Case study

Custel: an investment case for corporate cards in Türkiye, built from the research up.

Client
Custel
Industry
Fintech, corporate cards and spend control
Deliverables
Market research report, financial plan, pitch deck
Audience
Seed investors
Deck
14 slides and a 6-slide appendix

The challenge

Custel is building corporate cards and spend control for Türkiye’s field teams. To raise, they had to size a market no one had published numbers for, prove the unit economics, and explain why neither banks nor expense software already solve the problem.

Our approach

We started with a market research report on Türkiye’s corporate card market, then built a financial plan with four market scenarios. Both became a 14-slide pitch deck with an appendix for due diligence, so every figure in the deck traces back to the research and the model.

A wall of slides from the Custel deck
Slide: the problemSlide: the solutionSlide: how it works

Scenarios and competition

Slide: four market scenariosSlide: competition
Slide: market sizing

What the deck had to prove

  • The market is real

    Field employees, employers and active cards, sized from published sources.

  • The model holds

    Four market scenarios, with cash positive in each.

  • The gap is open

    Banks hold the card, software holds the ledger. No one holds both.

What we delivered

Market research report

Türkiye corporate card market, designed in Figma

Financial plan

Five-year model with four scenarios

Pitch deck

14 slides plus a 6-slide appendix

Figures that reconcile

Every deck number traced to research or model

Want your materials built this way?

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