# Non-Stripe markets: is "Channel 5" a real gap?

> Researched 2026-10-25 for Stapilo's investor case. Every number has a source and a date (see **Sources**, S-numbers).
> **⚠ = unverified**: a third-party claim, an inference from a page's layout, a stale figure, or my own judgement.
> *Derived* = my arithmetic on sourced inputs. Nothing is invented; where I found no source, the cell says so.
> Georgia is treated as one country among many, not as a home market.

**The thesis being tested ("Channel 5").** Coaches in countries without Stripe can't easily sell on Kajabi, Thinkific
and similar platforms unless they set up a company abroad. Stapilo would connect a local processor in each such
country, as it already did once with Flitt, verify sellers locally, and market there.

---

## Summary

1. **Stripe serves 51 countries/regions (S1, 2026-10-25).** India and Indonesia are "Preview" (sales-led). Five
   African countries (Nigeria, Ghana, Kenya, South Africa, Côte d'Ivoire) are an "Extended network" served through
   **Paystack**, which Stripe owns. Türkiye, all of the Caucasus and Central Asia, Ukraine, the non-EU Balkans,
   Egypt and the rest of MENA except the UAE, Pakistan, Bangladesh, Vietnam, the Philippines, and Latin America
   except Brazil and Mexico are **not** on the list.
2. **"Can't get paid at all" is mostly false in 2026. "Can't sell on the all-in-one platforms" is mostly true.**
   - **Platforms that are the merchant of record already pay coaches in most of these countries.** Skool pays out
     to Armenia, Georgia, Uzbekistan, Azerbaijan, Ukraine, Serbia, Türkiye, Egypt, Nigeria, Pakistan, Bangladesh
     and Vietnam; of the 13 test countries, only **Kazakhstan** is missing (S8, updated Sept 2026).
   - Gumroad pays to local bank accounts in 11 of the 13 test countries and through PayPal in the other two (S9).
   - Lemon Squeezy pays to banks in 11 of the 13 (S10), but it bans "services of any kind" (S11), so coaching is
     out.
   - **Stripe itself** can pay individuals in Armenia, Uzbekistan, Serbia, Türkiye, Egypt, Pakistan and Vietnam
     through **Global Payouts**, sent from a US or UK platform (S2).
3. **The platforms where the coach is the merchant can't serve them.** On Kajabi, Thinkific, Teachable, Podia, Stan
   and HighLevel, the seller must hold their own Stripe or PayPal account, or must be in the platform's own payments
   country list (S3–S7, S16). Teachable's fallback for every other country is "connect your own Stripe Standard
   account" (S4, 2026-09-09), and that is impossible from a non-Stripe country. PayPal receiving works in Georgia,
   Kazakhstan, Serbia, Egypt and Vietnam. In Armenia, Azerbaijan, Uzbekistan, Türkiye, Pakistan and Bangladesh it
   does not work or PayPal isn't there at all. Ukraine and Nigeria are partial (S12–S15 ⚠).
4. **So the real gap is narrower, and different from the pitch.** It is not "coaches can't get paid". It is:
   - **(a)** no all-in-one platform (pages + email + courses + bookings + checkout) works natively there;
   - **(b)** local buyers can't pay in local ways. Examples: Uzcard/Humo domestic cards in Uzbekistan; Kaspi in
     Kazakhstan; instalments in Türkiye, where **57.8% of e-commerce spending was in instalments in 2025** (S20);
     FX-capped bank cards in Egypt and Nigeria (S21, S22).
   - **(c)** money flows through a foreign platform in USD, with payout minimums, FX losses and a third party
     holding the coach's revenue.

   Skool shows the competing model already works: be the merchant of record and pay out everywhere.
5. **Competitors already do part of Channel 5.** Systeme.io (French, 500k+ users) connects **Flutterwave, Razorpay,
   Mercado Pago, Xendit**, Mollie, GoCardless and "Secure and Pay" next to Stripe and PayPal (S16, 2026-10-25). It
   already covers Africa, India, Latin America and Southeast Asia with local processors. The thesis is weakest
   there. It is strongest in the **ex-USSR belt and Türkiye**, where no all-in-one platform has local rails and
   (my judgement ⚠) the language and culture fit is closest.
6. **Flitt is a bigger asset than it looks.** Flitt (TBC Group) accepts merchants registered in **Georgia,
   Uzbekistan, Moldova and Armenia**, "soon across more CIS countries" (S17, S18, 2026-01-07). Stapilo's existing
   Flitt integration could open three more countries for close to zero extra engineering (⚠ to confirm with Flitt:
   same API, local cards such as Humo/Uzcard, and onboarding of sole proprietors).
7. **Shortlist (my judgement ⚠, reasons in §5):**
   - Uzbekistan, Armenia and Moldova via Flitt;
   - Kazakhstan (Kaspi), Azerbaijan, Türkiye (iyzico) and Egypt (Paymob);
   - Pakistan as a low-ARPU option;
   - and, if going wide, the **Mercado Pago** bloc: one integration, 7 Latin American countries (S27).

   Combined internet users in the core six (UZ, AM, MD, KZ, AZ, TR): **~143M** (*derived*, S30).
8. **Main risks.**
   - Most local processors onboard only **registered** businesses or sole proprietors (PayMongo, MoMo, Kaspi;
     S24–S26). Informal coaches are excluded, or must register first.
   - Fiscal receipt rules apply (Kazakhstan, S25).
   - The currency is weak. Türkiye GDP per capita is $18.6k, but Pakistan is $1.6k and Egypt $3.1k (S31). A USD
     subscription is hard to sell there.
   - Stapilo must also **bill the coach** in that country, and today it charges only in GEL via Flitt (BRIEF.md).
   - Each country needs its own legal pages, support language and marketing. The adapter code is the cheap part:
     ~500–730 lines plus tests each in Stapilo's repo today.

