Consumer and Business Behavioral Shifts Unlock New Revenue Streams for Subscription Companies; Recurly Now Cash-Flow Positive
SAN FRANCISCO, Nov. 17, 2021 (GLOBE NEWSWIRE) — Recurly, Inc., the leading subscription management and billing platform, today announced that it will exceed $10 billion in annualized transaction payment volume this year, representing a 40% increase over the prior year. This milestone comes on the heels of Accel KKR (AKKR) taking a majority stake in the company. Additionally, Recurly announced that it is cash-flow and EBITDA positive, with year-over-year net revenues up 37% and gross margins of 74%.
Recurly enables subscription providers to build relationships with their subscribers in a way that results in optimal growth. Consumers are increasingly interested in paying only for what they’ve consumed, and Recurly predicts massive adoption of this standard across the B2B and B2C spectrum. Unlike other enterprise subscription billing platforms that require massive efforts to implement and tend to manage contractual terms, Recurly is purpose-built to capitalize on this more fluid “pay-as-you-go” trend, with its customers now able to deliver an even more convenient and frictionless payment experience to their subscribers – resulting in growth in new customer segments, international markets, and monetization opportunities.
“Businesses across the spectrum are unlocking growth opportunities by building offerings to develop and nurture long-term customer relationships,” said Dan Burkhart, CEO of Recurly. “For businesses that have embraced the subscription model, the customer is naturally at the center of every decision. We’ve built Recurly from the ground-up with long-term customer relationships in mind, not just as a means of facilitating subscriber transactions. And we’re thrilled to see our customer-centric approach proving out in a big way in the marketplace.”
Recurly today supports the most common methods of payment: credit cards via 22 global payment gateways, popular digital payment methods such as PayPal and Apple Pay, and support for over 140 currencies, making it the platform of choice for subscription companies across industries.
Thousands of innovative companies across digital media, streaming, publishing, SaaS, education, consumer goods, and professional services industries rely on Recurly to unlock transformational growth using subscriptions. Recurly’s all-in-one, integrated platform removes the complexities of automating subscriptions at scale by enabling teams to manage and optimize their subscriber lifecycles with ease. Category-defining companies including Sling, Twitch, BarkBox, FabFitFun, ViacomCBS, Lucid, and SproutSocial have chosen Recurly to manage billions of dollars in recurring revenues, future-proof their recurring billing and payment operations, and recover millions in lost revenue due to churn. Founded in 2010, Recurly is based in San Francisco, with offices in Boulder and New Orleans. For more information, visit https://recurly.com.
*Source: WorldPay by FIS Research