Published by Startup Valley News
Covercy a safe, quick and cheaper option when doing cross border transfers
Please introduce yourself and your Covercy to our readers!How did you get the idea to Covercy?
Covercy’s CEO, Doron Cohen, was formerly founder and Co-CEO of leading forex technology provider, Leverate, a company that is an expert in the retail FOREX industry and provides expertise in dealing with foreign currencies. During his time at Leverate, Doron realised that the company was paying large sums of money on their international bank transfers and realized that other small businesses were certainly confronted to the same issue.
The idea of Covercy was born in order to find a solution for this dilemma and provide SMEs with access to a safe, quick and cheaper option when doing cross border transfers.
How fast has Covercy grown?
Since 2016, Covercy shows an average 32% month on month growth with over 300 companies trusting Covercy for their international money transfers.
Being a financial service, Covercy’s main challenge and achievement was to become fully regulated and receive a license to operate. In order to receive a license, we had to create the right anti-money laundering processes and build teams with the necessary skills for it: consultants, financial and operational experts.
Other challenges were of course developing our product to facilitate the customers needs. On the one hand, our product had to provide a friendly front-end, which enabled the business to have a simplified process to create and monitor transactions and on the other hand have a powerful back-end solution that could execute the customers’ transactions, mitigate risk, and enable the operator to deal with large volumes of transactions in any given time.
Choosing the right team, whether in house or not, and understanding the processes that needed to be implemented were key in overcoming these challenges…