Our business is both a payments business and a platform business. The payments business makes money when people buy things. We issue cards for every purchase and therefore capture a share of the interchange when those cards are charged. The platform business makes money when people share shopping lists with friends and followers. We have agreements with affiliate networks and we make sure to share our earnings with the creators of those lists. These two businesses combined mean our net revenue is orders of magnitude larger than what retailers are willing to pay for conversion upside. That’s a very decent amount of free cash given nate is a business without inventory or supply-side restrictions.
Especially when building a payments business, you have a choice to make: do you represent the seller or do you represent the buyer? The nate app is built for buyers, not sellers. It’s the world’s first universal shopping app with the seamless, social, and private e-commerce payments aggregation that consumers deserve.
And it’s so much more than one-click checkout. Of course, consumers do want to buy with one click – but they want a lot more than that. Most of all, they want the ease that comes with aggregation. Aggregation happened in music with Spotify. It happened in food with Doordash. It happened in transportation with Uber. And it’s happening right now in e-commerce with nate.
With the nate app, you can skip the checkout and consolidate all your purchases in one app. Publicly available discounts are auto-applied, privacy cards are issued for every purchase, and payment flexibility isn’t restricted based on the retailer’s capabilities. You can pay now or pay later–anywhere you shop on the internet, anytime you want.
In the last 12 months, nate shoppers have made purchases across 30,000 different online stores (and counting). Fashion, beauty, wellness, electronics, books, furniture. We wanted to create an app where the consumer could buy anything. Really, anything. Just tap share, tap nate, tap buy.
We love a good one-click checkout feature. But it’s just a feature. At nate, we want to provide a service that delivers a holistic answer to how the modern consumer wants to shop and pay – by aggregating online purchases, making the e-comm experience social, delivering top-notch privacy, and offering payment flexibility. Next time you’re itching to buy something online, just nate it.