Helu Financial Model
Enterprise/Security Startup Financials (Free Excel Download)
B2B SaaS FP&A platform (controlling, reporting, budgeting) for DACH-market SMEs, replacing Excel via deep DATEV accounting integration.
professionals from Deloitte
Used by professionals from
About this model
Helu is a B2B FP&A platform for DACH small and mid-sized businesses. It combines controlling, reporting, and budgeting with deep DATEV accounting integration, positioning the software as a practical replacement for spreadsheet-led finance processes.
The company sells through a mix of direct and tax-advisor or software-partner channels. Its target customers need recurring finance visibility and planning without the cost or complexity of a large-enterprise system, which supports a company- or seat-based subscription model.
The model builds ARR from new SMEs, average subscription value, partner-sourced versus direct deals, expansion, and churn. It tracks CAC payback, net revenue retention, onboarding, gross margin, sales and partner costs, hiring, and the route to profitability.
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 Helu
helu.io
How to build a detailed financial model for Helu
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Helu model - distilled from its pitch deck and publicly available information.
Product & value proposition
- FP&A platform with four modules: (1) Reporting Platform - financial statements, flexible account mapping, custom KPI calculations, 100% data integrity; (2) Controlling Platform - cost centre analysis, creditor/debtor analysis, drill-down to single booking level; (3) Budgeting & Planning - tailored calculation, individual user access rights, dynamic data visualisation; (4) Liquidity Monitor - liquidity planning/scenarios, loan repayment simulation, collaborative run-rate discussion.
- Core differentiator: unique DATEV API integration at single bookings/journal-entry level - the only platform converting raw DATEV bookings into live financial reports.
- Enables tax advisors to collaborate with SME clients on the same platform.
- Ingests non-financial data (Salesforce, HubSpot, Pipedrive, Personio, Excel, Google Sheets, Power BI) alongside financial data.
- Positioning: "Personio for CFOs" in DACH.
Market
- Global B2B SaaS market: $100bn (cited as total addressable; no source given for this figure specifically - slide 8 source is Statista for company counts by country, not revenue).
- European FP&A/controlling software market: €80bn.
- DACH-specific: ~2.5m SMEs in Germany alone; 99.5% of German companies are SMEs; 97.5% of German exporters are SMEs.
- DATEV holds ~75% market share among German tax advisors.
- Comparable: Personio reached €6.5bn valuation via DACH SME focus in ~6 years.
Revenue model
- SaaS subscription (implied by FP&A platform model); no pricing tiers, ACV, or seat pricing disclosed in deck.
- Two go-to-market channels apparent: (1) direct to SME CFO/finance teams; (2) indirect via 14 software partnerships and DATEV tax-advisor network.
Traction & metrics
- 14 software partnerships.
- 5,250 total reach to tax advisors via partnerships.
- 14,230 total reach to SMEs.
- 35 FTEs, 12 nationalities, 8 languages, 5 previous SaaS companies on team.
- Press coverage: Frankfurter Allgemeine, DerStandard, Gründerszene, Future Zone, TechEU, Deutsche Startups, Business Insider.
Competition / moat
- No direct competitor named in DACH for controlling & reporting software; described as "no champion for controlling & reporting software in EU".
- Moat levers:
- Unique DATEV API at single bookings level (high technical barrier - DATEV has decentralised API per SME/tax advisor).
- Full German accounting & tax compliance integration.
- DATEV software cooperation status (formal partnership).
- EU data sovereignty advantage over US incumbents (server infrastructure in Frankfurt).
- DACH-native founding team with established press/network.
- Implicit competitive set: Excel (primary incumbent), generic BI tools (Power BI, Google Sheets), international FP&A SaaS not natively DATEV-integrated.
Team & funding ask / use of funds
- Founder: Franz Salzmann - serial entrepreneur, TC Disrupt Winner, former Speedinvest partner, former board member at wefox, Adverity, GoStudent; educated at University of Oxford and Universität St. Gallen.
- Key hires: CFO (Daniel Hamada), Product Lead (David Wagner), Marketing Lead (Shawsta Leopold), Head of Sales (Leslie), Design Lead (Ines Gamler), Back-end Lead (Petar Aleksic), Front-End Lead (Lucas Traba), Customer Support Lead (Konstantin Bachmann).
- Investors: CommerzVentures, Atlantic Labs.
- Advisors: Christophe Maire (serial entrepreneur), Fabian Wesemann (CFO/co-founder Wefox), Alexander Huber (CMO Wefox), Marco Rodzynek (founder NOAH), Eric Demuth (CEO Bitpanda), Tilo Bonow (founder Piabo).
Recommended financial model
- Archetype + why: B2B SaaS ARR model. Helu is a subscription FP&A platform selling to SMEs via direct + partner channels. Revenue is recurring, seat- or company-based. The core outputs investors want are ARR bridge, net revenue retention, CAC payback, and path to profitability - all standard SaaS ARR mechanics.
- Forecast horizon & granularity: 3 years monthly (Year 1–2 monthly, Year 3 quarterly rollup). Early-stage SaaS with partner channel ramp warrants monthly granularity to capture seasonal churn and partnership contribution cohort effects.
- Key drivers & assumptions:
| Driver | Value |
|---|---|
| New customers - direct (mo. 1) | 5 |
| New customers - partner channel (mo. 1) | 10 |
| Direct channel MoM growth | 10% |
| Partner channel MoM growth | 8% |
| Monthly churn rate | 1.5% |
| ACV per customer | €6,000–€12,000 / yr |
| Gross margin | 70% |
| S&M as % of revenue | 40% |
| R&D as % of revenue | 30% |
| G&A as % of revenue | 15% |
| Average team headcount ramp | +3–5 FTEs/qtr |
| Partner reach - tax advisors | 5,250 |
| Partner reach - SMEs | 14,230 |
| Conversion: SME reach → customer | 1–3% |
| DATEV market share (Germany) | 75% |
| German SME count | 2.5m |
- Scenarios (Base / Bull / Bear - which variables flex):
- Base: Direct channel grows 10% MoM; 1.5% monthly churn; ACV €8,000; partner conversion 1.5%.
- Bull: Partner channel outperforms (DATEV cooperation accelerates lead flow); ACV €12,000 (larger SMEs; multi-module upsell); churn 0.8%.
- Bear: Partner activation slow (6-month lag); direct ACV €6,000 (price pressure); churn 2.5%.
- Flex variables: partner conversion rate, ACV, monthly churn, headcount ramp timing.
- Required sheets / outputs:
- Assumptions - all drivers in one input sheet; no hardcoded numbers elsewhere.
- Customer cohorts - monthly new logos by channel (direct / partner); churned customers; ending logo count; NRR.
- ARR bridge - beginning ARR + new ARR + expansion − churn = ending ARR; MRR view for monthly granularity.
- P&L - Revenue → Gross Profit → EBITDA; headcount-driven opex (S&M, R&D, G&A).
- Headcount plan - FTE by department, salary assumptions, linked to opex.
- Cash / runway - cash burn, runway in months given raise amount (ask unknown; leave as input).
- Unit economics - blended CAC (by channel), LTV, LTV/CAC, payback period.
- Dashboard - ARR, logo count, NRR, gross margin %, burn, runway (KPI cards + ARR waterfall chart + cohort retention heatmap).
Frequently asked
Is the Helu financial model free?+
Yes. The Helu 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 Helu'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
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