We founded the company in January 2016, and it’s still early days, but things are moving fast. We’re gaining tons of great traction from the public and with affiliate interest. We’re finishing up private beta testing in Chicago and then it’s on to LA and New Orleans where we’ll begin our public beta testing phase.
Here’s a look at what we’ve accomplished with Currency so far.
Investments Made
We raised $100,000 in investment in January 2016.
Marketing Engine
In January and February of 2016, we built a scalable SMB marketing engine capable of reaching over 1,000 SMBs per hour for around $0.07 per contact.
Who Does It Target?
Our marketing engine targets SMBs by state, city, neighborhood, business name, and business category.
What Was The Process?
We collected over 2 million SMB records. From those, we pulled a random sample of SMBs in Chicago, and in early May sent a message to 3,971 of them.
What Was The Result?
251 SMBs converted, 56 turned into weekly active users, and 20 trades took place within the first week.
IP
We have a provisional patent on our barter process: originating a barter transaction from a single computer gesture (a swipe or tap in this case).
What’s Next For Currency?
The priority now is to build on our momentum and continue rolling out Currency on a city-by-city basis to acquire as many early adopters as possible.
We will also continue implementing our marketing engine. In July and August 2016, we will contact 389K SMBs and project, on the basis of our success so far, that we will convert 24K, with 5K becoming weekly active users representing thousands of trades per month.
Want to learn more about the Currency brand and mission? Request access to the business plan side of the profile and let’s chat!