Hey! I was just looking on the internet for some start-up companies and to get some ideas maybe for the project. Thereby I encountered this website:

https://transferwise.com/

It is a really nice example of what we were talking about in the first lecture. That you have to search for a ‘pain’ in your every day life and you try to fix it with starting up a company. These entrepreneurs found it way to expensive to transfer money from one currency to another. Therefore they came up with the idea to link people with eachother, so that they can help eachother out. For instance when I want to pay someone in dollars, I offer Euros and want dollars in return. Then they search someone which wants euros and gives dollars in return. We are linked together and we both don’t have to pay a fee for changing currency. It’s a win win situation, because the customers can transfer money at a lower fee and the company makes a little percentage of the transfered money.

I hope you found this interesting.

Regards,

Tim Buzink

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2 Thoughts on “A good example of making a business out of a pain

  1. Michiel on September 4, 2015 at 2:14 pm said:

    Nice that you found this! Yesterday we were having diner with some friends and as all of us were from another country we had to get back to using cash.

    Back in Holland we use http://www.wiebetaaltwat.nl, which is a site where you can make a list with friends to keep track of who has paid what for who. As their site states:

    On Wiebetaaltwat.nl it is possible to keep an on-line list of your shared expenses. Each user can easily fill in his or her own expenses, to find out what the balance is between the group members.

    The combination of the site you mentioned and wiebetaaltwat.nl would be nice for international groups. However, here in Sweden everybody seems to like to pay only for their own beer in a bar, which results in those long queues.

  2. Celine Tevy Ly Celine Tevy Ly on September 6, 2015 at 8:55 am said:

    Hi Tim,
    Great post – thanks!
    Was just wondering : what is the website earning in the exchange? Are they taking any fees on the subscription or something?
    Those kind of “put in relation” websites make me thing of a French website putting in relation people who want to do carpooling to travel cheaper. It’s called Blablacar. (https://www.blablacar.fr). As a girl travelling alone, it could seem a bit doggie. However, they do have a whole rating system on the drivers but also on the people who are just sitting in the car!
    Cheers,
    Celine

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