How fintech unicorn Currencycloud leverages PitchBook to accelerate
Operating subsidiary of Visa
Currencycloud automates currency payments, giving businesses the ability to move money across borders and trade globally, in multiple currencies, with ease. Its automated, end-to-end payment process, collection and conversion services and digital currency management enable users to embrace digital wallets and embed finance at the core of their business – regardless of their industry.
Kwaku Asiedu
Senior specialist in business development,
Currencycloud
Fumbi Banjoko
Global Director of Sales Development,
Currencycloud
Rhys Jenkins
Senior representative for business development,
Currencycloud
Challenge: Segmentation of markets
The Currencycloud sales team works in a pod structure. Each of the 17 Sales Development Representatives (SDRs) target customers within specific vertical industry segments such as banks, forex brokers, marketplaces, etc. Within these market segments are more detailed sub-segments – there is a lot for each SDR to cover. Having a comprehensive and dynamic understanding of the addressable market is critical to the sales team’s success.
At the same time, to increase market share, cross-functional teams seek opportunities to enter new segments, identifying “lighthouse” customers for new growth. Given the complexity and volume of the markets Currencycloud targets, they constantly reassess segments to ensure they have an accurate picture of the evolving market.
Before PitchBook, Currencycloud tried to establish more accurate workflows using other tools, but they lacked the right quality of research and presentation of data to inform Currencycloud’s complex customer segmentation. The team also found other tools that fell short when it came to certain foreign markets and identifying key customers to move the needle on growth.
“What makes PitchBook stand out from its competitors is the ability to do Boolean searches. This allowed us to find the keywords that our customers use and that we understand, but also exclude specific things. No other tool could do this.”
–Rhys Jenkins, Senior Business Development Representative, Currencycloud
Founded year
2013
The valuation is stepped up
1.37x
Post-assessment
$893 million (100% acquired by Visa)
Number of employees
444
Solution: Create a competitive advantage
Fumbi Banjoko, global director of sales development at Currencycloud, had previous experience with PitchBook and encouraged the team to give it a try.
During the trial, Currencycloud discovered rich data and robust search capabilities that gave them the advantage to accurately segment targets and inform their approach to companies. PitchBook made it possible to identify key players, activities and growth opportunities within each market segment. The decision to adopt came quickly.
Onboarding and training went smoothly, and in no time the SDR was deep in the data—working closely with CMOs to identify targets, get to know their business and needs, and determine the best approach for business development.
“The team at PitchBook were very helpful and approachable, despite having a large team spanning three time zones. It’s definitely a customer-centric organization.”
–Fumbi Banjoko, Global Director of Sales Development, Currencycloud
Currencycloud SDR’s favorite features
Work areas
With such a large team, working all over the world and in different market segments, a collaborative workspace ensures that everyone has the best information and that efforts are not duplicated.
Screeners
The advanced search feature helps the team find the most relevant data and exclude certain terms, so they never waste time sorting through irrelevant information.
Saved searches and alerts
PitchBook notifies SDRs of updates about the companies in the saved searches. New information can easily be added to the database so that it is always up-to-date and available.
Focus on startup
PitchBook puts a lot of focus on startups, which helps SDRs capture share in that space. This would have been a struggle with other platforms.
“Being able to gain deep insight and accurate contact information is invaluable in prospecting. Drilling down to specific terms, identifying founders and funding mechanisms and accessing accurate contact details helps our sales and marketing teams work efficiently and effectively, armed with insights.”
–Fumbi Banjoko
Results
Currencycloud realized some quick wins using PitchBook. Before starting PitchBook, the SDR team relied on in-person events and generated business primarily from inbound leads. During the first quarter they used PitchBook, they secured two new opportunities with banks. These would previously have been out of reach, given the size, scope and complexity of entering into new engagements with established banking institutions.
Members of the team say the workspace and search capabilities enable them to work three to four times faster than they did before adopting PitchBook. Saved searches and alerts have saved hours in the work week for SDRs.
The biggest result and change was to optimize:
- Total addressable market
- Service friendly attainable market
- Usable available market
Clarity about which companies to search for and how to best approach the pitch to that market or specific customer—with data that’s continuously updated—has transformed the sales team’s outbound approach.
“PitchBook is much smoother than what we used before. It just makes life a lot easier. At the start of the quarter, the sales team knows exactly who we want to pursue.”
–Kwaku Asiedu, Senior specialist in business development, Currencycloud
PitchBook has made the Currencycloud sales team’s life easier and equipped them with the tools for a smart and strategic approach to the market – allowing them to win more, continuing on the incredibly strong growth path of the past nine years that has led to their unicorn status today.
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