Launching in 2020, WIOa is an online platform that helps people make money online.
Its goal is to help people build wealth and start a business, and it’s already seen a steady rise in the number of Australian users using it to do so.
The Australian Financial Group is reporting that the platform saw a significant increase in growth during the past year, from 1.7 per cent of the market to 2.4 per cent.
But how did it do it?
Here’s what we know.
What are Wioa’s biggest growth areas?
According to the WIO’s site, it’s hard to be sure exactly how many people are using it, but in February this year, it saw a whopping 11.6 million Australian users, up from 8.4 million in February 2018.
The growth in usage is in line with the recent growth of bitcoin and digital currencies, and suggests the platform could see a strong growth in the future.
The platform saw an increase in its average monthly revenue of $1.5 million from last year to $1 million in 2019, which was an increase of $100,000 from the previous year.
Its total revenue in 2019 was $1,848 million, a 12 per cent increase from the prior year.
What does WIO say about its growth and success?
The platform’s success is attributed to the work it’s doing with Australian companies, including those from banks and credit unions.
It was also responsible for the launch of its Australian business, which is now the largest online business in Australia, with around 80 employees.
WIO is now operating in Australia with more than 500 Australian companies and a team of more than 40 people.
Wio’s growth is partly attributable to its ability to make money through its product.
According to a WIO spokesperson, “the WIO platform offers a number of features that are designed to help you build your own business, from selling your products to your customers, to creating and marketing your own brand, to marketing your online business, to building an online presence and more.”
The spokesperson says it also has “the ability to help businesses find a customer base that will support them, whether it be through direct referral or referrals from friends and family.”
However, what do the Wio founders and managers say about the platform’s growth?
WIO founders and manager, John McWhorter, says he’s happy with how the platform is performing, and believes it will grow over time.
“The platform is really growing as an online business,” he says.
“We’ve had a really good year, we’re really happy with the growth we’ve seen, we’ve had great clients and people who have been very happy with our services and the quality of the services that we’ve provided.
We’re also really happy to have had such an amazing experience with our customers.”
He says that in the past three years, the platform has seen “a number of great new features, like the ability to sell your product, the ability for customers to buy products from your store, to have a direct relationship with your store.”
The platform is currently in a beta phase, with no end date set for its launch.
It will be available to the public from mid-December.
What’s the catch?
Wio says that, because it’s not regulated, it can’t be regulated like a traditional bank.
In a blog post, the company said it was not licensed by the Australian Financial Services Commission and therefore could not open a bank account.
It said that this made it “unregulated”.
However, it said that, like a bank, it could be subject to regulations by the Financial Services Authority, and that the FASA had issued guidance in the last year.
The regulator also said that the WSO would not be able to accept deposits from Australians or non-Australians.