Now that Rinse has solidified its playbook for expanding into geographies and bringing these geographies to contribution margin profitability, it will be using the new funding to apply the same playbook to grow to 10 new US cities. Rinse is currently operational in San Francisco, Los Angeles, and Washington DC, and among the 10 new cities that it will expand to are New York, Chicago, and Boston.
We commend the Rinse team for their decision to achieve operational excellence with their existing model before rolling it out to new cities. This requires patience and this patience eventually pays off.
We also thank Partech and Rinse’s existing investors for continuing to support the company on its exciting journey.
Today’s video shows how an individual can build an iPhone from scratch. It’s not exactly from scratch because parts like the logic board are sourced as an assembled product rather than as individual end components.
However, as the video shows, widely used hardware components are quick to commoditize. After this hardware commoditization, software remains the differentiator.
My partner Hasan recently gave an interview to TechInside.
In the interview, Hasan shares his thoughts on the current state of the Turkish startup ecosystem as well as predictions for its future, his recommendations for entrepreneurs, and the business models which he finds attractive.
What this means in practice is that Ininal’s existing digital wallet will be able to offer its users many new capabilities that it has so far been unable to offer due to regulatory requirements.
For example, Ininal wallet users will be able to make digital payments to individuals and institutions alike all from within the Ininal app. This effectively transforms Ininal into a digital bank which directly offers its users all banking services short of lending and investing. In the past, the Ininal app’s functionality was limited to creating new accounts, monitoring your balance, transferring money to other Ininal users, and seeing nearby top-up locations.
The e-money license also places Ininal on secure regulatory footing as it introduces new and innovative services to the market. The Ininal API is a great example of such a service.
Fintech companies bring new approaches to traditional services like banking and payments. However, like the traditional banks offering these services, they also deal with a sensitive asset like money. As such, it’s essential that they operate within existing regulatory frameworks while simultaneously working to adapt these regulations to accommodate the new services that their technologies make possible.
With its e-money license, this is exactly what Ininal is doing.