Rio Money (with 0 live txns but a tech stack set up) was acquired earlier this year for $2.5M, Kiwi with its recent fund raise seems to be valued around ~$100M, and Pop estimations are around $60M+.
Great deep dive! I had a question: PopClub has a reward point system where you can redeem their points in their inhouse marketplace. Kiwi doesnt have that going on as of now from what I can see, so its a pure play CC on UPI. Would that affect scale/ customer retention? Would LazyPay be a better comparison to Kiwi so that we arent comparing apples to oranges?
Lazypay is not a CC on UPI - its a LSP that has partnered with multiple lenders (including PayU Finance). Think of it more like a BNPL player that competes with a Simpl / Zestmoney / Axio - major difference
Depends on how you want to look at it. Pop & Kiwi both have the core infra & offerings (TPAP stack, credit card issuance), GTM and positioning is where they differ
Finally installed substack and subscribed to your newsletter after months of following it on LinkedIn. Incisive as always!
Thank you for reading!
Great deep dive! I had a question: PopClub has a reward point system where you can redeem their points in their inhouse marketplace. Kiwi doesnt have that going on as of now from what I can see, so its a pure play CC on UPI. Would that affect scale/ customer retention? Would LazyPay be a better comparison to Kiwi so that we arent comparing apples to oranges?
Lazypay is not a CC on UPI - its a LSP that has partnered with multiple lenders (including PayU Finance). Think of it more like a BNPL player that competes with a Simpl / Zestmoney / Axio - major difference
Oh yes! Still, I feel PopClub and Kiwi are different in their offerings and maybe its not the right comparison..?
Depends on how you want to look at it. Pop & Kiwi both have the core infra & offerings (TPAP stack, credit card issuance), GTM and positioning is where they differ