---

## 1. Where Stripe works, and the notable countries where it doesn't

### 1a. Stripe's official list (S1, read 2026-10-25)

**51 countries/regions:** Australia, Austria, Belgium, Brazil, Bulgaria, Canada, Côte d'Ivoire*, Croatia, Cyprus,
Czech Republic, Denmark, Estonia, Finland, France, Germany, Ghana*, Gibraltar, Greece, Hong Kong, Hungary,
India (Preview), Indonesia (Preview), Ireland, Italy, Japan, Kenya*, Latvia, Liechtenstein, Lithuania, Luxembourg,
Malaysia, Malta, Mexico, Netherlands, New Zealand, Nigeria*, Norway, Poland, Portugal, Romania, Singapore, Slovakia,
Slovenia, South Africa*, Spain, Sweden, Switzerland, Thailand, United Arab Emirates, United Kingdom, United States.

\* "Extended network", linking to Paystack (Stripe-owned). In practice, a seller there uses Paystack.

How to read this:
- **Fully self-serve Stripe = 44** (*derived*: 51 minus 2 Preview minus 5 Extended network).
- **Stripe Atlas** is the "company abroad" escape hatch: a Delaware company, EIN, bank account and Stripe account for
  **$500 one-off + $100/yr**, "from almost anywhere" (S19, 2026-10-25). It is cheap in money and heavy in hassle: US
  tax filings, and a coach selling to local buyers in USD.

### 1b. Notable countries outside Stripe: population and internet users

Population = World Bank 2025. Internet % = World Bank/ITU, latest year shown. Internet users = *derived* (pop × %).
Source S30, pulled 2026-10-25. ⚠ Ukraine's population figure likely includes occupied areas and pre-war residents.
Turkmenistan's internet figure is from 2016.

**Caucasus and Central Asia**

| Country | Population (M) | Internet % (year) | Internet users (M) |
|---|---|---|---|
| Armenia | 3.1 | 81% (2024) | 2.5 |
| Georgia | 3.9 | 84% (2024) | 3.3 |
| Azerbaijan | 10.2 | 91% (2025) | 9.3 |
| Kazakhstan | 20.8 | 93% (2024) | 19.5 |
| Uzbekistan | 37.1 | 90% (2024) | 33.2 |
| Kyrgyzstan | 7.3 | 92% (2024) | 6.8 |
| Tajikistan | 10.8 | 56% (2024) | 6.0 |
| Turkmenistan | 7.6 | 18% (2016) ⚠ | 1.4 |
| Mongolia | 3.6 | 85% (2024) | 3.0 |
| **Subtotal** | **104** | | **85** |

**Eastern Europe and Balkans outside Stripe** (Belarus is sanction-exposed; Russia is excluded for sanctions)

| Country | Population (M) | Internet % (year) | Internet users (M) |
|---|---|---|---|
| Ukraine | 39.0 ⚠ | 82% (2024) | 32.1 |
| Moldova | 2.4 | 77% (2024) | 1.8 |
| Serbia | 6.5 | 88% (2024) | 5.7 |
| Bosnia and Herzegovina | 3.1 | 86% (2024) | 2.7 |
| North Macedonia | 1.8 | 93% (2025) | 1.7 |
| Albania | 2.3 | 86% (2024) | 2.0 |
| Montenegro | 0.6 | 89% (2024) | 0.6 |
| Kosovo | 1.6 | 89% (2018) ⚠ | 1.4 |
| Belarus | 9.1 | 94% (2024) | 8.6 |
| **Subtotal** | **66** | | **57** |

**Türkiye**

| Country | Population (M) | Internet % (year) | Internet users (M) |
|---|---|---|---|
| Türkiye | 85.9 | 90% (2025) | 77.1 |

**Middle East and North Africa** (the UAE has Stripe. Iran is sanctioned and listed only for scale.)

| Country | Population (M) | Internet % (year) | Internet users (M) |
|---|---|---|---|
| Egypt | 118.4 | 75% (2024) | 88.4 |
| Morocco | 38.4 | 91% (2024) | 35.0 |
| Algeria | 47.4 | 77% (2024) | 36.7 |
| Tunisia | 12.3 | 76% (2024) | 9.4 |
| Jordan | 11.5 | 96% (2024) | 11.0 |
| Iraq | 47.0 | 81% (2024) | 38.3 |
| Lebanon | 5.8 | 81% (2024) | 4.7 |
| Saudi Arabia | 37.0 | 100% (2024) | 37.0 |
| Iran (sanctioned) | 92.4 | 85% (2024) | 78.9 |
| **Subtotal** | **410** | | **339** |

**Sub-Saharan Africa**

| Country | Population (M) | Internet % (year) | Internet users (M) | Stripe? |
|---|---|---|---|---|
| Nigeria | 237.5 | 41% (2024) | 97.9 | via Paystack |
| Ghana | 35.1 | 72% (2024) | 25.3 | via Paystack |
| Kenya | 57.5 | 35% (2024) | 20.1 | via Paystack |
| South Africa | 64.7 | 78% (2024) | 50.7 | via Paystack |
| Côte d'Ivoire | 32.7 | 41% (2024) | 13.6 | via Paystack |
| Ethiopia | 135.5 | 22% (2024) | 29.7 | No |
| Tanzania | 70.5 | 31% (2024) | 22.0 | No |
| Uganda | 51.4 | 9% (2024) | 4.6 | No |
| Senegal | 18.9 | 60% (2024) | 11.4 | No |
| Rwanda | 14.6 | 32% (2024) | 4.6 | No |
| **Subtotal (no Stripe at all)** | **291** | | **72** | |

