The remittance volume at ZipZap has really taken off after our last round of $140K fundraising!
What is very encouraging is that we have validated our referral program with the new users, thus helping us leverage our new customers by a multiple of 2-3 magnitudes.
The way this plan works is that we create a Personal Promo Code (PPC) for each new customer and encourage them to send it to their friends and family.
In return, we give both the referral and the referee one month of unlimited transfer free remittances (valued at $25 each but costing us much less in unrealized revenues).
The referred persons in turn receive their own PPC and the network affect grows from there.
The customer acquisition costs for this plan is a fraction of online advertisement cost and the growth has faster than any other offline channel we have experimented with.
What's more is that the process is easily replicated in other markets (e.g. U.K.) and across the many different ethnic demographics that we serve in each market.
We are still working with Financial Conduct Authority in the U.K. to obtain final approval before going live. The process was delayed due to LONG summer holidays by our assigned regulators in the U.K!
We hope to be able to launch there by early October, in time for the 4th Quarter volume surge.
We feel that we are on target to increase traction and scale up for a larger fundraising later this year! I will provide additional updates as time allows.
Meanwhile, any intros by our investors to Canadian/UK customers, affiliate partners and remittance friendly banks would be greatly appreciated!
Alan Safahi, CEO
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