Startup Model – Prepaid Cash Cards

THE MODEL: A payments card for users to transact both offline and online. Users can buy one or recharge from multiple points of sale. The card can be used for online purchases and in stores in Turkey and abroad.

STARTUP: Ininal (Turkish startup)

WHAT I LIKE

Core Idea – In a country where only half the population has access to debit cards or bank accounts, 

Ininal addresses a big problem.

Network – The startup has been able to tie up with a big network of stores, online and offline. The bigger the network the startup is able to build, the more the value for a customer it is able to generate.

Early Mover Advantage – The startup is one of the first prepaid card startups and has been able to scale well, having more than 1 million users.

CONCERNS

Competition – Banks will identify this space and move in with larger resources to back them.

Regulation – Regulation will remain a tricky point because retail customers and their money are involved.