# Fundid Financial Model

Fintech platform giving small business owners (especially women) access to capital via grant matching, a credit-building business card, and micro-lending.

- Canonical: https://finamodel.com/startups/fundid
- Excel download: https://finamodel.com/startup-models/fundid.xlsx
- Category: Fintech
- Model type: Lending / Credit
- Funding round: Seed
- Funding: $3.25M
- Founded: 2022
- Geography: United States
- Customer: B2B

## About the company

Fundid helps small-business owners, particularly women, access capital through grant matching, a credit-building business card, and micro-lending. The product combines discovery and education with practical financial tools for entrepreneurs underserved by traditional lenders.

The free grant marketplace can create a funnel into cardholders and borrowers, making product conversion central to its economics. Card usage generates interchange, while credit products add interest or fee income alongside their associated underwriting risk.

The model should track users from grant discovery to card application, activation, spend, and lending adoption. Forecast net interchange on card volume separately from loan originations, yield, defaults, recoveries, and funding cost, then compare customer-acquisition spend with cohort-level lifetime value.

## 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

Three-pronged platform:
1. **Grant Match Program** - aggregated grant marketplace matching business owners to available grants; free entry point / customer acquisition funnel.
2. **Business Building Card** - credit-building business charge card with BNPL "micro-loan bucket" allowing users to convert monthly expenses into micro-loans to improve cash flow; no personal guarantee implied. Card has gamified limit increases and no fees.
3. **Micro-lending** - moves higher-value expenses into micro-loans, improving SMB cash flow.

Long-term vision: leverage transaction + credit data to build a proprietary "Fundid Business Health Score" for bespoke lending products.

## Market

- U.S. SMB estimated revenue pool across lending and deposits: ~$90B–$100B
- Total U.S. small and medium business revenues: $40T across 26.5M SMBs
- Market size if women-owned businesses (WOBs) achieved equity with 42% of revenues: $17.2T
- Revenue from 13M U.S. WOBs: $1.9T
- 75% of U.S. businesses are micro-businesses (fewer than 9 employees)
- Addressable financial services pool: $90B–$100B (lending + deposits for SMB segment)

## Revenue model

Two disclosed revenue streams:
1. **Interchange** - revenue from card swipe fees when members use the Fundid Business Building Card (standard card interchange ~1–2% of spend). No specific rate disclosed.
2. **Business Loans / Micro-lending** - interest income or fee income on micro-loans originated through the card's BNPL bucket.

Additional implied streams (not explicitly stated):
- Potential premium/subscription tier for grant matching (not confirmed in deck)
- Data/partnership revenue at scale (mentioned directionally in vision slide 9, no specifics)

## Traction & metrics

All from slide 8, marketing started May 2021:

| Metric | Value |
| -- | -- |
| Grant Match Program sign-ups per day | 170–190 |
| Total Grant Match Program users | 7,057 |
| Total surveys completed | 2,000+ |
| New surveys per day | 60–80 |
| Business Building Card waitlist total | 1,560+ |
| Avg new card waitlist sign-ups per day | 60–90 |
| Monthly website impressions | 56K |
| Monthly website users | 9–10K |

Note: No revenue, no card spend, no loan volume, no paying customers disclosed. Product is in pre-launch / waitlist phase.

## Competition / moat

- Competitive framing: intersection of Business Cards (incumbents: Amex, Chase Ink, Brex, Ramp) and Buy Now Pay Later / micro-lending. Venn diagram positions Fundid at the overlap.
- Moat arguments stated: proprietary grant matching as low-CAC acquisition funnel; credit-building card targeting underserved WOBs and micro-businesses; future "Fundid Business Health Score" as proprietary credit data asset.
- Named competitors: Not explicitly listed.

