The wedding is one of the major and most expensive events in an individual’s life next to going to college, buying a first car or house, and having a child.
And while there are products and solutions built for those other moments, the wedding payments process of today doesn’t look much different from when our grandparents got married–cash, checks, envelopes with tips, and unbelievably fragmented. Not to mention the headache-inducing job that a couple has to do to organize payments for 10-14 (on average) wedding businesses, all with different payment methods at multiple points over the engagement. It’s enough to make you want to throw up your hands and elope!
And let’s talk about the 300,000+ weddings and event businesses that make up the $100 billion (with a B!) dollar US weddings industry. (To put it into perspective, that's about the same size as the US car industry!) But despite how large of an industry we are, for far too long we’ve played it small––avoiding the conversations around money and relying on old-school payment methods, out-of-touch payment platforms designed for other industries and complicated software subscriptions chock-full of hidden processing fees.
We want to fix it and that's exactly why we built Maroo.
In the midst of the global pandemic, Alexey Nikityuk (from the fintech world) and Anja Winikka (from the weddings industry) came together to build Maroo with a shared vision: Paying for a wedding or event should be simple, transparent, and straightforward. And wedding and event professionals should have access to financial tools designed for them just like any other industry.
We believe that for far too long, the businesses in the weddings & events industry have not had an easy way to keep their payments (both internal and external) organized. Businesses have had to turn to overwhelming software systems, wait for paper checks to arrive in the mail, or encounter hefty processing fees just to get paid. We changed that and decided to pay every business faster (on average within 1-2 business days).
Today, 74% of couples turn to high-interest credit cards to help pay for their weddings. Maroo is changing that with the option for couples to pay for their wedding for up to 12 months at 0% APR. At the same time, Maroo is designed to support the small business owners that power the weddings and event industry. That’s why our businesses enjoy full, upfront payments at the moment the couple books BNPL for their wedding. It's also the reason that every transaction with Maroo is secure with wedding cancellation insurance.