We are Stampwallet, a Startupbootcamp Alumni, the technical front-runner in the loyalty landscape through offering a loyalty app as well as developing innovative tailored loyalty solutions. This way, we not only offer loyalty solutions to companies but also offer solutions to loyalty companies. We make your loyals feel like royals.
Introduction
Loyalty programs. They have existed since the late 18th century in the form of copper tokens, later evolved in paper stamps, and now has the form of all kinds of currencies. They have become commonplace in today’s society. Traditional brick and mortar stores are using them to keep pace with the evolving e-commerce world, and e-commerce sites are using them to boost retention and drive down acquisition costs. While loyalty programs seem to be inseparable, there still isn’t a ‘golden’ solution that fits all. Often they are too expensive to implement, to hard to understand, too difficult to use, or simply generate too much friction with the consumer. Now that’s where Stampwallet does it differently. We offer ‘seamless’ loyalty solutions through our innovative hardware and software.
Our story
Starbucks being your first customer that’s a dream for a lot of companies.
But for Stampwallet this is a reality. The story of Stampwallet all started 2 years ago with Stampwallet’s CEO, Wouter, his previous media company, Media599, stationed in sunny Curacao. Every morning, before going to the office, he would drive up to Starbucks at the Mambo Beach Boulevard and get his regular coffee. To be honest, quite some money was spent there to get his early ‘wake up’ drink, but never was he rewarded for his undefined loyalty.
One day the manager sat down next to him. She was worried about her customers while Starbucks in Curacao was not able to use their famous corporate loyalty program. More and more customers would try out other coffee places. Knowing that Wouter had his media company, she asked him to come up with something that she could use to engage with her customers. And as Wouter accepted the challenge, in no time, Media599 had released an app that enables Starbucks Curacao to offer their customers a ‘digital stamp card’ to save for discounts and prizes and in return, the customer would register under their name and email address. Data started flowing in and the customers returned to purchasing coffees from Starbucks. After 3 months almost 10.000 customers already used the app and after sending a personalized message to them, they noticed an increase of 21% in retention rate.
Learn how the Stampwallet app works:
Word spreads fast among the islands of the Caribbean and before Wouter knew it, more and more companies started asking for the same type of program. They all wanted an easy way to reward their customers and to gather data, and thus, Stampwallet B.V. was born and founded. At first, only a platform on which merchants could easily create their own loyalty program in the form of a stamp card, low costs, customizable, and the insights in customer data.
Pretty soon, Wouter needed an additional pair of hands. Lauren, a hospitality management Bachelor with ample experience in the hospitality and service industry found his way in due to his passion for loyalty. “Hospitality is the foundation of loyalty. When someone goes beyond what you expect, that’s where you become loyal. It’s all about going that extra mile.”
Together Wouter and Lauren started building the business. Innovation is key to the loyalty industry business while competition is fierce. Therefore, the focus was mainly on growing the company and developing new methods to exchange loyalty currencies. QR codes and battery-driven beacons were the first solutions to be offered. However, the beacons had many flaws that hurt the business.
After looking for new ways to replace the beacon, a new strategic partner arose from Canada with an expertise in motherboards. Through this cooperation, a new in-house developed beacon was placed on the market called ‘the super-beacon’. A device that can be connected with printers and unmanned machines, such as parking, vending, and carwash machines, to generate loyalty transactions. With these endless possibilities, the development dams broke for Stampwallet. New solutions kept on being created and more and more hardware and software were developed after which the target market got bigger and bigger.
The possibilities now had an implication on every type of industry in the world. In other words, a ton of tech to do amazing things with, but not a clear view of what the market exactly needs. Therefore, to bring back focus, the company moved to the Netherlands in February this year and joined the accelerator program Fintech & Cybersecurity Startup Bootcamp in Amsterdam. Now the company has turned itself into the tech frontrunner of the loyalty landscape.
Apart from the loyalty app proposition, development and sales have shifted towards 'tailor-made loyalty solutions' and 'products'. These products are a result of the tailored solutions with set APIs and pre-developed code. In such, they can be sold and implemented with just minor changes.
Their expertise in data, loyalty, digital customers, flexibility and speed of developing loyalty solutions is what makes them unique. Their strategy is to push their loyalty apps throughout their infrastructure of 6 agents, stationed all over the world, and focus on customized solutions in The Netherlands and the Caribbean. With this model, their flexibility and speed for innovation stay on a high level, while still having the ability to scale fast.
Our solutions
Stampwallet loyalty app
Branded apps (your own promotion in a company branded app)
White labels (sell your own 'stampwallet')
API integration in webshops, accounting software, and existing loyalty platforms
Super Beacon to connect to every POS on the market
POS integrations
Receipt alterations (print loyalty rewards on receipts)
Scanner app to quickly reward customers
Receipt capturing
Raffle tool
Customized solutions
Their latest solutions and innovations are the 'Stampwallet Loyalty Chatbot' for Facebook Messenger and WeChat (that together have 2.2B users) and the 'Personal Characteristic Recognition solution'.
With the Loyalty Chatbot innovation, they can onboard users into your loyalty platform within 30 seconds. Without having to register or downloading an app! Unique in the world! Our 'Personal Characteristic Recognition' solution is an implementation of loyalty in which visually identifiable characteristics, such as facial elements and license plates, are used to create user accounts and to save automatically. This also led us to 'reverse loyalty'; a first-time reach-out to the consumer 'after' they have received enough points to be redeemed for incentives.
Traction
Stampwallet has over 800 merchants listed in 6 different countries. They created a powerful distribution network of resellers in 6 countries that are reselling our app to their clients. This fits their mission perfectly: Think global but act local. The focus is on The Netherlands and the Caribbean, while their network of agents focuses on its own territories. Selling agents are now active in Sweden, Cambodia, Vietnam, South Africa, Brasil, and Panama. Additionally, they work directly with great companies like:
Revenue
In 2017, Stampwallet managed to show a 100% increase in revenue for each quarter. All revenues come from the sales and development of white labels, subscriptions, licenses, and API integrations. Due to the auto-renewal subscriptions model for the Stampwallet app and their continuation on the contracts of white labels and licenses, most revenue is recurring with a churn rate of 1.24%. As the sales focus shifted towards 'tailor-made' loyalty solutions at the start of this year, so did the growth in revenue for this stream. All targets (as stated in the financial sheets) have been successfully reached.
The forecasted revenue for 2018 is based out of the contracts that 'already' have been signed, POCs that have been initiated, and leads that are in the pipeline. Therefore it is important to mention that the bar chart below illustrates the future of Stampwallet with the 'current' resources. in QR it is planned to hire a sales team and account manager.
Funding round
Now is the time for Stampwallet to catapult their products and services into bigger markets. For his, the first step has been taken to move to The Netherlands. Since foot was set on Dutch soil, Stampwallet has already gained much business. New agents have been acquired, new products have been developed, new partners have been connected, and new contracts have been signed.
However, Stampwallet needs resources to meet their demands while demand is thriving. These clients need to be followed up to create revenue. The future of Stampwallet will move towards cooperation with bigger corporates, developing new innovative products to enhance loyalty experiences, and connecting a license based revenue model to it. With this strategy, the value will keep on growing with each new client.
Our funding will be used as followed:
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