FullFunnel Helps FinTech Company Penetrate New Markets
In June of 2021, ESTHER, a FinTech platform that facilitates the distribution of funds to those in crisis via a pre-paid card solution, approached FullFunnel with the goal of expansion into the US after gaining traction in the UK.
ESTHER works to financially empower the most vulnerable in society through a network of nonprofit partners. However, the acceptance of this solution, given the lack of existing credibility and penetration in the US proved to be a challenge, especially when considering the regulations within an industry steeped in regulations and red-tape.
FullFunnel was pivotal in supporting ESTHER's market expansion strategy by providing a dedicated team of outsourced demand generation, sales consulting and pipeline management resources, owning the revenue generation function from demand generating to close. Their strategic oversight included identifying issues within the sales cycle and implementing tests to optimize messaging, targeting methodology, and channel selection for inbound leads.
Additionally, FullFunnel assisted in demand generation strategy set-up, assisting in conference strategy build and attendance, quickly pivoting strategy to match program priorities. This comprehensive approach aimed to enhance ESTHER's market positioning and maximize lead generation and conversion produced significant progress as outlined below.
Contract Acquisition: ESTHER, with FullFunnel's support, successfully secured contracts with six US states: Kentucky, Georgia, Louisiana, Utah, New Jersey, and Illinois. These contracts encompassed partnerships with 60 charity distribution partners, paving the way for a potential network of 300 affiliated organizations.
Channel Partner Contract: ESTHER secured its first channel partner contract with a network of over 150 Human Services Agencies nationwide and in Canada. This notable contract, valued at over $500,000 in Annual Recurring Revenue (ARR), involved collaborating with 150 nationwide agencies that collectively distribute $1.5 billion in aid annually.
Government Municipality Partnership: ESTHER gained the traction within a new sector of outreach, not previously tapped into: a government municipality in Murray City, Utah. This milestone partnership involved the distribution of pilot funds worth $250,000 to impoverished neighborhoods.
Transaction Volume and Revenue: ESTHER facilitated the movement of $2 million in funds through its platform, while achieving an initial Lifetime Value (LTV) to Customer Acquisition Cost (CAC) ratio of 3:1. This impressive financial performance resulted in $84,000 in recurring revenue for the year 2023.
About the Client
ESTHER is a provider of technology and financial services to enable the quick, safe and traceable distribution of financial aid from organizations to vetted recipients.
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