User story - Asset Class
"We compared the fees we paid on a previous transaction with our bank. Crezco saved us around 1.2%, not to mention the best user experience and visibility it provides."
Cillian Ryan
Head of Finance, Asset Class
Company Intro
Asset Class is a powerful platform that enables VCs, Asset Managers and Private Equity firms to track their investments and streamline fundraising and investor onboarding. Asset Class's customer base is primarily in the USA, with operations also in Ireland. Going forward, Asset Class looks to expand its presence in EMEA, with a particular focus on Europe.
Key benefits
- Ease of Process: Asset Class found that Crezco simplified the entire payment process, making it effortless to execute international transactions.
- Speed and Efficiency: With Crezco's high-speed payment processing, Asset Class experienced faster and more efficient fund transfers.
- Cost Savings: Crezco's transparent exchange rates and low fees resulted in significant cost savings compared to traditional banking methods.
Challenge
As a complete online solution for capital raising, already powering 600+ Private Capital Funds globally and managing $100BN in assets under management, Asset Class met significant hurdles in managing international payments. Dealing with traditional banks for their cross-border transactions with international suppliers and their US (United States) Entity proved to be cumbersome. The bank’s clunky interface, slow processing times, and lack of transparency regarding hidden conversion fees simply added fuel to the fire, so they began to search for an alternative solution.
“Making international payments via traditional banks is slow, expensive and is a poor experience for the user. The exchange rates are terrible, they hide fees, and the visibility on the status of payments is far from optimal.”
In their pursuit of a more efficient payment solution, Asset Class sought a provider capable of simplifying their payment process and seamlessly handling transactions across various currencies and jurisdictions. Their primary objectives were to save time and ensure transparency by avoiding hidden fees.
Solution
During their search for a payment solution that would meet their goals, Cillian, Head of Finance at Asset Class, found Crezco. Impressed by Crezco’s capabilities, he decided to delve deeper into how the platform could address their payment challenges.
“We were looking for an easy and secure payment solution that could save us time and money. Crezco’s ingenious implementation of account-to-account payments provided exactly what we needed!”
Implementing Crezco's payment service proved to be a game-changer for Asset Class. With Crezco’s user-friendly platform, they gained the ability to efficiently pay their international suppliers in multiple currencies and track payments in real-time. The open banking integration allowed them to make direct payments from their bank account, bypassing the usual bank charges associated with international payments.
Results
Asset Class can now securely pay all its international suppliers from one single platform, Crezco. The result is a simple and error-free payment solution, saving time and money along the way.
Comparing an earlier transaction with their bank, Asset Class estimated that they saved approximately 1.2% on fees by using Crezco for international payments. For context, if you are making a £100,000 payment, that’s around £1200 saved!
”We compared the fees we paid on a previous transaction with our bank. Crezco saved us around 1.2%, not to mention the best user experience and visibility it provides.”
As the person tasked with managing payments across multiple jurisdictions, Cillian also found Crezco's support invaluable. The team was always readily available to assist Cillian with any inquiries and helped to ensure Asset Class's transition was smooth and straightforward.
"“The Crezco team is fantastic. We had a few questions but were not left wondering for long! We always received clear and helpful answers within a few hours and the team are always reachable by phone or email.” "
With this partnership, Asset Class joins an ever-growing group of companies using Crezco today to simplify, accelerate and save money on their international payments.
Next steps
On October 3rd, 2023, Asset Class will host Signals, their inaugural user conference in New York dedicated to the private capital market. This event promises to unveil groundbreaking product features, foster insightful discussions, and equip attendees with the essential tools to thrive in the ever-evolving financial ecosystem. For more details, click on the provided link.
“We are thrilled to host our first user conference in October! The event will be focused on the private capital market, and we are eager to showcase new product features. Additionally, we look forward to interacting with our attendees and providing valuable insights. Come and joins us in New York on the 3rd of October at Signals.”
As Asset Class ventures on their growth journey in Europe and across the globe, they continue to trust Crezco as their reliable payment partner to ensure all their international transactions are seamless, cost-effective and secure.
