Attribution
Attribution
How three models credit the same conversions.
Events from Segment· Web, iOS, AndroidAttribution: First click + self-reported
First click + self-reportedIn use
Default · First touch, plus “How did you hear about us?”
Last non-direct click
Last click before signup, ignoring direct
Last paid non-brand click
Last paid click, excluding brand campaigns
Credited to Direct
91 → 54
Last non-direct → first click + SR
AI search
56
Last non-direct shows 7
Meta, LinkedIn & Reddit
+94%
44 vs 23 first deposits
Brand campaigns
335 → 0
Last non-direct → last paid non-brand
Model comparison by channel
958 first deposits in the period
First click + self-reported (in use)Last non-direct clickLast paid non-brand click
| Channel | First click + SR | Last non-direct | Last paid non-brand |
|---|---|---|---|
Google Ads | 422 | 507+20% | 359−15% |
Organic search | 121 | 146+21% | 180+49% |
Partners & affiliates | 115 | 69−40% | 89−23% |
Referral programme | 69 | 40−42% | 48−30% |
AI search | 56 | 7−88% | 7−88% |
Direct | 54 | 91+69% | 125+131% |
Microsoft Ads | 40 | 40 | 31−22% |
App store campaigns | 37 | 36 | 27−27% |
Meta Ads | 34 | 18−47% | 73+115% |
LinkedIn Ads | 5 | 3−40% | 10+100% |
Reddit Ads | 5 | 2−60% | 8+60% |
Last non-direct over-credits Google Ads by 85 first deposits.
Self-reported attribution LLM-mapped
Free-text onboarding answers, mapped to a source
| Answer | UTM / last click | Mapped to | Confidence | Share |
|---|---|---|---|---|
| “chatgpt recommended venn when I asked about USD accounts in canada” | Direct | ChatGPT | 98% | 17.9% |
| “Asked Perplexity for the cheapest FX for a small business” | Google / brand | Perplexity | 97% | 4.5% |
| “my accountant at the firm set us up” | Direct | Accounting firm partners | 93% | 11.5% |
| “saw a video ad on instagram a few weeks ago, googled you later” | Google / brand | Meta · Prospecting | 95% | 9.8% |
| “fb ad” | Direct | Meta | 91% | 5.3% |
| “friend who runs an agency uses venn” | Direct | Word of mouth | 86% | 8.3% |
| “Reddit thread on r/smallbusiness about wire fees” | Google / brand | Reddit | 94% | 3.6% |
| “LinkedIn post from your CEO about FX fees” | Direct | LinkedIn | 89% | 3.0% |
| “Rotman / CDL perks portal” | Direct | Startup perks | 90% | 2.3% |
| “heard about you on a podcast (the founder show?)” | Direct | Creators & podcasts | 82% | 2.6% |
| “google” | Google / brand | Google search (paid or organic) | 62% | 14.7% |
| “Google AI overview said venn had the best usd rates” | Organic search | Google AI Overviews | 92% | 3.2% |
| “Xero marketplace” | Direct | Xero App Store | 97% | 2.4% |
| “app store” | Direct | Apple Search Ads / App Store | 74% | 3.8% |
| “Claude suggested it vs wise business” | Direct | Claude | 96% | 1.5% |
| “idk” | Direct | Unknown: no reassignment | 20% | 5.8% |
Time from first touch to signup
Social and AI search take days to weeks
Google Ads
Meta Ads
LinkedIn Ads
Reddit Ads
AI search
Partners & affiliates
Same day1–3 days4–7 days8–14 days15–30 days31+ days
Signup → account verified (KYB)
Delay before Google Ads sees “activated”
32% of accounts take over a day to verify.