Card Blanch Financial Model
Crypto/Web3 Startup Financials (Free Excel Download)
Card Blanch consolidates all a consumer's payment and loyalty cards into a single physical/digital card plus app, automatically routing each transaction to the card with the best reward or discount.
professionals from Deloitte
Used by professionals from
About this model
Card Blanch combines a physical or digital card with an optimisation app that consolidates payment and loyalty cards. At checkout, it routes a transaction to the card with the user’s best reward or discount, turning portfolios into one experience.
The US-focused company was raising a $1 million seed round after closing $0.5 million from angels. Its monetisation is hybrid: users can pay a subscription, while merchant cashback or commission arrangements provide transaction-linked revenue. These lines have different economics and should not be collapsed into an ARPU assumption.
Forecast active users and cards first, then model subscription conversion, monthly payment volume, and the rate earned from merchant partners. Offset revenue with rewards, payment-network or partner costs, and customer acquisition. Sensitise retention and engagement because the proposition depends on users continuing to route spending through Card Blanch for savings to be tangible.
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 Card Blanch
cardblanch.com
How to build a detailed financial model for Card Blanch
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Card Blanch model - distilled from its pitch deck and publicly available information.
Product & value proposition
- Single ceramic or digital card that replaces 4 credit/debit cards and 10+ loyalty cards the average American carries.
- App connects all bank cards (Chase, BofA, Wells Fargo, US Bank, Citi shown) and loyalty/reward programs (Starbucks, Amazon, Walmart+, Zara, Chevron, 7-Eleven, Macy's shown).
- At point of sale, algorithm selects the connected bank card that yields the best reward or discount for that merchant; transaction is routed accordingly.
- App surfaces "best card to use" recommendations by merchant category, savings tracker, and full spending analytics by card and category.
- Differentiator: combines bank card routing AND merchant loyalty/reward management in one place; competitors (Fuze, Curve, Key Ring, Stocard) address only one side.
Market
- Key market: USA.
- 176M cardholders in the USA with 1.06B cards in use (source: Statista, Nilsonreport, Shift).
- 144B purchase transactions projected 2025 USA.
- Total addressable market claimed: $11B.
- $1.5B from discount/merchant transaction revenue stream.
- $10B from monthly subscription model revenue stream.
- No market growth rate cited for the core TAM.
Revenue model
Four stated streams:
- Merchant cashback - Card Blanch receives a cashback/commission from merchants when their card routes a transaction to a merchant partner.
- User monthly subscription - recurring fee charged to end-users (price not stated in deck).
- Up-sell on merchant rewards - premium merchant reward tiers or featured placement sold to merchants.
- Up-sell on banking card - presumably referral/distribution fee for onboarding new bank cards through the platform.
Pricing: No subscription price per user stated in deck.
Traction & metrics
Projections (deck labels these "forward looking projections and can't be guaranteed"):
| Year | Revenue | Users |
|---|---|---|
| 2022 | $3M | 50k |
| 2023 | $18M | 300k |
| 2024 | $42M | 700k |
- $0.5M angel investment successfully raised.
- No live traction/actuals disclosed (product appears pre-launch or in MVP stage based on "Finalize product development" being a next step).
Unit economics
- Implied revenue per user (from projections): $3M / 50k = $60/user in 2022; $18M / 300k = $60/user in 2023; $42M / 700k = $60/user in 2024.
- No CAC, LTV, gross margin, or payback period stated.
Competition / moat
Competitors named: Fuze, Curve, Key Ring, Stocard.
Claimed differentiation:
- Competitors don't solve bank card + loyalty card together.
- No discount/offers management in existing solutions.
- Manual card-adding process in competitors; Card Blanch automates.
- Moat implied by routing algorithm and planned patent portfolio.
Team & funding ask / use of funds
- Seed round: $1M.
- Previously raised: $0.5M angel.
- Use of funds: implied - product development finalization, go-to-market, marketing campaign, bank partner deals, patent portfolio.
