Covercy a safe, quick and cheaper option when doing cross border transfers
Please introduce yourself and your Covercy to our readers!How did you get the idea to Covercy?
Covercy’s CEO, Doron Cohen, was formerly founder and Co-CEO of leading forex technology provider, Leverate, a company that is an expert in the retail FOREX industry and provides expertise in dealing with foreign currencies. During his time at Leverate, Doron realised that the company was paying large sums of money on their international bank transfers and realized that other small businesses were certainly confronted to the same issue.
The idea of Covercy was born in order to find a solution for this dilemma and provide SMEs with access to a safe, quick and cheaper option when doing cross border transfers.
How fast has Covercy grown?
Since 2016, Covercy shows an average 32% month on month growth with over 300 companies trusting Covercy for their international money transfers.
How difficult was the start and what challenges you had to overcome?
Being a financial service, Covercy’s main challenge and achievement was to become fully regulated and receive a license to operate. In order to receive a license, we had to create the right anti-money laundering processes and build teams with the necessary skills for it: consultants, financial and operational experts.
Other challenges were of course developing our product to facilitate the customers needs. On the one hand, our product had to provide a friendly front-end, which enabled the business to have a simplified process to create and monitor transactions and on the other hand have a powerful back-end solution that could execute the customers’ transactions, mitigate risk, and enable the operator to deal with large volumes of transactions in any given time.
Choosing the right team, whether in house or not, and understanding the processes that needed to be implemented were key in overcoming these challenges.
Who is your target audience?
We focus on Micro, Small & Medium Businesses dealing with commercial cross-border and cross-currency payments that typically range between $1,000-$100,000 per transaction. Covercy is not limited to this range of amounts but this is where they are very relevant.
What is the USP of your startup?
Our main USP consists of two important elements for commercial transactions. As businesses need to pay invoices, meaning exact amounts, they need a guarantee that the funds they send will arrive in full and that they know in advance how much they need to pay. Therefore, Covercy’s main USP’s are:
1. Rate guarantee – upon creating a transaction on the website, Covercy guarantees that the rate quoted during the online process will be kept for 48 hours until the business delivers the funds.
2. Final beneficiary amount – Covercy guarantees that the final amount the beneficiary will receive will be as stated on the website and not a penny less.
Can you describe a typical workday?
My job consists of Strategy, Internal and External
1. Strategy: Analyzing our results, researching our market and evaluating ideas on how to win.
2.Internal: Supporting my VP’s on executing our strategy. 1-on-1 meetings and project-dedicated forums are the way to do that.
3.External: Meeting 3rd parties to evaluate opportunities and promote partnerships
Where do you see yourself in five years?
We see Covercy’s solution replacing the 1970’s SWIFT system with regard to SMB’s and individuals dealing with commercial transactions.
What 3 tips would you give other Start-up founders on the way?
1. Be Agile – be agile enough so you can make slight pivots to improve your product, you will be surprised how this can make a significant difference amongst your target audience and increase traction.
2. Prototype/Testing – probably obvious but very important, you can argue for days even about what is better for the business and what is not, simply save time and test your theories.
3. Quick wins – Assess all the tasks needed to be done in order to take the business from A to B, C, D etc. Take into consideration time and impact on the business, if you have low hanging fruits with great potential to help you in your decision making regarding the bigger things – go for them first as they might have saved you a lot of development time on something that might not have been defined correctly.
Thank you Doron Cohen for the Interview
Statements of the author and the interviewee do not necessarily represent the editors and the publisher opinion again.