Insight certainty 4/5 debate potential 2/5

Käärmann: Customer acquisition for TransferWise is about educating users on hidden fees

Kristo Käärmann · a16z Podcast | The Future of Money and Monetization · Jan 2, 2019 · at 4:36

Kristo Käärmann is the co-founder of TransferWise (now Wise). He explains how educating consumers about hidden exchange rate markups drives customer acquisition for the company.

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“So for us, the customer acquisition problem is really explaining the problem.”

quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →

More from Kristo Käärmann

Prediction Not checkable as stated
Käärmann: Future payment processing fees will drop far below 49 bps
“You can't really imagine the future of payments costing even 49 basis points. It doesn't, just doesn't make sense. You know exactly how, if you know how payments, card payments work, you know, electrons go from the terminal or one web browser through the gatew…”
Kristo Käärmann Jan 2, 2019 ▶ 16:23 a16z Podcast | The Future of Money and Monetization
Disclosure
TransferWise spent nine months securing UK regulatory licenses before launching product
“People have told me that I was stupid because I chose the other way. I spent about nine months before showing the product to anyone, going through the FCA, then FSA regulation process and licensing. So we took the way, unlike Uber or Airbnb, to be a fully lice…”
Kristo Käärmann Jan 2, 2019 ▶ 2:01 a16z Podcast | The Future of Money and Monetization
Disclosure
Käärmann: TransferWise pays millions annually across 52 banking partners
“In every country where we are, we have banking partners and infrastructure, so it's about 52 bankers that we, ah, that we pay fees to, and you know, in total, that's multiple millions a year.”
Kristo Käärmann Jan 2, 2019 ▶ 8:46 a16z Podcast | The Future of Money and Monetization
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