**South and Southeast Asia** (India 1,024M and Indonesia 208M internet users are Stripe "Preview", not counted)

| Country | Population (M) | Internet % (year) | Internet users (M) |
|---|---|---|---|
| Pakistan | 255.2 | 57% (2024) | 146.1 |
| Bangladesh | 175.7 | 53% (2024) | 93.9 |
| Sri Lanka | 21.8 | 55% (2024) | 11.9 |
| Nepal | 29.6 | 46% (2024) | 13.7 |
| Vietnam | 101.6 | 84% (2024) | 85.5 |
| Philippines | 116.8 | 67% (2024) | 78.6 |
| Cambodia | 17.8 | 68% (2024) | 12.2 |
| Myanmar | 54.9 | 45% (2020) ⚠ | 24.9 |
| Laos | 7.9 | 66% (2024) | 5.2 |
| **Subtotal** | **781** | | **472** |

**Latin America outside Stripe** (Brazil and Mexico have Stripe)

| Country | Population (M) | Internet % (year) | Internet users (M) |
|---|---|---|---|
| Argentina | 45.9 | 90% (2024) | 41.1 |
| Colombia | 53.4 | 79% (2024) | 42.4 |
| Chile | 19.9 | 96% (2024) | 19.0 |
| Peru | 34.6 | 82% (2024) | 28.3 |
| Ecuador | 18.3 | 77% (2024) | 14.1 |
| Bolivia | 12.6 | 80% (2024) | 10.0 |
| Venezuela | 28.5 | 77% (2024) | 21.9 |
| Guatemala | 18.7 | 60% (2024) | 11.3 |
| Dominican Republic | 11.5 | 91% (2024) | 10.5 |
| Uruguay | 3.4 | 92% (2024) | 3.1 |
| Paraguay | 7.0 | 82% (2024) | 5.7 |
| Costa Rica | 5.2 | 87% (2024) | 4.5 |
| **Subtotal** | **259** | | **212** |

**Scale check (*derived*).** Excluding the Paystack countries, India/Indonesia and Iran, the non-Stripe countries above
hold **~1.2B internet users**. That number describes reach. It does not measure demand.

---

## 2. How competitors handle sellers in these countries today

### 2a. Each platform's payment model

| Platform | Who is the merchant? | Rails | Coverage outside Stripe countries | Source |
|---|---|---|---|---|
| **Kajabi** | Coach | Kajabi Payments (US, CA, AU, UAE, UK, "select European countries"), own Stripe, own PayPal | Only through PayPal | S3 (undated, read 2026-10-25) |
| **Thinkific** | Coach | Thinkific Payments (US/CA/UK, others via support ⚠), own Stripe, PayPal | Through PayPal ⚠. Older reports say Thinkific's PayPal needs Stripe connected too; I could not verify this (the official page returned 403) | S5 ⚠ |
| **Teachable** | Teachable in 41 countries; otherwise the coach | Teachable Payments in **41** countries (all Stripe countries); everyone else → "Custom Payment Gateway" = **own Stripe Standard** account; PayPal only as an add-on under it | **None.** Without a Stripe account there is no way to sell | S4 (2026-09-09) |
| **Podia** | Coach | "Only Stripe and/or PayPal"; PayPal only on higher plans | Through PayPal | S6 |
| **Stan** | Coach (Stan creates a Stripe Custom account) | Stripe Custom in **39** countries; otherwise PayPal | Through PayPal | S7 (2026-09-28) |
| **HighLevel** | Coach/agency | Stripe, Authorize.net, NMI, Square, Adyen, Razorpay; PayPal in FAQ | Mostly PayPal; NMI/Authorize.net need a merchant account, usually US ⚠ | S23 |
| **Systeme.io** | Coach | Stripe, PayPal, Razorpay, Flutterwave, Mercado Pago, Xendit, Mollie, GoCardless, Secure and Pay ("merchant restrictions: none") | **Already does local processors** for Africa, India, Latin America, Southeast Asia | S16 (2026-10-25) |
| **Skool** | **Skool (merchant of record)**: "all payment processing happens on Skool's merchant account"; Stripe Express used only for payouts | ~150 payout countries | Pays out in local currency in all 13 test countries except Kazakhstan | S8 (2026-09-29) |
| **Gumroad** | **Gumroad (MoR)** | Bank payouts in ~120 countries; PayPal elsewhere; none where PayPal can't receive | Bank in 11 of the 13 test countries | S9 (read 2026-10-25) |
| **Lemon Squeezy** | **LS (MoR)**, owned by Stripe since 2024 | Bank payouts in ~120 countries; PayPal "200+" | Bank in 11 of 13, but **bans services** (consulting, so coaching); courses unclear; roadmap reported quiet ⚠ | S10, S11, S28 ⚠ |
| **Paddle** | Paddle (MoR) | 200+ buyer countries | **Not for coaches.** The AUP prohibits human services, "coaching" included, and community access | S29 |
| **Hotmart** | Hotmart (MoR) | Pays creators in "100+" / "130" countries (reports differ) | **⚠ No country list found**; strongest in Latin America and Iberia | S32 ⚠ |
| **Stripe Global Payouts** (a rail Stapilo itself could use) | Platform | US/UK platform pays recipients by wire or local bank | Individuals in AM, UZ, RS, TR, EG, PK, VN: yes. GE, KZ, AZ, UA, NG, BD: no | S2 (read 2026-10-25) |

