Fold | Acquisition Project

"Struggling to stay on top of your finances and bill payments?"

Meet Fold, the smart personal finance app that simplifies money management and ensures you never miss a payment. Seamlessly integrating with your bank accounts, Fold offers real-time expense tracking, AI-driven insights, and automated bill reminders—all without manual data entry. 

Whether it’s credit card bills, utility payments, or daily expenses, Fold keeps everything in one place, helping you stay organised and in control.

With bank-grade security and a privacy-first design, your data remains protected and accessible only to you. Take charge of your finances effortlessly—download Fold and make every rupee count. 🚀

User Interview Summary

What are users talking about Fold?

In addition to user calls, I reviewed customer feedback on platforms like Google Play Store, Apple App Store, Reddit, quora and grapevine. This gave me a broader perspective on how users perceive the product and its performance across different touch points. 

Positive Feedback:

• Intuitive User Interface: Users commend the app's simple and intuitive design, making it easy to navigate and manage finances.
• Effortless Account Integration: The process of adding bank accounts is straightforward, requiring minimal steps, which enhances the user experience.
• Expense Categorisation: The tagging feature allows users to categorise expenses effectively, aiding in better financial tracking.

Areas of Improvement:

• Feature Set Compared to Competitors: Some users feel that while the app has a good design, it currently lacks unique features that set it apart from competitors, limiting its utility for certain users.
• Manual Entry and Splitting Limitations: Some users express the need for manual entry options, especially for cash transactions or unsupported credit cards, to ensure comprehensive financial tracking. Some also asked for feature to Split single payment into different categories. [Already Live 💙]
• Security Concerns: Discussions on Reddit highlight apprehensions about data security, with users advising caution unless the app is approved by trusted authorities or offers verifiable end-to-end encryption.

In summary, users appreciate Fold Money's intuitive design and seamless account integration. However, addressing concerns about manual entry capabilities, data security, and expanding the app's feature set could enhance user satisfaction and broaden its appeal.

Understanding our ICP

This is to understand the behaviour & characteristics of ideal customers of Fold Money, why they decide to sign up and what values them most. By understanding this we can define our acquisition strategies.

About Fold

Youtube Video: Introducing Fold

Vision

Understanding Core Value Proposition

Fold offers a comprehensive personal finance management solution with the following core value propositions:

1. Transparency and Automation: By securely connecting to your bank accounts through the government-regulated Account Aggregator Framework, Fold automatically pulls and categorizes your expenses, eliminating the need for manual tracking and ensuring a clear picture of your finances.
2. Insightful Analytics: Beyond basic tracking, Fold provides detailed insights into your spending patterns, allowing you to search and filter transactions effortlessly. This helps you understand your financial habits and make informed decisions.
3. User-Centric Design: Fold emphasises an intuitive and delightful user experience, presenting financial data in an easily understandable manner. Features like cash flow monitoring and balance trends empower users to maintain financial health without being overwhelmed by numbers.
4. Seamless Bill Payments – Fold simplifies bill payments by allowing users to pay credit card bills and essential utilities like electricity, gas, and FasTag recharges—all within the app—ensuring timely payments and avoiding penalties.

By focusing on these elements, Fold aims to simplify financial management, enabling users to lead healthier financial lives.

Fold Money operates in the personal finance management segment of the fintech market, focusing on providing users with a seamless and automated way to track their finances. This market is characterised by its emphasis on real-time expense tracking, financial insights, and bill payments, all delivered through a secure and intuitive mobile app. Fold Money caters to individuals who seek better control over their spending, cash flow monitoring, and automated financial organization without manual effort.

Understanding Competitors

A Top-Down approach to Market Sizing

Total Addressable Market (TAM): This is the total revenue opportunity available if Fold captured 100% of the market. It would be based on:

• Total Number of Banking Customers in India: Approximately 725 million adults have bank accounts in India.
• Average Revenue Per User (ARPU): For personal finance apps, ARPU can vary widely. However, considering industry averages, we can estimate an ARPU of $20 per user annually. (Also, considering its still in its PMF stage)

Calculation:

• • • • TAM = Number of Banking Customers×ARPU
      • TAM = 725,000,000 × $20 = $14,50,00,00,000
      • TAM ≈ $14.5 Billion

Serviceable Addressable Market (SAM): This represent the portion of TAM which can be addressable based on different product features and services. Given that Fold money is targeting tech-savvy urban millennials and GenZ users who prefer convenience and personal insights , we will assume 5-8% Metro + Tier 1 users are addressable based on Fold's business model

Calculation:

• • • • SAM = TAM×5%
      • SAM = $14,50,00,00,000×0.05 = $72,50,00,000
      • SAM ≈ $72.5 million

Serviceable Obtainable Market (SOM): This is portion of SAM that Fold can realistically capture. Given the strong competition in market from different kinds of banks and market penetration strategies, we will assume that Fold can obtain 5% of the market in the next 2 years.

