CACachet Financial Model
InsurTech Startup Financials (Free Excel Download)
B2B2C insurtech marketplace offering flexible, usage-based insurance products to gig/platform economy workers via partnerships with ride-hailing, delivery, and gig platforms.
professionals from Deloitte
Used by professionals from
About this model
Cachet is a B2B2C insurance marketplace for gig-economy workers, offering flexible coverage that follows drivers and couriers across platforms. Its risk score uses trip and telemetry data to price motor, rider, liability, and related products more accurately.
The company distributes partner-insurer policies through gig platforms and its app, while also selling fleet, parking, and vehicle tools. It reported €268,000 of monthly top-line revenue, 40% Estonian market share, and data from seven million trips.
The model combines brokerage commission on GWP with SaaS ARR. Active workers, premiums, commission rate, platform partnerships, and policies drive insurance revenue; fleet-tool customers and ARPU add software revenue. CAC, claims data quality, and partner retention govern margin.
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 Cachet
getcachet.io
How to build a detailed financial model for Cachet
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Cachet model - distilled from its pitch deck and publicly available information.
Product & value proposition
- Flexible, personalised insurance in a single policy that follows the individual worker across multiple gig platforms ("multi-apping").
- Products: Flexible motor/traffic insurance for ride-hailing drivers; City Rider insurance for couriers & regular riders; Professional liability insurance (e.g. car washers via UpSteam); SaaS modules for parking, fleet management, vehicle booking.
- Core engine: Cachet Risk Score built from aggregated telemetry/trip data across platforms - enables accurate risk pricing and lower premiums.
- Consumer value: up to 50% cheaper insurance policy prices for platform workers.
- Insurer value: lower loss ratio - illustrated as "1% lower loss ratio = €100K more profit per €10M GWP".
- Platform value: lower insurance costs → more take-home pay → higher driver motivation, lower bonus spend.
Market
- 28M platform workers in the EU in 2021 → projected 43M by 2025 (+53% growth).
- No explicit TAM/SAM/SOM breakdown in EUR terms stated in the deck.
- Insurance is described as "the 2nd biggest cost for platform workers" - no EUR figure given.
Revenue model
- Insurance brokerage/marketplace: Cachet holds an EU Broker License and distributes policies from partner insurers (Allianz, Gjensidige, PZU, ERGO, Seesam, BTA). Revenue is implicitly commission/take-rate on GWP.
- SaaS tools (parking solution, fleet management, vehicle booking) for car-sharing/fleet operators - separate SaaS revenue stream.
- Distribution channel: B2B2C via platform partnerships (Bolt, Uber, Yandex Taxi, VOK, FREENOW) plus direct mobile app.
- Sample pricing shown in app: ride-hailing casco insurance from €72 (4 months) to €187.85 (12 months).
Traction & metrics
- Monthly top-line revenue: EUR 268K
- NPS: 62
- CSAT: ~90%
- CAC payback time: ~5 months
- Data bank: 7M trips, 30M km, 1M parking events
- Estonia market share: 40%
- Customers in Poland: ~700
- Driver savings vs. next-best offer: 47%
- Team: 14 people
- EU Broker License: held
- Live pilots/customers in: Estonia, Latvia, Lithuania, Poland, and UK (flags shown)
- Key insurer partners: Allianz, Gjensidige, PZU, ERGO, Seesam
- Key platform partners: Uber, Bolt
- History: Launched Estonia 2019; Latvia 2020; Poland 2021; 10 new insurer partnerships in 2021
Unit economics
- CAC payback time: ~5 months
- Driver savings: 47% vs. next-best offer
- Insurer impact example: 1% lower loss ratio = €100K more profit per €10M GWP
- No explicit CAC EUR amount, LTV figure, gross margin %, or commission rate stated in deck.
Competition / moat
- Competitive advantage framed around: (1) multi-platform data aggregation enabling better risk scoring than traditional insurers; (2) individual policy that travels with the worker across platforms; (3) established platform partnerships as distribution moat.
- No direct competitor names called out in the deck.
- Awards cited as differentiation: Insurtech 100 (2021), Europas 2021 Finalist (InsurTech Award), Barclays Accelerator, PlugAndPlay InsurTech, Sifted/FT Insider.
Team & funding ask / use of funds
- Co-founders: Hedi Mardisoo (CEO, 15 yrs intl mgmt, "Women to Watch in Fintech" 2020); Kalle Palling (COO, 12 yrs Estonian Parliament, Sharing Economy Regulation architect).
- Tech Lead: Joosep Lall (ex-Nevercode, Playtech, LHV bank).
