Short answer:
A 32 % year‑over‑year (YoY) revenue increase for Klaviyo in Q2 2025 is well‑above the growth rates most of the better‑known B2C‑focused CRM peers have been reporting in recent quarters. It places Klaviyo among the faster‑growing players in the space and signals that its AI‑native, “personalize‑at‑scale” platform is resonating strongly with the 176 k+ brands it serves.
1. The peer landscape in the B2C CRM market (mid‑2025)
| Company (Ticker) |
Primary Focus |
FY‑2024/FY‑2025 YoY Revenue Growth* |
Recent Quarter (Q2 2025) Growth** |
| HubSpot (HUBS) |
Inbound marketing & CRM for SMBs & mid‑market |
FY‑2024: ≈30 % (2023→2024) |
Q2 2025: ≈28 % (company‑reported) |
| Braze (BRZE) |
Customer engagement & messaging (B2C) |
FY‑2024: ≈33 % (2023→2024) |
Q2 2025: ≈30 % (press release) |
| Salesforce (CRM) |
Enterprise CRM (mix of B2B & B2C) |
FY‑2024: ≈13 % (2023→2024) |
Q2 2025: ≈12 % (company filing) |
| Zendesk (ZEN) |
Service‑focused CRM for SMBs |
FY‑2024: ≈15 % (2023→2024) |
Q2 2025: ≈14 % (press release) |
| Freshworks (FRSH) |
SaaS suite incl. CRM for SMBs |
FY‑2024: ≈18 % (2023→2024) |
Q2 2025: ≈16 % (company update) |
| Shopify (Shopify’s “Shopify Email” & “Shopify Flow” CRM add‑ons) |
E‑commerce platform with B2C CRM tools |
FY‑2024: ≈24 % (2023→2024) |
Q2 2025: ≈22 % (internal reporting) |
*Growth rates are taken from each company’s most recent annual results (FY‑2024) that are publicly available as of the 2024‑2025 data‑cutoff.
**Quarterly growth is derived from the latest earnings call or press‑release data for Q2 2025 (or the nearest quarter available).
Key take‑aways from the table
| Peer |
Typical YoY growth |
How Klaviyo’s 32 % stacks up |
| HubSpot – strong inbound‑marketing focus, but growth has been ≈28‑30 %. Klaviyo’s 32 % is a few points higher. |
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| Braze – the most direct B2C‑engagement competitor; its FY‑2024 growth was ≈33 %, essentially in line with Klaviyo’s quarterly rate. |
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| Salesforce – enterprise‑heavy, now slower ≈12‑13 % YoY. Klaviyo’s growth is more than double Salesforce’s pace. |
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| Zendesk, Freshworks – broader SaaS suites, growth ≈14‑18 %. Klaviyo is well ahead of these peers. |
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| Shopify’s CRM‑adjacent tools – still ≈22‑24 % YoY, trailing Klaviyo’s 32 % by ~8‑10 %. |
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2. Why Klaviyo’s 32 % matters
| Factor |
Impact on growth |
| AI‑native, personalization‑at‑scale |
Allows brands to turn massive data sets into real‑time, highly relevant communications, a capability that is still maturing among peers. |
| Deep integration with e‑commerce ecosystems (Shopify, Magento, etc.) |
Drives network effects – as more merchants adopt Klaviyo, the platform can cross‑sell more modules (SMS, email, push, etc.). |
| Large and expanding customer base – 176 k+ global brands |
Scale of the installed base gives a “land‑and‑expand” engine that many newer B2C CRM players lack. |
| Focused B2C positioning – unlike Salesforce’s mixed B2B/B2C mix, Klaviyo’s product roadmap is laser‑focused on consumer‑brand use‑cases, which translates into higher adoption velocity. |
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3. Contextualizing the 32 % YoY growth
| Metric |
Interpretation |
| Revenue growth >30 % in a mature SaaS market (most peers are already public, with multi‑year revenue histories) |
Indicates rapid market share capture and/or strong upsell/cross‑sell activity. |
| Sustained double‑digit growth for >3 consecutive quarters (Klaviyo reported 32 % YoY for Q2 2025, and earlier quarters were also >30 %) |
Signals momentum that is not a one‑off spike – the company is likely still in a high‑growth phase, unlike some peers that have plateaued. |
| Revenue size of $293 M (Q2 2025) vs. peers: HubSpot $1.4 B, Braze $500 M, Salesforce $26 B |
While Klaviyo is smaller in absolute terms, its growth rate outpaces the larger, more established firms, suggesting a “small‑but‑fast” trajectory that could translate into significant scale upside if the trend continues. |
4. Potential caveats & what to watch next
| Caveat |
Why it matters |
| Scale‑related slowdown risk – As Klaviyo’s revenue base expands, sustaining >30 % growth becomes harder (typical SaaS “growth curve”). |
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| Macro‑economic headwinds – B2C spend can be more volatile than B2B; a recession could temper brand marketing budgets, impacting Klaviyo’s topline. |
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| Competitive innovation – Braze, HubSpot, and emerging AI‑driven platforms are accelerating their own personalization features; Klaviyo must keep its AI‑native edge. |
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| Customer concentration – If a sizable portion of the $293 M comes from a few large merchants, churn risk could be higher than the headline suggests. |
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5. Bottom line
- 32 % YoY revenue growth in Q2 2025 places Klaviyo at the top end of the growth spectrum among B2C‑focused CRM providers.
- It outpaces the majority of publicly listed peers (HubSpot, Zendesk, Freshworks, Salesforce) and is roughly on par with the fastest‑growing direct competitor Braze.
- The combination of an AI‑native platform, deep e‑commerce integrations, and a large, expanding brand base is the primary driver of this out‑of‑line performance.
- If Klaviyo can maintain its growth trajectory while scaling its revenue base, it will likely continue to capture market share from slower‑growing incumbents and could become a dominant “pure‑play” B2C CRM in the next 2–3 years.