FINSO is a startup that brings together banks, financial institutions and BNPL companies on a single platform, helping end users to complete their shopping both in physical stores and e-commerce points with a single click.
FINSO operates as a mobile application and platform that unites banks, financial institutions and Buy Now Pay Later (BNPL) companies on a single platform, allowing end users to complete their shopping both in physical stores and e-commerce points with a single click. Instead of standard loan rates, the venture creates special rates for customers and brands with its own infrastructure and thus manages the operation for all parties.
FINSO has many revenue models, but its main revenue item is the commission it receives from vendors. In addition, there is information that new customer acquisition and loan facility fees will be charged from banks. In the medium term, the main revenue item is expected to be analytical reporting, customer analysis and referrals. In addition to these flagship resources, it is underlined that income will be generated from advertising collaborations, niche product sales and campaigns.
Although there was no official launch, it reached 2,500 organic downloads and 2 thousand active users.
The product has not been released yet and no official promotion has been made, although organic 2,500 downloads, 2 thousand active users and around 50 credits were mediated. In addition, contracts were signed with VakıfBank and Turkiye Is Bankasi and integrations are continuing. The venture, which is currently in the investment process, received an investment of 10 thousand pounds from a Turkish angel investor. According to the information shared, FINSO is in a process that it is about to end with many investors, especially in London. In the meantime, let us remind you that the initiative is in the 10th term of the Workup Entrepreneurship Program.
FINSO is headquartered in London
Founded in Istanbul approximately 2.5 years ago by Izzettin Toksoy, Ali Toksoy and Erkan Tin, the venture moved its headquarters to London last year. The reason why the venture moved its headquarters to London was that it was accepted by the Greater Entrepreneur Program, administered by the UK Ministry of Foreign Trade, two years ago.
FINSO is currently operating with a team of 11 people. According to the information shared by Izzettin Toksoy, one of the founding partners of the initiative, the application was actually developed in about two years, but the main reason for this was that banks were hesitant to work with fintechs. Because, while experiencing these waits, the product’s MVP features have gone far beyond and a much more mature product has emerged.
BNPL 2.0 sees opportunity in the field
The field FINSO is working on is called BNPL 2.0 in the UK. In other words, it means that banks return to competition and struggle with BNPL and produce alternative channels for themselves. Despite the great know-how in loan products in our country, the initiative considers it a great opportunity that the largest companies in the BNPL field have not come out of this geography, and therefore wants to take the biggest role in its new version.
FINSO, we want to rapidly increase the number of banks and BNPLs in the future by evaluating the demands of banks, which occur primarily with the release of the product. Along with acquiring the Turkish market, it aims to make the product a Superapp in this market. FINSO plans to expand the product throughout the UK, starting in London, in the last quarter of this year. There are three countries on the agenda of the initiative for the future, and opening up to those countries quickly is among the future goals of the initiative.
Source: Webrazzi / Prepared by Irem Yildiz