Clocky relies on Airwallex to reduce the csts of its global business
Clocky wanted to accelerate global expansion and increase revenue per channel. Find out why the company chose Airwallex for help in making and receiving payments cost effectively.
Clocky is the best alarm clock on wheels. It leaps off the nightstand and runs away beeping. It's a running alarm clock with an annoying alarm!
Location
Los Angeles, United States
Industry
eCommerce
Company size
1–10 employees
Airwallex Products Used
Company CEO Gauri Nanda created Clocky, an alarm clock that jumps off the nightstand and runs away beeping, in 2005 while a student at MIT. Building on the success of its first product, the company wanted to:
Expand globally on various eCommerce platforms
Broaden its product offerings beyond alarm clocks to home-design goods
Increase revenue per channel
Gauri Nanda
CEO, Clocky
Airwallex has made it possible for us to grow quickly across global markets while controlling our FX and transfer fee costs.
Managing the supply chain in a global business
The company needed to find a way to avoid high foreign exchange and transfer fees when making payments. Clocky’s initial service provider imposed fees – a percentage of every transaction – for accepting and making payments. When Clocky decided to move $700,000 to Airwallex, the service provider wanted to charge Clocky one percent of the transaction – $7,000. That was a bridge too far.
Airwallex helped negotiate a lower fee with the service provider. Nevertheless, Gauri didn’t want to be held captive within its service provider’s financial ecosystem. She wanted the flexibility to move and collect money globally at scale.
Gauri Nanda
CEO, Clocky
Clocky wants to expand its product offering beyond alarm clocks and increase revenue per channel. Airwallex will be a big part of achieving those goals.
How Clocky uses Airwallex
Clocky deployed Airwallex to assist with collecting payments from some of its eCommerce platforms and to set up new platforms. This helped reduce the costs associated with transfer fees when moving funds from another bank and making payments to vendors and overseas freelancers.
The company found the Airwallex fee structure far lower than its predecessor. Moreover, Airwallex offered the ability to be in more countries while saving on FX fees, lowering collection costs, and making it easier to pay vendors and suppliers regardless of location. Extending their global reach was essential to Clocky’s goal of expanding their products into the home interior design space.
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What users say about Airwallex
"Airwallex has been a game changer for all our banking needs. As a fast-growing startup, we need a scalable yet cost-efficient batch payment solution to pay our employees and vendors both inside and outside Hong Kong. Airwallex helps us save money on every bank transfer with their near-zero transaction fee and market-beating FX rates. We also use Airwallex’s multi-currency Visa cards for business travel expenses and SaaS subscriptions to avoid hidden bank fees that would otherwise have been difficult to spot. Would highly recommend other startups to get started with Airwallex!"
Henson Tsai
Founder, SleekFlow
"Airwallex has been great for our team - it makes payments and transfers so much easier, and has saved us significant amounts of time compared to what we were doing before with HSBC. Airwallex's platform is easy to use and very intuitive. Airwallex virtual card has solved most of our painpoints with sharing corporate card numbers and credit card limits. The best part is being able to save money on all our monthly bank transfers, and we've already saved thousands of dollars by using Airwallex. Airwallex's support has also been highly responsive to troubleshoot any issues in a timely manner."
Sarah Chang
Co-founder & COO, Forkast.News
“Airwallex provides us with flexibility and cost savings in dealing internationally. We used Airwallex to receive our recent global fundraising round and pay international suppliers and are saving at least 5% per dollar transferred versus the big banks.”
George van Dyck
Finance Manager, Zoomo
“Airwallex has been a game changer for us. I cannot recommend these guys enough. The forex services are super efficient and super competitive. The customer service is not gold-plated, it's solid gold. One of the best eCommerce services for merchants we have come across since PayPal hit the scene 20 years ago."
Murray Kester
CEO, Cosmetics Now – eCommerce
“Having all our global SaaS subscriptions in one place has streamlined our finance processes and enabled better tracking and control of expenses. It’s even better knowing that Airwallex isn’t hitting us with any international transaction fees.”
Warren Durling
Chief Operating Officer, Dovetail – Digital Agency
“Airwallex is our one-stop shop for all our banking needs, in one easy-to-use interface. Without Airwallex, we would not have been able to scale our business as fast as what we’ve been able to achieve.”
Andrew Ford and Rosa-Clare Willis
Co-founders, Crockd – eCommerce
“Airwallex saves us $40,000 annually in collections costs from our sales on Amazon, which is the majority of our sales in the U.S. market. It also allows us to ‘repurpose’ our international currencies. For example, if we sell in Europe we can pay European suppliers in Euros as well. There’s no need to ‘double convert."
Edward Agaba
Controller, Dalstrong
