What we did for this client
Market Evaluation / Building Strategic Partnerships/ International Expansion
About Norma
Norma is a Turkish Neobank that offers accounting and financial services to sole traders and SMEs allowing them to send & collect payments, invoice, track income & expenses and manage cash flow.
With ambitions to move quickly to international markets, Norma needed a market evaluation to decide where to expand after their planned launch in Turkey. To optimize their expansion they also wanted a partnership network in the selected country.
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Questions
- What are the domestic processing requirements?
- What white label solutions are available?
- What are the license and regulatory registrations?
- Where is Norma allowed to operate their business?
- Is a local entity needed for Norma to operate?
- Which statutory registrations are needed?
Goals
- Select most promising country for Norma expansion plan
- Establish strategic partnerships in selected country
Process
- Fintechamps completed an in depth market analysis and overview of the regulatory requirements. We selected twelve countries and following the market overview we narrowed the selection to three countries that showed the most promise for success.
Result
| COUNTRY A | 10.045.246 | 88.0% | 209% | 360.000 |
| COUNTRY B | 228.056.551 | 21.3% | 79% | 5.2M |
| COUNTRY C | 105.420.389 | 33.0% | 107% | 3.9 M |
- Together with Norma we concluded that Country B is the most favorable and strategic market to expand to. From there, we set up a partnership network and ecosystem.
“We worked with the Fintechchamps team to help us understand which international markets had potential and how we can implement in those markets. The Fintechchamps teams knowledge about financial services and their network to reach potential customers, partners was invaluable in making a decision and creating a strong plan for our future.”
Hakan Gonca (CEO)
