My Trackable Wallet Makes $18M/Year [Update]
This is a follow up story for Ekster. If you're interested in reading how they got started, published over 4 years ago, check it out here.
Hello again! Remind us who you are and what business you started.
Hi, I’m Olivier Momma, co-founder of Ekster®. Our smart wallets, travel gear, and EDC accessories are designed to save you time and help you live smarter, all while respecting the environment.
Our flagship products include the Ekster Wallet—a minimalist upgrade to a traditional leather wallet with RFID-blocking tech and trackability—and the Ekster Cardholder, the slimmest smart wallet with quick card access at the push of a button.
We created the world’s first solar-powered tracker card to make your wallet unlosable and in 2024, we partnered with Apple to create a rechargeable credit card-sized wallet tracker called the Finder Card, which works with the Apple Find My® network. Our GRID travel gear collection is also growing rapidly with some exciting new releases on the horizon.
Ekster’s signature wallet has been recognized as the world’s best-selling smart wallet by Business Insider, Esquire, and more reputable publications. Forbes aptly said, "The traditional leather wallet hadn't changed for decades, and Ekster became the brand to challenge that.”
With over 1 million products sold to date and more than 50,000 5-star reviews, we’re on a mission to continue pushing the boundaries of what your everyday carry can and should do to make your life easier.
Tell us about what you’ve been up to. Has the business been growing?
Since we last spoke, our business has grown by 30%. Much of that success stems from our revved-up marketing strategies, which include ramping up our creative testing processes, building a marketing team that specializes in creating winning ad creatives, and starting to scale our TikTok shop.
We decided to move away from smaller performance channels to simplify our efforts. Instead, we’re focusing more on finetuning our website with speed optimizations and CRO, as well as honing in on retention by ramping up email and SMS marketing. We started using a new tool called Black Cow to help us identify more people on our website, which has proven very useful.
We’ve also seen great success with high-tier partnerships that follow a revenue-sharing model. Some of our notable partnerships include launching a Messi wallet in collaboration with iconic footballer, Lionel Messi and creating a limited-edition cardholder with a bottle-opener backplate in collaboration with Andrew Schulz from the Flagrant Podcast.
In addition to our bolstered marketing efforts and partnerships, we wanted to bring more value to our existing (or returning) customers by offering them an upgraded loyalty program with more exclusive offers, early access to new products, and free points that can be redeemed as discounts on future purchases.
Our latest product launches have proven wildly fruitful. These include the launch of the Finder Card I mentioned above—a wallet tracker that works with the Find My app, making it easy to track your wallet from any Apple device. We also launched the Ekster Cardholder Pro—an upgraded, all-metal version of our signature cardholder that can be customized with our range of new modular add-ons—and smart travel gear like the award-winning Grid Backpack and the 2-in-1 Grid Duffel Backpack that seamlessly transforms from duffel bag to backpack.
Ekster is recognized as a major player in the EDC realm with notable mentions from Forbes saying, “Ekster makes the best travel wallets to keep your cash and accessories safe” and “These are the best slim leather wallets for men.” Business Insider has called our flagship Ekster Wallet “The best smart wallet overall” for two years running and CNET has said, “Ekster’s Grid is the coolest backpack I’ve ever owned.” With other notable mentions and positive reviews from Men’s Health, Esquire, Gear Patrol, WIRED, to name but a few, I’m proud to say that Ekster has proven it is a brand worth noticing and carrying.
My advice to you is to simplify. Firstly, simplify your marketing mix. Next, simplify your team by keeping it small and nimble. Lastly, simplify your supply chain.
What have been your biggest challenges in the last year?
I’ll be honest, we’ve had difficulty with increasing our Meta costs this year. There are more advertisers than even on the platform, which makes it much harder to scale the channel. We’ve learned that it is becoming more challenging every year to be reliant on performance marketing, so we’ve shifted our focus to channel diversification instead of putting all our eggs in one overcrowded basket.
For us, innovation has been a key motivating factor and a major driving force behind Ekster’s success. Our customers loved our new product launches this year and it has helped keep our revenue stable despite any performance marketing setbacks. It is becoming evident that retail is more important than ever for us. Here’s a great read on the topic that I found eye-opening.
What’s in the plans for the upcoming year, and the next 5 years?
Everything we do at Ekster centers around the desire to get the most out of every single day. Our vision is to leave the biggest impact on how you move through the world while leaving the smallest impact on the world itself.
Our plan for the future revolves around innovation and product diversification. We will continue to release next-gen wallets to stay at the forefront of smart wallet technology, but the next big fish we’ve set our sights on is the travel industry.
We want to design and create travel products that people have never seen before—that will make their lives easier, make traveling more enjoyable, and leave a lasting impression. We’re stoked to show you what we’ve been cooking up in the near future!
What’s the best thing you read in the last year?
I found a super interesting podcast last month: the story of Hermes on the Acquired podcast. It’s a long listen, but definitely worth it. Here is the Spotify link.
Advice for other entrepreneurs who might be struggling to grow their business?
My advice to you is to simplify. Firstly, simplify your marketing mix. We’ve found that it’s better to focus on a few main channels than spreading yourself too thin with a bunch of smaller channels that take up a lot of your time and money without showing much in return.
Next, simplify your team by keeping it small and nimble. Instead of building a mega-team internally, partner with external agencies and outsource where needed. Working with other agencies or consultants is also a great way to keep learning.
Lastly, simplify your supply chain. We’ve learned the hard way that spreading your stock too thin between various warehouses can cause big problems down the line.
Are you looking to hire for certain positions right now?
We’re looking for a Head of Growth to join the Ekster team. We need someone who is experienced in both performance marketing and creative strategy. If you (or someone you know) can check those boxes, let’s talk.
Where can we go to learn more?
If you have any questions or comments, drop a comment below!
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