Calculation:

• • • • SOM = SAM × 5%
      • SOM = $72,50,00,000 × 0.05 = $3,62,50,000
      • SOM ≈ $36.35 million

Current Stage of the Product

To assess Fold Money's current stage—Product-Market Fit (PMF), Early Stage, or Matured—we can examine several key metrics:

1. Funding and Valuation:

• As of December 30, 2024, Fold Money secured a Series B funding round of $20 million, bringing its total funding to $40.2 million over five rounds. (tracxn.com)

2. User Base and Growth:

• Launched in beta in January 2023 with an invite-only model, Fold Money had 5,000 users and a waiting list of 25,000 as of August 2023.
• Current assumption would be ~1.5-2 Lakh users and I would currently categorise Fold money in the Early Stage.

Acquisition Strategy

Fold Money has met PMF and is in the Early Stage, meaning it has validated its core value proposition with early adopters and is seeing initial traction. The app effectively addresses the need for seamless bill payments, credit card expense management, and financial tracking, but it is still refining its offerings for broader adoption and long-term retention.

At this stage, Fold Money is focusing on:

• Optimising core features like bill payments, credit card management, and financial insights.
• Enhancing user experience to drive engagement and repeat usage.
• Scaling its user base through targeted marketing efforts and strategic partnerships.

While Fold Money has found resonance with its target audience, it is still in the early growth phase, fine-tuning its product and go-to-market strategy to achieve sustainable expansion.

Channel Selection

Top 3 Growth Channels for Fold Money

1. Organic Growth (SEO, ASO, Social Media, PR) – Builds trust and long-term discoverability at low cost.
2. Referral Program – Encourages word-of-mouth adoption with strong incentives.
3. Product Integration (UPI, credit cards, rewards partnerships) – Embeds Fold Money into users’ financial habits, increasing retention.

Paid ads are an effective acquisition strategy for Fold Money because they allow precise targeting of tech-savvy millennials and Gen Z users who actively manage their credit card expenses and bill payments. By leveraging digital ad platforms, Fold Money can drive immediate visibility, attract high-intent users, and optimize campaigns based on real-time performance data. With scalability, measurable ROI, and rapid brand awareness, paid advertising can accelerate user acquisition and help Fold Money establish a strong market presence. 

Hypothetical Metrics & Calculation

Channel Selection Framework for Fold Money

Justification for Top 3 Channels

1. Google Search Ads (40%) – Captures high-intent users actively searching for credit card payment solutions, ensuring strong conversion rates.
2. Facebook Ads (30%) – Leverages interest-based targeting and retargeting to reach potential users who need better financial management.
3. Instagram Ads (30%) – Engages tech-savvy millennials and GenZ with visually appealing, mobile-first creatives to drive awareness & conversions.

Google Search Ads (40% budget)

We will run two separate campaigns:

1. iOS Users Campaign (75% of budget - ₹22,500)
2. Generic Users Campaign (25% of budget - ₹7,500)

Campaign 1: iOS Users (75% budget)

Objective:

• Target iOS users looking for a premium finance tracking and bill payment app (since iOS lacks good finance apps).
• Highlight Fold Money’s ease of use, powerful insights, and rewards for bill payments.

Targeting:

• • Device: iPhones & iPads
  • Age: 18-35
  • Location: Tier 1 & Metro
  • Keywords:
  • • "Best expense tracker for iPhone"
    • "iOS finance app India"
    • "Track credit card spending iOS"
    • "Pay bills on iPhone with rewards"

Ad Specifics

Headlines:

"Best Finance App for iPhone!"
"Track Expenses & Pay Bills!"
"Earn Rewards for Every Payment!"

Description:

"iPhone users, your perfect finance tracker is here! Pay bills, track expenses & earn cashback. Download Fold Money now!"

Sitelink Extensions:

"Why iOS Users Love Us" – Highlights exclusive features for Apple users
"Seamless Bill Payments" – Directs to the bill payment page

Callout Extensions:

"Best Finance App for iOS"
"No Hidden Fees, Full Control"
"Earn Rewards on Bill Payments"

Campaign 2: Generic Users (25% budget)

Objective:

• Target all mobile users (Android + iOS) looking for a bill payment and expense tracking solution.
• Focus on ease of use, rewards, and financial insights.

