# Coinrule Financial Model No-code automated crypto trading platform for retail investors, enabling rule-based algorithmic strategies without programming skills. - Canonical: https://finamodel.com/startups/coinrule - Excel download: https://finamodel.com/startup-models/coinrule.xlsx - Category: Crypto/Web3 - Model type: SaaS ARR / Valuation - Funding round: Seed - Funding: $2M - Founded: 2021 - Geography: Global; users from 130+ countries; top 5: USA, UK, Brazil, Spain, Germany [DECK slide 06]. - Customer: B2B2C ## About the company Coinrule is a no-code automated crypto-trading platform for retail investors, allowing users to set rule-based strategies without programming. It uses a freemium, tiered subscription model rather than taking a disclosed share of customer trading volume, so the product is fundamentally an ARR business. The platform served users in more than 130 countries, led by the US, UK, Brazil, Spain, and Germany. Its deck identifies MKB Fintechlab as the latest round’s lead investor, but does not disclose the round size. The global retail audience makes exchange connections and customer support operationally relevant alongside conversion. Build a monthly freemium funnel from acquired users to activated free accounts, paid conversion, and tier mix. Multiply subscribers by tier price to derive recurring revenue, then model churn, upgrades, support, exchange-integration costs, and acquisition spend. Keep trading volume as an engagement KPI, not a revenue driver, unless a separately evidenced transaction-fee product is introduced. ## What's included - 5-year monthly revenue build with stage-appropriate growth assumptions - Full P&L, headcount plan, and operating-expense schedule - Cash-flow statement, runway, and burn-rate tracking - Valuation via exit multiple with a DCF cross-check - Returns analysis with MOIC and IRR - Unit economics including CAC, LTV, payback, and cohort retention ## Product & value proposition - Beginner-friendly platform to send automated trading instructions to crypto exchanges. No coding required. - "If this then that" rule logic - users build rules (conditions + actions) that execute automatically 24/7. - Integrations: Binance, Coinbase Pro, OKEx, Bitstamp, Bitpanda, Kraken, and more. - Web + mobile app. Rule marketplace allows users to share/like strategies (169 likes on a sample rule shown). - Template library (7–unlimited strategies depending on tier). ## Market - 360M millennials own crypto currencies worldwide. - 82% of crypto holders want to quickly react to market changes. - Narrative framing: institutional markets are already bot-driven (The Economist, FT cited). - No explicit TAM/SAM/SOM dollar figures provided. ## Revenue model Freemium SaaS with four tiers: | Tier | Monthly price | Annual price | Key limits | | ---------- | ------------- | ------------- | --------------------------------------------- | | Starter | Free | Free | 2 Live Rules, 1 Exchange, up to $5k/mo trade vol | | Hobbyist | $29.99/mo | $359/yr | 7 Live Rules, 2 Exchanges, up to $50k/mo trade vol | | Trader | $59.99/mo | $719/yr | 15 Live Rules, 3 Exchanges, up to $500k/mo trade vol | | Pro | $449.99/mo | $5,399/yr | 50 Live Rules, Unlimited Exchanges, up to $3m/mo trade vol | - Annual billing offered at up to 20% discount vs monthly. - Revenue is pure subscription; no transaction fee or revenue-share model disclosed. - Upsell lever: number of live rules, connected exchanges, trade volume cap, and premium features (ultra-fast socket, 1:1 training). ## Traction & metrics - Users from 130+ countries; top markets: USA, UK, Brazil, Spain, Germany. - Sample user performance shown: generated $4,230 since Dec 12, 2017; started with $2,360; gain +46.37%. - KPI slide headline: "Investors Make 67% Profits Despite Historical Market Collapse." - Coinrule User Profits Breakdown (three-month cohort, self-reported Coinrule data): - 40k–50k profit: 23% - 20k–30k profit: 23% - 0–10k profit: 21% - 0 to -10k loss: 6% - -10k to -20k loss: 28% - (67% of users profitable; 34% in loss over the period) - No MRR, ARR, total user count, churn rate, or growth rate figures disclosed in deck. ## Competition / moat - Moat framing: no-code simplicity