Swapsy is an online marketplace where verified users swap currencies directly with their own e-wallets.
One Liner
One Liner
Swapsy is an online marketplace where verified users swap currencies directly with their own e-wallets.
What Problem We are Solving
Problem
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
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
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
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
Quote
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.
Revenue
Revenue To Date
$120K
MRR
$28K
Revenue YTD
N/A
Burn Rate
N/A
Users
Total Users
22K
Total Users (Past 30 Days)
3K
Daily Active Users
N/A
Monthly Active Users
N/A
Total Paying Users
5.8K
MoM Growth Users
N/A
Organic Traffic %
N/A
Customer Costs
CAC
$5.42
LTV
$16.00
Churn
10%
Margins
N/A
Go-To Market Strategy
Business 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
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!
