Operating subsidiary of Visa
Currencycloud automates foreign exchange payments, giving businesses the ability to move money across borders and transact 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 into the core of their business—no matter which industry they're in.
Global Director of Sales Development,
Senior Business Development Representative,
Challenge: Identifying the addressable market for business development
Corporations like Currencycloud are adapting to turbulent market conditions and economic challenges by focusing on inorganic growth and innovation. Currencycloud uses PitchBook to help business development teams identify opportunities within specific industry segments. A comprehensive and dynamic understanding of the addressable market within each of the company’s target verticals has been paramount to Currencycloud’s ability to expand.
To further grow market share, cross-functional teams seek opportunities to enter new segments, identifying “lighthouse” customers for new growth. Given the complexity and volume of markets targeted by Currencycloud, they constantly reassess the target market and segments to ensure they have an accurate picture of the evolving market.
Before PitchBook, Currencycloud tried to establish more accurate workflows with other suppliers, but found they lacked the quality for research and presentation of data to inform Currencycloud’s customer segmentation. The team also found them coming up short when it came to certain foreign markets and identifying lighthouse customers to move the needle on growth.
“The thing that makes PitchBook stand out against its competitors is the ability to do the Boolean search. This allowed us to home in on the keywords that our customers use and that we understand, but also exclude specific things. No other tools could do this.”
—Rhys Jenkins, Senior Business Development Representative
Solution: Creating a competitive edge
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 it the edge to accurately segment targets and inform their approach to individual 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, SDRs were deep in the data—working closely with marketing managers to identify targets, become familiar with their businesses and needs, and determine the best approach for business development.
“The team at PitchBook was very helpful and accessible despite us having a large team spanning three time zones. It’s definitely a customer-centric organization.”
—Fumbi Banjoko, Global Director of Sales Development
Currencycloud SDRs' favorite features
With such a large team, working across the globe and in various market segments, having a workspace for collaboration ensures everyone is armed with the best information, efforts aren’t duplicated, and time spend conducting research isn’t wasted.
The advanced search feature helps the team drill down to the most relevant data and exclude certain terms so they never waste time sorting through irrelevant information.
Saved searches and alerts
For each market segment, the Currencycloud team has created a master spreadsheet with every potential customer they’ve identified and all of the research collected. PitchBook alerts SDRs to updates on the companies within its saved searches and that new information is added to the master spreadsheet so that this master resource is always at the ready to all.
Focus on startups
Information on startups can be hard to find on other platforms, according to SDRs at Currencycloud. PitchBook puts a lot of focus on startups which helps them successfully capture share in that space.
“Being able to get deep insights 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, Global Director of Sales Development
Currencycloud realized some quick wins using PitchBook. Prior to joining forces with PitchBook, the SDR team relied on in-person events and mostly generated new business from inbound leads. Within their first quarter of using PitchBook, they had secured two new opportunities with banks. These previously would have been out of reach, given the size, scale, and complexity of entering into new engagements with established banking institutions.
Members of the team say the workspace and search features enable them to work three to four times faster than they did prior to adopting PitchBook. Saved searches and alerts have shaved hours off the work week for SDRs. The biggest outcomes and changes were optimizing the:
- Total addressable market
- Serviceable obtainable market
- Serviceable available market
Clarity on which companies to pursue and how best to approach the pitch to that market or specific customer—with data refreshed on an ongoing basis—has transformed the sales team’s outbound approach.
PitchBook has made the Currencycloud sales team’s lives easier and equipped them with the tools for a smart and strategic approach to market—so that they can win more, continuing on the incredibly strong growth path of the past 10 years.
Other corporations create wins using PitchBook for
- Identifying growth opportunities stemming from new investments or M&As
- Thinking outside the box to grow the customer base and generate revenue from new sources
- Gathering intelligence to stay ahead of competitors
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