The Story
The fintech company was incorporated in the state of California in 2005 with ~USD 2.5 million in seed funding from the founders and other private investors. By 2011, it was able to raise over ~USD 125 million from investors. In April 2014, it acquired an internet payments company to tap the B2B transactions market. The company saw opportunities in the cryptocurrency spectrum. Soon in 2018, it registered itself as a Money Services Business (MSB) with the Financial Crimes Enforcement Network (FinCEN) and got a Money Transmitter License at the state level. Following all the regulatory guidelines subject to federal securities laws and as provided by the Securities and Exchange Commission (SEC), the company launched its cryptocurrency business. It implemented all the best practices and marketed its platform on various channels such as social media marketing, online advertising, and influencer marketing, and also formed partnerships with other crypto-related businesses. The company aimed to revolutionize the U.S. financial industry by offering fast, low-cost, and secure peer-to-peer transactions. However, the growth was much less than anticipated and the customer acquisition strategy also failed to meet its expectations. In 2020, anticipating a significantly low revenue, the company leadership sought the services of RNPL consultants, to formulate a strategy after examining the competitive landscape and studying the benchmarking perspective.