Business Plan

Business Plan for the Fintech Product

FinTech has become one of the most popular fields in recent years. More and more transactions are being made online, and companies are transferring the company’s management to the online area, so the demand for high-efficiency solutions and many investors are looking for “the next  big thing” in the field.

Why is it important then, to prepare a business plan before starting to develop or applying?

  • Programming – testing whether there is any market need for such a solution
  • Competitors – Are there identical or similar products? If so, how is my product better
  • Regulation – Is it necessary to have regulatory approvals for marketing the product?
  • Milestones – Setting goals and objectives, both for the development period and after the beginning of the marketing process
  • Financial need – how much money do I need and why will it be used? Which milestones will we reach with the money?

Business Plan for FinTech product answers, among other things, the following questions:


Product description

What does the product do? What technology is at the base of the product? What are the advantages of the product? What problem does it solve, and what is the severity of the problem?

In FinTech products, it is important to emphasize the underlying technology. The risks in this area are higher in other areas in light of their financial importance and the preoccupation with financial resources. It is therefore important to clarify how the underlying technology works.



Is regulatory approval required to market the product? If the product interfaces with financial entities, the product must comply with strict security requirements and meet the standards.



Who are our existing competitors? What is their market share? How is their product different from ours and why is this difference so fundamental as to give us a competitive edge? There are many solutions in the field of FinTech, so it is important to go into detail and point to your extensive knowledge about the market.

What is our competitive advantage? Why would customers prefer our solution over existing solutions? This is perhaps the most important question to be answered in analyzing competitors.


Target Audience

Who are our potential customers? What is the average time to close a deal with a customer? The sale of a product to banks, for example, can take many months given the bureaucracy and complex organizational structure of the body.


Business Model

How do we make money? Is it a monthly license? A one-time sale? How much do you earn from each customer? What are the future business models from which we may make money?

In this chapter, it is important to provide an answer to which bodies the company must cooperate with to function. For example, a product that analyzes prices and trends in the field of insurance requires access to certain databases, some of them governmental, to accomplish its purpose.


Marketing Plan

How do we reach our customers? Which channels will we use? How much does it cost us on average to sign a paying customer? Which customers will we focus on first – small, medium or large, and why?


Financial institutions

How much money do we need and why will it be used? What milestones will be completed in the current financing round? What is the company’s profit and loss forecast for the next three years? There is a need to prepare a detailed Excel detailing the future expenses and revenues of the Company and the assumptions underlying them.

We answer all these questions as part of our business plan. An entrepreneur who wants to set up a start-up in the field of FinTech must know all the answers to these questions before the initiation of the development process; all the more so before turning to potential investors.


How TARGO can help

We have accompanied many FinTech projects. Our team has gained extensive experience in the field and knows the minutiae that investors are looking for. We provide our clients with an efficient and professional service that maximizes the project’s chances of success by building a business plan.