### 2b. Can a coach in each country sell a course and get paid?

Key: **Yes-Bank** = paid to a local bank. **Yes-PP** = only through a PayPal account that can receive.
**No** = no route without a foreign company. ⚠ = inferred or partly verified.

| Country | PayPal can receive? (S12–S15) | Kajabi / Podia / Stan / HighLevel | Thinkific | Teachable | Systeme.io | Skool (MoR) | Gumroad (MoR) | Lemon Squeezy (MoR, no services) |
|---|---|---|---|---|---|---|---|---|
| Armenia | **No** (send-only site; 2024 and 2026 reports) | No | No | No | No ⚠ (Secure and Pay?) | Yes-Bank | Yes-Bank | Yes-Bank |
| Georgia | Yes | Yes-PP | Yes-PP ⚠ | No | Yes-PP | Yes-Bank | Yes-PP | Yes-PP ⚠ |
| Kazakhstan | Yes | Yes-PP | Yes-PP ⚠ | No | Yes-PP | **No** | Yes-Bank | Yes-Bank |
| Uzbekistan | **No** (PayPal not present) | No | No | No | No ⚠ | Yes-Bank | Yes-Bank | Yes-Bank |
| Azerbaijan | **No** (send-only site ⚠) | No | No | No | No ⚠ | Yes-Bank | Yes-Bank | Yes-Bank |
| Ukraine | Partial: personal receiving since 2022, business receiving restricted ⚠ | Weak ⚠ | Weak ⚠ | No | Weak ⚠ | Yes-Bank | Yes-PP ⚠ | PP ⚠ |
| Serbia | Yes | Yes-PP | Yes-PP ⚠ | No | Yes-PP | Yes-Bank | Yes-Bank | Yes-Bank |
| Türkiye | **No** (PayPal not present) | No | No | No | No ⚠ | Yes-Bank | Yes-Bank | Yes-Bank |
| Egypt | Yes | Yes-PP | Yes-PP ⚠ | No | Yes-PP (Flutterwave ⚠) | Yes-Bank | Yes-Bank | Yes-Bank |
| Nigeria | Partial: send-only until Jan 2026; now via Paga link ⚠ | Weak ⚠ | Weak ⚠ | No | **Yes (Flutterwave)** | Yes-Bank | Yes-Bank | Yes-Bank |
| Pakistan | **No** (PayPal not present) | No | No | No | No ⚠ | Yes-Bank | Yes-Bank | Yes-Bank |
| Bangladesh | **No** (PayPal not present) | No | No | No | No ⚠ | Yes-Bank | Yes-Bank | Yes-Bank |
| Vietnam | Yes | Yes-PP | Yes-PP ⚠ | No | Yes-PP / Xendit ⚠ | Yes-Bank | Yes-Bank | Yes-Bank |

How I got the PayPal column (⚠ partly inference):
- **Not present:** PayPal's country list (S12, 200 entries, read 2026-10-25) has **no** Uzbekistan, Türkiye, Pakistan
  or Bangladesh.
- **Receive markets:** the local sites for Georgia, Kazakhstan, Serbia, Egypt, Vietnam (and Kenya, Moldova, Albania,
  Bosnia, Philippines, Ghana) show "Send & Request" plus a "Business / Accept Payments" menu.
- **Send-only markets:** the sites for Armenia, Azerbaijan, Ukraine, Nigeria, Kyrgyzstan, Tajikistan, Nepal,
  Belarus, North Macedonia and Montenegro show only "Send payments", with no business menu (S12, fetched
  2026-10-25).
- Reporting confirms this for Armenia (S13) and Nigeria (S14). Ukraine is personal-only (S15).

**What the table says.** In 13 of 13 countries a coach can sell *something* today, through Skool (12 of 13) or
Gumroad (11 of 13 to a local bank, plus Georgia through PayPal and Ukraine through PayPal ⚠). In **6–8 of 13** (Armenia, Uzbekistan, Azerbaijan, Türkiye, Pakistan, Bangladesh; Ukraine and
Nigeria weak), the coach-is-merchant platforms (Kajabi, Thinkific, Teachable, Podia, Stan, HighLevel) don't work
at all.

### 2c. What MoR platforms do NOT solve: the buyer side

The MoR platforms charge the **buyer** in USD (or a few major currencies) by international card or PayPal. In
several of these markets, local buyers mostly don't pay that way:

- **Uzbekistan:** the domestic Uzcard and Humo networks run most retail payments. In 2022 there were ~23M Uzcard
  and ~7M Humo cards out of ~34M cards (central bank figure, via S33 ⚠ dated). Online Humo payments run through
  Click/Paynet/Payme (84% of non-bank app share, Jan 2025; S33).
- **Kazakhstan:** Kaspi dominates. Kaspi reports **77 monthly transactions per active user** and payments volume
  up 19% in 2025 (S34). Its share of e-payments is quoted anywhere from 30% to 60% by low-quality sources ⚠.
- **Türkiye:** **57.8%** of e-commerce spending was in instalments in 2025 (Garanti BBVA / BKM data, S20).
  Foreign checkouts don't offer Turkish instalments ⚠.
- **Egypt:** banks have capped foreign-currency card spending since 2022–23. Some caps were tightened again
  (reported March 2026) and some eased (2025) (S21).
- **Nigeria:** naira cards were suspended for foreign use in 2022–23, restored in July 2025 with caps as low as
  $500/month, and raised during 2026 (GTBank $40k/quarter, Sept 2026) (S22).

