FreshBooks Reaches Five Million Users Who Invoice $8 Billion Annually

FreshBooks now has five million users, according to founder Mike McDerment.

Mike told The Globe and Mail that those five million users have collectively invoiced $8 billion this year.

The Toronto-based company, which now has more than 100 employees, says its userbase spans 120 countries.

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The company has come a long way since 2003, when Mike founded FreshBooks in his parents’ basement. It was built based on the need for Mike – who was a freelancer at the time – to have a prompt and accurate invoicing solution. Despite the company’s success today, it got off to a slow start: Mike confesses the startup had only 10 customers paying $10 during the first year.