# Kamino Financial Model

End-to-end financial and corporate hub for high-growth Latin American businesses (B2B fintech infrastructure).

- Canonical: https://finamodel.com/startups/kamino
- Excel download: https://finamodel.com/startup-models/kamino.xlsx
- Category: Fintech
- Model type: SaaS ARR / Valuation
- Funding round: Pre-seed
- Funding: $6.1M
- Founded: 2022
- Geography: Latin America (Brazil explicitly called out for credit pool; broader LatAm for card and FX).
- Customer: B2B2C

## About the company

Kamino is a financial and corporate hub for high-growth Latin American businesses. It combines corporate cards, credit, FX services, and an implied software layer, giving companies several financial workflows through one provider.

The business has three recurring economic engines: interchange on card volume, spread on credit, and FX fees on cross-border activity. Serving businesses with several products can improve distribution efficiency and make each customer relationship more valuable over time.

The model should forecast customer accounts, card TPV and take rate, loan-book balances and credit losses, plus FX volume and spread. A separate subscription schedule can capture software revenue; all streams should roll into a balance-sheet-aware P&L because credit requires capital and funding.

## 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-layer staircase model:
1. **Operations** - banking & payments tools to get businesses set up from zero (accounts, payment rails, cross-border).
2. **Growth** - credit facilities and better payment rails (corporate credit card, lending).
3. **Optimization** - Software / SaaS solutions to scale the business.

Value prop: replace the analog banking oligopoly blocking LatAm high-growth businesses from accessing credit, decent payment rails, and cross-border infrastructure - mirroring playbooks of Mercury, Brex (US) and Razorpay (India) in LatAm.

## Market

- TAM framing: 3 million high-growth businesses in LatAm; these represent ~12% of total firms but 60–80% of all new sales and employment.
- Banking market: $600Bn total banking products.
- Payments market: $2.4Tn TPV.
- Market opportunity table (total addressable revenue pools):

| Product | Volume (est.) | Take rate (market) | Net Revenue Pool (est. total market) |
| -- | -- | -- | -- |
| Corporate Credit Card | $46Bn | 1% | $370MM |
| Credit (new pool LatAm + existing pool BR) | $606Bn | 9% | $50Bn |
| FX services | $2.4Tn | 0.5% | $12Bn |

- Pipeline catalyst: $94Bn of new VC funding to be deployed across ~4,000 VC deals over next 4 years - directly expanding the addressable customer base.

## Revenue model

Three product revenue streams, all recurring:
1. **Corporate credit card** - interchange / take rate (~1% on TPV).
2. **Credit** - interest/spread on loans (~9% take rate on loan book; combines new LatAm pool and existing Brazil pool).
3. **FX services** - spread on FX volume (~0.5% take rate on TPV).
- SaaS / software layer implied at Optimization tier but no pricing stated.
- Distribution channel: direct to high-growth businesses / startups; no channel partners mentioned.
- Pricing: No specific card fee, subscription fee, or loan APR stated in deck.

## Competition / moat

- **Developed markets comparables**: Mercury, Brex, Rho Business Banking (verticalized banking); Razorpay India (end-to-end financial infrastructure).
- **LatAm gap**: no equivalent end-to-end fintech infrastructure for growth businesses; incumbents are an "analog banking oligopoly".
- Moat claims: first-mover framing in LatAm for this stack; team with deep regional fintech operator experience (see §8).
- No proprietary tech, regulatory licenses, or data moat mentioned explicitly.

## Team & funding ask / use of funds

**Founding team**:
- Gonzalo Parejo (Biz Dev) - Founder @ Ontruck ($80M raised); 10+ yrs B2B sales/ops across LatAm & Europe.
- Rodrigo Perenha (Tech) - Dir. of Engineering @ MercadoLibre; hired 1,000+ devs for payment products.
- Benjamin Gleason (Corp Dev) - Founder @ Guiabolso ($83M raised; exit 2021); Open Banking & Corp Dev; Endeavor Entrepreneur.
- Gutemberg Fragoso (Product) - Sr. Head of Product & Marketing @ Amazon Books.

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## Recommended financial model

- **Archetype + why**: Multi-product B2B fintech operating model - combining (a) a **payments/card interchange model** (volume × take rate), (b) a **lending / credit book model** (loan portfolio balance × NIM/spread, with loss provisions), and (c) a **SaaS ARR model** for the software layer. This mirrors the Mercury/Brex model structure, adapted for LatAm multi-currency. A full 3-statement model is appropriate once the business is operational; at seed stage, a cohort-based customer + revenue build is the right starting point.

- **Forecast horizon & granularity**: Monthly for Year 1–2; quarterly for Year 3–5. 5-year horizon standard for fintech fundraise.

- **Key drivers & assumptions**:
  - Number of high-growth businesses in LatAm addressable: 3,000,000
  - Market share of addressable businesses reached (Year 1–5): 0.01% → 0.5% ramp; rationale: pre-launch, no traction data
  - Average corporate card spend per customer per month: ~$20K–$50K; rationale: typical early-stage LatAm startup monthly opex
  - Card interchange take rate: 1%
  - Average credit facility per customer: $200K–$500K; rationale: proxy from Brex/Guiabolso early cohorts
  - Credit take rate / net interest margin: 9% - note this is total market rate; Kamino's realized NIM will be lower after cost of funds
  - Credit loss rate (NPL): 3–6%; rationale: LatAm SME lending norms; key risk lever
  - FX volume per customer per month: $10K–$30K; rationale: early-stage cross-border transactions
  - FX take rate: 0.5%
  - SaaS ARPU per customer per month: $100–$300; rationale: comparable B2B SaaS for SME fintech tools
  - Gross margin on SaaS: 70–80%; rationale: software industry standard
  - Customer acquisition cost: $500–$2,000 per customer; rationale: B2B fintech LatAm benchmark
  - Payback period: 12–24 months; rationale: multi-product cross-sell improves LTV
  - Headcount & opex ramp: seed team ~15–20 FTE; standard fintech burn
  - FX/currency: multi-currency (BRL primary, USD secondary); model in USD with BRL/USD rate sensitivity

- **Scenarios (Base / Bull / Bear - which variables flex)**:
  - Bear: slow customer acquisition (0.005% market penetration by Y3), high NPL (8%), card spend at low end
  - Base: 0.1% penetration by Y3, NPL 4%, mid-range spend assumptions
  - Bull: 0.3% penetration by Y3, cross-sell all three products to >50% of customers, NPL 2.5%, SaaS layer monetized by Y2

- **Required sheets / outputs**:
  1. Assumptions dashboard (all drivers in one place, toggleable scenarios)
  2. Customer cohort build (new customers per month, cumulative active base)
  3. Card revenue model (customers × avg monthly spend × take rate)
  4. Credit book model (loan originations, portfolio balance, NIM, provision for credit losses)
  5. FX revenue model (customers × avg FX volume × spread)
  6. SaaS/software ARR model (attach rate × ARPU)
  7. Revenue summary (consolidated, by product line)
  8. P&L / Income Statement (revenue, gross profit, opex, EBITDA)
  9. Cash & runway (burn rate, funding bridge)
  10. KPI summary (customers, GMV/TPV, loan book, take rates, NIM, NPL, LTV/CAC)
  11. Scenario toggle / sensitivity table (penetration rate vs. NPL vs. take rate)

## Frequently asked questions

### Is the Kamino financial model free?

Yes. The Kamino 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.