Tofu Improves Self-Employed Finances with Cutting-Edge Services
In a groundbreaking move, the FinTech sphere is abuzz with Tofu’s latest revelation. Operating under the banner «GetPaid Inc.,» this innovative startup has set its sights on the US market, introducing a comprehensive business management platform, as outlined in Fintech Global News.
Tofu’s platform tackles the administrative hurdles faced by the extensive 9.8 million-strong self-employed demographic by streamlining their invoicing, expense tracking, and tax computations.
In an exceptional achievement during its initial operational phase, Tofu garnered an impressive one million app installations within a year, all while in test mode. The second quarter of 2023 witnessed a remarkable 40% Month-over-Month (MRR) growth for the company. Its Annual Recurring Revenue (ARR) reached an impressive $4.5 million during its inaugural year.
What sets Tofu apart is its unwavering commitment to saving precious time. While the traditional invoicing process typically consumes approximately 12 minutes, Tofu’s platform slashes this down to a mere 6 minutes. Such efficiency directly addresses the concerning statistics revealing that freelancers allocate only about 53% of their time to billable tasks, with a significant 22% devoted to administrative duties. The platform empathizes with the challenges faced by self-employed individuals who often cannot afford administrative assistance.
Furthermore, Tofu distinguishes itself with its exceptional user experience. It places a strong emphasis on inclusivity by accommodating a wide range of popular payment methods, from P2P transfers and card payments to cash. This diverse array ensures a rapid adoption rate for the product, providing users with an integrated solution tailored to their diverse needs.
Tofu’s founder and CEO, Alexey Bogdanov, stated, «Self-employed individuals wait three times longer to get paid than full-time staff, with 28% of business decision-makers citing cash flow as the main reason for slow payments. Tofu’s ultimate objective is delivering a best-in-class solution that empowers self-employed individuals to conveniently accept payments while on the move. More integrations are coming at the end of the year, including support for Tap to Pay on iPhone.»
According to data from the US Bureau of Labor Statistics, there are currently 9.84 million self-employed individuals in the US, with 54% managing multiple jobs. A significant 76% of them work full-time, while the remaining 24% are part-time workers. Notably, self-employed individuals often have longer working hours, with nearly half of them committing to 10 or more work hours daily, which is 50% more than their full-time counterparts.
«GetPaid Inc.,» affectionately known as Tofu, is a pioneering FinTech startup. With its innovative back-office management platform, Tofu aims to streamline invoicing, expense tracking, and tax calculations for the vast and dynamic self-employed community. This revolutionary platform is poised to transform the landscape of self-employment by offering practical solutions to longstanding challenges.