Targeting:

• • Device: All mobile users
  • Age: 18-35
  • Location: Tier 1 & Metro
  • Keywords:
  • • "Best app to pay credit card bills"
    • "Track spending easily"
    • "Easy Credit card bill payment for all Cards"

Ad Specifics:

Headlines:

 "Pay Bills & Get Rewarded!"
  "Smart Expense Tracking App"

Description:

"Never miss a credit card bill! Fold Money helps you pay bills, track expenses & earn rewards effortlessly (Coming Soon). Try now!"

Sitelink Extensions:

"How It Works" – Guide on using the app
"Seamless Bill Payments" – Directs to the bill payment page

Callout Extensions:

"Track Your Spending"
"AI-Powered Insights"

Why Does This Strategy Work?

iOS Campaign Focuses on a Gap – iOS lacks good finance apps, giving Fold Money a competitive edge.
Generic Campaign Covers All Users – Ensures Fold reaches Android & iOS users looking for bill payments & Credit card rewards.
Optimised Budget Split (75:25) – More budget for iOS since it’s an underserved segment and these would also be users with high credit card spends and higher other bill amounts. 

Facebook Ads (30% budget)

Objective:

Drive app installs and user engagement by highlighting bill payments, credit card rewards, and AI-driven expense tracking in a single, compelling ad campaign.

Audience Targeting:

• • Device: iOS & Android
  • Age: 20-40
  • Location: Tier 1 & Metro
  • Interest-Based Targeting:
  • • Users interested in personal finance, bill payments & Credit Cards cashback rewards.
    • Users engaging with competitors (CRED, Jupiter, INDmoney).

Ad Type: Carousel Ad

Ad Specifics

Image 1 – Seamless Bill Payments
📸 Content: Fold Money app interface showing instant bill payments for electricity, gas, and Fastag.
📝 Text Overlay: "One App for All Your Bills!"

Image 2 – Expense Tracking & Insights
📸 Content: AI-powered spending breakdown & budget tracker.
📝 Text Overlay: "Smart Insights for Smarter Spending!"

CTA:

📲 “Download Fold Money & Simplify Your Finances!”

This single, optimised ad ensures maximum impact, cost efficiency, and engagement across both iOS and Android users. 🚀 Would you like to tweak the messaging or add A/B testing?

Instagram Ads (30% of budget)

Objective:

Boost app installs and engagement by showcasing bill payments, credit card rewards, and AI-powered expense tracking while leveraging influencer marketing for maximum reach.

Audience Targeting:

• • Primary Focus: ICP2 (Tech-savvy Millennials & Gen Z)
  • Device: iOS & Android
  • Location: Metro & Tier 1
  • Behavior:
  • • Users following finance influencers
    • Engaged in personal finance & credit card rewards points.
    • Users who needs reminders for Recurring bill payments.

Ad Type: Instagram Stories Ad

Ad Copy:

"💡 Pay bills, track expenses, and gain insights effortlessly—all in one app! Download Fold Money today! 💰✨ #SmartFinance"

Ad Specifics

Reels Ad: Short, engaging videos showing:

• • Swipe-to-Pay Bill Feature
  • AI-Based Expense Tracking

Influencer Collaboration:

• • Partner with popular finance influencers to promote Fold Money’s bill payment benefits.
  • Provide exclusive promo codes/referral links for their followers to boost conversions.

CTA:

“Swipe Up to Download Fold Money & Track your expenses Instantly!”

This campaign focuses on high-impact visuals, influencer credibility, and urgency-driven incentives to drive app adoption.

Fold can drive user acquisition through seamless product integrations with financial platforms, bill payment services, and UPI apps. These integrations enhance convenience, boost engagement, and attract users who prefer an all-in-one finance solution. Strategic partnerships and data-driven insights will further optimize growth and retention.

Product Integration Framework

Integrating Fold Money with Razorpay's Rewards Marketplace (Link) can significantly enhance user engagement by offering enticing rewards for bill payments, while also providing Fold Money with an additional revenue stream through the sale of discount coupons and gift cards.

Integration Overview

1. Partnership with Razorpay's Rewards Marketplace:
2. • Collaborate with Razorpay to access their extensive catalog of over 2,000 brand offers and gift cards.
3. User Experience on Fold Money App:
4. • When users pay their credit card or utility bills via Fold Money, they earn reward points based on the transaction amount.
   • These points can be redeemed for gift cards or discounts from popular brands available in Razorpay's Rewards Marketplace.
5. Revenue Generation for Fold Money:
6. • Commission Earnings: Earn a percentage from each gift card or coupon redeemed through the app.
   • Bulk Purchase Benefits: Acquire gift cards at discounted rates from Razorpay and offer them to users at a slight markup.
   • Sponsored Promotions: Feature specific brands within the app for a fee, providing them with increased visibility.

