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Chargebee Enables Subscription Businesses to Combat Economic Turmoil with 2022 Summer Product Release

San Francisco, Calif., July 28, 2022 (GLOBE NEWSWIRE) — Chargebee, the leading subscription management platform, today announced its Summer 2022 Product Release. The slate of new products and features is focused on enabling high–performing subscription businesses to monetize their existing customers and fend off the growing threats of a tumultuous economy. These new products help businesses build their cash reserves and maintain their customer base at a time when many businesses – and their customers – are struggling with the realities of inflation and drying up of venture capital, the lingering effects of COVID–19 and a decimated global supply chain.

The centerpiece of Chargebee's Summer 2022 Product Release is Chargebee Retention, formerly Brightback, which along with Chargebee Receivables (numberz), and RevRec (RevLock), all acquired by Chargebee over the last 18 months, represent Chargebee's initial foray into becoming a true multi–product company.

Chargebee Retention allows businesses to focus on keeping the customers they already have at a time when both businesses and consumers are being forced to evaluate everything in their portfolios and make difficult decisions. Chargebee Retention enables businesses to customize cancellation experiences with offers geared towards continuing the customer relationship and allows businesses to test out personalized retention–magnet strategies to minimize voluntary churn and strengthen customer lifetime value with an ROI of as much as 800%.

"For subscription businesses, acquiring new customers is at least 2.5 times more expensive than upselling or expanding an existing customer. This factor can be even higher with intelligent automation that decreases customer churn while increasing the chances of expansion," said Mark Thomason, IDC Research Director responsible for Digital Business Models and Monetization practice. "While these retention capabilities are critical during these tumultuous times, keeping happy customers is always in vogue."

Chargebee Receivables helps businesses improve their cash flow management processes by automating accounts receivable workflows. Subscription businesses will now be able to efficiently automate their entire accounts receivables workflow and process from purchase to payment. In addition, Chargebee Receivables also lets businesses proactively engage with customers on predicted payment failure to minimize involuntary churn and increase customer retention.

“Customer retention has become an even bigger focus for us over the past year or so," said Bob Viscount, Vice President at Silhouette U. "The economy has changed a lot, and we've been looking for a solution that helps mitigate some of the cancellations we've been seeing. Customers have chosen to cancel due to cost and having an option to deflect some of these cancellations with a tailored offer in the moment has been a huge boost to our business. Chargebee Retention has proven to be a value–add to our business and has allowed us to provide customers with a comprehensive review of what they'd be giving up while also leveraging offers when needed. The results in a very short amount of time have convinced me that this needs to be a critical component to our business moving forward.”

The volatility of today's market landscape has forced businesses to become adaptable and nimble in ways they hadn't previously expected, tinkering with package and feature offerings and providing new and different services to customers at different price points. The new Chargebee Entitlements offers businesses more control over this new path and enables them to upsell to existing customers by showing them value. Chargebee Entitlements enables businesses to "value–test" and experiment with different packaging and pricing options, better control feature launches with roll–outs to small subsets of customers, and go to market faster. Chargebee Entitlements helps go–to–market teams provide feature access to customers beyond their plan on the flip of a switch, which can be used to incentivize plan upgrades and free–to–paid conversions.

"We've spent months engaging with our customers, learning the ins and outs of their businesses and working with them to determine what types of tools they want and need to face their current challenges head–on," said John Pearce, Vice President of Product Management at Chargebee. "In those conversations, the focus almost always homed in on retaining customers, building long–lasting customer relationships and understanding how Chargebee can help businesses monetize their existing customer base. Chargebee Retention, Chargebee Receivables and Chargebee Entitlements are a direct result of our findings and our desire to give our customers exactly what they need to build and scale their businesses, even in these trying times."

