Get to know a Fintech Unicorn: Transferwise, .
Thread 👇
Thread 👇
1/Intro
@TransferWise mission is to bring down the cost of international money transfer.
Founded in 2011 by two friends from Estonia, Transferwise is a Fintech Unicorn with total investments > $1B.
@TransferWise mission is to bring down the cost of international money transfer.
Founded in 2011 by two friends from Estonia, Transferwise is a Fintech Unicorn with total investments > $1B.
2/Business model
Compared to conventional money transfers where fees are hidden in marked-up exchange rates, Transferwise promises to be transparent.
It charges a fixed fee of $5 per transfer and .67% of the transfer amount.
Compared to conventional money transfers where fees are hidden in marked-up exchange rates, Transferwise promises to be transparent.
It charges a fixed fee of $5 per transfer and .67% of the transfer amount.
3/Growth
Growth for the company has come primarily from word of mouth. Popular affiliate program.
transferwise.com/gb/partnerwise
There is a network effect and the affiliate program is propelling growth.
Growth for the company has come primarily from word of mouth. Popular affiliate program.
transferwise.com/gb/partnerwise
There is a network effect and the affiliate program is propelling growth.
4/Financials
6-million customers transferring $5-B MONTHLY. This translated to annual revenue of 230-M for 2019.
Margin business with a strong networking effect which lowers the cost of acquisition.
6-million customers transferring $5-B MONTHLY. This translated to annual revenue of 230-M for 2019.
Margin business with a strong networking effect which lowers the cost of acquisition.
5/Bottom line
Having used similar apps, hard to keep customer loyalty.
It's API between banks is going to serve as a moat at least in the short term
In the long run, would not be surprised if the banks offer a competitive product
#FintechNews #fintwit #fintech #startups
Having used similar apps, hard to keep customer loyalty.
It's API between banks is going to serve as a moat at least in the short term
In the long run, would not be surprised if the banks offer a competitive product
#FintechNews #fintwit #fintech #startups
