Is your Fintech Ready to go Global? Red Flags to Watch Out For
In this episode of The Curiosity Code podcast, host Alex Khomyakov chats with Elif Kocaoglu Ulbrich, founder of Contextual Solutions and a global expert in fintech regulation, strategy, and expansion. Elif has advised over 150 fintech startups on how to navigate international growth, legal frameworks, and go-to-market challenges. The discussion explores the most overlooked factors in global scaling—from regulatory strategy and indirect competition to operational mismatches and cultural nuances. Elif breaks down how founders can treat regulation not as a hurdle but as a competitive advantage and why early curiosity about compliance can prevent costly delays. She provides practical advice for fintech leaders, emphasizing the importance of local partnerships, underserved geographies, and infrastructure plays like KYC and compliance tooling. Looking ahead, Elif encourages founders to think globally from day one, build with adaptability, and seek growth beyond the most obvious markets. This episode offers essential insights for founders aiming to scale fintech ventures with strategic clarity, global readiness, and sustainable momentum.

Alex: Hi everybody and welcome to the Curiosity Code podcast. We're glad to have Elif Ulbrich with us today. She's a fintech and legal tech expert, founder of Contextual Solutions, and a trusted advisor to over 150 startups navigating global expansion. With a background in banking law and business development Elif brings a unique blend of legal insight and hands-on growth expertise. On this episode, we’ll chat about the biggest mistakes fintechs make when scaling, the role of regulation in expansion, and the hidden market opportunities startups should be paying attention to.

Elif: Hi Alex, thank you for the invitation. It's really great to be here.

Alex: Let's start with your background, Elif. Tell me a bit about where you're coming from. I just made an introduction based on the information that I know, that I was able to find about you. But maybe you can share a bit more juice about it.

Elif: Sure, how much time we have? Just kidding. Of course, everything is online, but just to quickly recap so that the audience knows who is talking about what, right? So I'm actually a fully qualified lawyer. I got a very traditional legal training and then started a very traditional legal career, doing M&A, banking law, etc. I was involved in very interesting projects in Turkey involving project finance and PPP projects, meaning big bucks were involved. And in these big projects, I was not able to satisfy my curiosity, which I think is a passion of yours as well, and get answers to the questions that I needed. And this is why I decided to change my career, start an entrepreneurship study in Germany and basically discover what's out there. This is how I moved to Germany. This is how my entrepreneurship experience and my journey started. After my studies, I started working at some fintech startups, some venture development companies. This is how I learned basically how to build a venture, how to take a project from idea to reality and then expanded further to other geographies. This is where I learned how to answer some tough questions and learn the methodology that we are applying today at Contextual Solutions. After six, seven years in different startups, I founded Contextual Solutions, which is a strategy, innovation, product and go-to-market advisory. As you rightfully mentioned, we work with startups, scale-ups, venture development studios, banks and corporates. We help them find the right strategy, find the right positioning and expand into other geographies in a successful way.

Alex: Nice, nice. That's pretty exciting. I'd like to get more information about Contextual Solutions and what's happening there. And let's look at this from the experience of helping those entrepreneurs scale their fintech ventures. In your opinion, what's the most overlooked factor when expanding into new markets and how can startups anticipate and mitigate it?

Elif: What I see and understand is that when expanding into new geographies, excitement is the key. Everyone is excited to expand into a new geography and they usually overlook the smaller things, which could actually create big barriers in the short run. A lot of companies do basic market research, basic competitive research, and they usually focus on their direct competitors. But in many markets, they could have entry barriers due to alternatives in the market or the cultural barriers that customers have towards the service, approach, or product. These are usually overlooked. Another overlooked aspect is the operational part. What is being used in your home country might not be used in the country you're entering. So the crucial part of your solution—like how you do customer ID or bring the solution from A to B—might not work there. Is the solution paper-based? These operational things could create big hurdles, causing you to lose time or even face economic losses. The most overlooked factor is usually the indirect competitors and market alternatives.

Alex: Hi everybody and welcome to the Curiosity Code podcast. We're glad to have Elif Ulbrich with us today. She's a fintech and legal tech expert, founder of Contextual Solutions, and a trusted advisor to over 150 startups navigating global expansion. With a background in banking law and business development at Lendico in Germany, Elif brings a unique blend of legal insight and hands-on growth expertise. On this episode, we’ll chat about the biggest mistakes fintechs make when scaling, the role of regulation in expansion, and the hidden market opportunities startups should be paying attention to.

Elif: Hi Alex, thank you for the invitation. It's really great to be here.

