B2B SaaSNov 4
Shopify Trust Badge App
Founded in 2021, this Shopify app for trust badges and feature icons has 333 paying merchants. New installs have slowed, and last month's revenue fell well below average.
- Ask
- $84.8K
- Profit
- $33.2K
- Multiple
- 2.6x
- Ask
- $84.8K
- Revenue
- $38.2K
- Profit
- $33.2K
- Margin
- 87%
- Multiple
- 2.6x
- Age
- 5 yrs (Jan 2021)
How it rates
ValuationFair
Other B2B software businesses we've tracked mostly ask 2.3–5.4x profit, or 1.9–4.6x adjusted for its short history or recent decline; this one asks 2.6x.
Durability
Founded in 2021, still under $40K a year with installs slowing, and every sale through Shopify's App Store.
Hands-off—
Owner hours and staff aren't stated.
Why it's interesting
- Monthly churn has fallen from 11% to about 4.4% since 2023, and nearly half of paying merchants are on annual plans.
- 83% of installs are organic, and the app holds Built for Shopify status with a 4.8 rating from 100+ reviews.
- Running costs are about $310 a month, so most revenue turns into profit.
What to watch
- Revenue is sliding: last month brought $2.1K against a $3.2K monthly average over the year, and the listing shows 0% growth. The seller blames fewer new installs, not lost customers.
- Trust badges are likely a crowded, easy-to-copy Shopify category, and Shopify controls both App Store ranking and Built for Shopify status.
- The seller lists other Shopify apps from the same account, including a product customizer, and this one runs on Heroku; a buyer should check for shared code, hosting or billing that would need untangling.
Ask the seller
- How many new installs and new paying merchants did the app add each month this year versus 2024, and when did the slowdown begin?
- With nearly half of merchants on annual plans, how much of last month's $2.1K is renewal timing, and what does the next 12 months' renewal calendar look like?
- What changed to cut monthly churn from 11% to about 4.4%, and does that rate hold for merchants still on legacy plans?
Growth plays
- Work the gap between 2,109 active installs and 333 paying merchants with in-app upgrade prompts tied to the badges each store already displays.
- Restart Shopify App Store search ads on terms like 'trust badges' and 'payment icons', which the seller names as a lever that has lapsed.
- Move legacy-plan merchants to current pricing with an annual-billing discount, combining two of the seller's named levers in one migration.
Nov 4Added to Acumen Wire