In this paper, we present a modeling framework called “Value Map”. Value Map assists in conceptualization, representation and analysis of value creation and capture processes with the objective of innovating a firm’s business model. We illustrate the applicability of Value Map by means of case study of value creation and capture processes in an online micro-lending platform called www.kiva.org. Data for the case study were gathered through primary and secondary sources and were structured and presented by Value Map. The resulting representations shed light on the motivations of Kiva customers and potential improvement opportunities in Kiva’s business model. To assess the usefulness of Value Map, we conducted an empirical study, in form of three workshops. Overall, the results suggest that Value Map helps business practitioners in understanding and analyzing customer value creation and firm’s value capture processes in a business model innovation undertaking.