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The Financial Modeller
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Marketplaces, platforms and fintech

Banking-as-a-service platform financial model, built free.

A three-statement Excel model for a fintech infrastructure and banking-as-a-service, built from your own figures and checked to balance.

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  • Usually ready within the hour

We use generative AI in parts of our process, so mistakes can occur. Every model should be checked by a person before it is relied on. Read more

The business

Provides accounts, cards, payments and ledgers to fintechs and brands through APIs, often through a partner bank, earning platform fees, per-transaction and per-account fees, a share of interchange and deposit income.

See the sampleHow the model works

In short

  • 01

    Three linked statements

    Income statement, balance sheet and cash flow, linked in every period.

  • 02

    Valued two ways

    Discounted cash flow and trading multiples, side by side.

  • 03

    Monthly to annual

    Monthly, quarterly, half-yearly or annual periods, for up to 30 years.

  • 04

    Checked every period

    A Checks sheet shows the balance sheet balances and the cash reconciles.

The sample

The sample, as Excel draws it.

Built by the same system and checks as yours, on illustrative figures: every sheet as Excel draws it, or live.

Annual · 10 years · Low detail
Banking-as-a-service platform sample model.xlsx
The Summary sheet of the sample banking-as-a-service platform model

Illustrative figures: the sample describes no real business. The live preview shows values; your model’s Excel file has every formula.

How it works

How the model works for a banking-as-a-service platform.

  1. How it earns revenue3 formulas
    Take rate and net revenue · All transaction platforms
    Transaction revenueTransaction volume (gross merchandise value)from transaction volume (GMV or TPV)Take rate (revenue as a share of volume)
    Take rate and net revenue · All transaction platforms
    Transaction costsTransaction volume (gross merchandise value)from transaction volume (GMV or TPV)Transaction costs (basis points of volume)
    Take rate and net revenue · All transaction platforms
    Transaction revenue less transaction costsTransaction revenueTransaction costs
  2. What drives its costs3 formulas
    Cost of revenue · All product plans
    Cost of revenueHosting and infrastructureCustomer support and successFixed platform and support overhead
    New customers and sales and marketing · All product plans
    Sales and marketingCustomer acquisition spend (new logos)Account management and renewals
    New customers and sales and marketing · All product plans
    Customer acquisition spend (new logos)New customersCustomer acquisition cost (CAC)
  3. How it is funded1 formula
    Equity raising
    Equity raisedDistributions reinvested under the DRPOther equity raised (net of costs)Equity from an offer, milestone funding, conversions and creditor shares
  4. How profit becomes cash3 formulas
    Billings and deferred revenue · All product plans
    Closing deferred revenueClosing ARRfrom recurring revenue and ARRShare of ARR billed in advanceBilling term invoiced in advance
    Billings and deferred revenue · All product plans
    BillingsSubscription revenue (recurring revenue and arr)from recurring revenue and arrClosing deferred revenueOpening deferred revenue
    Working capital
    Trade receivablesRevenuefrom statementsDebtor daysDays in period
What it covers

22 parts, each one tested.

Every part is a tested building block with its own checks: yours is put together from the ones your business needs.

  • Operating expensesHeadcount build by function
  • Working capitalFull working capital
  • Income taxCorporate rate with tax losses
  • Equity raisingDistribution reinvestment plan
  • Discounted cash flow valuationDCF on free cash flow to the firm
  • Multiples valuationEV / EBITDA multiple
  • Licence capital and liquidity requirements (non-banks)NTA and liquidity requirement
  • Key-metric summaryLast-twelve-month and run-rate metrics
  • Case selectionStackable stress toggles
  • Burn and runwayRunway to the forecast cash-out date
  • R&D and capitalised developmentGross R&D × capitalisation rateResearch and development expense after capitalisation, with the capitalised software asset and its amortisation.
  • SaaS metricsStandard SaaS metricsThe ARR bridge across all plans and the headline SaaS KPIs — net new ARR, ARR growth, NRR, GRR, CAC payback and the Rule of 40.
  • Headcount plan by functionHiring plan by functionEmployees and staff cost by function (cost of revenue, sales and marketing, R&D, G&A).
  • Interest-rate forecastMarket forward curve
  • CPI forecastCPI glide path
  • Transaction volume (GMV or TPV)Active buyers × frequency × order valueGross merchandise value or total payment volume and transaction counts for a platform.
  • Take rate and net revenueBlended take rateRevenue earned on transaction volume and the pass-through costs (interchange, scheme and processing) netted against it.
  • New customers and sales and marketingNew customers per period × CACNew paying customers (logos, subscribers, gross adds) won each period for a plan, and the sales and marketing spent winning them (acquisition cost) and keeping them (account management). Carrying the spend per plan keeps new customers and the spend that wins them consistent; its roll-up lands in operating expenses.
  • Customer base and churnConstant churn rateCustomer roll-forward for a plan — opening customers + new customers − churned customers = closing customers.
  • Recurring revenue and ARRARR bridge on ARPA with price increases and net expansionThe ARR bridge for a plan (opening ARR + new-customer ARR + net expansion − churned ARR = closing ARR) and the subscription revenue recognised from it. Pricing (ARPA, seats, tiers, price increases) and net expansion (upsell, cross-sell, contraction) are part of each method.
  • Billings and deferred revenueBilled in advance (billing mix) with deferred revenueInvoicing of subscriptions and usage and the deferred revenue that results from billing in advance.
  • Cost of revenueCost per customer plus fixed platform costDirect cost of serving a plan's customers — hosting, customer support and success, app-store fees, royalties and (for telcos) wholesale access — so that gross margin can differ by plan. Use this in any model with product plans.
Key numbers

The numbers it tracks.

  1. 01programmes live
  2. 02accounts and cards
  3. 03card spend
  4. 04interchange share
  5. 05platform ARR
  6. 06deposits held
  7. 07net revenue retention
Used for

What it is used for.

Also used for
  • Scenarios and sensitivities
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See a finished model, sheet by sheet

The sample is built on illustrative figures and describes no real business. Models are calculations prepared from the information you provide. They are not financial advice and must be independently verified. See our terms.