## Team & funding ask / use of funds

**Team:**
- Stefanie Sample - Founder & CEO; serial entrepreneur 13 years, marketing/growth consultant to 30+ startups; advisory board First Interstate Bank, YPO.
- Cameron Peake - Strategy & Operations; Co-founder & CEO Azlo, Innovation @ BBVA, Co-Founder Wharton Fintech.
- Matthew Browning - Banking Ops; COO Snap Finance, CEO/President Sterne Agee Bank, President Target Bank.
- Millicent Tracy - Compliance & Risk; SVP Payments Wells Fargo, Park Place Fintech.
- Camellia George - Banking Technology; Co-founder & CTO Koxa, Head of Product Venmo, Head of Product Ninth Wave.
- Mylee Vignes - Product; SVP Head of Growth Products & Innovation Snap Finance.

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## Recommended financial model

- **Archetype + why:** Fintech / marketplace + card lending 3-statement model with two modules: (1) a **SaaS-style user funnel** for the grant marketplace (free users → card applicants → activated cardholders) driving CAC math, and (2) a **card/lending P&L** (interchange revenue + net interest income on micro-loans). Closest public analog: neobank / SMB card P&L (think Brex or Ramp at early stage). A simple 3-statement model with monthly granularity in Year 1–2 is the right level given pre-revenue stage.

- **Forecast horizon & granularity:** 3 years; monthly in Year 1 (pre-card launch through ramp), quarterly in Years 2–3.

- **Key drivers & assumptions:**

  *User funnel / acquisition:*
  - Grant marketplace daily sign-ups: 170–190; stabilises then grows as paid marketing turns on post-raise.
  - Conversion: grant user → card waitlist: ~20–25% based on waitlist/user ratio at time of deck (1,560 waitlist / 7,057 users ≈ 22%).
  - Card activation rate from waitlist: 60–70% (typical fintech waitlist-to-activation).
  - Monthly active cardholders ramp: starts near zero at launch; model from scratch using funnel.

  *Card economics:*
  - Average monthly card spend per cardholder: $2,000–$5,000 (SMB card benchmarks; no deck data).
  - Interchange yield: 1.5–2.0% of spend (standard Visa/MC business card).
  - Micro-loan "bucket" utilisation rate: 30–40% of cardholders move expenses to micro-loans.
  - Average micro-loan balance per user: $1,000–$3,000.
  - Net interest margin on micro-loans: 8–15% annualised (positioned as low-cost vs. credit cards at 17–20%).
  - Net credit loss rate: 3–6% (early-stage SMB micro-lending; no historical data).

  *Cost structure:*
  - CAC (blended, grant funnel): $20–$50 per grant user; $150–$300 per activated cardholder (low acquisition cost is core thesis).
  - Card program costs (processing, BIN sponsorship, fraud): 0.5–0.8% of spend.
  - Headcount: scale from current ~6 team + ops hires post-raise.
  - Compliance / banking / regulatory: material fixed cost given banking ops team.

- **Scenarios (Base / Bull / Bear - which variables flex):**
  - **Base:** Grant sign-ups hold at 170–190/day; 20% convert to cardholders; card spend at $3K/month/user; 35% micro-loan utilisation; credit losses 4%.
  - **Bull:** Sign-ups accelerate post-marketing spend; higher conversion (30%); spend per cardholder $5K+; lower losses 2–3%.
  - **Bear:** Conversion drops to 10%; card activation stalls (waitlist doesn't convert); credit losses spike 8%+; interchange revenue insufficient to cover fixed costs.

- **Required sheets / outputs:**
  1. `Assumptions` - all drivers in one place, switchable by scenario.
  2. `User Funnel` - monthly grant users → card applicants → activated cardholders → churned.
  3. `Revenue Build` - interchange P&L + micro-loan interest income.
  4. `Cost Build` - CAC, card program opex, headcount, compliance.
  5. `Income Statement` - monthly IS, then annual summary.
  6. `Balance Sheet` - loan book, card receivables, cash.
  7. `Cash Flow` - operating CF, funding draws, runway.
  8. `Dashboard` - KPI summary (cardholders, GMV spend, loan book, revenue, burn, runway).

## Frequently asked questions

### Is the Fundid financial model free?

Yes. The Fundid 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.