**This is the part of Channel 5 that holds up:** local acquiring lets a coach take local cards, wallets and
instalments in local currency. A US merchant of record can't offer those.

---

## 3. Local processors in a sample of these countries

| Country | Main processors / methods | What onboarding needs (where found) | Notes | Source |
|---|---|---|---|---|
| Georgia, Armenia, Uzbekistan, Moldova | **Flitt** (TBC Group): cards, Apple/Google Pay, open banking, BNPL, pay-by-link, subscriptions, payouts | Merchant registered in one of the four countries | **Already integrated in Stapilo** (merchant brings their own Flitt merchant id). "Soon more CIS countries". ⚠ Whether Humo/Uzcard are accepted is unconfirmed | S17, S18, repo |
| Uzbekistan | Payme, Click, Uzum, Paynet (Uzcard/Humo) | Via a licensed provider; Payme Business offers an embed snippet and next-day settlement ⚠. IE/self-employed eligibility not found | Open-source SDKs exist for the Payme JSON-RPC and Click APIs | S35 ⚠ |
| Kazakhstan | Kaspi Pay, CloudPayments, Freedom Pay | Kaspi Pay for registered IP (sole proprietors); **fiscal receipt** required unless "Kaspi Kassa" is used | Kaspi is also a super-app, so buyer habit is strong | S25, S34 |
| Türkiye | **iyzico**, PayTR, Param | Company or sole-proprietor documents and IBAN; ~4.29% + ₺0.25 corporate (iyzico's figure), 4.49% individual link payments (third party ⚠) | Instalments are table stakes | S36 |
| Ukraine | LiqPay (PrivatBank), WayForPay, monobank acquiring | FOP (sole proprietor) registration typical ⚠ | Not researched in depth ⚠ | — |
| Egypt | **Paymob** (390k+ merchants across EG/UAE/KSA/OM, Sept 2026), Fawry, Kashier | Individual eligibility not found ⚠ | 60+ payment methods via one integration (Paymob's own claim) | S37 |
| Nigeria, Ghana, Kenya, South Africa, Côte d'Ivoire | **Paystack** (Stripe-owned; licensed in Egypt and Rwanda too), Flutterwave (30+ African markets ⚠) | Business registration typical ⚠ | Systeme.io already has Flutterwave, so the gap here is small | S38, S39 |
| Pakistan | Safepay, PayFast, JazzCash, Easypaisa, Raast | NTN/CNIC requirements not found ⚠ | Wallets matter more than cards | S40 ⚠ |
| Bangladesh | SSLCommerz, bKash, aamarPay | Not researched ⚠ | — | — |
| Vietnam | VNPay, MoMo, payOS, OnePay | MoMo: **verified company account** needed to go live | — | S26 |
| Philippines | PayMongo, Xendit, Dragonpay | PayMongo: DTI + BIR 2303 + ID for sole proprietors; foreigners need apostilled documents; ~7 business days review | +1% on foreign cards | S24 |
| Latin America (AR, CL, CO, PE, UY + BR, MX) | **Mercado Pago** (one API, 7 countries, per-country credentials), dLocal, EBANX | — | Systeme.io already integrates Mercado Pago; Hotmart is the incumbent | S27 |

**What one integration involves (Stapilo's own anchor, repo read 2026-10-25).** Stapilo already runs five payment
adapters: Stripe, Paddle, Flitt, Bank of Georgia, Keepz.

| Adapter | Source lines | Test lines |
|---|---|---|
| Flitt | 688 | 838 |
| Bank of Georgia | 730 | 623 |
| Keepz | 666 | 525 |
| Stripe | 668 | 306 |
| Paddle | 482 | 225 |

Each adapter covers initiation, signatures, webhooks, refunds and recurring payments. The repo also has guards for
provider-capability parity.

My estimate ⚠ (judgement): **engineering is ~1–3 weeks per processor**, and it is not the bottleneck. The real costs
per country are:
- a processor contract and sometimes a local entity for Stapilo itself, so that it can bill coaches;
- coach onboarding with that processor's KYC (each coach holds their own merchant account, as with Flitt);
- legal pages, support in the local language, local marketing;
- for Kazakhstan/Uzbekistan-style regimes, fiscal receipts.

---

## 4. Size: how many potential coaches

There is no per-country count of coaches or course sellers in any of these markets. The **proxies** are marked.

| Country | Proxy | Figure | Source / date | Quality |
|---|---|---|---|---|
| Türkiye | ICF credential holders | **495** | ICF fact sheet, Mar 2021 (via search excerpt) | ⚠ stale; not opened (PDF blocked) |
| Ukraine | ICF credential holders | **165** | same | ⚠ stale |
| Kazakhstan | ICF credential holders | **59** | same | ⚠ stale |
| World | ICF credential holders | **50,424** in 143 countries | ICF fact sheet, Sept 2023 | via search excerpt ⚠ |
| Pakistan | Online freelancers (proxy) | **2.37M** full- and part-time | ADB estimate, cited 2025–26 | ⚠ estimate, not a registry |
| Bangladesh | Active online freelancers (proxy) | **~650k** (range 500k–1.05M) | ICT Division figure, cited 2026 | ⚠ estimates vary |
| India + Bangladesh | Share of observed online workers (proxy) | India 24%, Bangladesh 16% | Online Labour Index supplement | ⚠ year unclear |
| Kazakhstan | Kaspi engagement (buyer-side proxy) | 77 transactions/month per active user | Kaspi 4Q 2025 results | primary (company) |
| All | Internet users | see §1b | World Bank 2024/25 | primary |

