Marketing revamp for CurrencyFair as focus turns to brand
Currencyfair is undergoing a brand revamp led by new chief marketing office Nils Anden.
The foreign exchange innovator, which was founded in Dublin in 2009, has turned its attention to its brand having focussed heavily on product until now, Anden told the Sunday Independent.
"We want to improve how our customers interact with us and how our products look," he said.
"It is not about inventing the wheel but it is an important step. We have done the work to build a very good product and now we have to build up the brand."
CurrencyFair provides peer-to-peer currency exchange services, cutting the cost of international money transfers for customers. It is one of Ireland's most talked-about start-ups. It recently raised €8m in a funding round led by Octopus Ventures, bringing the total amount raised to €20m.
Small business customers, while not CurrencyFair's original target market, are a growing focus, Anden said. "We are seeing a lot of growth there."
He joined the company from Unibet Group, one of Europe's five biggest pure-play online gambling operators with a market capitalisation of around £2bn.
Financial technology companies are being badly marketed, he added. "Fintech companies face a marketing dilemma. Because they are doing new, exciting, innovative things, they can't wait to talk about it and distinguish themselves from banks and traditional players in financial services who are marketed cautiously and perceived by consumers to be boring.
"So the temptation is to portray themselves as wild and crazy, anything but boring.
"But financial services is about trust. You undermine trust when you oversell the zany side of the business."
Sunday Indo Business