AtoB Financial Model
Fintech Startup Financials (Free Excel Download)
AtoB is building financial infrastructure for commercial fleets, starting with a no-fee Visa fleet card for fuel and expanding into payroll, BNPL, and international.
professionals from Deloitte
Used by professionals from
About this model
AtoB builds financial infrastructure for commercial fleets, beginning with a no-fee Visa fuel card and expanding toward payroll, buy-now-pay-later, and international payments. The product seeks to modernise a fragmented, high-cost fleet-payment workflow.
The commercial wedge is fuel spend: fleets get payment control and acceptance, while merchants and drivers participate through the card network. Rather than charging membership fees, the business is intended to monetise payment flow and adjacent financial products.
The model should start with active fleets, cards per fleet, fuel spend per card, and net interchange on processed volume. Payroll and BNPL deserve separate schedules, since their revenue, funding requirements, loss exposure, and adoption timing differ from the core card economics.
A turnkey financial model
Live formulas, no hardcoded values
Outputs are driven by live formulas, so the workbook updates from its assumptions instead of relying on hardcoded results.
All assumptions in one tab
Inputs are clearly marked in the Assumptions tab and separated from calculations, making it clear what to change and what to leave intact.
Statements always balancing
For integrated-statement models, the balance sheet, cash flow, and supporting schedules tie through properly.
Distinct schedules for clarity
Debt, working capital, taxes, and cash flow can get messy quickly. We group calculations in clear schedules, not across disconnected tabs.
No hidden macros or external links
There are no unexplained external workbook links or macros to undermine auditability or portability.
Changes flow through the model
Update a key driver and see the impact carry through the forecast, financing, and return outputs. We never use hardcoded numbers in formulas.
About AtoB
atob.com
How to build a detailed financial model for AtoB
A complete walkthrough of the business, drivers, and assumptions behind the downloadable AtoB model - distilled from its pitch deck and publicly available information.
Product & value proposition
- Core product: AtoB fleet card, Visa-powered, targeting commercial fleets (trucking companies, drivers).
- Positioning: No fees ever (vs. ~$1K/truck/year for WEX/Fleetcor), competitive fuel discounts, credit access, fuel management software, 24x7 support.
- Pipeline products:
- Payroll card: mileage-based payroll (ELD telematics integration), earned wage access, FDIC-insured account - Q1 2022 target.
- Buy Now Pay Later (BNPL): 4–12 week installments on maintenance/tires/insurance (purchases >$500), 0% interest with small fee.
- International expansion: North America (Canada, Mexico), then Europe.
Market
- US fleet card market participants:
- 4.7M OTR and regional trucks
- 10M+ local and last-mile logistics trucks
- 97% of fleets operate fewer than 20 trucks
- 1/3 of fleets don't use any fuel card today (greenfield opportunity)
- Merchant landscape: 70% of fuel volume through Big 3 (Love's, Pilot Flying J, TA); 30% independents
- Addressable market by product stage (cumulative TAM per roadmap slide):
- Fleet card (Q3 2021): $180B
- + Payroll card (Q1 2022): $360B
- + BNPL (Q2 2022): $450B
- + International (Q3 2022): $1.3T+
- Annual spend per OTR truck: $60K–$120K
- Fuel 39%, Payroll 26%, Truck/Trailer Purchase 16%, Maintenance 13%, Insurance 4%, Tolls 1%, Permits 1%
- Tailwinds: 78% growth in urban last-mile deliveries by 2030; 20–40% growth in same-day delivery; 20% of retail online by 2023; 5.3M → 7.2M delivery vehicles (+36%) by 2030
Revenue model
- Primary (fleet card): Interchange revenue on Visa-card fuel transactions; merchant processing fee (currently charged to small merchants at 3–5% by incumbents - AtoB's angle is to undercut this or share economics). Exact AtoB take-rate not disclosed.
