Growth Academy Success Story: Bitwala

How Growth Strategy helped Bitwala to become one of the hottest challenger banks

Bitwala is the world's first blockchain banking solution that enables users to manage both their Bitcoin and regular deposits in one bank account. Doubling their customer base from 80.000 to over 140.000 accounts over the course of two quarters boosted their position in the fast-paced blockchain market and made them one of the most promising challenger banks of the next FinTech generation.

The business challenge
After securing 13 million Euros in series A funding and growing its team to over 70 people, Berlin-based Bitwala collaborated with Growth Academy to boost the organization's growth strategy skills and support their leadership with strategic growth advice.

“Growth Academy provided us with practical insights into cutting-edge growth frameworks, brought to life by real-world use cases from some of the best growth minds in the industry. The course has helped us better articulate our growth strategy, refine key growth KPIs and most importantly speak the same 'growth language' across the entire organisation.”

The approach
To establish organizational growth capabilities and the corresponding growth culture, Bitwala’s Chief Growth Officer Philipp Beer sponsored key team members from product management and marketing to attend Growth Academy.  Growth Academy also advised their Chief of Growth on ad-hoc growth challenges such as defining the key success metrics - their north star metrics - which were signed-off and implemented in a company-wide growth initiative.

The results
Thanks to such strategic growth initiatives and growth-savvy team members, Bitwala was able to drive customer acquisition by +70% over two quarters and shift focus on customer retention by increasing 'first deposit' activation rate by almost 100%.

According to Philipp Beer, Chief Growth Officer of Bitwala, the close collaboration and upskilling of growth skills paid off: “Growth Academy provided us with practical insights into cutting-edge growth frameworks, brought to life by real-world use cases from some of the best growth minds in the industry. The course has helped us better articulate our growth strategy, refine key growth KPIs and most importantly speak the same 'growth language' across the entire organisation.”.

Bitwala’s mission is to empower people to benefit from new financial technology by being the bridge between the old and new financial system and thinks that Growth Academy is a great strategic partner to reach this vision.