- General Manager CEE: Mateusz Litewski (ex-Uber Head of Public Policy, CEE).
- Advisors: Tangy Morgan (Bank of England), Martin Cass (Barclays), Risto Rossar (Insly), Steven Jacobs; plus 10 experts in law, marketing, support, design.
- Previous investors: Icebreaker, Lemonade Stand, Techstars, Barclays.
- Angel investors: Chris Adelsbach (Outrun Ventures/Techstars), Kartik Varma (MD Techstars, Harvard), Martin Cass (Barclays), Richard Howard (AWS).
- Current ask: "New round" - no specific amount or use-of-funds breakdown stated in deck.
Recommended financial model
- Archetype + why: Insurance brokerage / GWP-based P&L with a secondary SaaS ARR layer. Cachet earns brokerage commissions on Gross Written Premium it places; the risk score and SaaS tools (fleet/parking) generate a separate recurring fee stream. The dominant unit is GWP x commission rate. A 3-statement model underneath captures opex burn vs. revenue growth.
- Forecast horizon & granularity: Monthly for Year 1–2 (near-term cash runway and CAC payback visibility), then annual for Years 3–5. Horizon: 5 years from Dec 2021 base.
- Key drivers & assumptions:
| Driver | Value |
|---|---|
| Monthly revenue (starting point) | EUR 268K/month |
| Estonia market share | 40% of ride-hailing insurance |
| Poland customers | ~700 |
| CAC payback time | ~5 months |
| Driver savings vs. market | 47% |
| EU platform workers, 2021 | 28M |
| EU platform workers, 2025 | 43M (+53%) |
| GWP commission/take-rate | ~15–20% |
| Avg annual premium per driver | ~EUR 200–300 |
| Blended gross margin on brokerage | ~70–80% |
| SaaS ARPU per fleet/platform customer | EUR 500–2,000/month |
| Monthly opex (team of 14) | EUR 150–200K |
| New market entry cost (per country) | EUR 50–100K |
| Monthly customer growth rate (Poland) | 15–25% MoM |
| Churn rate | 10–15% annually |
- Scenarios (Base / Bull / Bear - which variables flex):
- Base: Monthly revenue grows at ~10% MoM, commission take-rate 15%, CAC payback stays ~5 months, Poland reaches Estonia-level penetration in 2–3 years, one new EU market per year.
- Bull: Take-rate increases to 20% as risk score IP commands premium pricing; platform partnerships accelerate distribution (lower CAC); SaaS layer scales to 20+ fleet clients.
- Bear: Platform partners (Bolt/Uber) in-house insurance, compressing margins; Poland pilot fails to scale beyond 700 customers; fundraise delayed, opex outpaces revenue.
- Required sheets / outputs:
- Assumptions - all drivers, tagged /
- Revenue Build - GWP by market × penetration rate × avg premium × commission rate; SaaS ARR separately
- Customer Cohorts - monthly new customers, churn, active base per country
- P&L - gross profit, opex (headcount, tech, marketing, regulatory), EBITDA
- Cash Flow & Runway - monthly burn, cash balance, months of runway
- Unit Economics - CAC, LTV, LTV/CAC ratio, payback period by cohort
- Market Penetration - EU platform worker base → Cachet addressable → active customers over time
- Scenarios - toggle Base / Bull / Bear on key flex variables
- Dashboard - KPI summary (MRR, GWP, active customers, NPS, burn, runway)
Frequently asked
Is the Cachet financial model free?+
Yes. The Cachet 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 Cachet'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 InsurTech Startup Financial Models
Browse another startup in the same category.
Ark Kapital
AI-powered precision lending platform for European tech startups, providing non-dilutive growth loans using real-time raw data analytics.
Battleface
Tech-enabled travel insurance platform covering high-risk and non-standard destinations globally, sold direct and via B2B2C partners.
Beam
Digital-first dental insurance company selling group dental (and ancillary) benefits to employers via brokers
Branch
Tech-enabled home & auto insurance company operating as a reciprocal exchange, selling bundled policies via embedded, direct, and agency channels.
Caura
Mobile app that aggregates all car-related payments (parking, congestion/ULEZ, tolls, tax, insurance) into a single platform, with insurance comparison as a key monetisation layer.
Clark
Digital insurance broker (Makler) providing a robo-advisor + human expert hybrid platform to manage and purchase all insurance lines via mobile app
Counterpart
Digital MGA (managing general agent) selling D&O and management liability insurance to US SMEs via a tech-enabled underwriting platform.
Cover Genius
API-first B2B2C insurtech platform enabling digital companies to embed and distribute insurance and warranty products globally at the point of sale.
