Issue#99: Building $1K-$10K MRR Micro SaaS Products in the Financial Domain
Issue#99: Building $1K-$10K MRR Micro SaaS Products in the Financial Domain
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No fluffy content. If your goal is to build a $100m ARR business, this is not the right post. Here I am NOT going to talk about building the next Facebook or Twitter. If your goal is to make a $1K to $10K MRR, continue reading.
This post will cover one SaaS area and talk about multiple niches in this space. This post also explains how to do tech implementation, do market analysis, how the current players are doing, and ends with a cost analysis to understand the overall cost for 100 users.
Let’s see some of the players around Micro SaaS products in the financial domain.
⛳ ⛳ Current players
Bank Statement Converter: Converts PDF bank statements from 100s of banks world wide into Excel (XLS) format. Reached $9K MRR.
FinChat: ChatGPT for investors. FinChat accurately provides verified data on public companies.
ProjectionLab: Personal finance simulator that lets users simulate their financial future.
BudgetSheet: Add-on for Google Sheets that imports live bank transactions. Crossed $2K/month in revenue.
Fina: Custom financial tracking, without the spreadsheets. Lets users add flexible blocks to track any metric.
ModelPilot: Purpose-driven financial models at fixed, transparent prices. Reached monthly revenue of $6K soon after launch.
PitchPal: Generates startup funding applications using AI. Reached $1.1K/month in revenue.
Billwire: Account receivable automation with highly custom workflow. Reached $1.5K in monthly revenues.
CapitalView: Personal assets tracker. Track assets automatically. Reached $1K/month in revenue.
gini: Automated financial due diligence & reporting. Reached $11K/month revenue.
Cassandra: Uses AI to predict what to spend on each channel to maximize ROI. Reached $10K/month in revenue.
Bizzey: Tracks invoices, manage projects and automatically bills customers. Reached $1.2K/month in revenue.
Billdu: Easy invoicing app for freelancers and small businesses.
Rocket Money: Empowers users to save more, spend less, see everything, and take back control of their financial life. Received $84M in funding.
Tresio: Analyses and forecasts cash flow and liquidity. Provides a holistic overview of a company's finances in real time. Hit $10K/month in revenue.
Stock Alarm: Tracks stocks with push, email, text, or call alerts. Reached $20K/month in revenue.
TrackMySubs: Gives users customized alerts before their next subscription payment.
GreenBooks: Money management made simple.
Relay: AI-powered portfolio analyzer, driven by users’ inbox.
Paperstack: Automated bookkeeping to help freelancers pay less taxes. Reached monthly revenues of $2.5K. Received $7.3M in funding.
Allswealth: Financial planning software for Canadians. Reached $3.5K/month in revenue
Invoicer.ai: Lets users create, manage, and send invoices and estimates easily.
AdvisorBob: Financial Advisory compensation software. Estimated revenue is $2.2M.
Truewind: AI-powered bookkeeping & finance for startups
Finage: Real-time and historical financial market data. Stocks, Forex, Crypto,
Indices, ETFs via API and WebSocket. Reached monthly revenue of $80K.Savology : Financial planning tool to help clients and employees plan for the future, understand retirement needs, develop financial literacy, and reach significant milestones. Estimated annual revenue is currently $772.8k.
EzzyBooks: Project billing software for professional services & consulting companies. Reached $10K/month in revenue.
TAGGUN: Receipt OCR API with real-time receipt processing.
Finalle.ai: A powerful financial knowledge base, built for investors
Poindexter: To quickly create expert-level forecasts and pro-forma financial statements without spreadsheets. Crossed $1K monthly revenue.
Intrinio: Financial data for fintech innovators. Estimated annual revenue is currently $1.4M
Substly: An easier way to manage SaaS, user licenses & spending. Received $370K in funding.
Rydoo: Streamlines reimbursement cycles, automates expense flows, and boosts team productivity. Estimated annual revenue is $61.4M
Sturppy: Powerful easy to use financial modeling and forecasting software.
🔒 👉 [In Pro] See who launched a financial tracking app in March 2023 and crossed $2K MRR with 450+ paid users in July 2023.
🔒 👉 [In Pro] See which money management app earned close to $3k for the first month.
🔒 👉 [In Pro] See which personal finacial simulation tool reached monthly revenue of $10K.
🔒 👉 [In Pro] See who hit $35K/month in revenue with an invoicing app for freelancers.
🔒 👉 [In Pro] See who reached $19K in monthly revenue from an OCR receipt API
🔒 👉 [In Pro] See which invoicing tool reached $3K/month in revenue.
🙅♀️🙅 Pessimists
Negative Nancy says - “Finance Domain is complicated and needs a lot of paperwork for accessing data”
Me - Not really. Solutions like Plaid.com makes it easy to build applications in financial domain. Plaid.com does the required heavy lifting and provide required APIs to build SaaS apps in finance domain.
