Dear reader,
Mintpay is a Sri Lankan BNPL startup that has onboarded over 500,000 customers and partnered with 2,500 merchants. Below is the RO’s exclusive, 3,000+ word interview with its founders.
This is our second Sri Lankan deep-dive following our article on Flash Health, a Sri Lankan healthtech startup boasting over 40,000 users, with 32,000+ medicine deliveries completed.
Sri Lanka is a discreet and understated startup ecosystem. However, the island nation benefits from a strategic location. The Sri Lankan market can be used as a launchpad for further expansion into the large markets of Bangladesh, or Pakistan, among others. For startups, Sri Lanka’s tech advancement (reportedly the first country in South Asia to 5G) provides a tech-receptive testing ground.
In my conversation with the co-founders of Mintpay, we cover:
- Why is Sri Lanka so well-banked yet so under-credited?
- How does a BNPL company convince merchants to pay them a commission?
- What’s Mintpay’s ICP, customer-side?
- How does a BNPL company evaluate a risky borrower?
- Why did Mintpay expand from food and fashion to travel and entertainment?
- What BNPL-adjacent products has Mintpay added to its offering?
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Biography
Kukaraj Tharmasegaram and Urmila Chandrasekeram are the co-founders of Mintpay, a Sri Lankan fintech company offering buy-now-pay-later (BNPL), cashback rewards, and vouchers.
Since launching in 2020, Mintpay has onboarded over 500,000 customers and partnered with 2,500 merchants in Sri Lanka. Mintpay was the first Sri Lankan startup selected for Accelerating Asia and has cumulatively raised a total of approximately $1.3 million through VCs, banks, and other investors.
How did the idea for Mintpay come about?