Organic Channel

(Understand the existing organic channel strategy for your product and highlight the success and failure thereon.
Provide your suggestions and devise new strategies.)

Step 1 → Conduct keyword research on Google, Amazon, Youtube, Quora etc.
Step 2 → Collate all your insights from all your searches..

Do you feel anxious about where your money goes each month?

Fold consolidates all your bank and financial accounts into one intuitive app. It provides real-time insights into your spending, savings, and investments. With automatic tracking and categorization, you gain a clear picture of your financial health, which you can use to take informed decisions and reduce financial anxiety. Empowering, isn't it?

Built on a secure, government-regulated Account Aggregator framework, Fold ensures your financial data is protected while seamlessly integrating with your bank accounts, credit cards, and investment platforms. Our users love Fold for its simplicity and effectiveness. It is transforming how they manage their money.

Take control of your finances and we promise to eliminate all your money-related stress. So you can make better decisions and lead a healthier financial life.

Download Fold, today!

Ideal Customer Profile 🙋‍♂️🙋‍♀️

Let's dive into Fold's ICP now.

To do this, I rolled out a survey on LinkedIn, Twitter and also joined Fold's Discord server, and spoke to some of them as well.

Survey link: https://forms.gle/NMerLorKMBMTCsR86

Applying heuristics, it is safe to say that users who are part of Fold's Discord server are will be highly engaged, and are best sample set to form Fold's ICP.

Defining ICP

ICP Prioritization

Since Fold is at PMF stage, we will focus on the two ICPs we have so far. As the product grows to early scale and beyond (eg: 100,000+ users), more ICPs could be developed and prioritised based on adoption rate, willingness to pay, frequency of use, market size and distribution potential.

User awareness, reviews and feedback 👀

Fold hasn't done any marketing yet (other than creating fomo on twitter for their public beta release). I wanted to get a sense what its current users are talking about it. I also wanted to get a sense of general public awareness people may have about Fold.

To get to this, I checked on public forums like reddit, grapevine and twitter, along with looking at its play store and app store reviews.

Good thing is that Fold has very high rating of 4.5+ on both play store and app store.

Summary from user calls and secondary research

The good:

• people love the ui - it is clean and smooth to operate
• people have switched from other expense tracking apps and are sticking to Fold
• credit card spend tracking, and auto tracking of cc bill payments
• from the discord server: lot of features are suggested by the discord community, and actively taken up by the team to build
• can track investments, including FDs (manually for now)
• recurring payments for subscriptions are shown in a nifty calendar view
• splitting one transaction into different categories has been helpful to users

The not so good:

• people are questioning whether it is safe to share data
• • early adopters are aware about account aggregator framework being RBI regulated, but not all of them.
  • Fold doesn't do very well in communicating or reinforcing either in the app store, or at onboarding screens that user data is secure.
• people have issues with data not being updated
• not all banks or credit cards are supported
• no 'actionable insights' given to user. users feel that data is presented in a good ui, but lacks any information that may be helpful to them

Let's now jump to the next section!

Product Features

Fold currently has the following features:

1. Expense tracking: Fold can track and auto-categorise your spends from all your bank accounts and credit cards in a single view. It gives you the flexibility to change categories if you feel like, or even hide transactions that you may not want to show in your cash flow analysis.
2. Credit card and utility bill payment: Fold recently launched credit card and utility bill payments such as electricity, water, gas, mobile, recharge etc.
3. Portfolio tracker: You can view your investments across stocks, mutual funds and FDs in a single page. It gives a breakdown of amount invested, absolute returns and XIRR
4. Recurring spends: Fold intelligently recognises your recurring spends and presents them to you in a calendar view. You can also add recurring spends and set reminders manually.

Each of the above features have their own tabs in the app.

The home/landing page of the app shows the summary of each of the above features. User can customise the view of their home screen. Some widgets available on the home screen are:

• Spend summary
• Credit card dues
• cash flow
• bank balances
• total value of investments
• bill reminders.
• A user can decide which of these they want to see in the home page, and order them based on their preference. The view of each summary can also be customised a bit.
  
  Proposed features: (based on user feedback)

1. Budgeting: Knowing spends for a category, without having a budget doesn't give true insight. Give users option to set budgets for major spend categories.
2. Flexibility: Some bank accounts are not available on Account Aggregator, therefore, don't give a true picture of spends. Allow users to add spends manually.

What problem is Fold solving?

Everyone's financial information is scattered and fragmented. You may have an HDFC bank account, an ICICI credit card, mutual fund investments with Zerodha and stocks with Groww. Your bank doesn't give you any insight on where you spend money, only giving you a barely understandable statement with jargons. You need to login to each of these apps separately to get a consolidated information. This is what Fold solves for you. It gives you a unified, automated, and intelligent way to track their spending, investments, and know your overall financial health. Want to download your bank statements to apply for a visa - use Fold! Want to send your payslip to apply for a loan - use Fold!​ Want to pay your bills - use Fold! Want to claim insurance, apply for a loan, buy gold - Use Fold!

