Wefunder Identified They Were Spending Twice on a Single Application

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Wefunder

Wefunder is a crowd-funding platform and a popular name in the SaaS startup ecosystem. They let people invest as little as $100 in their favorite startups. They connect investors with the startups and enable them to purchase equity shares of those startups. 

It is regarded as the robin-hood of pre-IPO startups as it allows all kinds of users to invest in them, resulting in increased growth and success. 

Industry: Funding/​Crowdfunding Platform

Founded: 2011

Company Size: Mid-market(100+ employees)

Location: United States

Use Case: Spend visibility

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Problem

Wefunder relied on spreadsheets to track SaaS applications, which made it challenging for the team to identify and track their SaaS spending. 

• There was no comprehensive and updated view of their spending on each vendor.
• This lead to the team not knowing that they were spending twice on the same application.

“As a small team, it was chaotic to attribute our spending to each application and vendor.

- Sophie Wang, Director of Finance, Wefunder

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Solution

CloudEagle integrated with their finance system and revealed the true size of their SaaS stack, and the team realized that their spreadsheets were only tracking 1/3 of the total applications being used. 

• CloudEagle’s platform pointed out that they’ve been paying an annual price to a particular vendor, but still, the vendor was charging an additional monthly price for the same application.
• This was an issue from the vendor’s finance team, which was revealed by CloudEagle; Wefunder was paying extra charges to the vendor. 

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Result

Thanks to CloudEagle platform’s comprehensive spend view on each vendor, Wefunder identified that they were spending twice on a single application. 

Wefunder got rid of spreadsheets and now relies on CloudEagle’s comprehensive dashboard to get accurate spending data on each vendor and application.

The team was relieved that CloudEagle’s financial system integration revealed significant discrepancies, and now they can catch discrepancies that would’ve generally gone unnoticed because the financial systems don’t notify them about any anomalies; only CloudEagle does.

“I strongly recommend you consider CloudEagle if you’re serious about realizing savings on your software spend.”

- Sophie Wang

Do you know what apps your teams are using? Is your finance team finding it hard to track vendors and their respective spending? Do you think shadow IT is high and want to eliminate it?

Contact our experts now.