Benefits of Integration

• Enhanced User Engagement: Offering tangible rewards for bill payments encourages users to utilise Fold Money more frequently.
• Diversified Revenue Streams: Beyond traditional financial services, Fold Money can capitalise on the rewards ecosystem for additional income.
• Streamlined Operations: Razorpay's platform offers automated order placement and a centralised management system, reducing operational complexities.

By integrating with Razorpay's Rewards Marketplace, Fold Money can provide added value to its users, fostering loyalty and opening new avenues for revenue generation.

Wireframe with the new integration

Key Metrics to be tracked post Product Integration

When Fold Money integrates with Razorpay's Rewards Marketplace, measuring post-integration success is crucial. Here are the key metrics to track:

1. User Engagement & Adoption

• • Activation Rate – % of users who sign up and complete their first transaction using rewards via referrals.
  • Reward Redemption Rate – % of users who redeem Razorpay rewards through Fold.

2. Transaction & Payment Behaviour

• • Increase in Bill Payments – Growth in credit card, utility, and other bill payments post-integration.
  • Average Transaction Value (ATV) – Change in user spending behaviour and transaction value.
  • Repeat Transactions – % of users making multiple transactions to gain reward points and using Razorpay rewards marketplace to claim them.

3. Revenue Impact

• • Incremental Revenue – Additional revenue generated via transaction fees or partnerships.
  • Lifetime Value (LTV) of Integrated Users – Comparing LTV of users acquired via integration vs. regular users.

4. Retention & Stickiness

• • User Retention Rate – % of users staying active after 30, 60, and 90 days.
  • Increase in DAUs & MAUs – Growth in daily and monthly active users post-integration.

5. Operational Efficiency

• • Support Queries Related to Rewards – Volume of user inquiries about reward redemptions and transactions.
  • Reward Processing Time – Average time taken for users to claim and utilise rewards.

How will the Integration between Fold <> Razorpay Marketplace look like?

Fold App currently lacks a Referral Program, and we will be building it from the ground up with a fresh perspective.

​Experience "AHA moment" while using the Fold app

• Users experience an "AHA moment" when they link their bank accounts and instantly see their expenses categorised automatically. The realisation that they no longer need manual tracking makes them feel in control of their finances effortlessly.
• Bill Payment with Instant Rewards: After making their first bill payment via Fold, users get instant cashback or rewards. This reinforces the habit of paying bills through the app, making them feel financially smart and incentivised.
• Smart Spending Alerts & Insights: When users receive their first real-time spending alert or a weekly/monthly spending summary, they experience an "AHA moment" by understanding where their money is going—helping them take smarter financial decisions.

What is the platform currency ?

Rewards as Coins (Fold Coins)

• Transactions: Users earn Fold Coins for making bill payments, tracking expenses, or setting and achieving financial goals.
• Engagement Activities: Additional Fold Coins can be earned by referring friends, completing challenges, or maintaining healthy financial habits within the app.

Fold Money Referral Program Overview

Who to Ask for a Referral?

• • Engage Active Users: Target users who have completed their first bill payment or credit card repayment successfully.
  • Timing: Prompt referral invites after their “AHA moment” – when they see categorised expenses, cashback benefits, or successful bill payments.
  • Placement: Display referral prompts in the Profile Section, Home Screen, and Transaction Success Page.

How will the user share the referral?

1. Direct Share via Messaging Apps

• • Users can share their unique referral link via WhatsApp, Telegram, iMessage, or SMS with a pre-filled message.
  • Example: "Hey! Try Fold Money to track expenses & earn rewards. Sign up using my link & get bonus Coins worth Rs. 100! [Referral Link]"

2. Social Media Sharing

• • Users can share referral links on Instagram Stories, Twitter, Facebook, and LinkedIn with engaging templates.
  • Fold can provide pre-designed posts and captions for easy sharing.

3. In-App Sharing (Contacts Sync)

• Users can sync their contacts and send referral links directly to friends via in-app recommendations.

Referral Mechanics & Rewards Structure

Phase 1: Kickstarting the Referral Journey

Phase 2: Scaling Referrals & Exclusive Perks

How Will They Keep Referring?

• • Tiered Rewards - Users are motivated to keep referring as bigger milestones unlock higher-value rewards.
  • Gamification Elements - Leaderboard & Progress Bar to showcase top referrers and track their next milestone.
  • Limited-Time Booster Offers - Bonus cashback for referring within the first 7 days of signup.
  • One-Click Sharing - Make it easy to share via WhatsApp, SMS, Email & Social Media.

UI/UX Design Enhancements

• • Profile Section: "Your Referral Rewards" tab to track invites & rewards.
  • Push Notifications: Reminders when they are close to hitting a milestone.
  • Referral Code Expiry: Referral links expire in 14 days to create urgency.

Wireframe for the Referral Program