Finding a solution to keep up with the growing start-up
Launched in early 2022, Canadian start-up Nyble is already making waves in the country’s financial sector. On a mission to modernize Canadian finance, Nyble provides emergency advances to thousands of Canadians via its mobile app. What sets the young start-up apart from banks, credit card companies, and payday lenders is its 0% interest rate and its good habits-rewards program.
CEO Alex Yi co-founded Nyble to help Canadians avoid hefty overdraft fees and be able to pay bills while waiting for their paychecks. Before Nyble, options for payday advances in Canada were fairly inaccessible; customers either had to pay steep interest rates or have a high credit score. Rising inflation rates have only made Nyble’s solution more relevant and necessary.
As Alex explains, though, payday advances are still a “band-aid solution,” which is why his company’s “long-term goal is to help improve money habits beyond emergency cash.” That’s where Nyble’s rewards program comes in. Unlike most financial institutions, the young start-up rewards its users with points for adopting good financial habits rather than receiving cashback through spending. Nyble also has ambitions to tackle the trillion-dollar credit card debt problem with a product launching later in 2022.
With imported data from users’ financial accounts, Nyble’s algorithm analyzes things like overdraft charges, bank fees, and small ticket loans, then creating personalized recommendations on how users can better manage their money. As a reward for following these recommendations, users earn points they can exchange for gift cards or cash.
The start-up needed a way to communicate with users, initially choosing an industry-leading chat software. Though pleased with its functionality, Alex quickly realized the solution wouldn’t work out in the long run for Nyble. He explains that Nyble’s initial choice of chat provider “really doesn’t make sense for consumer businesses because they charge based on the number of users you chat with. If you’re a consumer business like us, then you’re going to have a very large number of users.”
Nyble needed a solution that could support its growing business. After looking at a few options, Alex and his team decided to give Sendinblue a try.
Streamlining customer care and boosting overall efficiency with Sendinblue
Nyble gets up to 150 chat requests per day. Before using Sendinblue, the team handled them all manually. While Chat automation was a feature of Nyble’s previous provider, its pricing didn’t make sense for the growing start-up.
With Sendinblue, however, Alex and his team have been able to automate responses to common customer queries, saving them a lot of time and money. Alex emphasizes how easy it was for his team to get set up on Sendinblue Conversations, “Getting started was even easier than with our previous provider, literally just copy-and-pasting a line of code.”
Further, Conversations’ mobile interface is one of Alex’s favorite aspects of the app. “I really like the mobile UI as well. Since our app is primarily mobile, the fact that [Conversations] works very seamlessly on mobile helps a lot.”
After finding its stride with Conversations, Nyble started using Sendinblue Campaigns for its email marketing, too. Like its previous Chat provider, Nyble’s original choice of email marketing service is an industry-leading brand.
For Alex, though, it made more sense to manage Nyble’s communications from the same place. He explains, “We already have 10 plus different platforms to go through on a day-to-day basis, and ideally we wanted email marketing and chat in the same place. So that’s a large part of why we made the decision to go with Sendinblue.”
Supporting Nyble’s rapid growth
Since launching its app in early 2022, Nyble has seen an impressive level of growth. When asked about how Sendinblue supports his company, Alex was quick to say, “It’s very critical to our business. It’s a central piece of our day-to-day workings.”
More specifically, Nyble relies on Sendinblue to support real-time communication with its ever increasing number of users. Since setting up chatbot scenarios on Conversations, Nyble has reduced customer service tickets by more than 70%. Alex explains how “chatbots help answer users’ most common questions and [that] as a new start-up with a new product, educating users in this way is critical.”
Switching to Sendinblue has also had a major impact on conversions at Nyble. Alex says that visitors and new users prefer Chat over Nyble’s FAQ page for learning to use the platform, creating a great opportunity for early engagement. Since implementing this new process with Sendinblue, Nyble’s signup rate increased by 15%.
Finally, Alex repeated that Sendinblue has been a major supporter of his business’s overall growth. Nyble’s user base grew more than 100% month over month in Q2, and as Alex points out, “If we didn’t have Sendinblue, we would have had to hire more customer service staff, which would definitely put some constraints on growth.”
Moving forward, Alex and his team plan to use Sendinblue’s Sales CRM and Email API to set Nyble up for long-term growth. He says, “For start-ups like us, who launch new products often and grow quite rapidly, scalability is always a concern. And that’s what makes [Sendinblue] super, super helpful.”
Nyble is a new category of digital banking start-up helping people reduce debt and avoid fees. Providing interest-free cash advances to thousands of Canadians via its mobile app, Nyble not only helps users avoid hefty overdraft fees, but teaches them good money habits, too. Users get personalized recommendations and earn redeemable points for making healthy changes to their financial habits.
- Industry: Fintech
- Company Size: 5 employees
- Location: Toronto, Canada
- Website: nyble.com
- Plan: Lite
Alex Yi, CEO and Co-founder
“For start-ups like us, who launch new products often and grow quite rapidly, scalability is always a concern. And that’s what makes [Sendinblue] super, super helpful.”
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