idcee 2013: can a tech startup eat the bankers' lunch? - kristo käärmann (co-founder @...
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http://idcee.org/p/kristo-kaarmann-transferwise/ Kristo Kaarmann is the co-founder of TransferWise, the international money transfer platform. The business allows regular people to access the real mid-market exchange rate by cutting out traditional banking fees altogether. It charges only a tiny, totally transparent service charge. In the two years since it launched, the business has transferred over £125m worth of customer money and has attracted $7.35m from investors such as Peter Thiel and Max Levchin, co-founders of PayPal. Prior to starting TransferWise, Kristo was a management consultant with Deloitte Consulting and PricewaterhouseCoopers. He worked with European banks and insurers to modernise their processes and systems. Stunned by their inefficiency, he teamed up with Taavet Hinrikus, then Skype's director of strategy, to develop an entirely new system for moving money across borders. At TransferWise, Kristo is in charge of operations, development, and compliance. Pic's are here: http://www.flickr.com/photos/idcee/sets/ More @ http://idcee.org Follow us on: YouTube: http://www.youtube.com/user/OfficialIDCEEChannel Facebook: https://www.facebook.com/IDCEE Linkedin: http://www.linkedin.com/groups/IDCEE-3940138 Twitter: https://twitter.com/idcee_eu Google+: http://gplus.to/idcee Flickr: http://www.flickr.com/photos/idcee/collections/TRANSCRIPT
Startups re-inventing bankingKristo Käärmann
Computing in 2020?
ICDEE Kyiv 2013 - @kaarmann
News in 2020?
ICDEE Kyiv 2013 - @kaarmann
Money in 2020?
ICDEE Kyiv 2013 - @kaarmann
Money in 2020?
ICDEE Kyiv 2013 - @kaarmann
Banking is already a tech business It is complicated but not hardOpportunity is enormous $$$People know not to like banks
Why banking?
ICDEE Kyiv 2013 - @kaarmann
$30 + 3%
$100bn+ yearly = 70% of ukraine GDP
takes 5 days !?
How to transfer money unwisely?
ICDEE Kyiv 2013 - @kaarmann
Idea: crowdsource currency launched in January 2011 saved $15 million in bank fees raised $7.3 million – Peter Thiel, Index, IA team of 45: London, Estonia, Ukraine
Objective: make a $100bn business into a $10bn business
How did we tackle the problem
ICDEE Kyiv 2013 - @kaarmann
30x
Earning trust online is possible ...
Lessons learned: trust
ICDEE Kyiv 2013 - @kaarmann
… but it is sooo hard! earn 11 out of 10 with every interaction social proof: customers, investors look and sound professional
Lessons learned: trust
ICDEE Kyiv 2013 - @kaarmann
Biggest asset for a startup Recommendation from a friend 10x better
chances to success than advertising
As a founder or exec you have to speak with them routinely
Lessons learned: customers
ICDEE Kyiv 2013 - @kaarmann
Your only edge and best defenceThe only focus is speed of growthFight the forces that slow you
down
Lessons learned: speed
ICDEE Kyiv 2013 - @kaarmann
People hate their current product?Your solution is 10x better?Plan how to get customersFocus on trust and experienceBe faster than the incumbents
Innovating finance – a checklist
ICDEE Kyiv 2013 - @kaarmann
Anything is possible.
ICDEE Kyiv 2013 - @kaarmann
We imagine a world where you can send money across the world instantly for a low cost.