Fino payments Bank - Can the unique business model spring a surprise?

Recently analyzed FINO Payment bank. The video is available here:

Why interested to study - Numbers speak of growth

Coming to FINO, it is a payment bank which is little different than typical bank. Brief about payment bank

FINO Payment Bank Business Model:

This ad depicts it well:

FINO targets mid of the pyramid India as customers:

A typical customer journey at FINO looks like this

FINO follows a physital model for various products and services

Some more insights on overall business model

Below chart depicts how FINO has rolled various products and services over years:

More details on various offerings:

FINO’s execution model hovers over distribution, technology, and partnership (DTP)

The digital side is executed through 2 apps: 1 for merchants and 1 for customer

Let us understand products, operations and revenue model in detail. First, what is a throughput and take rate

How remittance works:

Performance of remittance business over years

Key insights on unit economics of remittance business

Let us understand cash management business.

Performance over the years

Unit economics of cash management business

Let us understand CASA and debit card business

The performance of CASA and debit card business over the years

Unit economics of CASA and debit card business

Let us understand MicroATM and AEPS business

Historic Performance

Unit economics of microATM and AEPS business

Little bit about BC business

Overall financials

Key expense item and possibilities of operating leverage given it is a platform business

Little bit about FINO management

Key Risks Associated with FINO:

Valuations:


Summarizing everything here

Disclosure: Added 1st tranche recently at an average price of Rs 260.

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