8
9 Comments

$28k volume in less than a month! - What I learned

Last week, I announced on Twitter that we had processed our 100th transaction on Coinprofile and just a little over $28,435.53 in volume. Find tweet here: https://twitter.com/scozky/status/1270322720350363648.

We have tripled the volume this week and heading for our 200th transaction by this weekend.

When we launched a little over a month ago, we didn't expect this much volume. We couldn't have even dreamed of it. And to be honest we were not prepared for the amount of attention and volume our little money transfer app got. It was hard at first, but we got used to it.

We learnt a few lessons, and I'd like to share some of those with the Indiehacker community.

  1. You can never be ready to launch. So just launch.
  2. Fintech is brutal and you’ll most likely lose money in your first days.
  3. Focus heavily on satisfying each 1 customer. It means a lot and if they come back, then you’re doing something right.
  4. Great customer support is a super power. There's no better marketing tool. Your customers will spread word about your product like wildfire if you treat them well and make then feel special.
  5. It's better to have 100 returning customers daily, than to have 1000 one time customers.
  6. Spread the word about your product everywhere. Don't be shy, it's your baby. Tweet about it everyday. Post on LinkedIn, WhatsApp, Instagram, Reddit. No social channel must be spared. Trust me every one of them are useful and will bring customers.
  7. Take care of yourself. Eat well, sleep well, exercise, spend healthy time with people you care about. It'll help you get through all the craziness if you're growing super fast.

This is just the little token of lessons we've learnt. I'm sure it'll be different for a lot of other people, but this is our experience and we hope it inspires you to JUST LAUNCH.

If you'd like to check us out: https://coinprofile.co

  1. 4

    What are you doing from a regulatory compliance perspective? It feels like a lot of the friction your service is trying to eliminate from the money transfer process are things that are legally required by various anti-money laundering laws and other banking regulations.

    1. 1

      We accept only Bitcoin. We do not accept Fiat currencies. We distribute only the Fiat from our local Bank accounts. This way we can more easily control who we send out money to and combat any kind of fraud, and we're also only subject to regulations in the local country of the receiver, not the sender. Asides from this, we also limit the amount of money that can be sent to a Bank account.

    2. 2

      This comment was deleted 9 months ago.

      1. 1

        I understand your concerns about money laundering, but we have been in the OTC business since 2016 and have measures in place to make sure that we filter out the bad actors. Read my previous reply to the above comment.

  2. 2

    Congratulations Bash. How much % do you make off that volume?

    1. 1

      Thank you. Depends really on market forces, but between 0.6-1%

      1. 1

        That's fair. What payment processor are you plugged into

        1. 1

          We complete transfers from our local bank account. We also use Flutterwave for more flexibility

  3. 2

    Amazing work, congratulations 🍾

  4. 1

    Congratulations !
    Loved your advices :)

  5. 1

    This comment was deleted a year ago.

Trending on Indie Hackers
✨ Let's hack Twitter ✨ 70 comments My SEO experience 19 comments How do you login users on you site? 10 comments Why I started following back everyone 8 comments How do I not quit? 5 comments My first year of making money on the internet 🤑 This is how it went... 1 comment