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Fintech: How we helped an Estonian startup strategize and plan for a market expansion
Estonia is almost a completely cash economy with over 99% of financial transactions occurring digitally according to investonia.com. Estonian financial services have been using Fintech over the past 20 years. With extensive and widespread use of electronic ID and smart contracts, digitalisation is second nature to Estonians. With over 600 fintech startups, this particular client was hoping to strengthen its footing in the industry using market expansion. The client had identified 12 geographies as potential areas of expansion including U.A.E, Hungary and Croatia. But the problem was to know which one would be most profitable to enter.
We know that collective qualitative and quantitative information from 12 countries from all over the world would be no easy task. This is why we decided to approach the problem head on by attacking it on all fronts. We based our research on three elements guided by the client: macroeconomic view of the industry landscape in each country, financial landscape overview and buyer landscape overview. We conducted phone interviews and surveys across the geographies within 14 days and reported our findings.
With the help of our research, the client was able to make a heat map of attractive countries to expand to. They created a model and allocated points to each factor that we had collected data for and concluded which place would be best for them to enter. With these findings, they could hedge potential risks and maximise opportunities to ensure a smooth transition for their fintech based startup.