How OctiFi grew 10x within 6 months before being acquired for USD26m with Papertoaster


OctiFi (Acquired for USD26m)



Project Budget

USD200,000 – 250,000


Fintech, BNPL

Project Timeline

9 months

Problem Statement

Introduction to OctiFi’s Market Position:
In the dynamic world of financial technology, Singapore has become a hotspot for innovative solutions, particularly in the Buy Now Pay Later (BNPL) sector. Amidst this landscape, OctiFi emerged, not just as another name, but as a beacon of promise. They managed to secure a foothold in the market, a testament to their unique value proposition and keen understanding of their target demographic. However, even with this initial success, the challenges of scaling in such a competitive environment were looming large.


The Challenge of Dominant Players:
The BNPL market in Singapore isn’t just competitive—it’s fiercely so. The top two industry titans in this space possess resources that are not merely substantial but overwhelming, outstripping OctiFi’s by an astounding 100 times in every conceivable department. This stark disparity isn’t just a numerical difference; it represents the Herculean task that OctiFi faced. Competing in such a landscape meant not just matching the offerings of these giants, but finding ways to differentiate and elevate themselves in the eyes of both merchants and consumers.

The Two-Sided Marketplace Dilemma:

At the heart of OctiFi’s challenge was a classic two-sided marketplace dilemma, one that many platforms grapple with but few master. On one side of this coin, OctiFi needed to expand their merchant partnerships, ensuring that a diverse range of businesses offered their BNPL services. This would not only enhance their market presence but also provide consumers with a wider array of choices. On the flip side, they needed to grow their customer base. Without a substantial and engaged user base, even the most extensive merchant partnerships would be rendered moot. The synergy between these two sides was undeniable; a larger customer base would make OctiFi more attractive to potential merchants, while a broader merchant network would naturally appeal to more consumers.


The Crossroads and Way Forward:
As OctiFi navigated this complex landscape, they stood at a pivotal crossroads. The path ahead was not just about expansion, but about smart, strategic growth. It was about building trust, fostering relationships, and ensuring that every move made resonated with their core values and mission. With the shadows of industry giants looming overhead, OctiFi’s journey was set to be one of determination, innovation, and resilience, as they sought to not just survive, but thrive in the BNPL marketplace.

Turning Challenges into Opportunities

In the ever-evolving realm of financial technology, challenges are as constant as innovation. When OctiFi approached Papertoaster, they presented not just a problem but an opportunity—a chance to redefine market strategies and carve out a unique space amidst towering competitors. 

At Papertoaster, we believe that the key to overcoming market challenges lies not just in identifying them, but in understanding their intricate layers and crafting tailored solutions. Our collaboration with OctiFi stands as a testament to this belief, showcasing how deep insights, strategic interventions, and innovative design can transform challenges into milestones of success.

In-depth Market Analysis:
In addressing the challenges OctiFi faced, our first approach at Papertoaster was rooted in deep, analytical market research. We dove headfirst into the data, sifting through market trends, consumer preferences, and industry dynamics. Our findings were revelatory. We identified two sectors that not only resonated with OctiFi’s capabilities but also presented a unique opportunity to outshine the competition: the beauty and cycling industries. Our insights revealed that the dominant players had overlooked the nuanced, high-touch requirements these sectors demanded. Moreover, the onset of the Covid pandemic had shifted consumer spending habits. Instead of investing in holidays, people were channeling their resources towards self-care in the beauty sector and embracing cycling as both a leisure and fitness activity.

Pinpointing Opportunities through Customer Behavior Analysis:
Our exploration didn’t stop there. We collaborated with hundreds of merchants, delving into the intricacies of customer behaviour within their domains. By mapping out customer journeys and studying their interactions, we pinpointed the precise moments where strategic intervention could yield maximum impact. This wasn’t about blanket strategies; it was about understanding the subtleties of consumer decision-making and leveraging them to OctiFi’s advantage.

Designing a Unique and Effective Strategy:
Armed with these insights, we embarked on crafting a strategy that married simplicity with innovation. Recognizing the need for personalized communication in the sectors we targeted, we developed a process that enabled OctiFi’s team to engage with customers at scale via WhatsApp, offering that much-needed high-touch experience. But we didn’t stop there. We designed standee posters tailored to the individual branding aesthetics of each merchant. These weren’t just promotional tools—they were strategic assets. By aligning with the brand colors of the merchants, these posters tapped into a powerful psychological dynamic. Our research indicated that customers were over 70% more likely to inquire about a service if promotional materials matched the merchant’s brand colors, thereby boosting engagement and conversions.

Impressive Results and a New Chapter for OctiFi:
The fruits of our labor were evident and resounding. OctiFi experienced a meteoric rise, witnessing a 10x growth in a mere span of six months, and subsequently doubling every month thereafter. Such rapid and sustained growth captured the attention of industry players, culminating in OctiFi’s acquisition by a larger entity keen on establishing a strong foothold in Singapore. Through a blend of data-driven insights, innovative strategies, and a deep understanding of consumer behavior, we at Papertoaster were instrumental in turning OctiFi’s challenges into a success story for the ages.

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