vs institutional algo trading tools; template marketplace creates network effects. - Affiliations / credibility markers: - MKB Fintechlab (lead investor) - FCA Sandbox Alumni - Enterprise Ethereum Alliance (co-organiser) - MassChallenge Alumni - RBS Fintech Program - Alan Turing Institute (research project) - Kraken & Bitpanda (premium partners) - Web Summit featured showcase - London & Partners Growth Program - Named competitors: not explicitly shown. Implied competitive set = institutional algo platforms, manual trading on exchanges. ## Team & funding ask / use of funds **Founders**: - Gabriele Musella, CEO & Co-founder - ex UBS, Vodafone, Nokia, Lloyds; MIT; Lead Mentor at Google; Advisor at Harvard. - Oleg Giberstein, COO & Co-founder - ex Citi (banking/risk); crypto & token economics specialist; MPhil Oxford. - Zdenek Hofler, CTO & Co-founder - Node.js engineer; GDPR expertise; cyber security entrepreneur; ex O2/Telefonica. **Advisors**: - Robin Bade (ex CEO Europe, Mirum/WPP) - Oliver Snoddy (ex Global Head of Brand, Twitter) - Mary Alcantara (Head of Startups, MKB Bank) - John Austin (ex Chief Strategy Officer, IG Index) - Andrea Baronchelli (Researcher, UCL / Blockchain Centre City University) --- ## Recommended financial model - **Archetype + why:** SaaS subscription ARR model with freemium funnel. Revenue is purely recurring subscription across four tiers; no transaction or volume-based revenue shown. Freemium free tier creates a conversion funnel - the model must capture free→paid conversion rates and tier mix. - **Forecast horizon & granularity:** Monthly for years 1–2; annual summary for years 3–5. Crypto-market sensitivity makes quarterly granularity beyond Y2 unreliable without scenario analysis. - **Key drivers & assumptions:** | Driver | Value / Tag | | ------- | ------------ | | Starting registered users | Estimate 5,000–20,000 given 130+ country reach but no count disclosed; use 10,000 as base | | Free-tier % of user base | ~60–70% typical for freemium SaaS | | Free→Hobbyist conversion rate | 3–6% monthly; crypto engagement is high-intent | | Hobbyist→Trader upgrade rate | 10–15% of paid; upgrade driven by trade volume limits | | Trader→Pro upgrade rate | 3–5%; high price point, whale users only | | Monthly pricing (Hobbyist / Trader / Pro) | $29.99 / $59.99 / $449.99 | | Annual plan take rate | 40–50% on paid tiers; 20% discount incentive | | Monthly user growth rate | 8–15% MoM early stage; slowing to 3–5% by Y3 | | Gross margin | 70–80%; cloud infra + exchange API costs; no COGS disclosed | | Monthly churn (paid) | 4–7%; crypto platforms show elevated churn in bear markets | | CAC | $30–$80 blended; content/SEO + community heavy | | LTV (Hobbyist) | $29.99 × (1/churn); at 5% churn ≈ $600 | | S&M % of revenue | 40–60% early stage | | R&D % of revenue | 25–35% | | G&A % of revenue | 15–20% | - **Scenarios (Base / Bull / Bear - which variables flex):** - **Bear:** Crypto market downturn - churn spikes to 10–12%, new user growth halves, upgrade rates fall. Revenue flat or declining Y2. - **Base:** Stable crypto market, 10% MoM user growth, 5% paid churn, moderate tier mix. - **Bull:** Bull crypto market drives viral growth (20%+ MoM), lower churn (2–3%), faster Pro tier upgrades; ARR compounds rapidly. - Primary flex variables: user growth rate, paid churn, tier upgrade rates, and crypto market sentiment proxy. - **Required sheets / outputs:** 1. **Assumptions** - all drivers in one place, scenario toggles 2. **User Funnel** - registered → free → paid by tier (monthly cohort) 3. **Revenue** - MRR/ARR by tier, annual vs monthly billing split 4. **P&L** - gross margin, S&M, R&D, G&A, EBITDA 5. **Runway / Cash** - monthly cash burn and runway given disclosed/assumed raise 6. **KPI Summary** - MRR, ARR, paid users, ARPU, LTV/CAC, churn, net revenue retention 7. **Dashboard** - charts: MRR growth, tier mix, user funnel conversion, LTV/CAC, scenario comparison ## Frequently asked questions ### Is the Coinrule financial model free? Yes. The Coinrule model is a free Excel download with live formulas. ### Can I change the assumptions? Yes. The workbook is editable and its live formulas recalculate when assumptions change.