Abstract
In this case, we describe the journey of Finance Kaart, a fintech start-up with a vision to serve India’s financially excluded customer segments. We explore the strategic options available to the start-up and its founder’s rationale for developing an online marketplace business model focused on Micro, Small and Medium Enterprise customers in small towns of India. The case further explores how India’s fintech ecosystem enabled frugal innovation by start-ups such as Finance Kaart. In a supportive ecosystem, Finance Kaart followed a partnership-driven approach but needed to address investor concerns regarding its “over-dependence on the partners” that arguably limited its profit potential. We conclude by discussing how Finance Kaart planned to overcome the challenges to its growth strategy by transforming it into a Neo-bank.
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