million in monthly transactions. Recently, we launched our free mobile app on Google Play Store" Sri Teja says.
Swipe today is a five-member team and is actively hiring across functions. The startup has raised $125,000 from Y-Combinator 2021 batch.
A study by Google-KPMG showed that digitally empowered SMEs have about twice the revenue growth projections as compared to offline SMEs. As of now, the segment has several startups, including KhataBook, Namaste Credit, OkCredit, and others.
Swipe follows a Freemium model, where "we have subscription plans starting from as low as Rs 1299 per year"
The founders' intention is to keep the app simple and available for all kinds of businesses.