Lately, the term elicits strong opinions. Financial technology has accelerated how we do business, but the industry has grown so fast it makes our eyes roll at every startup claiming to be the next PayPal.
So why another fintech company?
The answer begins in one of the poorest countries on the planet, in the midst of war, and with lives at stake. We’ll tell you about it in a moment.
First, allow us to introduce ourselves.
We’re Valorus, and we’re built for growth — your growth. We enable businesses to give their customers the very best fintech experience available. We do that with a white-label solution that includes mobile wallets, debit cards, cryptocurrency to debit card transfers in real-time, payroll processing, merchant services, financing, music streaming, communications solutions, and even a wellness platform.
We know — that’s a lot of things.
But we believe your customers deserve a lot of things. We know that when companies skimp with their customers, they lose them. When they add value, they win them — and keep them.
We also know that the cost of losing customers is painfully higher than the cost of giving them more. In some industries, such as telecom and technology, the average cost of acquiring a single new customer can easily surpass $300.
This isn’t new wisdom. Nearly 30 years ago, researchers at Bain & Company and Harvard Business School found that increasing customer retention by 5 percent increases profits by 25 to 95 percent.
So, true to our name, we help businesses create value. We help you keep your customers. We help you win.
That’s what we do today, and what we’ll always do.
Before that, our story began with a little customer called the Department of Defense.
After September 11, as the war in Afghanistan ramped up, the Pentagon wanted a safer way to transfer money in war zones. Hundreds of U.S. soldiers were dying each year as they transported cash from military bases to hard-hit civilian areas. Packing helicopters and other military vehicles with paper money had become too risky, as well as inefficient.
As a veteran of the wireless industry, I had seen firsthand how electronic transfers changed the cellular business and I wanted to build technology that could bill for not only cellular, but also Internet, long-distance, paging, cable, energy, and a variety of other services all on one billing platform. This made it easier for customers to pay their bills — and gave them one more reason to stay with their service providers.
When we entered into a contract with the Defense Department, our team developed technology that allowed the government to digitally transfer money from the United States to military bases in far-flung locations, where commanders could initiate smaller transfers to local areas. With the successful completion of our mobile wallet product, soldiers would not have to needlessly risk their lives en route to cash deliveries across enemy territory.
This partnership helped usher in technology that would lay the foundation for today’s mobile wallets.
Building on the foundation
With a business to government product now built, we turned our sites on the private sector which at the time, saw little need for the kind of instant electronic transactions that are now ubiquitous on our smartphones. Today, it would be difficult to imagine a world without them.
Industry perspective began to shift when we started integrating the technology with tools like our all-in-one billing platform. As businesses began bundling mobile wallets and debit cards with their standard offerings, they saw that customers stayed with them longer. They found that the cost of offering more services was minimal compared with the cost of losing subscribers.
The practice spread across companies, including huge public conglomerates with services across several verticals. At some companies, customer churn dropped 40 to 50 percent after the addition of mobile wallets and debit cards.
Adoption soared as executives saw the trend. Mobile wallets and debit cards became widespread, especially in the wireless industry, where churn averages about 2.5 to 4 percent per month.
By the early 2010s, it was clear that what began as a military-driven project had become standard operating procedure across the private sector. The battle was on for customers.
Toward the future
Valorus is the next step in this evolution.
As we’ve seen players such as Apple enter financial services, it’s clear that mainstream consumers have an appetite for virtually managing their money. The question is how businesses will differentiate themselves with the best customer experience.
Valorus answers that question.
With a mobile wallet, debit card, and cryptocurrency transfers, we can generate value for your customers in ways that will help you keep them. We’re also empowering businesses with payroll processing, merchant services, microfinancing, and more. We are integrating with payment technologies all around the world so that customers who use our platform will be able to move their money to other existing payment technologies around the world. We call this the MCN (Mobile Clearinghouse Network).
And while the core of our business is fintech, our name aspires to something bigger than just transactions. We’re about adding value to every interaction.
This means we’re also bringing music streaming, communications solutions, and a wellness platform to your customers. We’re accelerating a world where the businesses that offer more are the businesses that win.
We’re stepping into that world with valor, with the courage to stand by you and your customers while other companies play the short game and lose.
We’re Valorus. Join us.