Loopit Year In Review: 2022
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Loopit Year In Review: 2022

Michael Higgins
December 21, 2022

As we wrap up 2022, it is important to take a moment to reflect on the continued growth and milestones we have achieved this past year at Loopit. 

Amongst the backdrop of global uncertainty, the rising cost of living and a rapidly changing automotive market, car subscription services experienced significant uptake in 2022, driven by a ‘perfect storm’ of market conditions creating a paradigm shift toward more flexible car ownership alternatives.

This year was marked by two major milestones for Loopit—our launch into the UK market, and our successful AUD $3.6M seed funding round led by Tidal Ventures to fuel our global expansion. 

Loopit received accolades from Fintech Australia, the Australian Business awards, the Sydney Design Awards and the UK Startup Awards National Series. This recognition extended to being named among the top tech startups in the country with the Australian Financial Review Fast 100, Deloitte Fast 50 and Crunchbase Top 50 Australian Startups. 

Our achievements secured national recognition with Loopit accepted into the Going Global USA Export Program with Investment NSW and the San Francisco Landing Pad with Austrade to help grow Australian SaaS on a global scale.

Loopit also exhibited at global events including the Australian Automotive Dealer Association Convention & Expo in Brisbane, Australia and Automotive Management Live in Birmingham, UK where we shared the opportunity for car subscription with the automotive industry.

We finish 2022 with an incredible 33,000 vehicles under management on the Loopit platform, and a record 36 months of consecutive subscriber growth. 

We thank you for your continued support and look forward to a prosperous new year!

The Top Car Subscription Product Feature Releases for 2022

The year of 2022 has been momentous for our platform, with product and engineering teams publishing over 280 unique platform updates—representing a new release for every weekday of the year. With new subscription providers, big and small, coming on board on the Loopit provider network, our platform grew as we responded to the demands of our customers.

Join us in celebrating our top product feature releases for 2022.

1. TruPass by Loopit

As our industry-leading capabilities in risk management and fraud prevention continue to compound, Loopit has amalgamated these offerings with the  launch of TruPass—the world's first suite of know-your-customer and fraud prevention products built specifically for mobility services. As a standard offering for Loopit clients, TruPass incorporates measures such as identity verification, credit assessment and the recently launched biometric authentication feature, allowing robust and seamless customer onboarding—digitally and in real time. 

2. Fleet Toll Management

A key success metric for Loopit is to help our clients achieve success at scale by introducing new features and products to streamline the car subscription management process. A major release for 2022 was the launch of the new toll management feature that allows for bulk processing of fleet toll charges, saving significant time and effort that would otherwise be required to manually process individual toll charges for each vehicle on subscription. 

3. On Platform Credit Invoice Management

To improve how businesses can better manage the frequent customer touch points involved in car subscription with regards to customer invoicing and payments, Loopit introduced a new credit memos  feature this year to support the various credit scenarios required such as issuing a prorate credit to a customer when their subscription is finalised, and streamlining the accounting aspect of billing and invoicing. 

4. On Platform Security Deposit Management

With security deposits held as collateral for the duration of the subscription, Loopit made a significant platform improvement to allow businesses to process refunds and deduct expenses easily and efficiently directly within the platform. The new functionality allows businesses to both refund a subscriber's security deposit without needing to make manual payments, and apply security deposits directly against any outstanding invoices, claim security deposits if a subscriber is in arrears.

5. Fleet Utilisation Optimisation

Loopit is committed to providing the tools necessary to ensure optimal fleet utilisation and therefore revenue generation. Loopit made a number of enhancements to the platform in 2022 to improve fleet utilisation for our customers, including a new vehicle fleet timeline to better understanding fleet movement and allocation, as well as new intelligent advertising features to allow new customers to proactively subscribe to vehicles due to be returned. 

6. New Global Telematics Partners

As Loopit expands internationally into the UK and abroad, we are providing clients with greater flexibility in regards to their choice of telematics partner. With the inclusion of Rentalmatics and GeoTab alongside Telemax, clients now have greater choice in the devices installed within their fleet and also a greater opportunity to utilise the devices they may already have available. 

7. Update Customer Agreements On-Demand

Updating and signing subscription agreements is an essential component in running a car subscription service. With Loopit's release this year, businesses are now able to automatically generate new agreements following minor changes such as updates to customer contact details (this is in addition to major changes such as new subscription add ons or upgrading subscription plans).

9. Pinned Subscription Notes

Ensuring your team has the necessary tools at hand for seamless management and collaboration is key to an efficient car subscription service. The introduction of notes was well received by many customers who utilised the feature to ensure all team members are across all the changes and details for each subscription. Now we have built upon this functionality with the introduction of a new pinned notes feature, providing team members with quicker access to timely and high-priority notes for each customer. 

10. Customer Autopay Report

Loopit now provides a customer autopay report that displays an entire list of all customers with subscriptions and their autopay status. This plays a pivotal role in enabling businesses to conduct an audit of customers who should or should not be on autopay; while viewing customers with available credit adjustments.

See you in 2023

Next year will be an even bigger year for Loopit and the wider car subscription market. We've got some exciting releases already in progress and we can't wait to show you. Thank you to everyone for their continued support, see you in the new year!

In the meantime, if you have any feedback feel free to let us know at hello@loopit.co

2022 Loopit Global Car Subscription & New Mobility Report

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About the author
Michael is the co-founder and managing director at Loopit, a SaaS platform specialising in new mobility initiatives such as car subscription, rideshare and digital rental solutions. When he’s not launching new businesses, Michael enjoys motorsports, racing cars himself as well as boating.
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