PulsePay is a B2B fintech startup offering expense management software to small businesses. The CEO says the company is "growing fast," but investors are concerned that top-line growth may be masking weak fundamentals.
Over the last 6 months, monthly signups increased from 20,000 to 52,000, and MRR grew from $420,000 to $610,000. However, paid conversion fell from 8.5% to 5.2%, 90-day logo retention dropped from 78% to 61%, and CAC rose from $180 to $340. DAU/MAU improved from 22% to 28%, but average weekly active users per paying account declined from 6.4 to 4.9. Referral-driven signups fell from 24% to 11%, while paid acquisition now drives 68% of new users versus 41% six months ago. Sales argues this is normal scaling friction; the board wants to know which metrics are true red flags.
marketing_spend_daily: channel, campaign_id, spend, clicks, impressions, attributed_signupssignup_funnel_events: user_id, signup_date, onboarding_step, activation_flag, trial_start, paid_conversion_dateaccount_activity_weekly: account_id, week_start, active_users, key_actions_completed, feature_usagesubscriptions: account_id, plan_type, mrr, start_date, cancel_date, expansion_mrr, contraction_mrrreferral_events: inviter_account_id, invited_user_id, invite_date, accepted_flag