By Riley Kaminer
'We’re using technology to take care of the repetitive work and allow humans to do the highest level thinking' - Lil Roberts, CEO of Xendoo
One of Broward County’s biggest startup success stories continues to grow at a rapid pace.
Fort Lauderdale-based Xendoo has developed a SaaS bookkeeping platform targeted at small businesses. The startup reported a two-year revenue growth of 777% from 2018 through 2019.
The lion’s share of Xendoo’s clients are small businesses with fewer than 20 employees – businesses for whom the pandemic has had an outsized effect. Nevertheless, Xendoo still managed to grow 30% in 2020. This is impressive in a context where some of its competitors struggled to survive, or were forced to close their doors. “It was a big win that we were able to keep our customers,” said Lil Roberts, Xendoo’s founder and CEO.
Xendoo has devised a way to simplify bookkeeping for its small business clients. The technology underpinning the startup’s platform enables its in-house, US-based accountants to serve clients more quickly and effectively than traditional bookkeeping services. Xendoo then passes along these savings to its customers. “In the accounting space, we don't expect to see humans going away for some time,” Roberts explained. “But we’re using technology to take care of the repetitive work and allow humans to do the highest level thinking.”
The startup recently launched a new version of its customer portal. According to Roberts, the main advantage of the new portal is that it “delivers additional data driven insights for our small business owners.” Xendoo has customers across 46 US states and 12 countries.
Xendoo is preparing for significant growth in the upcoming six months. The startup plans to expand its team from 32 US-based employees to around 50. Roberts said that they are hiring across the board, with a particular focus on sales: “We've been able to achieve our growth without a dedicated sales team, just a customer success team that we set up last November. Now we’re at the beginning of building out our sales engine.”
In the next few months, Roberts said that Xendoo will begin to raise a Series A round; the startup raised seed funding in 2019. The startup also plans to begin offering payroll services in the fourth quarter of this year.
Roberts spoke with Refresh Miami via Zoom from Prosper, a Las Vegas trade show geared toward Amazon ecommerce merchants. “There are a lot of people here from Miami,” Roberts said, noting the increased prominence of the ecommerce scene in South Florida.
Roberts, who won the Rise of the Rest pitch competition in 2019, is bullish on the South Florida tech ecosystem: “South Florida's on fire, and it's an exciting time to be a fintech company in the South Florida marketplace.”
She continued, “I’ve lived in Broward my whole life, and have had multiple companies in the Fort Lauderdale area. There has never been a better time for people to start their careers and build startups here.” Roberts highlighted the recently-opened Levan Center at Nova Southeastern University as a particularly exciting development for the regional tech community.
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