Recommended financial model
- Archetype + why: Consumer subscription + merchant revenue-share model (SaaS-style ARR layered with transaction-based revenue). Two distinct revenue lines (subscription fees and merchant cashback/commission) with different drivers; mirrors a two-sided marketplace economics but driven by user count as the primary lever.
- Forecast horizon & granularity: 3 years monthly (2022–2024 matches the deck's own projection period); show monthly for Year 1, quarterly for Years 2–3. Use deck projections as base case anchor.
- Key drivers & assumptions:
| Driver | Value / Basis |
|---|---|
| Starting users (2022) | 50,000 |
| Users 2023 | 300,000 |
| Users 2024 | 700,000 |
| Monthly user growth rate (implied 2022→2023) | ~+500% YoY = ~17% MoM |
| Monthly subscription price per user | ~$5/month - consistent with $60/user/year implied ARPU from deck projections; needs confirmation |
| Subscription take rate (% of users paying) | 80–100% - deck treats subscription as the primary model |
| Merchant cashback / commission per transaction | small % (1–2%) of transaction value routed through platform; deck states $1.5B TAM from this stream |
| Average monthly spend per user routed through app | ~$500/month based on sample UI showing ~$4,800 monthly spend |
| Gross margin on subscription revenue | ~70–80% (software delivery + card issuance costs) |
| Gross margin on merchant cashback revenue | ~50–60% (pass-through to users as rewards offset) |
| CAC | $10–$30/user initially; aggressive marketing spend mentioned |
| Monthly churn | 3–5%; no retention data in deck |
| Seed capital deployed | $1M; $0.5M already raised |
- Scenarios (Base / Bull / Bear - which variables flex):
- Base: Deck projection trajectory ($3M → $18M → $42M revenue, 50k → 700k users).
- Bull: Faster user growth (reach 700k by mid-2024), bank partnership signed early boosting merchant revenue stream.
- Bear: Slower adoption (50% of deck user targets), higher CAC, subscription conversion rate 50%.
- Flex variables: monthly user growth rate, subscription price, merchant commission rate, churn.
- Required sheets / outputs:
- Assumptions - all drivers in one place.
- User Cohort Model - monthly new users, churn, cumulative active users.
- Revenue Build - subscription revenue + merchant cashback revenue, monthly.
- P&L - revenue, COGS (card issuance, processing), gross profit, S&M (CAC × new users), R&D, G&A, EBITDA.
- Cash Flow & Runway - given pre-revenue / early stage and $1M seed.
- Scenario toggle - Base / Bull / Bear.
- Summary KPIs - ARR, users, ARPU, gross margin, runway (months).
Frequently asked
Is the Card Blanch financial model free?+
Yes. The Card Blanch 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 Card Blanch'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 Crypto/Web3 Startup Financial Models
Browse another startup in the same category.
0x Labs
0x Labs builds open exchange infrastructure (protocol, API, consumer app) for on-chain token trading across multiple blockchains.
1inch Network
DeFi aggregation protocol that routes crypto swaps across 100+ liquidity sources to deliver best rates and lowest gas fees.
Aether
Synthetic biology platform that builds searchable protein indexes to engineer novel molecular assemblers for high-value industrial products.
Alto
Self-directed IRA platform enabling retail investors to invest in alternative assets (private equity, debt, real estate, crypto) via tax-advantaged retirement savings.
Auki Labs
Decentralized peer-to-peer spatial positioning SDK for social AR - building the infrastructure layer to replace GPS and enable a persistent AR metaverse.
Awesome People Ventures Fund 2
Awesome People Ventures is a community-driven, decentralized early-stage Web3 VC fund raising Fund II.
Axelar
Cross-chain blockchain overlay network enabling universal transfer of assets, transactions, and state across all blockchain ecosystems.
BRD
BRD is a non-custodial crypto wallet app (consumer) and blockchain infrastructure API platform (enterprise) targeting mass-market crypto adoption.
