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.