The complete list of features in Chargebee's Summer 2022 Product Release, which also includes in–app purchase management, multi–entity management, integration with PandaDoc to manage quote–based subscription workflows, a RevRec integration that helps businesses recognize revenue in local currency and avoid challenges that hinder growth, and RevRec's ASC 606 expense recognition, can be found here: https://www.chargebee.com/summer–release–2022/

About Chargebee

Chargebee is the subscription management platform that automates revenue operations of over 4,500 subscription–based businesses from startups to enterprises. The SaaS platform helps subscription businesses across verticals, including SaaS, eCommerce, e–learning, IoT, Publications, and more, manage and grow revenue by automating subscription billing, invoicing, payments, and revenue recognition operations, provides key metrics, reports, and business insights and now offers Chargebee Retention and Chargebee Receivables. Founded in 2011, Chargebee counts businesses, like Okta, Freshworks, Calendly, and Study.com amongst its global customer base. Learn more about Chargebee at www.chargebee.com.

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Chargebee Launches Industry’s First E-Invoicing Service with Spring 2022 Product Release, Also Featuring Increased Automation Capabilities

San Francisco, CA, March 16, 2022 (GLOBE NEWSWIRE) — Fresh off its recent round of funding, Chargebee, the leading subscription management platform, today announced the industry's first e–invoicing service for high–performing SaaS and subscription–model businesses as the centerpiece of its Spring 2022 Product Release. The release includes updates geared towards enabling growth and efficiency for Chargebee customers, including taxation and revenue recognition features and a new Marketplace to automate billing workflows through a library of customizable integrations.

E–Invoicing

Countries across the world, including Brazil, France, Finland, Germany and India, are already mandating e–invoicing for Business to Government (B2G) transactions as a way of modernizing and simplifying tax reporting and payment and several countries, including Poland and France, will join Italy, Mexico and Chile in mandating e–invoicing for B2B transactions as early as 2023. Chargebee's e–invoicing service will allow businesses seeking to expand operations globally to easily comply with local e–invoicing mandates and serve B2G and B2B customers in new regions.

"Chargebee has solved a huge problem for us," said Gabriele Proni, co–founder and CTO of Voxloud, an Italian–based communications company. "Italy has some of the strictest e–invoicing mandates in the entire world, and without Chargebee's e–invoicing service, we would have had to spend countless hours sending them out manually. Chargebee came in and helped automate the process, saving our team from spending unnecessary time and power and allowed us to focus on doing what we do best."

Marketplace

Automation is key to ensuring that modern billing systems are able to remain flexible and adaptable for businesses to succeed, especially for SaaS and subscription models, and is taking on a large role in Chargebee's 2022 Spring Product Release.

Chargebee's Marketplace enables businesses to build their billing systems on top of Chargebee, allowing for more and better integrations by connecting merchants with a wide catalog of available integrations to choose from. Marketplace improves integrations with other apps end–to–end, from discovery to sign–up, automating billing workflows and use cases.

Taxation and Revenue Recognition

In addition to e–invoicing and Marketplace, Chargebee adds taxation and revenue recognition capabilities to handle real–time changes based on customer demands. Through automation, Chargebee is providing subscription businesses with a new way to sync billing information and improve an organization's financial efficiency and enabling them to meet the growing list of compliance requirements, including Value–Added Tax ("VAT" in Europe) and Tax Deduction at Source ("TDS" in India).

Compliance

As Chargebee continues to support expansion into new and different geographies, customers need not worry about the growing list of regional and local compliances they will face. Chargebee is now certified as HIPAA compliant with the "Privacy Rule", "Security Rule" and "Breach Notification" as per the HIPAA Portability and Accountability Act to support customers in the healthcare industry. In addition, Chargebee is also compliant with PCI and GDPR standards and adheres to ISO, SOC1, SOC2 and MFA standards.

Global Growth

"Global and product expansion is a big part of Chargebee's 2022–and–beyond roadmap, and we know that our customers are always looking to scale up, increase capabilities and enter new territories," said John Pearce, Vice President of Product Management at Chargebee. "There are tons of constantly changing rules and regulations that could inhibit growth, and our new offerings are designed to help our customers offload these concerns and focus on building and maintaining business."

