Resilience Lessons From Building Under Pressure in a Foreign Market

Not every career shift comes at the right time. For one project leader, a key turning point came when he moved from consulting into a new market with limited data, uncertainty, and little room for error. The experience led to the development of a new type of credit product in Mexico and shaped how he now approaches scaling fintech businesses across Latin America.

Ruvin Rafailov advanced quickly at Boston Consulting Group, reaching the role of Project Leader. Instead of continuing on a predictable path, he chose to work on launching a financial product in a new environment. That decision led him to co-found NovaCard, a subscription-based credit product aimed at an underbanked population, and to help bring it to market within a short timeframe.

He was involved in investor relations and fundraising, helping secure over $15 million, while also supporting the company’s growth from an early-stage team to more than 100 employees.

Entering a Market With Unknowns

Mexico offered both opportunity and complexity. Digital banking adoption was increasing, but trust in financial institutions remained relatively low, and many traditional credit products were difficult to navigate.

The team explored a model that was not widely present in the market at the time: a credit card without interest rates, structured around a transparent subscription. The idea required building something new without established benchmarks to rely on.

Building Quickly From Scratch

To develop NovaCard, the team brought together a cross-functional group spanning product, engineering, data, and risk. Much of the infrastructure, including backend systems, credit decisioning, onboarding, and risk frameworks, was built within about seven months.

The pace required coordination and adaptability, with few formal processes in place early on. Progress depended on teams working closely and adjusting quickly as new information emerged.

Testing Before Launch

Before releasing the product, the team ran experiments to better understand customer behavior. One approach involved creating a non-functional prototype called Lemon Card, which included a website, ads, and onboarding flows.

Although the product itself did not operate, it helped reveal how users responded to different messages and features. This allowed the team to refine their approach based on observed behavior rather than assumptions.

Early Growth and Economics

After launch, the product gained traction, reaching around 20,000 customers within six months. The team chose to manage growth carefully rather than expand as quickly as possible.

This approach was tied to a focus on unit economics. Within six months, the product reached positive unit economics, which is relatively uncommon for consumer credit products in emerging markets.

Beyond financial performance, this milestone suggested that a targeted, data-informed approach could compete with more established offerings.

The Role of Team and Coordination

Throughout the process, team composition and coordination played a central role. Progress depended on specialists who could move quickly while maintaining a longer-term perspective.

Cross-functional alignment was also critical. Product, risk, operations, data, and marketing needed to stay coordinated, as misalignment in one area could slow overall progress.

Rafailov’s role combined elements of product, strategy, and execution, requiring both structured thinking and hands-on involvement.

When Conditions Change

Despite early progress, the company eventually faced capital constraints that limited its ability to scale further. While growth slowed, the work attracted attention from other players in the region.

Rafailov later joined Plata, a digital bank in Mexico, where he took on a role focused on strategy and international expansion. His work there includes planning expansion into Colombia and supporting broader regional growth efforts.

Lessons From Building Under Uncertainty

• Reflecting on the experience, several practical lessons stand out:
• Test behavior rather than relying on stated preferences. Observing how users act often provides clearer signals than what they say.
• Define the core customer early. This influences product design, risk decisions, and economics.
• Align growth with underlying economics. Expanding too quickly without a solid foundation can create challenges later.
• Keep systems flexible. Lightweight processes can help teams adapt more easily in fast-changing environments.
• Use available data, even if it is incomplete. Well-structured, imperfect data can still support decision-making.
• These lessons continue to inform his current work, particularly in environments where clear precedents or playbooks are limited.