Resuelve: Scaling Fintech in Emerging Markets

By George Foster, Julie Makinen, Dominic Mirabile
2018 | Case No. E657 | Length 24 pgs.

This case traces the journey of Juan Pablo Zorrilla and Javier Velasquez as they conceive the idea for a debt-settlement business in Mexico, develop the business, and expand it to Colombia, Argentina and Spain. Zorrilla and Velasquez modeled Resuelve (Spanish for “resolve”) after Freedom Financial Network, an American debt-settlement business founded by two of their fellow Stanford University alumni.

The case examines issues including early fundraising challenges, gaining traction, regulation, bringing on new investors as the business grew, and expanding into international markets. Resuelve was founded in 2009 and by 2017 had grown to more than 1,000 employees and 150,000+ clients. Annual revenues topped $37 million.

Learning Objective

Prompt students to see the value of “importing” business models from developed to developing economies and examine how such imported models must adapt to local conditions. Analyze decision-making around funding decisions. Analyze what factors are critical to evaluate in expanding a business into new markets.
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