SMB payment platform HoneyBook first took a hit, then saw massive payment volume growth in 2020
- HoneyBook aims to appeal to more small business owners.
- With so many apps with so many purposes, this could be a challenge going forward.
HoneyBook, a platform that helps solopreneurs manage projects and payments, recently announced that it hit $3 billion in business booked on the platform, a billion of which came from the past year alone.
HoneyBook hit $1 billion in total payment volume in 2019.
HoneyBook makes money through monthly subscription fees and through transaction fees. So when its core user base — freelancers and event-based small businesses — was suddenly being threatened by the pandemic, HoneyBook was, too.
“Mid-March, when we saw so many of these service-based businesses — these small business owners– take a hit, we knew that we were going to take a hit at the same time,” said Oz Alon, co-founder and CEO of HoneyBook.
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