Daumantas Dvilinskas is Co-Founder and CEO of TransferGo, next day low-cost international remittance.
The ability to attract and manage talented people. I’ve been successful in articulating and proactively endorsing product vision and purpose of existence beyond just money transfers. We are disrupting banking and talented people are willing to join this great cause.
We’ve made our strategy localised: localised marketing, local customer support, etc. This has decreased our cost of user acquisition down substantially, improved the product and made to accessible to larger segments of our market. By doing so we’ve also came to understand our target emigrant segments better.
Word of mouth marketing works the best. We’ve got a user friendly product with great pricing and speedy delivery of money. That’s why our customers endorse it to their friends and family. In order to strengthen the impact we’ve rolled out a highly successful referral program, where people get rewards for endorsing TransferGo. It works great.
It’s all about finding the right match to the existing corporate culture. Most of our people are hustlers by nature regardless of the area in which they operate. Also they are talented and dedicated to execute the grand vision of disrupting banking. On top of that we are talking to slow when hiring people on-board. The cost of bad hire in a startup is great and so far we’ve been really successful in building these long term relationships.
Lean and metric-driven approach to making decision. Being a fintech startup we want to measure and quantify as much as possible of our operations. We really like when numbers guide our behaviour. We’ve built our custom dashboards to really understand why,how and how come our customers user TransferGo. We tend to make data driven decisions.
Make sure you solve a major problem worth a lot of your time because you’ll have to work crazy hours. Make sure that the cause will drive you to wake up in the morning on a long-term perspective.
We been really clever and successful with our PR activities. Banking is a hot topic in the media and we came out as a great solution for very expensive and slow international transfers. Also we were 4 guys who started the company without any money which also makes a pretty good story.