SmartTrade has gained significant momentum in the past 3-4 months, all leading up to now raising a round of £500,000 to fund partner developments and growth. Significant progress has been made with large institutions, contracts have been signed, volume has increased and smaller partners are coming on board and enquiring at an increasing pace. Interest is coming from partners, accelerators, investors and customers more than ever. We are eternally grateful for ABC’s continued support and now hope we can continue this momentum, raise enough to finalise development with partners and give ABC and its members the ROI they deserve for all the backing!
HERE ARE SOME OF THE MOST IMPORTANT HIGHLIGHTS
The digital bank has agreed to offer SmartTrade App to all their merchants via single sign-on. This means that every new customer of CardONE will automatically receive a SmartTrade App account using their CardONE credentials. Here are the numbers:
- New customers signed up: 5-600/month
- Additional applicants to market to: 5-600/month
- Existing merchant base: 5,500
- Further marketing: 40,000 SME pool available to campaign towards
Quotatis International Expansion
SmartTrade’s large white label partner, Quotatis, the second largest home improvement lead generator in the UK, has reached out and said their app, Quotatis Smart App, built and operated by SmartTrade, has been such a success they wish to expand to France and Spain. They currently have 2,500 live merchants in France and 500 in Spain, but wish to use the Smart App as a means of really expanding their business in both countries.
Through our signed deal with Wirecard SmartTrade are progressing with Barclays MoU signed fall, 2017. Further great news in that Vocalink has agreed to pay SmartTrade App £40,000 in funds to integrate PayByBank App (PBBA). Following a live integration of PBBA the following has been promised between all parties:
- Showcasing STA merchants on Barclays website
- Promotion to 3 million pingit customers
- TV advertisement featuring STA merchants
- Visibility in trade shows and exhibitions next to global brands such as
- MasterCard and Wirecard
- Relevant referrals sent through to STA from Wirecard
Furthermore, we will per the MoU gain further exposure to Barclaycard’s SME base once we have gone live with PBBA, through which Pingit is accepted. This will allow merchants to take direct bank-to-bank push payments starting from 0.45% transaction rate (about ¼ of current rates) and near to no risk with real-time settlement. The MoU outlines a goal of 135,000 active users in the first 3 years of going live with PBBA.
SmartTrade App has gone through to the final round of the WeXelerate accelerator program in Vienna. WeXelerate is one of the (if not the) largest largest startup hubs in Europe and would open incredible opportunities for SmartTrade to access a whole new ecosystem, network and funding options. SmartTrade are amongst the top 100 startups (of 1200 applicants) in the final round out of which we can expect about 50 to make it all the way through.
Card Volume Processed
SmartTrade App has to date processed well over £8 million in card payments, with volume growing from £180k per month in January to near £400k in May. Despite an expected seasonal slowdown over the summer, the first week of June has indicated the opposite with a 10% increase in the first 7 days compared to May! The increase is in great part due to massive efforts in increasing their outreach to franchises, trade shows and potential resellers in the UK, as well as upping social presences. Their support team has also done an excellent job in pleasing customers and retaining their business.
The behemoth deal with Lloyds is steadily progressing and the department in Lloyds spearheading the business case has now got the buy-in of all other departments. The project would include a white labeled trial which has an estimated timeline of 3-months development and a £75,000 project cost which Lloyds have agreed to cover. A 2 month trial with about 200 merchants would follow before going live nationwide and signing up 125,000 new customers per year. Lloyds have estimated they have a total of £7 billion in transactions they could move over to a white label of SmartTrade App, which is currently being deposited in cheque and cash and processed in-branch. This means tens of millions of pounds in savings for the bank. SmartTrade App would have a % of all transactions taking place within the mobile application.
The project would also include switching acquiring bank from Stripe to Cardnet. This means better terms for SmartTrade as well as merchants on both rates, signup flow, processing time and contacts to work with.