​Understanding Core Value Proposition

For everyone who struggle with managing their finances, Fold automatically tracks your spending and provides intelligent insights. It gives you a unified view of your transactions, across UPI and credit cards, your investments, including stocks, mutual funds, and FDs, bill payments and recurring spends.

Fold helps you stay to stay on top of your money without manual effort. And you gain complete financial clarity that allows you to make smarter financial decisions.

Market Research:

Trends & Tailwinds:

Fold is a fintech company. It operates in the personal finance space. Its initial positioning is of an expense tracker that is simple and easy to use. It recently started offering bill payments as a feature, and has plans to build more features in personal finance space.

I look at the trends and tailwinds in three broad areas: i) personal finance, ii) account aggregator and iii) fintech industry at a very macro level.

1. Personal finance sector

• increase in awareness → increase in DIY way of investing, spending. Growing awareness about credit cards, tax filing, insurance etc.
• growing trust in fintech → younger users are open to embrace new players and new ways of doing things. experienced users are also joining in with products and services tailored to them.
• surge in UPI and digital payments → India is the top ranked country in terms of digital payments.
• content + community play → people follow creators on youtube/insta for money tips, which pushes discovery of finance tools

2. Account Aggregator (AA)

• infra is finally functional → all major banks and NBFCs are now live on AA; ecosystem is usable in real products.
• data portability is a game-changer → users can share financial data securely across apps, enabling better insights & offers.
• privacy by design → AA has built-in consent architecture, which can boost user trust in sharing sensitive data.
• fintechs can build smarter products → real-time, verified data will mean better underwriting, personalization, and automation.
• more financial services to come under AA framework → insurance, joint accounts, credit cards, NPS, and many more services will come under AA in coming months

3. Fintech industry at a broad level

• funding winter, but not frozen → while big cheques have slowed, early-stage infra and profitable models are still getting attention
• bundling is the new moat → players are moving from single use-case (like credit cards) to offering full money suites
• regulatory clarity is improving → RBI tightening norms, but also enabling innovation via AA, ONDC, and UPI expansion
• tier 2+ adoption is real → fintech isn’t just urban anymore; vernacular UI, simple UX, and trust-first branding are key. social media has helped in this market expansion.

Competitor landscape:

There are a plethora of expense tracking apps. They can be categorised as follows:

I won't consider app type 1 since they are not made for Indian market, even though they are available in India.

There is aBetween app type 2 and app type 3, Fold and its competitors have a clear advantage since they are based on the Account Aggregator Framework. It is a clear differentiator.

My sense is that as this space builds up, app type 1 and 2 will become negligent in India market.

Therefore, I'll be comparing Fold with its most likely competitors.

Below is the comparison of CRED money and Jupiter.

Market Size:

Typically, for an internet-first company in India, one could look at the number of people having smartphones as a way to understand the TAM. The other way to look at it is to see how many unique users are there on UPI platforms.

But I feel, the most accurate way to estimate TAM of an internet first product in India is to use Blume's definition of India 1, 2 and 3. This is backed by Blume's research, and a very handy heuristic that tech products can use to calculate the market size they are going after. I am using the same.

In this section, i estimate the TAM, SAM and SOM for Fold based on number of users and possible revenue:

1. Total Addressable Market: Based on Blume's Indus Valley Report, India 1 = approximately 140 million individuals, representing about 10% of India’s population. These individuals form the primary consuming class, with a per capita income that would position India 1 as a middle-income country if considered independently. 

• TAM ≈ 140M - 160M users

• TAM in revenue terms = $700M - $800M annually. Assuming $5 ARPU

2. Serviceable Available Market (SAM) - portion of TAM that Fold Money can realistically target, based on users who actively track & optimize their finances, users with multiple bank accounts, UPI apps, credit cards, and investments, users open to new fintech apps. Assuming that this segment is around 15% of TAM

• SAM ≈ 21M - 34M users

• SAM in revenue terms = $100M - $170M annually. Assuming ARPU of $5

3. Serviceable Obtainable Market (SOM) - This is Fold Money’s realistic near-term market share based on competition, adoption rates, and execution. Fold is in PMF stage, targetting its early adopters. Assuming this to be around 5-10% of SAM in the next 3-5 years

• SOM ≈ 1M - 3.4M users in 3-5 years

• SOM in revenue terms = $5M - $17M annually. Assuming ARPU of $5

Onto the next section now!

