Harvard Case - Resuelve in 2018: Fintech in Emerging Markets
"Resuelve in 2018: Fintech in Emerging Markets" Harvard business case study is written by Julie Makinen, George Foster. It deals with the challenges in the field of Entrepreneurship. The case study is 23 page(s) long and it was first published on : Oct 15, 2018
At Fern Fort University, we recommend Resuelve pursue a hybrid growth strategy focused on strategic partnerships and controlled expansion into new emerging markets. This approach leverages Resuelve?s existing strengths in technology and analytics, while mitigating risks associated with rapid expansion and ensuring sustainable growth.
2. Background
Resuelve is a leading fintech company operating in Latin America, providing innovative financial solutions to underserved populations. Founded in 2012, Resuelve has experienced rapid growth through its disruptive innovation of micro-loans and financial services delivered via web and mobile applications. The company faces a critical decision in 2018: whether to pursue aggressive expansion into new markets or focus on consolidating its existing operations.
The main protagonists are:
- Juan Pablo Garcia, CEO and founder of Resuelve, who is passionate about using technology to improve financial inclusion.
- The Resuelve team, composed of talented individuals with diverse backgrounds in finance, technology, and marketing.
- Investors, who are seeking high returns on their investment and are eager to see Resuelve expand its reach.
3. Analysis of the Case Study
The case study can be analyzed using the Porter?s Five Forces framework to understand the competitive landscape and the Business Model Canvas to assess Resuelve?s current business model:
Porter?s Five Forces:
- Threat of New Entrants: High, due to the relatively low barriers to entry in the fintech space.
- Bargaining Power of Buyers: Moderate, as customers have multiple options for financial services.
- Bargaining Power of Suppliers: Low, as Resuelve relies on technology and data, which are readily available.
- Threat of Substitute Products: High, as traditional financial institutions are increasingly offering digital solutions.
- Rivalry Among Existing Competitors: High, as the fintech industry is fragmented and competitive.
Business Model Canvas:
- Value Propositions: Offering affordable and accessible financial services to underserved populations.
- Customer Segments: Low-income individuals and small businesses in emerging markets.
- Channels: Web and mobile applications, partnerships with local businesses.
- Customer Relationships: Personalized customer service, online support.
- Revenue Streams: Interest on loans, transaction fees, data analytics services.
- Key Resources: Technology infrastructure, data analytics capabilities, strong team.
- Key Activities: Software development, marketing, customer service, risk management.
- Key Partnerships: Local financial institutions, technology providers, mobile network operators.
- Cost Structure: Technology development and maintenance, marketing and customer acquisition, operational costs.
4. Recommendations
Resuelve should adopt a hybrid growth strategy that combines organic growth with strategic partnerships and controlled expansion:
- Focus on Organic Growth: Continue to improve existing products and services, enhance customer experience, and optimize operations for efficiency and profitability.
- Strategic Partnerships: Form strategic partnerships with local financial institutions, mobile network operators, and other businesses in target markets. This will allow Resuelve to leverage existing infrastructure and customer base while reducing risks associated with market entry.
- Controlled Expansion: Focus on expanding into one or two new emerging markets with high growth potential and a strong regulatory environment. This will allow Resuelve to test its business model in new environments and learn from its experiences before scaling up further.
5. Basis of Recommendations
This strategy considers:
- Core Competencies and Consistency with Mission: Resuelve?s core competencies lie in technology, data analytics, and customer service. This strategy leverages these strengths while remaining consistent with the company?s mission of financial inclusion.
- External Customers and Internal Clients: This strategy addresses the needs of both customers and investors by providing access to financial services while ensuring sustainable growth and profitability.
- Competitors: By focusing on strategic partnerships and controlled expansion, Resuelve can differentiate itself from competitors and create a competitive advantage.
- Attractiveness: This strategy offers a balanced approach to growth, maximizing potential while mitigating risks.
6. Conclusion
Resuelve has the potential to become a leading fintech player in emerging markets. By adopting a hybrid growth strategy focused on strategic partnerships and controlled expansion, Resuelve can achieve sustainable growth and fulfill its mission of financial inclusion.
7. Discussion
Other alternatives include:
- Aggressive Expansion: This approach would involve rapid expansion into multiple new markets, but it carries significant risks, including regulatory hurdles, cultural differences, and competition.
- Consolidation: This approach would involve focusing on improving existing operations and profitability, but it could limit growth potential and miss opportunities in new markets.
Key risks associated with the recommended strategy include:
- Partner Selection: Choosing the right partners is crucial for success.
- Market Entry: Entering new markets requires careful planning and execution.
- Regulatory Compliance: Navigating different regulatory environments can be challenging.
8. Next Steps
- Identify Potential Partners: Conduct due diligence on potential partners in target markets.
- Develop Partnership Agreements: Negotiate mutually beneficial agreements with partners.
- Develop Market Entry Strategies: Conduct market research and develop customized strategies for each target market.
- Secure Funding: Obtain necessary funding for expansion through venture capital, debt financing, or other sources.
- Implement Expansion Plan: Execute the expansion plan, monitor progress, and make adjustments as needed.
This timeline should be flexible and adjusted based on market conditions and company performance.
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Case Description
This case traces the journey of Juan Pablo Zorrilla and Javier Velasquez as they conceive the idea for a debt-settlement business in Mexico, develop the business, and expand it to Colombia, Argentina and Spain. Zorrilla and Velasquez modeled Resuelve (Spanish for "resolve") after Freedom Financial Network, an American debt-settlement business founded by two of their fellow Stanford University alumni. The case examines issues including early fundraising challenges, gaining traction, regulation, bringing on new investors as the business grew, and expanding into international markets. Resuelve was founded in 2009 and by 2017 had grown to more than 1,000 employees and 150,000+ clients. Annual revenues topped $37 million.
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