People no longer opt for traditional weddings. They want their wedding day to be special and to be representative of their taste. This is why, a lot of couples are leaning towards destination weddings. Not only does it make their dream wedding a reality but it also enables them to check off a country off of their bucket list. However, the thriftiest savers know that there are additional costs that go into making a destination wedding a reality. Fluctuating currency and changing prices of the hotels are two of the many factors that contribute in getting up the prices of a destination wedding.
Research tells us that overseas attendees of a wedding can spend round about $700 but this figure can considerably change when we take the fluctuating exchange rates into account. However, the costs that guests incur is negligible compared to what the bride and the groom end up spending, keeping in mind that wedding videographers and photographers, marquees or halls and florists often get caught up shelling out around a thousand bucks each year to exchange currencies. So, considering all these factors, don’t you think it is somewhat of a surprise that the fintech industry hasn’t tapped into this market as of yet?
Well, it wasn’t long before creative entrepreneurs realized that there is a gap in the market and provided a solution for it. This is where two sisters who are businesswomen came in. Illy Goodall and Zsofia Foster have expertise in both, wedding planning and Forex. So, they thought it is only wise to combine their knowledge and come up with a platform on Forex for weddings which would not only be lucrative but will also fill a huge gap in the market.
Their platform which goes by the name of Wedding Forex not only lets the sponsors of the wedding lock in the exchange rate for up to 12 months but it also allows the suppliers to create the invoice by using their own details which eliminates the need for an intermediary. This significantly lowers down the cost for both the customer and the supplier.
What was the need for the platform?
The WeddingForex platform came into being in September 2018 by two sisters Illy Goodall and Zsofia Foster who are from Sussex. These two sisters have excelled in the Forex industry and have extensive knowledge of the wedding industry as well. Illy has been working on her wedding planning business for the past 4 years and she has done a pretty good job at that. What makes her business stand out from the rest is the fact that she has worked with people who have firsthand experience in the wedding industry. And as we know, this trait isn’t really appreciated by a bank or an investment agency.
Prior to operating in the wedding planning market, Illy was employed by FTT Global. Her experience which she acquired from working with FTT Global gave her the idea that she could use FTT Global as the anti-money laundering platform and customer support provider. Once Illy had a rough idea of what the framework of the platform would look like she talked to her employer and asked him to come on board. Illy’s boss agreed to provide her with the technical tools that were needed to operate the business.
As for Zsofia who is the 20-year-old sister of Illy and a former employee of FTT Global and who has worked as a wedding planner in the past, deals with the sales side of the firm. Zsofia is also the UK consultant of the company and she really helps out people in figuring out how much money they need to send out abroad and how they can do it safely.
These two entrepreneurial sisters not only provide a safe and secure platform to couples to manage their finances but they also make sure that the couples go through no hard time at all while looking for florists, photographers and caterers. There are plenty of suppliers registered on the platform which have been deemed reliable so Illy and Zsofia help them get in touch with the couples. The two sisters aim to provide their users with a platform that is not only easy to use but also cuts the cost for them significantly.
In an interview Illy said that she got the knack for planning weddings right after she had her own. Prior to getting married, Illy was content with working in the foreign exchange market. As she started operating in the wedding industry she soon realized that the trend of offshore weddings was on the rise. She noticed how sending the money abroad for wedding planning can completely throw off the budget of the couple getting married. Two of the many problems she noticed were that either people were scared of sending money to the suppliers abroad or they were worried they’d lose a significant amount of money on the transfer fees. So, noticing these patterns, Illy was convinced to create a platform to cater to these problems. Within a few months of the creation of the platform, they have been in the highlights and have gained a lot of popularity.
How does the platform exactly help the couple getting married abroad?
Research shows us that an average couple will spend approximately $7000 on a wedding abroad. This amount will be broken up into smaller amounts while paying different suppliers and paying up transfer and money exchange fees. We know that currencies are constantly fluctuating so a couple can’t really predict the price he would incur for a wedding happening a few months later.
The wedding market is growing rapidly and the trends are changing so in order for the suppliers to stay on top of their game they need to adopt the new tactics that are coming up in the market to keep their customers happy. It isn’t long before the WeddingForex starts getting used very commonly because it is clear that the platform has potential and has addressed the problems that are present.