Alex: Let's start with your background, Elif. Tell me a bit about where you're coming from. I just made an introduction based on the information that I know, that I was able to find about you. But maybe you can share a bit more juice about it.

Elif: Sure, how much time we have? Just kidding. Of course, everything is online, but just to quickly recap so that the audience knows who is talking about what, right? So I'm actually a fully qualified lawyer. I got a very traditional legal training and then started a very traditional legal career, doing M&A, banking law, etc. I was involved in very interesting projects in Turkey involving project finance and PPP projects, meaning big bucks were involved. And in these big projects, I was not able to satisfy my curiosity, which I think is a passion of yours as well, and get answers to the questions that I needed. And this is why I decided to change my career, start an entrepreneurship study in Germany and basically discover what's out there. This is how I moved to Germany. This is how my entrepreneurship experience and my journey started. After my studies, I started working at some fintech startups, some venture development companies. This is how I learned basically how to build a venture, how to take a project from idea to reality and then expanded further to other geographies. This is where I learned how to answer some tough questions and learn the methodology that we are applying today at Contextual Solutions. After six, seven years in different startups, I founded Contextual Solutions, which is a strategy, innovation, product and go-to-market advisory. As you rightfully mentioned, we work with startups, scale-ups, venture development studios, banks and corporates. We help them find the right strategy, find the right positioning and expand into other geographies in a successful way.

Alex: Nice, nice. That's pretty exciting. I'd like to get more information about Contextual Solutions and what's happening there. And let's look at this from the experience of helping those entrepreneurs scale their fintech ventures. In your opinion, what's the most overlooked factor when expanding into new markets and how can startups anticipate and mitigate it?

Elif: What I see and understand is that when expanding into new geographies, excitement is the key. Everyone is excited to expand into a new geography and they usually overlook the smaller things, which could actually create big barriers in the short run. A lot of companies do basic market research, basic competitive research, and they usually focus on their direct competitors. But in many markets, they could have entry barriers due to alternatives in the market or the cultural barriers that customers have towards the service, approach, or product. These are usually overlooked. Another overlooked aspect is the operational part. What is being used in your home country might not be used in the country you're entering. So the crucial part of your solution—like how you do customer ID or bring the solution from A to B—might not work there. Is the solution paper-based? These operational things could create big hurdles, causing you to lose time or even face economic losses. The most overlooked factor is usually the indirect competitors and market alternatives.

Alex: That's such a fresh perspective. And speaking of pain points, what are some common mistakes you've seen fintech founders make when scaling internationally?

Elif: One big one is assuming what works in one market will work everywhere. Just because you found product-market fit in your home country doesn’t mean the same approach will succeed elsewhere. Cultural nuances, payment behaviors, even user interface expectations can be dramatically different. Another mistake is not investing in local partnerships. Whether it’s banking-as-a-service providers, legal experts, or go-to-market partners, local knowledge is crucial. I’ve seen companies burn a lot of cash trying to reinvent the wheel instead of working with someone who already understands the market. And finally, underestimating localization. It’s not just language—it’s trust, tone, channels. If you’re expanding into a new market, your brand has to feel native.

Alex: That’s so important. You also mentioned earlier that you’ve advised over 150 companies. Are there any patterns you’ve noticed between the teams that succeed versus those that struggle?

Elif: Yes, absolutely. The most successful teams are not necessarily the ones with the most funding or best product. They’re the ones who are obsessed with learning—about their customers, about the market, about their blind spots. They ask questions constantly, adapt quickly, and build relationships intentionally. I always say strategy is not just a deck—it’s how you behave. The struggling teams often come in with too much certainty and not enough curiosity. They try to force-fit a model instead of testing and adapting. The best founders I work with are humble, curious, and fast-moving.

Alex: That’s powerful. Before we wrap up—what’s one piece of advice you’d give to fintech founders preparing to scale globally in 2024?

Elif: Don’t treat global expansion as a milestone—treat it as a mindset. The moment you start thinking globally, your product, partnerships, and team decisions evolve. You start asking better questions, building more flexible infrastructure, and anticipating challenges before they happen. And don’t be afraid to go against the hype. The best opportunities are often where nobody else is looking. Stay curious, stay open, and build with intention.

Alex: Elif, this has been such a rich conversation. Thank you so much for joining me and sharing your wisdom.

Elif: Thank you, Alex. It was a pleasure!

Alex: And to our listeners—thank you for tuning in. If you enjoyed today’s episode, don’t forget to subscribe, rate, and share. We’ll see you next time on The Curiosity Code.