CoinPanel mitigates fraud and scales to 130K users in 6 months with Stripe

CoinPanel, a trading terminal for crypto exchanges, allows customers to view crypto investments and set call and put options on their trades to reduce risk.

Products used

    Billing
    Invoicing
    Tax
Europe
Startup

Challenge

Focused on “smart crypto trading,” CoinPanel, based in Sweden, now serves customers around the globe. Customers pay a fixed monthly or annual subscription fee for access to the service. In order to scale, CoinPanel needed a quick and reliable method to collect payments from thousands of clients without making the user perform tedious and unnecessary steps. Avoiding fraud, like stolen credit cards, was also important to managing payments.

Solution

After extensively researching other solutions, CoinPanel turned to Stripe for the functionality and reliability it needed. “The choice was simple for us: Stripe is the industry best practice – being well-known and reputable, with all necessary functionality, acceptable fees, and quick integration,” said Alex Westin, CoinPanel CEO.

CoinPanel seamlessly launched subscriptions to thousands of customers, with the bulk of the integration easily handled by one senior backend developer and one senior frontend developer during one sprint. Stripe’s modern infrastructure enabled them to easily test and add new credit cards post-implementation.

Now, CoinPanel can access customer insights, analyse current performance, and forecast future performance, thanks to the statistics provided by Billing and Payments within the Stripe Dashboard. With Stripe Radar, CoinPanel has also experienced significant time savings that otherwise would have been spent manually resolving potentially fraudulent transactions.

“We are so happy to have chosen Stripe, especially for our global VAT and sales tax reporting. We would have had a virtually impossible task to manually calculate these liabilities unless we employed a large amount of back-office staff, as we are active in more than 150 countries.” – Aran Hawker, Cofounder of CoinPanel

Results

Since implementing Stripe, CoinPanel hasn’t received a single support ticket related to issues with payments or renewing subscriptions from its customers. And Stripe Radar has been so effective at helping CoinPanel avoid fraudulent transaction issues – achieving a 0.00% false positive rate – that the company decided not to have a dedicated in-house risk team.

In just 6 months, CoinPanel was able to reach over 130,000 users. Stripe’s seamless payment process continues to result in higher conversions, less churn, and consistent subscriber numbers, providing valuable recurring revenue. Stripe’s robust layer of fraud security and overall reliability have accelerated global growth for CoinPanel.

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