The Chargebee Spring 2022 Product Release full list of features includes:

  • E–invoicing for India and the European Union
  • Tax Withholding (TDS)
  • Subscriptions Marketplace
  • New Salesforce Integration UX
  • GST Breakdown (Australia)
  • Revenue Recognition through acquisition of RevLock
  • Retention through acquisition of Brightback
  • Receivables through acquisition of numberz
  • HIPAA Compliance
  • SOC–2 Compliance

These latest product enhancements come on the heels of a $250 million funding round that valued the company at $3.5 billion and was geared towards Chargebee's global expansion. Recent acquisitions of Brightback (customer retention), RevLock (revenue recognition) and numberz (receivables) will also strengthen Chargebee's offerings to enable end–to–end management of subscriptions and revenue data.

To learn more about Chargebee's Spring 2022 Product Release, please visit https://www.chargebee.com/blog/spring–release–2022.


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Chargebee Raises Another $250M to Meet Surging Demand from Growing Subscription and SaaS businesses

SAN FRANCISCO, Feb. 01, 2022 (GLOBE NEWSWIRE) — Chargebee, the leading subscription management platform, today announced the closing of a $250 million investment round co–led by Tiger Global and Sequoia Capital, along with returning investors including Insight Partners, Sapphire and Steadview Capital. This round follows a previous round in April raising $125 million at a $1.4 billion valuation, bringing the total investment in the company to $470 million.

More businesses are becoming or being born as recurring revenue businesses. UBS financial services firm predicts that this "subscription economy" will grow to $1.5 trillion by 2025, more than doubling its current $650 billion estimate. As the market grows, so does the opportunity for Chargebee's global customer base. The new round of funding will be used towards product innovation and global expansion to support the billing and revenue needs of current and future subscription businesses, as well as strategic corporate growth initiatives.

"We built Chargebee to solve infrastructure issues facing high–growth subscription businesses with a product roadmap laser focused on replacing in–house systems orchestrating the complex parts of revenue intelligence like billing and payments. As subscription offerings continue to rapidly evolve, our focus remains on providing a flexible growth engine to power, capture and understand revenue, all in real time," said Krish Subramanian, CEO and co–founder of Chargebee. "This round of funding will drive innovation to empower the next generation of businesses leveraging subscription billing models to quickly start, scale and transform."

Chargebee manages revenue operations for subscription–based businesses ranging from early–stage startups to larger enterprises, including Freshworks, Calendly, Doodle and Pret a Manger. Through simple and seamless integrations, Chargebee captures the entire revenue lifecycle from first interaction to the closing of the books each month, empowering teams to make business growth decisions with confidence.

"We believe every company will be a subscription company in the future. The predictability of a subscription business model is extremely attractive, and Chargebee is the leading revenue management partner for the subscription economy. Its platform offers customers a real–time 360–degree view into revenues and user behavior and the intelligence they can use to quickly adapt and make better business decisions. Sequoia's investment reflects the growing market need and belief in the Chargebee team," said Tejeshwi Sharma, MD, Sequoia India.

The company recently expanded offerings to build a unified revenue management platform with strategic acquisitions of leaders in revenue recognition (RevLock) and churn deflection and retention (Brightback). In the last year, the platform also added capabilities to optimize revenue growth with new payment methods and gateways, support for one–time payments to meet local tax and e–voicing regulatory and compliance requirements, enhanced reporting and analytics and updated integrations with ERPs (Netsuite and Microsoft Dynamics) and CRMs (Hubspot and Zoho) to support more complex sales motions. The company has also expanded globally with new offices and investments in Australia and India and partnerships with industry leaders including GoCardless, Salesforce, Hubspot and PayPal.

About Chargebee

Chargebee is the subscription management platform that automates revenue operations of over 4,000 subscription–based businesses from startups to enterprises. The SaaS platform helps subscription businesses across verticals, including SaaS, eCommerce, e–learning, IoT, Publications, and more, manage and grow revenue by automating subscription, billing, invoicing, payments, and revenue recognition operations and provides key metrics, reports, and business insights. Founded in 2011, Chargebee counts businesses, like Okta, Freshworks, Calendly, and Study.com amongst its global customer base. Learn more about Chargebee at www.chargebee.com

Media Contact
Penny Desatnik
penny@chargebee.com


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