Saved £345k in agency fees with 23 direct hires

"cord’s an integral part of my hiring. With it, we’ve managed to build entire software squads"

Jake Pedlingham, Tech & Product Talent Acquisition Partner at Currencycloud

23

direct hires made

£300,000+

saved compared to hiring using a recruitment agency

cord usage

23 direct hires

19 positions

2 users

Greater London

About Currencycloud

Currencycloud gives businesses the capability to move money across borders, and transact globally in multiple currencies, fast. Experts at what they do, their technology makes it easy for clients to embrace digital wallets, and to embed finance into the core of their business - no matter what industry they’re in.

Since 2012, Currencycloud has processed more than $100bn to over 180 countries, working with banks, financial institutions and Fintechs around the world, including Starling Bank, Revolut and Lunar. Based in London with offices in New York, Amsterdam, Cardiff, and Singapore, Currencycloud works with partners including Visa, Dwolla, GPS and Mambu to deliver simple, clear cross-border infrastructure solutions for clients. They are regulated in the UK, Canada, US, the EU and Australia, and were acquired by Visa in December 2021.

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Our Goal

We were looking to rapidly scale our tech and product departments, aiming for 125 new hires

Our Situation

Lost in the noise

Before cord, we had tried traditional sourcing methods, such as LinkedIn, but found that those sources were far too noisy, with agencies and other employers all vying for the same Engineers. Our outreach would get lost in the noise, leading to low response rates and ultimately low success when it comes to filling our pipeline. We needed a tool where we could contact Engineers directly, without the noise, and in turn increase our response rate and make more hires.

Using cord

Game-changing transparency

To me, what makes cord a game-changer is the transparency between us and the Engineers. From the start we can be clear about what types of Engineers we are looking to hire using the filtering system, narrowing down our pool of Engineers based on salary, skillsets and remote preferences to find the right types of people for us. Engineer profiles clearly display their expected salary, work location preferences, and primary tech skills which help us identify exactly who we are looking for. On top of this, the majority of people on cord are active, and ready to switch roles. Knowing that I’m reaching out to active Engineers who match our exact requirements, the likelihood of getting a positive response back is much higher, and people that enter our pipeline are more likely to progress further. Getting ahead of the curve

Message templates are one of my favourite features on cord - it allows me to automate my outreach while still retaining the personalised feel. The fact that you can see when Engineers are last active and how long it typically takes each one to respond reassures me that I am dealing with engaged Engineers. Our average positive response rate on cord is above 50%, with responses typically arriving within 2 and 24 hours from our first message - this is much quicker than LinkedIn where I'm sometimes waiting 2-3 weeks for a response. With cord, responses seem to be instantaneous. It’s helped us get ahead of the curve and get people into our pipeline very quickly. 20+ hires, no hiring fees

Our cost-per-hire has been reduced massively, a typical agency fee might be £15,000 - being able to make over 20 hires at a fraction of the cost of agency fees makes cord a much more cost-effective option for us.

Our Result

We made 23 hires, building out entire software squads with Engineers sourced through cord and making a very large dent in our hiring goals.

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