Negative Nancy says - “Using AI in finance domain could go wrong.”
Me - Products like FinChat and Finalle.ai leverage AI on top of the data successfully. If you are still concerned about AI making mistakes, combine AI with concierge service and build a Service business (and you can charge more in service business). Checkout Truewind that does this neatly. If you still don’t want to bring in AI, check out products like gini that reached $11K/month revenue without using AI.
🤿🤿 Deep-dive &&💡💡 Some niches
AI- Powered Assistant Trained on Financial Data for Equity Analysis:
Analysing financial data and creating insights from the data manually takes a lot of time and is prone to errors when done manually. Products like FinChat tried solving this problem by leveraging AI. Checkout products like FinChat, Relay and Finalle.ai that are built really well by leveraging AI. FinChat provides information on 750+ companies and 100+ super investors acting as powerful equity analyst assistant. It's trained on up to date financial data including years of transcripts, filings and reports from 750+ companies, 10,000+ company specific metrics, investing books, etc. The true magic of FinChat lies in its ability to decode complex financial data, swiftly identifying patterns and trends that might escape the human eye.
The best part of building tools like these is you can create an API for Enterprises and help launch generative AI inside any financial application. See here on how Enterprise APIs work.
Micro SaaS to Convert bank Statements into Google Sheets, CSV, XLS etc:
Converting bank statement data into Google Sheets simplifies the process of organizing and managing financial information. Users can easily input their data, categorize expenses, and create personalized budgets. The formats like Google Sheets, CSV, XLS allows for seamless analysis, enabling users to generate charts and graphs to visualize their spending patterns. It also helps with collaboration, enabling multiple users to work on the same sheet simultaneously, making it ideal for family or team budgets. Create a Micro SaaS that can straight forward convert a given bank statement (typically PDF format) into exportable tabular view with add-on to export to Google Sheets directly or export as CSV/XLS formats. Micro SaaS Products like Bank Statement Converter and BudgetSheet are good products in this niche. BudgetSheet crossed $2K/month in revenue. Bank Statement Converter reached $9K MRR
Micro-SaaS for Simplified Custom Financial Planning and Tracking:
Tracking expenses and doing financial planning is not only for businesses. It’s equally important for B2C users as well. The process often involves juggling with a lot of spreadsheets and hours of efforts. Create a Micro SaaS product that solves this by making it super smooth to track the expenses and plan the finances better. There are multiple Micro SaaS products that tried solving this much simpler at scale. Fina, GreenBooks, Poindexter, Savology are some products in this space. Final aunched in March 2023, Fina crossed $2K MRR with 450+ paid users in July 2023. Poindexter crossed $1K monthly revenue. Savology’s estimated annual revenue is currently $772.8k. GreenBooks earned close to $3k for the first month
Productized Service for Financial Modeling for Companies:
Productized service is a process of bundling your service in the form of a product for a fixed price and promised effort. In short - you promise what would be done in a fixed time (maybe hours, days, months) or you promise what would be done for a given task and you charge a fixed price for that without hourly billing. So, this is not exactly a Micro SaaS as you aren’t delivering software but it's still a Micro Business that gives you recurring revenue. Many companies needs people who can help with financial modeling. The beauty of Productized service is you only need a hand full of clients to hit $100K ARR as you would be mostly charging $1000-$2000/m for something like this. It’s a good bet for businesses as well as they don’t have to hire anyone full-time for this. Checkout ModelPilot that operates in a similar mode charging roughly $2000/m per customer. ModelPilot reached monthly revenue of $6K soon after launch.
Micro SaaS for Subscriptions Tracking: [[B2B + B2C Space]]
For most B2C users, it’s often a complex process to track all their SaaS/Subscription payments. Even for B2B its a complex process to track subscriptions/usage for the business and its employees. While tracking the subscription payments is one task, tracking the usage of the SaaS apps and building a report that shows what apps are needed and not needed based on the usage patterns is another big task for products on this niche. Products like CloudEagle shown great command on this market for B2B subscription and excelled in monitoring both expenditure and SaaS app utilization by a company's employees, addressing the intricacies of this task effectively. In less than 2 years, CloudEagle has a bunch of customers paying thousands of dollars per months. Some other note worthy products in this space are TrackMySubs, Substly and RocketMoney By niching down to small & medium-sized businesses and building user-friendly SaaS management platform, Substly received $370K in funding and growing strong.
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💻 💻 Technical chops
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📢 📢 Marketing chops
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💳 💳 Cost Analysis for 100 customers
Learn how much it costs to build a product in this niche and cater to 100 customers.
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