The AppFolio case study here really highlights how powrful the wedge to system of record to fintech path can be. What's clever is that they didn't just slap on payments as an afterthought. They waited until they had deep penetration as the system of record with all that tenant data, rent collection history, and workflow automation baked in. At that point adding embedded payments and insurance isn't just a revenue play, it's giving property managers tools they actully need and would be paying someone else for anyway. The 30% growth at $700M revenue scale is pretty wild for a company that's been around since 2006. Makes me think they're still in early innings of market penetration, especially if they can keep moving upmarket to larger property management firms. Would be intersting to see how much of their ACV expansion comes from the fintech layer versus just adding more units under management.
The AppFolio case study here really highlights how powrful the wedge to system of record to fintech path can be. What's clever is that they didn't just slap on payments as an afterthought. They waited until they had deep penetration as the system of record with all that tenant data, rent collection history, and workflow automation baked in. At that point adding embedded payments and insurance isn't just a revenue play, it's giving property managers tools they actully need and would be paying someone else for anyway. The 30% growth at $700M revenue scale is pretty wild for a company that's been around since 2006. Makes me think they're still in early innings of market penetration, especially if they can keep moving upmarket to larger property management firms. Would be intersting to see how much of their ACV expansion comes from the fintech layer versus just adding more units under management.
Let me know what you think about my latest post on Saas metrics https://theirgirl.substack.com/p/retail-investors-guide-to-saas-metrics
Love the framework in this one. However the Veeva example isn't right - CRM was first in 2007 and eMTF was second in 2011