Designing Acquisition Channel

Fold is in public beta. Hence it is safe to say it is at PMF stage.

top 3 channels for Fold:

1. refferal → low cost, leverages existing user base, great for building trust and growth user base
2. content loops → scalable if done right; gives high feedback + fits well with fintech ecosystem
3. paid ads → good for speed + testing different hooks quickly (just need to control CAC)

Content Loop

​Step 1:

• Content creator:
• • fold’s in-house content/growth team
  • 1–2 micro-finfluencers (personal finance, budgeting, savings hacks)
  • Eventually, real users sharing screenshots/testimonials
• Content distribution:
• • Fold’s brand accounts (Twitter, Instagram, YouTube Shorts)
  • Influencers reposting on their channels
  • users tagging Fold when they try something cool from the app
• Channel of distribution:
• • Instagram Reels and YouTube Shorts (for reach + shareability)
  • Twitter (for engagement + feedback)
  • LinkedIn (to build founder authority + semi-professional audience)

Step 2:

Fold’s ICP loves feeling in control of their money and learning quick actionable hacks.
best-fit loop = “share-to-show-value” loop.

• create high-utility content (e.g. “5 money leaks you didn’t notice last month”)
• user relates, shares/saves/posts it
• their friends/colleagues see it, feel the same pain, and check out fold
• if fold’s value prop shows up clearly in the content (or bio), you drive installs

this is low-CAC, high-feedback, and ideal for PMF stage.

Step 3: (The loop)

Step 1 → define CAC:LTV ratio

Note: this is directional for now, since fold’s still at PMF and probably doesn’t have long-term LTV data. so I'll keep it simple and make assumptions:

• CAC goal: ₹75–150 per install (assuming lean creative testing and good targeting)
• LTV: hard to define in early stages, but if fold goes freemium or monetizes through credit card partnerships, AA infra, or premium insights—can assume ₹500–₹1000/user over 12–18 months
• CAC:LTV ratio = 1:4 to 1:6 → solid enough to justify paid testing

Note again: this is an assumption.

Step 2 → choose an ICP

for now, we'll primary ICP fold is already building for:

early to mid-career salaried professionals

• age: 23–35
• city: tier 1 & tier 2 (Bangalore, Mumbai, Delhi, Pune, Indore, etc.)
• income: ₹35K–₹1L/month
• behavior: uses UPI + credit card, has 2+ bank accounts, tracks money in Excel or not at all
• pain point: no clarity on where money goes, forgets subscriptions, wishes they “felt more in control”

step 3 → select advertising channels

The Goal is to optimize for CAC and speed. Following channels to target:

• Meta (Instagram + Facebook)
• • for reels, stories, and static swipe carousels
  • ideal for awareness, storytelling, and visual money hacks
• Google UAC
• • especially for keyword-led installs like “expense tracker”, “track UPI”, etc.
  • high intent traffic
• Twitter ads (optional, experimental)
• • for testing hooks with fintech-nerd audience
  • low scale but high signal

Step 4 → write a marketing pitch

something punchy and somethig that has a character, not standard boring fintech lingo

a. emotional hook

“where did all my money go?” — if you’ve ever asked that, fold’s for you.
auto-track your spends, investments, and subscriptions. no spreadsheets. just clarity.

b. logic hook

3 bank accounts. 2 credit cards. 1 app to track it all.
fold connects everything and shows you exactly where your money’s going.

c. habit-building hook

imagine checking your money like you check your steps.
fold helps you stay on top of your spending, saving, and goals — daily.

step 5 → customize by customer segment

tweak messaging based on sub-groups:

referral goal: acquire high-quality users with low CAC by turning existing users into ambassadors. keep it simple, frictionless, and rewarding.

referral structure:

referrer gets:

• ₹100 Amazon voucher OR Fold points (if gamifying later) for every successful install + account linking
• milestone rewards (e.g., refer 10 people → get ₹5000 bonus or unlock premium features early)
• early access to special features

referee (new user) gets:

• ₹50 on signup after they link their bank account or credit card
• optional: bonus if they hit some action (e.g., first spending insight or budget created)

entry points:

• “refer & earn” CTA on home screen
• smart nudge: after a user finishes linking accounts or sees their first cool insight
• post-action nudge: “like what you just saw? help a friend do the same”
• shareable moment: after insights like “you spent ₹7,800 on food last month” → “send this to a friend who needs this”

sharing options:

• pre-filled WhatsApp, SMS, Telegram messages
• referral link embedded in “my Fold moment” screenshot
• optional referral code (only if needed for tracking)

tracking mechanism:

• unique links per user (Branch or similar)
• tracked via install + event (e.g., “bank linked” or “3 insights shown”)
• dashboard in-app → “you’ve earned ₹XXX from referrals” + status per referral

loop motivators:

• testimonials: show users sharing their “Fold helped me fix my leaks” moment
• leaderboard: “top 10 referrers this month win goodies”
• campaign theme: #foldmore (e.g., fold more leaks, fold more savings, fold more control)

F