Paying-coach scenario (**⚠ my judgement, not data**):

- **Step 1, practitioner density.** Mature markets have roughly 1 professional coach per 1,000–1,500 people (ICF
  ~123k worldwide, US 232k+ per `market-size.md`).
- **Step 2, apply it to the core six.** In UZ, AM, MD, KZ, AZ and TR (~160M people, *derived*), assume a tenth of
  that density selling online. That gives **~10–15k** coaches and experts selling online.
- **Step 3, capture.** Taking 2–5% of them gives **~200–750 paying tenants**.

This is a sanity bound, not a forecast. Channel 5 is a wedge, not the core of the TAM.

---

## 5. Verdict

### How big the real gap is

- **Smaller than the pitch says.** Skool already pays coaches in 12 of the 13 test countries (S8), and Gumroad pays to a
  bank in 11 and through PayPal in the other 2 (S9; Ukraine ⚠). "Coaches can't get paid without a company abroad" is **false** for anyone willing to sell through a
  merchant-of-record platform. An investor who checks will find this in ten minutes, so the deck should not claim
  it.
- **Real in three narrower forms:**
  1. **No all-in-one platform with local rails.** In Armenia, Uzbekistan, Azerbaijan, Türkiye, Pakistan and
     Bangladesh, none of the coach-is-merchant all-in-ones (Kajabi, Thinkific, Teachable, Podia, Stan, HighLevel)
     can take a payment, because there is no Stripe and no PayPal receiving. Skool is a community plus course
     product, not pages + email + funnels + bookings.
  2. **Local buyers, local methods.** Uzcard/Humo, Kaspi, Turkish instalments, FX-capped cards in Egypt and Nigeria.
     MoR platforms charge in USD by international card, which loses many local buyers (⚠ no conversion data found;
     my inference from the payment-method data in §2c).
  3. **Money stays local and in the coach's own name.** No payout minimums (Gumroad's are $100 or higher; S9),
     no FX haircut, and no foreign platform holding the balance.
- **Where the gap is already closed by others:**
  - Africa: Paystack is Stripe's own extended network, and Systeme.io has Flutterwave.
  - Latin America: Hotmart is the incumbent, and Systeme.io has Mercado Pago.
  - Southeast Asia: Systeme.io has Xendit.
  - Georgia, Kazakhstan, Serbia, Egypt and Vietnam: PayPal receiving works, so Kajabi and Podia work there, if
    clumsily.

### The most promising countries for the local-processor approach (⚠ ranking is judgement)

| Rank | Country | Why | Integration | Against |
|---|---|---|---|---|
| 1 | **Uzbekistan** | 33M internet users; no Stripe, no PayPal; domestic cards dominate; Russian-language content travels | **Flitt (already built)** ⚠ confirm Humo/Uzcard | GDP/cap $4.0k, so low ticket sizes |
| 2 | **Türkiye** | 77M internet users; no Stripe, no PayPal; instalment culture; largest coaching base of the set (ICF 495, 2021 ⚠) | iyzico / PayTR | Lira inflation; Turkish-language product and support; local course platforms not researched ⚠ |
| 3 | **Kazakhstan** | 19.5M users; GDP/cap $14.7k; **Skool doesn't pay out there** and neither does Stripe Global Payouts | Kaspi Pay / CloudPayments | Fiscal-receipt rules; Kaspi onboarding needs registered IP |
| 4 | **Armenia** | No PayPal receiving; GDP/cap $9.5k | **Flitt (already built)** | Tiny (2.5M users) |
| 5 | **Azerbaijan** | 9.3M users; PayPal send-only; Stripe Global Payouts don't reach it | Local acquirer (not researched ⚠) | Smaller; regulatory climate not researched ⚠ |
| 6 | **Moldova** | Near-free add | **Flitt (already built)** | Tiny (1.8M users); PayPal works |
| 7 | **Egypt** | 88M users; FX-capped cards make local acquiring valuable | Paymob / Fawry | GDP/cap $3.1k; PayPal works; currency risk |
| 8 | **Pakistan** | 146M users; ~2.4M freelancers; no PayPal | Safepay / PayFast + wallets | GDP/cap $1.6k, so USD pricing is hard |
| 9 (optional) | **Mercado Pago bloc** (AR, CO, CL, PE, UY) | One integration, 5 non-Stripe countries, ~134M internet users (*derived*) | Mercado Pago | Hotmart and Systeme.io are already there |
| — | Ukraine | Big coaching culture; PayPal weak | LiqPay / WayForPay | War risk; Skool pays out there already |

**Cheapest first test:** Uzbekistan + Armenia + Moldova on the Flitt integration Stapilo already has. It costs a
Flitt conversation, local-language pages and marketing, not new payment code. Then Kazakhstan and Türkiye as the
first true new integrations.

