Product updates | November 2022
We’re doubling down on our mission of creating the infrastructure for a better internet - and despite the market turmoil, we secured the means to keep BUIDLing. Here’s what we’ve done in November.
Amidst the ongoing ripples of the FTX debacle, focusing on perfecting our product is more important than ever. After all, a product is the foundation of any company, and a solid foundation is what separates the makers from the fakers - particularly during these difficult times.
Our team has put a great deal of effort (and love) into improving a big portion of the user onboarding journey - and that’s already showing great results. Here is a quick summary of what we achieved in November:
- We raised $70M in our series B funding round, which will greatly boost our product development
- KYC orchestration improvement led to a 12% increase in the KYC conversion rate.
- We’ve reached the next level of the transaction communication experience.
- Key integrations of this month are Ledger Live ("Buy" section), Pesabooks, and Braavos.
Strengthening our products
Despite the market turmoil, we’ve managed to raise $70M in our latest funding round, bringing the amount raised over the past 12 months alone to nearly $123M.
Beyond just ensuring our great financial health, we plan on using this funding to invest further into strengthening our products, including adding local fiat currencies and payment methods, and expand into new territories.
We’re doing that with a finger to the pulse of the market, ready to respond quickly to any challenges that might arise.
Our goal is to perfect our core products and to strengthen the foundations to increase and consolidate our global presence as the best-in-class crypto on- and off-ramp provider. We’re doubling down on creating the ultimate solutions to make web3 a reality.
KYC conversion rate improved by 12%
Last month we announced solid improvements in KYC orchestration and user experience. We’ve given users even more control over their journeys, designed clear messaging, and reduced verification time. Yet, we remained adamant about maintaining a low level of fraud and being compliant.
This strategy has proven to be a great success, as we’ve seen a 12% increase in KYC conversion rates already. And that’s just the beginning!
Here is a short video of the new flow in action:
Improved transaction communication
Each interaction with a user should be meaningful - that’s how we approached the new way of communicating with users about their transactions. We redesigned communications to make sure user transaction statuses are more informative and detailed.
With more information, users have more power to act if they encounter any issues with their bank or the verification process.
We reduced the number of emails while giving more details on the transaction status and any actions that may be required. Here are some examples:
More feedback on card transactions
We added even more transparency for the most popular payment method since our last improvement in August. We now let users know if they need to check CVV/CVC or to repeat card 3DSecure verification.
Here’s what we’re focusing on for the next month:
- Off-ramp integrations - learn more about off-ramp ->
- New payment methods;
- Multiple small tune-ups for on-ramp.
And that’s it for November. Thanks for reading, stay tuned for more news - and see you next month.