- Secondary (in roadmap):
- Payroll card: interchange on debit card spend + potential payroll processing fee
- BNPL: small fee on installment purchases over $500 at 0% interest
- No subscription / membership fees ("No fees ever")
- Credit access mentioned as a feature - implies potential credit/lending revenue (interest or origination fee) but not quantified
Traction & metrics
- Annualized transaction volumes (weekly bar chart, slide 14):
- ~$15M - June 2021
- ~$75M - October 2021
- ~$500M - March 2022 (forward projection shown on same slide)
- ~$3B - December 2022 (forward projection)
- 8x increase in transaction volumes post-Series A annotation
- Weekly bar chart shows progression from ~$3.6K/week (March 2021) to ~$2.1M/week (October 2021)
- Total business customers (weekly bar chart, slide 15):
- ~1.2K - June 2021
- ~10K - October 2021
- ~30K - March 2022 (forward projection)
- 8x increase in businesses post-Series A
- Weekly chart shows progression from 2 customers (Feb 2021) to ~18,256 (October 2021)
- No revenue, gross margin, churn, retention, or CAC/LTV figures disclosed in the deck.
Unit economics
- Annual spend per OTR truck: $60K–$120K
- Industry incumbent fee burden: ~$1K/truck/year in fleet card fees (WEX/Fleetcor)
- Merchant processing fee (incumbents): 3–5% for small merchants
Competition / moat
- Incumbents: WEX (NYSE: WEX, $7B market cap), Fleetcor (NYSE: FLT, $20B market cap), US Bank
- Incumbent weaknesses: FTC sued Fleetcor for deceptive fees (August 2021); 1/5 BBB ratings; 4–5% card failure rates; Bloomberg exposé on CEO compensation via hidden fees
- AtoB moat claims: No-fee model; Visa network access; ELD telematics integration enabling mileage-based payroll (unique, mandated for all US trucks since 2016); brand/NPS advantage over despised incumbents
- Regulatory tailwind: FTC action against Fleetcor creates switching opportunity
Team & funding ask / use of funds
- Co-founders:
- Vignan Velivala - CEO; Robotics Engineer, Cruise Automation
- Harshita Arora - Founder/engineer of crypto app featured on App Store
- Tushar Misra - Early team at Uber India & UberEats Latin America
- Team experience: Uber, Square, Cruise, Amazon, McKinsey, Revolut
- Institutional investors: General Catalyst, Bloomberg Beta, Samsara, Y (YC), Flexport, Original Capital, XYZ, Long Journey, Climate Capital
- Angels: Eric Schmidt, Marc Benioff, Tony Xu (DoorDash), Brian Armstrong (Coinbase), multiple Stripe early members, Ramp founders, Mercury (Immad), Blake (Divvy), Gusto founders, Figma (Dylan), Segment (Peter), Elad Gil, Naval Ravikant, Gokul Rajaram
Recommended financial model
- Archetype + why: B2B payments / fleet card GMV model with interchange take-rate, evolving toward a multi-product fintech P&L. Core driver is annualized transaction volume (GMV) x net take-rate, layered with customer count x spend per customer. Future products (payroll, BNPL) add fee revenue lines. Closest archetype: payment network GMV model (similar to a fleet-card neobank), not a SaaS ARR model - revenue is transactional, not subscription.
- Forecast horizon & granularity: 5 years (2021–2026); monthly for Year 1–2, quarterly for Year 3–5. Matches the deck's own forward trajectory projections to Dec 2022 and the product roadmap cadence.
