Esusu Financial Model

Three integrated products sold as a platform:

1. Rent Reporting - integrates with property-management software (Entrata, MRI, RealPage, Yardi, ResMan) to report on-time rent payments to Experian, Equifax, and TransUnion, helping renters build credit scores. Landlords benefit from improved on-time payment rates.
2. Housing Stability Loans - micro-loans to renters at risk of eviction; reduces landlord turnover and improves cash flow.
3. Esusu RentRisk Analytics Platform - ESG/impact-measurement dashboard for landlords and lenders; tracks building stability score, tenant credit profiles, demographic data, cash flow, rental history; AI/ML predictive risk scoring.

Platform sits between landlord/renter → property software → Esusu → all three major credit bureaus.

• 109 million Americans pay rent monthly; average rent ~$1,100/month; total rent flow ~$1.44 trillion/year.
• ~100 million renters (>90%) do not get credit for on-time rent.
• Rent represents >35% of monthly income for many renters.
• 48 million rental units in the US; Esusu integrated into 38 million.
• Market opportunity slide (slide 7) shows three charts (bar/bar/donut) - specific dollar TAM/SAM/SOM figures are illegible due to image blur; cannot be cited.
• No explicit TAM/SAM/SOM dollar figures readable from deck.

Deck does not spell out pricing or fee schedules explicitly. Based on the three products:

• Rent Reporting SaaS - B2B subscription sold to landlords/property managers per unit per month.
• RentRisk Analytics - likely bundled SaaS or upsell tier to landlords/lenders.
• Housing Stability Loans - origination fees and/or interest income on microloans deployed to renters.
• Indirect revenue enabler: ESG data sold/licensed to lenders and institutional real estate investors.

No pricing tiers, ARPU, or revenue figures disclosed in the deck.

All figures from the deck:

• Platform coverage: Integrated into 38M of 48M US rental units.
• Landlord partners: 35% of the largest US landlords; 2.5M units; 6M+ renters.
• Named partners: Cushman & Wakefield, Starwood Capital Group, Related Companies, Goldman Sachs, Camden, Carroll, EnVolve, Jonathan Rose Companies, L&M Development Partners, WinnCompanies, The NHP Foundation, Turner Impact Capital, Mercy Housing, HK.
• Related Companies case study:
• Portfolio coverage grew from 1,500 → 55,000+ units.
• +2,309 residents established a credit score.
• $500K in microloans deployed.
• +32 pts average credit score improvement.
• 82% of residents saw a credit score improvement.
• Loan book size: Only $500K referenced (single partner case study).

• Self-described "trusted market leader and de facto partner for rent reporting".
• "Strongest brand in the sector" through media and storytelling.
• Moat sources (implicit from deck): deep integrations across 5 major property-management software platforms (Entrata, MRI, RealPage, Yardi, ResMan); all three credit bureaus; 38M unit data moat; regulatory tailwinds (favorable regulatory environment referenced, slide 14 - specific legislation blurred).
• No named competitors identified in deck.

• Founders: Samir Goel (previously Goldman Sachs) and Abbey Wemimo (previously LinkedIn).
• Team: "Experienced founders, real estate operators & technologists" - individual team members on slide 15 are blurred/unreadable.

• Archetype + why: B2B SaaS ARR model with a lending (origination/interest income) revenue line. Esusu's primary engine is recurring per-unit subscription revenue from landlords; the loan book is a secondary income stream. A pure SaaS ARR build with an appended loan-economics schedule is the right structure - capturing ARR growth (logo expansion + upsell from Rent Reporting to RentRisk) alongside a microloan origination/repayment waterfall.

• Forecast horizon & granularity: 5-year model (2022–2026), monthly for years 1–2, quarterly for years 3–5. Series B investors will want to see path to scale and eventual profitability.

• Key drivers & assumptions:
• *Addressable units*: 48M US rental units; Esusu already integrated into 38M - penetration ceiling is high.
• *Active paying units*: 2.5M units on platform at time of deck → penetration of integrated universe ~6.6%.
• *Net new units per year*:.
• *ARPU (Rent Reporting)*:.
• *ARPU (RentRisk Analytics)*:.
• *Upsell / attach rate (RentRisk)*:.
• *Loan origination volume*:.
• *Loan yield / fee*:.
• *Gross margin*:.
• *Sales motion*: B2B land-and-expand (expand units within existing landlord portfolios - proven by Related case study 1,500 → 55,000 units).
• *Churn*:.
• *Headcount growth*:.

• Scenarios (Base / Bull / Bear):
• *Base*: Paying units grow ~60% YoY declining to 25%; ARPU at $1.50/unit/month; RentRisk attach 25%.
• *Bull*: Regulatory mandates for rent reporting accelerate adoption (referenced as tailwind, slide 14); ARPU expands to $2.50; attach rate 40%; loan volume 2x base.
• *Bear*: Sales cycle elongation with large institutional landlords; unit growth 20–30% YoY; no ARPU expansion; lending pull-back.
• *Flex variables*: paying-unit growth rate, ARPU, RentRisk attach rate, loan origination volume.

• Required sheets / outputs:

1. Assumptions dashboard (all drivers in one place, color-coded inputs).
2. Unit build - active paying units by cohort (land + expand model).
3. Revenue schedule - Rent Reporting SaaS + RentRisk SaaS + Loan origination income.
4. P&L (Income Statement) - revenue, COGS (bureau fees, data costs, loan cost of capital), gross profit, OpEx (S&M, R&D, G&A), EBITDA.
5. Loan book schedule - originations, repayments, outstanding balance, fee income, loss reserve.
6. Cash flow summary.
7. KPI summary - ARR, paying units, ARPU, gross margin %, LTV/CAC (once data available).
8. Scenario toggle (Base / Bull / Bear).