fiskaly
👤 Johannes Ferner (Ex-Speedinvest VC Ferner + CTO Gaubatz bet a certified TSS could live in the cloud, got BSI-certified first — beating hardware.)🌐 siteLinkedInGitHub
German law forces a certified security module into every till. fiskaly built the first cloud one and rents it as an API.
Will it work? · our read
The law sells. But the mandate that feeds you also fences you in: each new country is a multi-year certification slog, and hardware TSE undercuts on one-time price. Depth beats reach here.
01How the money moves
German law: every POS needs a BSI-certified TSS
→
POS/ERP vendors integrate fiskaly's cloud API — no hardware
→
Recurring fee per active terminal / TSS
02The numbers
€10M+
recurring revenue, 2023
fiskaly
800+
B2B POS/retail clients
fiskaly
500k+
POS terminals live
fiskaly
All from fiskaly / Verdane 2024 announcement; 30%+ YoY, self-funded until then. fiskaly blog
Crossed EUR 10M+ in recurring revenue in 2023 (about $11M), self-funded until Verdane's 2024 investment; 800+ B2B customers, 500k+ POS terminals.
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fiskaly blog — 800+ customers, 500k+ POS, 850 tx/sec (first-party)Verdane — 'crossed EUR 10M recurring revenue' 2023, 30%+ YoY, self-funded until 2024fiskaly — cloud TSS recertified by BSI, valid until 2033fiskaly — KassenSichV & TSS: the German mandate explainedLatka — third-party estimate (about $9.4M ARR), cross-check only
Revenue is first-party disclosed: fiskaly's own blog and its investor Verdane both state the company 'crossed EUR 10 million in recurring revenue' in 2023 (about $11M), with 800+ B2B customers, 500,000+ POS terminals and 30%+ YoY growth — marked STATED and verified. It was self-funded (no institutional capital) until a single Verdane growth investment in 2024 (amount undisclosed), so 'bootstrapped to €10M' is accurate, not fully bootstrapped today. Exact current ARR/profit are not broken out; Latka's about $9.4M estimate roughly agrees. The 'first full-term BSI cloud-TSS cert (valid to 2033)' is from fiskaly/BSI. The 'cloud vs hardware' key move and the country-fragmentation 'dies' scenario are our read, badged as such. We never score you.