### Risks

- **Fraud and chargebacks.** In the Flitt model the coach holds the merchant account, so chargeback liability sits
  with the coach and the processor, not Stapilo (repo: tenant supplies merchant id). If Stapilo instead becomes the
  merchant of record (the Skool model), it takes on fraud, tax/VAT and AML risk itself.
- **Seller verification.** Local processors KYC their merchants and usually require a registered business or sole
  proprietor (PayMongo S24, MoMo S26, Kaspi S25). Informal coaches must register first, which adds friction that
  Skool and Gumroad don't have.
- **Compliance per country.** Fiscal receipts (Kazakhstan), consumer law, data residency ⚠ and sanctions screening
  (Belarus, Iran, Russia excluded).
- **Stapilo's own billing.** Stapilo must charge the coach its subscription. Today it can charge only in GEL via
  Flitt (BRIEF.md). Each country needs a way to bill its coaches, through the same processor or by international
  card.
- **Cost per integration.** Code is cheap (~500–730 lines plus tests per adapter, repo). The per-country fixed
  cost is people and contracts: language, support, legal, marketing.
- **Small tickets.** GDP per capita (World Bank 2025, S31): US $90.0k; Türkiye $18.6k; Kazakhstan $14.7k; Serbia
  $15.3k; Georgia $9.7k; Armenia $9.5k; Azerbaijan $7.4k; Ukraine $5.9k; Vietnam $5.1k; Uzbekistan $4.0k; Egypt
  $3.1k; Bangladesh $2.6k; Pakistan $1.6k; Nigeria $1.2k. A USD-priced subscription needs local pricing in most of
  these.
- **Competitive response.** Skool already pays out in 12 of the 13 test countries, and Systeme.io adds local
  gateways steadily. The lasting advantage is local rails *plus* local-language all-in-one *plus* local marketing
  (meetups, ads), not payment coverage alone.

### What I would tell an investor

**Don't say:** "coaches there can't sell online".

**Say:** "In countries like Uzbekistan, Kazakhstan, Türkiye, Armenia and Azerbaijan:
- no all-in-one platform can take a local buyer's local payment;
- Stapilo can, because its payment layer is built for many processors (five adapters today) and Flitt already
  opens four CIS countries;
- we test this cheaply first, then add one processor per country."

---

## Sources

All retrieved 2026-10-25 unless noted. Dates in brackets are the page's own date where shown.

