Gone are the days when three people would build a cool product from the ground up, right? Not quite. 😉
Meet the start-up that allows you to switch between different music streaming services without losing any of your precious playlists in the process, and learn how Revolut is helping them grow their business internationally.
Interesting, tell me more about the company 🤔
Free Your Music was founded by two brothers and their friend a few years ago, when the trio created an app called Stamp, which allows you to move your playlists from one streaming service to another - think Spotify to Apple Music and back, all at the tap of a button. 📲
Based on their own frustrations, they built the first iteration of the app in one night of coding, simply because they wanted to try out the newly launched Apple Music, back in 2015. The problem was that they had been using Spotify for some time and they wanted a way to easily switch their carefully crafted playlists over to Apple Music, but couldn't find a service that would solve their problem.
So, just like us, the trio rolled up their sleeves and built their own solution. In fact, they came up with the name 'STAMP' as an acronym for 'Spotify to Apple Music Parser' - for those of you who like to geek out over these things. 👨🏻💻
Fast forward to the present day and the app now generates a healthy monthly revenue, which has allowed the two brothers to hire more developers, a dedicated marketing team and expand their product further. But it wasn't all smooth sailing for the young company, especially when it came to managing their business finances...
So why didn’t traditional banks work for them? 🤷🏻♀️
While Free Your Music may be based in Berlin, they needed to make a variety of international payments to keep their business chugging along happily. From receiving payments in USD to paying partners in Polish Zloty, or accepting their main source of revenue in GBP or EUR - they clearly needed a multi-currency account that could make international payments simple - and that’s where traditional banks fell short.
As a company with an app and also a desktop version of the service, their revenue came from three different sources and in different currencies. First there was the AppStore and Paddle.com (which provides their desktop sales), both of which paid them in EUR - and then there was the Google Play store which paid them in GBP. Add to this a list of international payments in other currencies and you have an accountant's worst nightmare.
The reality was that banks made the process slow and incredibly pricey, so Revolut Business stepped up to the plate to offer something new and convenient, which transformed the way companies like Free Your Music did their business banking.
And how did Revolut Business solve the problem? 💼
The solution was to offer up a multi-currency account, with no foreign exchange fees! Yep, you read that correctly. Not only did Free Your Music now have access to all the currencies they needed, but they were also able to send and receive payments without the hefty fees that other banks tacked on.
This meant that they no longer had to worry about which card they made a payment in USD with. If they needed to send one big payment in Euros, they could just consolidate different currencies and change it into Euros in a flash. Then in one more click, the money would be sent!
Another bonus was that Revolut could exchange any currency seamlessly, using the interbank exchange rate. So if they needed to make a payment in USD but didn’t have any in their account - Revolut simply exchanged it for them.
'Revolut Business looked like the ideal solution for our business, offering support for every currency we could dream of. We tried the free trial and immediatelly fell in love! It made our old accounts seem like they were from the 80s.'
Bartosz Hernas - Co-Founder, FreeYourMusic
Were there any added benefits in switching to Revolut Business? 😏
Glad you asked - not only does Revolut Business offer up access to virtually any currency you could want fee-free, we also released our integrations via Revolut Connect, which means that businesses' can now integrate their favourite apps with their business banking accounts in just a few taps, with no coding required!
For Free Your Music, this meant they could connect their bank accounts with their accounting software, FreeAgent. Not only did this make life easier, but it also saved hours of painstaking uploading and downloading of CSV files.
Before the integration, the team at Free Your Music would have to go through a lengthy process to get their transactions across to their accounting software. Fast forward to our FreeAgent integration - and life just got a whole lot easier!
What’s more, new transactions are now added automatically, while old transactions were also synchronised. So not only does it save them time, it also means that everything is cleaner, more transparent and updated in real time. Which means everyone is happier - including their accountant! 👌🏻
'Before using the FreeAgent integration, every month I would download a CSV file and using a custom Python script, I would convert the file into FreeAgent's supported CSV format. I would then manually upload this file to FreeAgent and make sure everything was in the right place. The integration now takes care of this automatically!'
Bartosz Hernas - Co-Founder, Free Your Music
Like so many things in life, sometimes you don’t realise you ever had a problem until you’re presented with a solution and a better way of doing things. Then suddenly, you wonder how you ever accepted anything else!
For startups like Free Your Music, saving on things like banking fees and automating mundane daily tasks, can really help to manage expenses and free-up time. Being savvy with how you do your business banking is the only way forward and using a service that’s radically better, just makes sense. 😎