About Subtwo

We study how people earn, spend, pay, save, and invest — and we turn what we find into something useful.

The name — what it actually means
Subtwo · Name Deconstruction
sub
half of something
+
two
two sides, two ends
=
0
one goal. one understanding. one direction.
Every transaction has two sides — the one who pays and the one who receives. Every economic question has two perspectives — the institution and the individual. Subtwo exists in the space between them, working toward a single, shared understanding of how money actually moves.
The positioning — the honest version

We start with India

Subtwo is a research-led firm that looks at the behaviour of money — not the mechanics of it. We start with India, because that is the economy we know best and because it is one of the most consequential economic experiments of our time.

But the questions don't stop at a border

The questions we ask — why people pay the way they pay, how spending decisions are really made, what earning means to someone versus what it means to a system — those questions do not stop at a border.

Our method
Our research is published first. Always. We make it available to anyone who wants to understand how money actually moves in the real world — from a founder building a payments product, to a merchant trying to understand her customers, to someone who simply wants to understand their own financial life more clearly.

Research first. Everything else follows.

When organisations want to go further — to turn research into decisions, and decisions into products — we work with them directly. That is the other thing we do. But it starts with the research. It always starts with the research.

The market we know best
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Cards in circulation in India
RBI · FY25
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Credit card volume growth YoY
Worldline India · CY2025
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Specialist advisory firms in this niche
Subtwo analysis · 2026

"The question is not whether India's consumers will embrace loyalty programmes. They already have. The question is whether the programmes being built deserve that loyalty."

— Subtwo India Loyalty Monitor, Q1 2026