- **S1** Stripe, Global availability — https://stripe.com/global (no date; "© 2026")
- **S2** Stripe Docs, Global Payouts recipient requirements — https://docs.stripe.com/global-payouts/recipient-requirements ; Cross-border payouts — https://docs.stripe.com/connect/cross-border-payouts
- **S3** Kajabi Help, Kajabi Payments overview — https://help.kajabi.com/en/articles/12695442-kajabi-payments-overview ("updated over a week ago")
- **S4** Teachable Support, Set up Teachable Payments and start selling — https://support.teachable.com/en/articles/15624639-set-up-teachable-payments-and-start-selling [2026-09-09]
- **S5** Thinkific: official article https://support.thinkific.com/hc/en-us/articles/360030357514 returned 403. Third-party: https://supplygem.com/thinkific-payment-gateways/ ⚠
- **S6** Podia Help, Accepting payments in Podia — https://help.podia.com/en/articles/11370248-accepting-payments-in-podia
- **S7** Stan Help, Countries available for Stripe Custom accounts — https://help.stan.store/article/217-countries-available-for-stripe-custom-accounts [2026-09-28]
- **S8** Skool Help, Skool Payments FAQs — https://help.skool.com/article/86-subscriptions-faq [list "updated Sept 2026"; page 2026-09-29]
- **S9** Gumroad Help, Getting paid — https://gumroad.com/help/article/13-getting-paid
- **S10** Lemon Squeezy Docs, Supported countries — https://docs.lemonsqueezy.com/help/getting-started/supported-countries
- **S11** Lemon Squeezy Docs, Prohibited products — https://docs.lemonsqueezy.com/help/getting-started/prohibited-products
- **S12** PayPal, country list (200 entries) — https://www.paypal.com/us/webapps/mpp/country-worldwide ; local home pages https://www.paypal.com/{am,ge,kz,az,ua,rs,eg,ng,vn,kg,tj,ke,md,al,ba,mk,me,by,np,ph,gh}/home (layout compared 2026-10-25; ⚠ inference). Merchant fee pages "Last updated 28 September 2026".
- **S13** Armenian Weekly, "Does PayPal work in Armenia?" — https://armenianweekly.com/2024/04/29/does-paypal-work-in-armenia/ [2024-04-29]
- **S14** TechCabal, "PayPal returns to Nigeria… through Paga" — https://techcabal.com/2026/01/27/paypal-returns-to-nigeria-after-two-decades-this-time-through-paga/ [2026-01-27]
- **S15** Kyiv Post, Ukraine PayPal receiving — https://www.kyivpost.com/amp/post/10626 [2022]; WesternBid guide (2026, commercial ⚠) — https://westernbid.com/en/?p=22078
- **S16** systeme.io Help, Payments category — https://help.systeme.io/category/538-payments ; Secure and Pay — https://help.systeme.io/article/2967-how-to-integrate-secure-and-pay-with-systeme-io [2026-07-29]
- **S17** Flitt, "Simple and versatile international payments platform" — https://flitt.com/simple-and-versatile-international-payments-platform/ [2026-01-07]
- **S18** Flitt home — https://flitt.com/en
- **S19** Stripe Atlas — https://stripe.com/atlas
- **S20** Garanti BBVA / BKM 2025 card report — https://www.bbva.com/en/tr/economy-and-finance/garanti-bbva-report-shows-robust-growth-in-card-payments-in-turkiye/
- **S21** Cairo Scene (Mar 2026) — https://cairoscene.com/Buzz/Egypt-s-Banks-Tighten-Limits-for-Foreign-Currency-Credit-Card-Spending ; Ahram Online (2025) — https://english.ahram.org.eg/NewsContentMulti/551158/Multimedia.aspx
- **S22** Nairametrics [2026-09-07] — https://nairametrics.com/2026/09/07/gtco-firstbank-others-raise-dollar-spending-limits-as-fx-scarcity-eases/ ; BusinessDay — https://businessday.ng/news/article/banks-resume-naira-cards-use-abroad-as-fx-improves/
- **S23** HighLevel Help, Connect Stripe — https://help.gohighlevel.com/support/solutions/articles/155000005073-getting-started-connect-stripe
- **S24** PayMongo Docs, Philippine and non-Philippine entities — https://developers.paymongo.com/docs/philippine-entities , https://developers.paymongo.com/docs/non-philippine-entities
- **S25** finratings.kz, Kaspi Pay and fiscal receipts — https://finratings.kz/news/9037-kaspi-pay-ne-vsegda-zameniaet-onlain-kassu-chto-dolzhny-znat-ip/ ; Kaspi partner guide — https://guide.kaspi.kz/partner/ru/app/connection
- **S26** MoMo Developers, Merchant profile — https://developers.momo.vn/v3/docs/payment/onboarding/merchant-profile/
- **S27** Mercado Pago Developers, Checkout API — https://mercadopago.com.uy/developers/en/docs/checkout-api/landing
- **S28** Lemon Squeezy and Stripe Managed Payments (third-party ⚠) — https://fungies.io/lemon-squeezy-stripe-acquisition-saas-founders-2026/ ; https://www.issoh.co.jp/tech/details/18599/
- **S29** Paddle, Acceptable Use Policy — https://paddle.com/support/aup ; https://paddle.com/help/start/intro-to-paddle/what-am-i-not-allowed-to-sell-on-paddle
- **S30** World Bank API, SP.POP.TOTL (2025) and IT.NET.USER.ZS (latest) — https://api.worldbank.org/v2/country/…/indicator/SP.POP.TOTL , …/IT.NET.USER.ZS
- **S31** World Bank API, NY.GDP.PCAP.CD (2025) — https://api.worldbank.org/v2/country/…/indicator/NY.GDP.PCAP.CD
- **S32** Hotmart reach: ABC da Comunicação — https://www.abcdacomunicacao.com.br/hotmart-company-recebe-aporte-de-r-735-milhoes-liderado-pela-tcv-e-reforca-status-de-unicornio/ ; Mercado&Consumo (2024-03-21) — https://mercadoeconsumo.com.br/21/03/2024/inovacao/hotmart-plataforma-de-venda-online-alcanca-us-10-bilhoes-em-vendas-de-parceiros/amp ⚠
- **S33** UzDaily, Humo online payments (Jan 2025) — https://www.uzdaily.uz/en/banking-vs-non-banking-apps-who-leads-in-online-payments-with-humo-cards/ ; Kun.uz (2024-02-08) — https://kun.uz/en/news/2024/02/08/volume-of-p2p-transfers-via-uzcard-and-humo-payment-systems-increased-by-15-times-in-2023
- **S34** Kaspi.kz 4Q 2025 results / earnings call — https://ir.kaspi.kz/media/3Q_2025_Results.pdf ; https://www.aol.com/articles/kaspi-kz-kspi-q4-2025-145110563.html
- **S35** Payme Business (spot.uz, 2024-02-27) — https://www.spot.uz/ru/2024/02/27/payme-business/ ; Uzcard/Humo integration — https://sayt.uz/en/blog/uzcard-humo-tolov-integratsiya ⚠
- **S36** iyzico Help Center — https://www.iyzico.com/en/support/help-center ; FitGap listing ⚠ — https://us.fitgap.com/products/iyzico
- **S37** Paymob Docs — https://developers.paymob.com/paymob-docs ; TechCrunch (2024-09-11) — https://techcrunch.com/2024/09/11/paymob-lands-another-22-million-and-is-profitable-in-egypt
- **S38** Techpoint Africa, Paystack — https://techpoint.africa/news/paystack-expands-apple-pay-cote-divoire-south-africa/
- **S39** Flutterwave coverage (third-party ⚠) — https://learnwithhasan.com/payment-gateways/flutterwave/
- **S40** Pakistan gateways (vendor ⚠) — https://www.photonpay.com/hk/blog/article/payment-gateway-in-pakistan
- **Proxies in §4:** ICF fact sheets (Mar 2021, Sept 2023), seen via search excerpts; PDFs blocked ⚠ — https://coachingfederation.org/app/uploads/2021/03/March2021_FactSheet.pdf , https://coachingfederation.org/app/uploads/2023/09/Sep2023_FactSheet.pdf ; Pakistan freelancers (ADB est.) — https://digitalpakistan.pk/pakistan-freelance-economy/ ⚠ ; Bangladesh freelancers — https://socialprotection.gov.bd/wp-content/uploads/2026/02/Bangladeshs-500M-Industry.pdf ⚠ ; Online Labour Index — https://onlinelabourobservatory.org/paper/oli2021/ ⚠
- **Repo (internal):** `apps/api/src/services/core/payment/{flitt,bog,keepz,stripe,paddle}/` line counts, and `investors/BRIEF.md` (GEL-only billing), read 2026-10-25.