Incentify Financial Model
Fintech Startup Financials (Free Excel Download)
SaaS platform that centralizes discovery, compliance, and monetization of tax credits & incentives (C&I) for large enterprises.
professionals from Deloitte
Used by professionals from
About this model
Incentify is an enterprise SaaS platform for discovering, managing, and monetising tax credits and incentives. It gives large companies a central view of complex credit portfolios and the compliance work needed to capture their value.
The sales motion is aimed at Fortune 500 and other large corporates with substantial incentive portfolios. Its commercial model is not disclosed, but the scale of credits under management supports a subscription or value-based relationship rather than a lightweight self-serve tool.
The model should forecast enterprise logos, portfolio size under management, subscription ACV, implementation timing, expansion, and churn. An optional value-based fee can be linked to incremental savings captured, but it should be kept separate from contracted SaaS ARR until pricing evidence is confirmed.
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 Incentify
incentify.com
How to build a detailed financial model for Incentify
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Incentify model - distilled from its pitch deck and publicly available information.
Product & value proposition
- Cloud platform for managing Tax Credits & Incentives (C&I) as an enterprise asset class.
- Five capability pillars: Discovery (site selection, new opportunities), Centralization & Standardization (data, history), Workflow & Compliance (process standardization), Team Collaboration (internal + external), Analytics & Reporting.
- Integrations: AWS, Wolters Kluwer, Box, IBM Watson.
- Core insight: the average enterprise claims only ~3.6% of eligible C&I costs (SC Legislative Audit Study, June 2020 example: $6.2B eligible, $223M actually claimed).
- Maturity model: 5-phase framework from "Passive and externally driven" to "Optimized single system"; target state is Phase 4–5 with C&I/CapEx ratio of 25%+.
Market
- No explicit TAM/SAM/SOM figures in deck.
- Proxy for market size: aggregate unclaimed C&I is massive; single SC example = $6.2B eligible, 3.6% claimed.
- "Largest Solution Provider in the world" for C&I.
Revenue model
- Pricing model: Not explicitly stated in deck.
- Inferred model: enterprise SaaS subscription (platform fee) against assets under management or per-credit-portfolio, given the portfolio overview showing $446,618,683 across 53 credits for a single client.
- Sales motion: direct enterprise sales to Fortune 500 and large corporates.
- No per-seat, per-credit, or percentage-of-savings pricing disclosed.
Traction & metrics
- $22B+ in C&I assets managed on Incentify.
- 264,000+ jobs supported at $60,101 avg salary.
- $10B+ in local taxable revenue generated for clients.
- 400+ factories, films, and HQs supported.
- 3,400 formerly incarcerated individuals placed back to work.
- 1.1 million tonnes of CO2 diverted.
- Multiple Fortune 500 customers.
- Demo client portfolio: $446,618,683 across 53 credits (one anonymized client shown).
Unit economics
- Value delivered per client (anonymized to $100MM C&I): ~$6.5MM total benefit, equivalent to ~6.5% of C&I under management.
- Reduce compliance errors (forfeiture, recapture, clawback): $2.3MM
- Reduce slippage: $1.69MM
- Increase C&I monetization: $1.235MM
- Continuity protection / turnover / training: $715K
- Incentive discovery: $512K
Competition / moat
- Claims "First Cloud Solution for Tax Credits & Incentives" and "Largest Solution Provider in the world".
- Implied moat: data network (6 continents, $22B+ managed), workflow lock-in, multi-department integrations, knowledge continuity.
Team & funding ask / use of funds
- VC-backed (fund not named).
- HQ: Los Angeles, CA.
Recommended financial model
- Archetype + why: Enterprise SaaS ARR model with an AUM (assets-under-management) overlay. Revenue is almost certainly a subscription fee tied to the size of C&I portfolios managed; the $22B+ AUM figure is the natural top-line growth driver, analogous to an asset manager. A secondary "value-based" upsell layer (% of incremental savings captured) is plausible but unconfirmed.
- Forecast horizon & granularity: 5-year annual model (Year 1–5) with Year 1 split monthly for cash-flow / runway visibility. Enterprise SaaS cycles are long (6–12 months), so monthly isn't necessary beyond Year 1.
- Key drivers & assumptions:
| Driver | Seed value |
|---|---|
| Starting C&I AUM | $22B |
| Avg C&I portfolio per client | ~$415M ($22B ÷ ~53 proxied clients) |
| AUM growth rate (new logos + portfolio expansion) | 20–30% YoY |
| Platform fee as % of AUM | 0.05–0.15% |
| Gross margin | 70–80% |
| Sales cycle | 9 months |
| Net Revenue Retention (NRR) | 110–120% |
| Churn rate | 5–8% gross annual |
| Headcount / S&M spend ratio | 30–40% of revenue |
| R&D spend ratio | 15–20% of revenue |
| Value delivered per $100MM C&I | $6.5MM (~6.5%) |
- Scenarios (Base / Bull / Bear - which variables flex):
- Bear: AUM growth 15% YoY, platform fee at low end (0.05%), NRR 105%, churn 10%.
- Base: AUM growth 25% YoY, platform fee 0.10%, NRR 115%, churn 7%.
- Bull: AUM growth 40% YoY (new geographies, new incentive types), platform fee 0.15% or value-share add-on, NRR 125%, churn 5%.
- Primary flex variables: AUM growth rate, fee rate (pricing power), NRR.
- Required sheets / outputs:
- Assumptions - all drivers in one place, scenario toggle.
- Revenue build - new logo AUM additions, existing AUM expansion, churned AUM; fee revenue = AUM × rate.
- P&L (Income Statement) - Revenue, COGS, Gross Profit, S&M, R&D, G&A, EBITDA, Net Income.
- Headcount plan - linked to S&M and R&D costs.
- Cash Flow & Runway - especially for fundraising narrative.
- ARR bridge - New ARR, Expansion ARR, Churned ARR, Net New ARR, Ending ARR.
- SaaS metrics dashboard - ARR, NRR, LTV/CAC (once CAC is estimated), Magic Number, Rule of 40.
Frequently asked
Is the Incentify financial model free?+
Yes. The Incentify 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 Incentify'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.
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