Safra Bank is a renowned financial institution with a strong presence in international operations. However, their presence in the US market was limited to Safra Bank NYC, which serves high-net-worth individuals, businesses, family offices, and sophisticated investors. To replicate the success of their Brazilian operation, which relies heavily on POS payments and large-scale infrastructure, Safra was looking to create a transformational unity to serve the SMB market.
To achieve this goal, Safra partnered with us to ideate a product bundle that thousands of small businesses in the US could use, from banking to merchant services. Our task was to create an app to provide banking and merchant services for SMBs.
To ensure the success of the project, we took several critical actions. First, we led a feasibility study and conducted hundreds of in-person interviews and group usability testing to validate the path forward for feature requirements. Next, we prioritized feature requests into a product roadmap to accelerate development time, managing 10 Accenture consultants. Additionally, we evaluated API endpoints to ensure the required data needed to power the platform, ensuring PCI DSS & ISO compliance.
Safrapay launched the app in 5 US markets, with over 1,000 merchants signing up for launch. Additionally, we saw over 100,000 transactions in the first month, demonstrating the app's popularity and success.
By creating an app that provides banking and merchant services for SMBs, we were able to help Safra expand its US market offerings and replicate the success of its Brazilian operation. The success of this project is a testament to the power of thorough market research, user-centered design, and a robust technology stack.