Emigre

Emigre launched targeting Non-Resident Indians who needed seamless banking back home, identifying a genuine pain point: remittances, family support, and Indian investments. ​​‌‌‌‌‌‌‌​‌‌​​‌​​​​​​‌‌​‌‌‌​​​‌‌Early signals appeared promising—thousands of NRIs signed up for their waitlist, with particularly strong engagement from Gulf-based workers and US-based professionals. The team measured interest through conversion rates from landing pages and tracked actual account openings, which initially showed 40% of waitlist members completing onboarding. However, Emigre conflated signup volume with sustainable demand. While users activated accounts, transaction frequency remained low. The critical warning sign emerged when retention dropped sharply after month two—users opened accounts but rarely returned. The company had validated awareness of the problem, not willingness to switch from established competitors like ICICI NRI accounts or informal remittance networks. They'd measured stated interest rather than behavioral commitment, discovering too late that convenience alone couldn't overcome trust in incumbent banks and deeply embedded money-transfer habits among their target market.