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Useme

Fastest legal payments for remote work

Poland, Lower Silesia
Market: Internet and IT, Financial services, Artificial Intelligence
Stage of the project: Operating business

Date of last change: 13.12.2023
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Idea

We are a $50m revenue startup that offer a simple platform for freelancers to contract and get paid within 24 h without having to set up their own company.

Current Status

140k freelancers and 70k corporations registered.
10k transactions every month.
86% revenue growth in 2022, while bootstrapped and profitable.

Market

We focus entirely on acquiring freelancers fr om Eastern Europe, Africa and LATAM and let them invite their clients from Western Europe (UE) and the USA, wh ere the money comes from (60% of the global freelance market comes from UE and the USA, while only 4% of freelancers come from North America)

Problem or Opportunity

Contracting of freelancers by corporations is complicated due to compliance, local laws, and international payments. Remote jobs could also be of poor quality and/or not on time. That problem tries to solve employers of record, but payouts take 14-30 days. Traditional marketplaces also take 15% for matchmaking, while ⅔ of freelancers’ jobs come from referrals and recurring clients.

Solution (product or service)

With Useme, freelancer can easily invite to a transaction a client one knows from other networks or referrals. The cost of Useme is comparable to fintech payments, and payouts are within 24 h. A transfer is legal, because a client always gets an invoice for the transaction. Last but not least - it's safe, because a client can download the work only after paying for it, and freelancer gets paid when the work is accepted.

Competitors

Employers of record: Deel, Rule, Xolo, Remote.com etc.
Traditional marketplaces: Fiverr, Upwork, Freelancer.com etc.

Advantages or differentiators

Comparing to employer of record - we focusa on fast payouts to freelancer and send money within 24 h comparing to 14-30 days offered by them.

Comparing to traditional marketplaces - ⅔ of freelancers’ jobs come from referrals and recurring clients, so we allow invite to a transaction a client freelancers knows from other networks or referrals, and don't force clients to register on the marketplace. That's why we can charge 3 times less than traditional marketplaces.

Finance

All the money from clients goes through our accounts, what's good for our cash flow. We were bootstrapping for the past years, so we're profitable company, although profit is not our goal now. We break even every year and invests all the money we make to grow the business.

Business model

Freemium marketplace to acquire freelancers.
Commission of 5-8% per transaction (paid by freelancers).
SaaS for teams of freelancers (paid by corporations).

Money will be spent on

Marketing expenses - entering new markets, just paid campaigns that will fuel our growth engine (based on PLG and growth loop)

Customer success team within times zones of South and North America.

Niche and specialized sales team in the USA to work with enterprises.

Team or Management

Risks

We need to focus on KYC and AML policy, to make sure Useme is not used for frauds. We do it on the backend of the process of sending an offer, and we some AI driven solution to make it fast and safe.

Incubation/Acceleration programs accomplishment

GSD Super Scaler
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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Product Video
Presentation