THE CHALLENGE

Our client, Lendsend, a Fintech, wanted to build an international remittance business from scratch. This proposition was designed to help everyday overseas workers send money home without paying the high rates charged by other providers. The proposition was to be built on distributed ledger technology (DLT), for cost and data security reasons and needed a plan to achieve profitability within 3 years. The client wanted a system that would also cope with later plans to build a loan business from the same platform.

HOW WE HELPED

We worked with our client to develop their go-to-market strategy, advising on user journeys, distribution partner selection and building a commercial model to facilitate rapid growth.

We helped the client’s leadership team identify priorities and manage the initial solution and business design, including discussions on funding sources and assisting with KYC compliance journeys.

We led the governance of workstreams covered by partner organisations and ensured delivery discipline was maintained across a number of geographies.

We assisted identification of the data points to be captured in a compliant manner, so that they could be used to improve services and user experience, ensuring the operational processes to capture these were in place.

We supported the client’s delivery plans to ensure that an MVP would be tested and iteratively improved for a soft launch, prior to a full market launch.

RESULTS

With a completed design phase and established partner relationships, our client is in a place to deliver an MVP and offer remittance services from early 2019. Our deliverables include:

• A validated and viable commercial model
• A customer journey that meets customer expectations
• Application of DLT to ensure minimal ‘exception handling’ and reduced potential for fraud
• Lowered vendor costs
• A governance structure that helps enable business growth in a more structured manner