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Discover how healthcare product provider Norwegian Lab achieved exponential growth by expanding to 9 countries and growing their business from 0 to €9.8M in just 3 years with the help of Riverty.
CEO Norwegian Lab
During the three years of collaborating with Riverty, Norwegian Lab has:
Acquired over 200 000 customers and expanded to
Sold over 320 000 invoices to Riverty and released
Grown the business from
0 to €9.8M
in three years
Norwegian Lab was founded in 2019 when a group of four business associates had the idea to create a subscription-based supplement business that combined a subscription model with great products.
In 2022 alone, they acquired over 300 new customers every day. They are expanding the product portfolio and have very ambitious plans for international growth by utilizing digital sales channels for scalability.
With the rapid growth Norwegian Lab soon realized that they had significant potential but needed a payment partner to support their growth. This is when Riverty became their payment partner, and an ambitious growth plan was created together.
With Riverty's invoice purchase product, Norwegian Lab can access funds right after customer purchases. This allows them to invest in and grow their company more quickly. Riverty also carries the risk of unsuccessful payments.
The success of Norwegian Lab has exceeded all plans and expectations. The turnover has grown from 0 in 2019 to € 9.8M in 2022, expanding to nine markets in just three years. They have huge plans for continued expansion into new markets. Along with Riverty's collaboration, Norwegian Lab's hardworking team and high quality products have played a crucial role in their success story.
Expanding to new markets requires understanding of market differences and local laws and regulations related to payments. Riverty has helped Norwegian Lab to recognize these differences and create effective payment processes adapted for the local market needs.
The partnership between Norwegian Lab and Riverty enables transparency, trust, and growth. Through regular follow-up meetings and access to the Riverty portal, Norwegian Lab's customer service team collaborates seamlessly with Riverty to track payments and KPIs. As a big multinational company, Riverty provides stability and support, making it easier for Norwegian Lab to expand into new markets. This true long-term partnership creates a sustainable plan for success.
Norwegian Lab's partnership with Riverty has been instrumental in achieving exponential growth for its subscription-based supplement business. With Riverty's flexible payment solutions, customer-centric approach, and expertise in operating in diverse markets, Norwegian Lab has expanded to nine countries and grown its business from 0 to € 9.8M in three years.
Riverty's payment handling and customer service have saved Norwegian Lab significant costs while improving payment rates. Riverty's invoice purchase product has provided essential working capital for growth, allowing Norwegian Lab to invest and continue to expand into new markets and realize their ambitious plans for international growth.
Norwegian Lab is continuously utilizing digital sales channels for scalability, expanding its product portfolio, and focusing on building the best team for success. With Riverty's support, they are committed to improving people's quality of life.
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