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What Problem We are Solving

Emerging technologies have changed almost every industry imaginable, yet the foreign exchange industry has remained stagnant over the decades. Most of people still rely on banks to exchange money, which is both costly and inconvenient. Some people exchange privately to avoid the banking channel in some social media groups, which is not secure. Many people are scammed and lost their money.

About Us

Swapsy facilitates the small-amount currency exchange by doing the match making between two verified users. Utilizing e-wallet apps and websites, such as PayPal and Alipay, Swapsy offers users a brand new solution which is secure, fast and extremely simple. 

Swapsy is a match maker instead of a money dealer. Neither do we have access to users’ E-wallets nor do we hold any client’s money. Every user is verified to ensure the transaction security.

Venture Highlights

Jun 2017, incorporated and MVP website launched;
Nov 2017, moved into EvoNexus, a leading incubator in Southern California;
Mar 2018, received first funding from MuckerLab, top 3 incubators in the US;
Aug 2018, start generating revenue;
Dec 2018, break even;
Feb 2019, start new round of funding and with $200K wired immediately;
Mar 2019, monthly transaction volume reach $3 million.

Business Model

We have launched a SwapCredit system. Each user will have certain amount of SwapCredits to complete 2 or 3 transactions before they reload or invite a friend to earn more SwapCredits. 

The benefit of SwapCredit system is that the users do not need to make a small payment for every transaction. Since most of our users are frequent users, they can reload money once and make many transactions. We will also lock in those revenue.

Currently, we generate over $20K MRR and the number is increasing fast. The revenue contribution of a new user is around $8 on the first month and around $4 on the second month, which means the paid back period is within 1 month since the CPA is lower than $6. 

Competitive Advantage

Unlike banks or other competitors, the peer-to-peer feature enables Swapsy to operate at very low cost. We will always sustain our cost advantage. 

E-wallet apps and websites have made our solution extremely simple and fast. Swapsy users do not need to provide all those credit card, home address information, or even bank statements that other exchange channels require. Since Alipay, WeChat Pay, PayPal, Zelle are real-time payment tools, most transactions are completed within 24 hours compared to several business days it takes to use banks. 

We are the first mover. The most powerful entry barrier we can build is the user base. A big user base means high match efficiency which offers unparalleled user experience.

Customer Costs

CAC $5.42

LTV $16.00

Churn 10%

Go-To Market Strategy

Instead of mass advertising, Swapsy uses more focused marketing strategy. We are posting articles and commercials at online communities for specific user groups, like student forums and travel blogs. 

We have SEM and SEO experts in our team. The keywords research has brought us a lot of traffic through Google Ads and Organic Search. To stimulate exponential growth, we have launched a referral program. 

We also have launched some affiliate programs and have several marketing partners like china-admissions.com and uscreditcardguide.com

Competitive Analysis

We are legally compliant and have big cost advantage. 
Competitor Website
ka-cn ka-cn.com
vpayfast vpayfast.com

Networking

We are open to meeting up to grab a coffee, or just to chat. We would really enjoy your feedback and insight into our venture and would be happy to discuss anything that you are currently working on to see if we can be of service!

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Capital

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Valuation

N/A

Revenue & Users

Total Users 22K

Total Users (Past 30 Days) 3K

Total Paying Users 5.8K

Revenue to Date $120K

MRR $28K

MoM Growth $0.25

TAM SAM SOM

TAM $40B

SAM $5B

SOM $100M

Business Stage

Seed

Business Type

Investor-Backed, Venture Capital Backed

Categories

Internet Technology Finance

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Last Updated: 04/27/19
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