Hi, as an investor of wirex i can’t help but be concerned at the way the daily operations of this business is being run. No doubt if it continues this business won’t last long. Firstly great businesses are made by scaling ethically and sustainably.
So why am i seeing so many customers upset because wirex has screwed them over?
Secondly, why is customer service so bad? I have literally deleted the app after experiencing the worst customer service in my life.
I don’t know who needs to hear this but please stop embarrassing the investors and deal with the thousands of people who are complaining daily about their money being frozen etc. A robust customer support team should be your priority otherwise you guys won’t last long in the next few years with companies like Ziglu around. Sort it out now!
Remember you are an owner of this company too, if we want it to do well we need to stay positive and put across a better image.
Startups are incredibly difficult to run/grow (ethically/sustainably or just without failing!), now add the complexities of multinational markets, a million plus customers in several different countries and languages, managing a team of pretty overwhelmed staff around the globe and all while trying to watch the bottom line, stay competitive and keep everyone happy…not easy!
Think positive thoughts and give us your ideas, together we can make Wirex a success!
Again, I understand and I intend to do everything I can to protect our investments. It is very difficult to grasp from the outside looking in, what is being planned and executed within the organisation - another thing I am trying to improve is transparency.
Regards your duty, you’re correct, it’s not obligatory, but any sensible investor will put the investment first and take whatever steps are required to protect that investment and support it.
Hi there @kmadziya, thank you very much for your feedback. Just to add, we will be doing another investors video which all investors will be able to see first hand for the next quarter, just like we did back in January. Prior to this I will also set up a questions thread in the private investors channel to get any questions, comment, concerns that you have.
I completely understand your frustration, and I would like to try and ease your concerns by saying that the Wirex team are working behind the scenes to improve and grow. Not just with the product, but within certain departments as well.
Thanks for getting back to me and updating us that the concerns are being looked at. I do however think videos and written communication is not enough. We need a AMA or a live webinar with the founders to try understand what is really happening here.
I think i can speak for everyone in the community that we demand more answers and clarity on what is happening at Wirex. From outside looking in it doesnt look good at all.
This was possibly one of the worst cringeworthy things I ever witnessed - it was like a badly produced attempt at “Good Morning Britain” but much less informative, and certainly less entertaining. It did however look like it cost a fair amount of your investors’ money - please ensure our invested funds are better allocated in future.
It raised more questions than provided answers, presented further contradictions and seemed to be more aimed at consumers than investors.
We are INVESTORS, we would like to know what Wirex is doing to make money? In detail.
We want to know:
how you are doing things?
who is doing what - responsibilities?
accurate timeframes for things happening
where things are happening?
any legal / governance issues?
My current view is you have a distinct lack of top level management decisiveness. You seem to be hiding from everyone
and providing a lot of waffle. If you have issues (you clearly do), state what these are? Come out from behind the scenes and start showing some ownership.
You need to appoint a team to update all of your consumer facing information, it is nearly all outdated, contradictory or simply wrong.
You need to simplify your working structure. You have clearly just recruited a lot of worker bees, but seemingly they are all running around like headless chickens. Stop, take a quick breather and delegate responsibilities properly - and let us, and regular customers know you have done this.
You keep doing things at the last minute without proper prior warning or obvious plan:
changes to Crytoback - a week’s notice and never mentioned before
ibans - again, overnight disappearance, now no updates?
“Fee Free crypto buys” - what’s going on with this, it seems like a desperate attempt to attract customers, but apparently doesn’t do what it says on the tin, is slightly confusing/misleading and you don’t seem to be properly managing the influx of new signups anyway, so why not get these sorted first before pressing for more? It’s like the team running the offers isn’t talking to the team signing up the customers!
online support (web-chat) disappeared overnight - this is really important - you don’t have a call centre! Why did this happen? What has replaced it? Is it permanent?
And you have a long list of outstanding issues which we would like update on and timeline for resolution:
new subscription system / rewards / etc - currently I guarantee nobody can give a straight answer as to what any of this looks like - investors, customers or even you!
governance - who’s running what? Let’s get these individuals talking to us, we want to be reassured they are capable of handling our investments properly.
Public Relations - if you are going to put someone in front of a camera, ensure they understand what they are saying, how they are saying it, and the implications of this. If this person is utterly terrible at public speaking, and struggles with the language, it is probably better to either rehearse considerably better, or just let them remain in the background (say the polite “welcomes/thank yous” etc and hand over to a more astute PR person).
information - repeat, this needs to be updated and made current and relevant. This is currently a real risk to the business, you will get sued for stating incorrect information on your website and terms and conditions.
In summary, less dazzle, more substance.
Again, you have nearly 6000 capable individuals with a very vested interest here. Some of the most successful businesses of late are successful because they are supported by and utilise their community of “members”. Use us, if you ask, we will help make this a success.
Final note: have you looked at what Revolut, Coinbase, Monzo, Starling, even Paypal are doing? If nothing else, they are doing the customer service thing better than you, currently. What is it that is causing Wirex so much problem with this? How/why is your system different?
Apologies for the long read, that’s all for now from me. I welcome any and all constructive criticism or support.
I am a Wirex shareholder. Perhaps categorise your complaints and use the statistical data to 1) address and prioritise the most significant areas of concern 2) train teams of staff on the specific areas, so that the relevent team can take ownership respond efficiently within their remit.
First I want to say THANK YOU very much @seth for all your words and concerns written here, I read every single word of yours and you stated here the real truth about Wirex issues.
I am an investor too and I invested in Wirex because I really believed in their vision about crypto and currencies. But honestly now I realise that their vision isn’t very clear and makes everybody, clients and investors, quite confused and frustrated, at least I am about what they are trying to do here. I invested also because of their rewards that supposed to be different of what it is right now, in November 2020 they promised so many advantages to investors, but now they are missing, all “advantages” (rewards, etc) are available for all (clients included), plus if you want 2% cryptoback you have to pay a monthly/yearly subscription. What!?!? Investors were supposed to have the 2% cryptoback included in their portfolio on the Wirexapp, all their advertisement and messages during the 2020 autumn crowdfunding made us to believe that. Actually after new released X-tras thing all advantages are really a fully downgrade.
I had 500k WXT for 1.5% cryptoback, but after this downgrade I exchanged immediately all my WXT in BTC and I withdrawed all of it from the wirexapp (I don’t encourage anybody to do that, it’s just what I did when I felt disappointed). One stupid thing is that I couldn’t exchange all my 500k WXT in once, the max amount to exchange is 49k WXT with almost 8 eur fee per each, so I needed to make 10 f**king transactions to exchange all my 500k WXT, that meaning about 80 eur fee. Imagine someone who have 1 milion or 5 milions WXT!!! To put a maximum limit so low for exchanging your WXT… that feels so stupid and frustrating!! If I feel like that, an investor that I had big hopes about this company, I can imagine how the clients feel, very disappointed.
Recently I was curious and I decided to use another 2 app like Wirex from different companies, competitors of the same level, start-ups, to check for differences… and I was really surprised about fact that they don’t have this kind of issues at all, plus bigger rewards, and I’m not an investor there. If you want to have a huge success, like Wirex want it, you need to have an eye on the competition too and copy them if neccessary and make it better than that. To my disappointment Wirex instead of doing that they actually made a downgrade after all.
The only POSITIVE thing (yea still there is one hehe) that makes me to keep my money at Wirex (part of them) is their Mastercard debit card, we have different currencies and crypto wallets on it and we can switch and link any time the currency/crypto for the debit card, and that’s very cool.
I still have hope that Wirex it doesn’t screw this up and makes it’s services more reliable and better than competitors.