Product: TransferGo is an online international transfer/payment booking system. Simply register a TransferGo account and enter the recipients details and make a local transfer from the bank account to the TransferGo account. Money will be paid out within 24 hours, with only 1Euro transaction fee, and 1% exchange rate markup.
Market type: Similar to the giants in the field, such as PayPal, etc. TransferGo is target the existing market, with the differences of price and features to generate demand.
Customer and Problem: The problem TransferGo is tackling here is the complicated, slow and expensive international money transfers. They are targeting the individuals who have the need to make international money transfers, either to individuals or businesses. A niche market segmentation is for those who is running small businesses. Instead of running to banks all the time to make business transactions, the entrepreneurs can focus on running the business without overpaying the banks.
Competition: Giants in the industry: PayPal Western Union NatWest HiFX
Other startups tapping into international P2P online money transfer: TransferWise peerTransfer
Pain Killer or Gain Creator: TransferGo is a pain killer for people who have the need to make international money transfer. It saves money by flat 1Euro transaction fee, around 10 times cheaper than any bank’s fee. Also it saves customers the trouble to running to banks, only to find out the money will be paid through 5 days after the weekend. TransferGo guarantees next-day transfer.