Stockholm, 11 October 2021 | Swedish fintech Safello (https://safello.com/) announced today that it is reducing fees for buying crypto on its platform. The transaction fee for the company's most popular and fastest payment option Swish is lowered to 5% from 7%. The reduction, which will decrease the gross profit margin, is made to accelerate customer acquisition and drive additional transaction volume.
Safello updates its price list today with reductions on the most popular payment method Swish to 5%, regardless of channel. At the same time, Safello lowers the fees for widget transactions, e.g. referral from partner sites and purchases to external wallets to 5%. An overview of the new fee structure is set forth in the table below. In addition, a minimum fee charge of SEK 35 will be introduced on all transactions.
All purchases made via the mobile app or logged in on Safello.com will be delivered by default to the user's Safello Wallet. Thus, Safello offers purchase, delivery and settlement of cryptocurrencies in real-time at a competitive price.
The purpose is mainly to widen target groups and attract new customers in Sweden, as well as build on the positive momentum and further strengthen Safello's leading position as the one-stop shop for crypto. The price changes come after a strong period of increased growth during 2021, both in new users, transaction volume and user interest. The announcement follows the successful rollout of Safello Wallet (https://safello.com/wallet), enabling 8 million Swedes to instantly buy and store cryptocurrencies in less than a minute.
The fee reduction will decrease the gross profit margin. By how much the gross profit margin will be decreased is, inter alia, dependent on the split between the channels and gains or losses in inventory, but the decrease in margin is estimated to be around 0.50-0.75% all else equal. As a reference, the reported gross margin in Q2 2021 was 4.6%.
"This is the next step in Safello's commitment to lower thresholds and open up to enable more customers to access the crypto economy simply and securely. We are following the market and want to position ourselves competitively to future-proof our growth plans," says Frank Schuil, CEO and co-founder of Safello.
Large transaction volume products Safello Business and Safello Premium maintain their attractive price level of 2%. Purchases using Bankgiro, SEPA, or Klarna Open Banking, as well as fees for selling crypto, remain unchanged.
Category Type Old Fee New Fee
Retail (Safello Safello Mobile 7% 5%
Safello Web App 4-7% 4-5%
Retail (External Safello Widget 7% 5%
Safello Partner Widget 7-9% 5%
Large transaction Safello Business (B2B product) 2% 2%
volume (>100k SEK
Safello Premium (HNWI 2% 2%
The updated price list will be implemented today Monday, October 11, 2021, at 09:30 CEST (GMT +2).
The full price list can be found on safello.com/fees.
This information is such that Safello Group AB is required to disclose in accordance with the EU Market Abuse Regulation. The information was provided by the contact person below, for publication on 11 October 2021.
For more information, please contact
Johan Edin, CFO Safello, firstname.lastname@example.org
Corpura Fondkommission AB, email@example.com,+46 722 52 34 51
Safello is an online cryptocurrency brokerage. Registered as a financial institution with Finansinspektionen (Swedish FSA), Safello offers a secure way to buy and sell crypto, in seamless transactions at industry-leading speeds. Partners integrate Safello's brokerage solution to their web and mobile applications. Operational since 2013 in Sweden, Safello is driving crypto adoption for users, with a safe, efficient and user-friendly platform.