SoShop
Soshop Club is a neobank that runs cashback reward programs. Commission is earned on cash paid back to its cardholders by 25k merchants, incl. Nike, Samsung & Pizza Hut. They needed new developers that ‘got’ their business and could deliver at speed.
30-fold increase in total
and per user revenue
Sep 2019 - Present
Challenges
Banking-as-a-Service
The platform had to offer all the features you would expect from a bank, such as debit cards, statements, and account management.
Huge transaction volume
The system had to manage more than 50,000 transactions per day originating from different Banking-as-a-Service providers.
Granular cashback system
Merchants, many of whom are well-known brand retailers, wanted to manage cashback offers at point-of-sale level, incl. time, volume and other limits.
User onboarding
SoShop's users are based in the UK and France. The platform had to cater for various banking regulations (e.g. KYC) in a simple and secure manner.
Customer service management
Customer service is key for SoShop. We had to build an admin dashboard for user access, managing bulk tasks, and integration with 3rd-party services.
Top-up vouchers
Cardholders had to be able to buy vouchers at a network of partner shops (e.g. newsagents) to top up their SoShop account balance via the mobile app.
Our Approach to Tackle the Challenge
User onboarding
Users have to complete an extensive checklist before they can use their cards. We sped up the process by integrating a number of specialist BaaS applications, such as Jumio, Trezor, and PFS, for identity verification, AML & KYC compliance and card issuance.
The SoShop customer service team can use the admin dashboard to inspect information provided by users and view third-party reports. They can pause a user’s onboarding at any stage.
Scalable transaction system
As usual for this type of project, we tracked the technical health of the site and mobile app using many different tools, including some custom scripts.
Insights: We discovered that we needed to optimise the API endpoint response time for customers based in Reunion, an overseas department of France. This enabled us to scale the transaction system better.
The result
The rapid release of new features combined with user and team feedback had a dramatic impact. As the platform was made more reliable and user-friendly, merchants became more active. This helped to make the platform more sticky, with the numbers telling the rest of the story: a thirty-fold jump in total and per user revenue.
30x turnover
13x monthly active users
30x revenue per user
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