CurrencyFair’s revenue grows 98% thanks to partnership automation
Overview
CurrencyFair has been helping private and business customers to transfer money around the world for over a decade. The company, which was created to assist expats looking for simple ways to move money to and from their new home countries, was facing stagnant affiliate channel growth.
It knew that leveraging the right affiliate partners was key to reaching its audience and to achieving its targets, but it had been hindered by a lack of flexibility in its existing programme, which was making it difficult to identify what needed to be optimised.
The company works with a wide variety of partners, including coupon, deal, comparison, and content sites, as well as expat community Facebook groups. With its partner mix varying significantly according to audience demographics and geography, any platform it chose would need to empower it to maximise the ROAS of each partnership.
CurrencyFair knew it needed to upgrade its technology provider if it wanted to grow the partnership channel in a meaningful way, and that better insight into partners’ performance would enable it to optimise for growth. It wanted a platform that was flexible, easy to use and which would offer the tools needed to acquire valuable users efficiently.
What was the role of digital within the media mix?
CurrencyFair was able to shift from flat payout rates to fine-tuned rates for each partnership, and even for different products, thanks to Impact’s partnership automation technology.
Automated contracting flexibility helped in other ways, too. First, CurrencyFair could reward partners for referred users only once the user had completed their first transfer - or once the user’s cumulative transfers reached a certain value. Partners benefited too: If they targeted and referred high-value users, they would receive greater compensation.
Now, CurrencyFair tracks the aggregate value of users each partner is driving to the site, which helps it continually optimise its affiliate programme.
Key Statistics
What results did you attain? What was the biggest achievement?
Smart contracting - and focusing on acquiring high-value customers - produced exceptional results. The outcome was 98% revenue growth year-on-year.
Besides growth, the partnership channel also garnered a reputation internally for acquiring quality customers. Using the Partnership Cloud, CurrencyFair not only retained and optimised existing partnerships, it also recruited partners in strategic regions and niches.
The partnership programme exceeded growth targets for actions like signups and first transfers, with 82% more actions recorded. It also generated 98% more revenue, with the programme nearly doubling its revenue YoY, thereby solidifying it as the organisation’s highest-performing acquisition channel.
Strategic recruitment helped CurrencyFair’s expansion into new audiences, with 16% more partners, and contributed to success in other growth metrics.
Smart use of technology and the strategic approach to partnerships moved the needle for the company as a whole. Through its collaboration with Impact, CurrencyFair drove revenue growth, implemented efficiencies and nurtured meaningful partnerships.
What was the killer headline?
CurrencyFair’s revenue grows 98% thanks to partnership automation
