ChimpChange (ASX:CCA) has entered into a strategic partnership with U.S. e-commerce store Hollar Inc. to drive increased transaction volumes and to create additional revenue streams.
Based in Los Angeles, California, ChimpChange is a digital banking platform providing low-cost, feature-rich bank accounts for U.S. consumers.
The new agreement is intended to drive growth for both the companies’ platforms and further monetise ChimpChange’s growing customer base of over 100,000 customers.
Hollar is a popular online dollar store based in the U.S. and was recently named the ‘Number 1 Tech Company to Watch for 2017’ by The Wall Street Journal.
ChimpChange is aiming to leverage from multiple opportunities in this partnership to grow and monetise its customer base as both the companies share a similar customer demographic in the U.S.
The companies also share a close understanding that the millennial value proposition is mostly about mobile commerce, value for money, convenience and personalised experiences.
Chimpchange’s revenue increased by 36% in the June 2017 quarter compared to the previous quarter and the company has achieved an annualised $1 million revenue run rate.
Furthermore, ChimpChange finished the June quarter with its total transaction value running at an annualised run rate of US$113+ million, up from US$56 million at the end of the December quarter.