We had 11 days to fix KFS before RBI asked questions
Founder Voices · Series B BNPL platform (anonymised) · Series B · 2M+ monthly active users
The problem
The founder’s checkout BNPL widget showed a summary page that investors loved in demos — but it did not match the Key Fact Statement format RBI expects on merchant checkouts. A partner bank flagged mismatched APR display two weeks before a scheduled RBI-themed inspection of the LSP arrangement.
In conversation
“We did not need a lecture on the KFS rules. We needed a ordered list of what to change in the widget, what to log for the bank, and what to pause in performance marketing until legal signed off.”
— Founder & CEO, BNPL platform
“The surprise was marketing — every influencer creative had to be re-approved because the bank’s name appeared next to a rate footnote we had never standardised.”
— Founder & CEO, BNPL platform
What we told them to do
- Freeze new marketing creatives for 72 hours and inventory every live asset mentioning credit or EMI
- Ship a single KFS template approved by the lender — same fields, same order, same APR basis on web and app
- Add an internal approval log: lender sign-off timestamp per creative batch
- Run a mock checkout audit with the bank’s compliance team before re-enabling paid campaigns
What other founders can take away
- KFS is a product surface, not a PDF your legal team files away
- LSP arrangements make marketing jointly liable — treat creatives like regulated copy
- Build a ‘regulatory diff’ ritual before every major sale or inspection season
Note: Published with the founder’s consent. This is not legal advice and does not create a lawyer-client relationship.
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