- Key drivers & assumptions:
| Driver | Value / Source |
|---|---|
| Active business customers, period-start | ~10K (Oct 2021) |
| Customer growth rate (monthly, near-term) | ~20–25%/month based on observed trajectory (1.2K → 10K in ~4 months = ~70% MoM peak, moderating); model at 15% MoM declining to 5% by Year 3 |
| Average annualized spend per customer (GMV/customer) | ~$7,500 annualized (derived: $75M annualized / 10K customers at Oct 2021); OTR trucks at $60–120K/year, but customer base skews small fleets |
| Net take-rate (interchange + fees) | 0.5–1.0% of GMV - typical fleet card interchange is 1.5–2%, net of Visa/issuer splits; AtoB earns merchant-side economics; model at 0.75% base case |
| Revenue per customer per year | ~$56 at base (=$7,500 GMV x 0.75%) - sensitivity case key variable |
| Payroll card launch timing | Q1 2022 |
| BNPL launch timing | Q2 2022 |
| International launch (Canada/Mexico) | Q1–Q2 2022 |
| GMV targets (from deck projections) | $75M Oct '21 → $500M Mar '22 → $3B Dec '22 |
| Payroll card revenue model | Interchange on debit spend + optional payroll processing fee ($5–10/employee/month) |
| BNPL fee | 1–3% origination fee on financed amount (slide 19 says "small fee," no rate given) |
| Gross margin | 60–75% - interchange-based fintech benchmark; no COGS disclosed |
| CAC | $50–150/business customer (direct digital; SMB fleet card comps) |
| Churn rate (monthly) | 2–3%/month (fleet cards have moderate stickiness; no data in deck) |
- Scenarios (Base / Bull / Bear):
- Flex variables: customer growth rate, net take-rate, GMV per customer, churn
- Bull: GMV hits deck projections ($3B annualized by Dec 2022), take-rate 1.0%, payroll card monetizes Q1 2022
- Base: GMV at 70% of deck targets, take-rate 0.75%, payroll card 1 quarter delayed
- Bear: GMV at 40% of targets, take-rate 0.5%, payroll card pushed to Q3 2022, higher churn (4%/month)
- Required sheets / outputs:
- Assumptions - all drivers, toggleable by scenario
- Customer cohort build - monthly new customers, churn, active customer count
- GMV build - active customers x avg annualized spend x seasonality
- Revenue build - GMV x take-rate by product line (fleet card, payroll, BNPL)
- P&L - revenue, gross profit (interchange net of Visa/processing costs), S&M (CAC x new customers), R&D, G&A, EBITDA
- Unit economics summary - LTV, CAC, LTV/CAC, payback period
- Product roadmap TAM bridge - addressable GMV expansion as each product launches
- Scenario toggle - Base / Bull / Bear outputs on a summary sheet
Frequently asked
Is the AtoB financial model free?+
Yes. The AtoB model is a free Excel (.xlsx) download with live formulas. Sign up with your email and the workbook is yours to keep, review, and edit.
What's included in the model?+
A 5-year monthly forecast with P&L, cash flow and runway, valuation (exit multiple plus a DCF cross-check), MOIC/IRR returns, and unit economics, with live formulas throughout.
How was this model built?+
It was built from AtoB's pitch deck and publicly available information, then structured to investment-banking standards as a fully editable Excel model.
Can I change the assumptions?+
Yes. You can change assumptions and the live formulas will recalculate in the downloadable Excel model.
Have more financial modelling questions? Contact us
Created by ex-finance professionals
Hey, I’m Alex and I created Finamodel.
Over my years in the finance industry I kept building the same models over and over again. Same structure, same assumptions, different logo. So I started building frameworks to turn them into clean, reusable templates.
Every model here is one I’d actually use for a client, and I personally vet each one before it goes up.
I’m not an expert in every industry, but I’ve built enough models to know what belongs in one. And when something is completely foreign to me, I reach out to my network for experts to work on our models with us.
Having a template library on hand cuts a first build from hours to minutes.
Need help finding your model? You’ll find me in the Finamodel app!
Other Fintech Startup Financial Models
Browse another startup in the same category.
Acin
SaaS and data subscription network for operational risk management at Tier 1 financial institutions
Ageras Group
B2B SME ecosystem - marketplace connecting SMEs with accountants + cloud accounting/payroll software + embedded financial services (lending, factoring, banking)
Airbase
Unified non-payroll spend management platform (corporate cards, AP/bill pay, expense reimbursement, approval workflows) for mid-market companies.
Altruist
Vertically integrated all-in-one platform for registered investment advisors (RIAs) - combining custodial, portfolio management, practice management, and client acquisition tools.
Amenitiz
All-in-one hotel management SaaS platform ("Shopify for hotels") for independent hoteliers - PMS, booking engine, channel manager, website builder, payments, and AI-driven revenue management.
Anrok
SaaS sales tax compliance platform - nexus monitoring, calculation, registration, filing, and remittance - built specifically for SaaS companies.
Arrival
Arrival is an EV manufacturer of commercial vans and buses using proprietary Microfactories and vertically integrated components, going public via SPAC merger with CIIG Merger Corp.
authID.ai
Cloud biometric identity authentication platform that replaces passwords with selfie-based verification for banks, fintechs, and enterprises.
