Meniga Financial Model

Core purpose stated as "Enrichment powered Insights and Payments." Product stack as of deck date:

TODAY (legacy portfolio)

• Insight Factory (25% of revenue mix)
• Carbon Insight (22%)
• Agg. Hub / Open Banking aggregation (17%)
• Smart Money Rules (15%)
• Kafka infrastructure (15%)
• Cashflow Assistant (6%)

TOMORROW (simplified portfolio)

• DATA layer: Consolidation, Standardisation, Enrichment, Aggregation/Open Finance
• INSIGHTS: Core Finance Management, Savings features, Cashflow features, Sustainability/Carbon, other gaps
• PAYMENTS (beta): Payment initiation on top of aggregation

Target clients: banks (core), expanding to fintechs, insurance companies, and payment service providers. Partners include BCG, Tink, Tarabut Gateway, TrueLayer, Adyen, AXA, Minna Technologies, Accenture. Named bank clients: UniCredit, Groupe BPCE, Swedbank, CA Crédito Agrícola.

Global addressable market (Meniga's defined product categories, 2023 → 2028) | Segment | 2023 | 2028 FC | CAGR | | -- | -- | -- | -- | | Enrichment | $144.6M | $217.0M | 8.3% | | Financial Management | $87.1M | $114.7M | 5.7% | | Insights | $115.4M | $192.8M | 11.5% | | Open Banking/Finance | $108.6M | $396.0M | 24.9% | | Carbon | $61.4M | $83.7M | 9.7% | | TOTAL | $517.1M | $1,004.2M | ~14.2% |

Regional market (Banking vertical only, Meniga portfolio, 5-Y CAGR 2023–2028)

• NA: CAGR 15.8% (largest absolute 2028 size, ~€450M)
• Europe: CAGR 12.2% (~€360M 2028)
• APAC: CAGR 16.5% (small absolute base)
• MEA: CAGR 17.5% (small absolute base)
• LatAm: CAGR 13.0% (smallest absolute)

Expanded SAM including non-bank verticals (2023)

• Banks: $145M
• Payment Service Providers: $71M (CAGR 14.5% to 2028)
• Insurance Companies: $51.0M (CAGR 6.9% to 2028)
• Fintechs: $16M (CAGR 21% to 2028)
• Banking 2023 total: ~$500M; with verticals added: ~$640M (+30%)

Note: deck does not state Meniga's current market share or ARR explicitly - SOM not disclosed.

• Licence-based B2B SaaS: multi-year licence agreements with banks and financial institutions. Pricing basis not broken out (likely per-end-user or per-module annual licence; no unit pricing in deck).
• Channels: direct enterprise sales (hunters for new logos + farmers for upsell/account management); partner-assisted (BCG, Tink, Tarabut, TrueLayer, Accenture).
• Revenue composition (today): fragmented across 6 legacy modules. Tomorrow consolidates to 3 layers (Data, Insights, Payments), with Insights targeted at 68% of revenue mix.
• Upsell opportunity: total potential revenue from selling unlicensed products to existing customer base = €7.7M. This is the upsell ceiling on the existing book, not total ARR.
• Currency: mix of $ (market sizing) and € (company financials); company appears to operate primarily in EUR.

• Upsell ceiling on existing base: €7.7M potential incremental revenue if all existing clients bought all unlicensed products.
• Revenue growth forecast (relative to FY23 base):
• Year 1: +32.7% over FY23 cash revenue
• Year 2: +51.9%
• Year 3: +85.0%
• Year 4: +118%
• Year 5: +153%
• Overall CAGR: 15.7%
• Growth attributed to: Upsell (existing + new EU banking clients), Strengthen core, New regions
• BHAG: 1,000,000,000 users on Meniga platform by 2027
• MEA customers: 5 existing customers + healthy late-stage pipeline for MENA
• Named existing clients: UniCredit, Groupe BPCE, Swedbank, CA Crédito Agrícola

Named competitors:

• Personetics (APAC, political issues in MEA)
• MoneyThor (APAC-strong, cultural fit issues in MEA)
• Tink (won't serve MEA; also a partner)
• Strands (MEA presence, but more expensive than Meniga)

Meniga's stated moat:

• Established EU market share (priority market)
• Robust MEA presence competitors avoid
• Open FinTech integration platform positioning
• Deep data enrichment capability as core differentiator
• Strategic partner network (Velocity portfolio companies in Africa for C-level intros)

Portfolio simplification as a competitive lever: reducing from 6 fragmented products to 3 clear layers to improve sales cycle and market-fit communication.

Team structure (as redesigned):

• CEO
• Commerce (Pre-sales, Account Management/Farmers, New Business/Hunters)
• Product (Product Management, Marketing & Comms)
• Engineering (Development, QA, Infrastructure)
• Delivery & Support (Technical Consulting, Customer Support - in-house + outsourced + partner in remote regions)
• Finance, Legal, Compliance
• HR

Org changes planned: adding 1–2 new hubs (cost optimisation + geographic coverage for MEA/LatAm); key hires identified and recruitment to begin Q4 2023.

Funding ask: capital required from shareholders to execute ReInvented strategy. Quantum NOT disclosed. Dependencies listed: Internal Alignment, Org Design, and "Capital & Shareholder Buy-in for new investments". Year 1 of growth plan starts "after new Meniga is set up and we have the needed capital (+/- 6 months from now)" - implying raise needed by ~Q1–Q2 2024.

Use of funds (implied from execution timeline):

• New hub setup (Q4 2023–Q2 2024)
• Key hires (Q4 2023–Q3 2024)
• Brand refresh
• New product portfolio build
• KPI & growth plan alignment
• New FY2024 budget

Archetype + why: B2B SaaS ARR / licence-revenue model with an upsell layer. Meniga sells multi-year licences to banks; revenue is recurring and predictable once signed. The deck's growth framework maps cleanly to three ARR growth levers: upsell to existing base, strengthened core (new EU bank logos), and new regions. A standard SaaS ARR bridge model (beginning ARR + new ARR + expansion ARR − churn) best captures this. A 3-statement P&L is also warranted given the company is restructuring cost base and adding hubs.

Forecast horizon & granularity: 5 years (Year 1–5 per deck framing), annual granularity. Year 1 starts ~6 months post-capital raise (H2 2024 effective start). Add a quarterly bridge for Year 1 given the restructuring/hiring timeline.

Key drivers & assumptions:

*Revenue*

• FY23 base cash revenue: ~€5–8M range implied by upsell ceiling of €7.7M and B2B SaaS norms for a company at this stage; must be confirmed - single most critical data gap.
• Year 1–5 revenue growth vs. FY23 base: +32.7% / +51.9% / +85.0% / +118% / +153%
• Implied CAGR on incremental growth: 15.7%
• Revenue split by growth lever (Upsell / Strengthen core / New regions): modelled as separate ARR cohorts; relative weights readable from slide 13 stacked bar - Upsell dominant in Years 1–2, New regions adds meaningfully from Year 3.
• Upsell ceiling from existing base: €7.7M - cap upsell ARR at this figure
• New logo win rate: 3–5 new bank logos per year at average contract value of €300–500K ACV, consistent with the €7.7M upsell pool and named client base implying ~15–25 active clients
• Average contract value (ACV): - not in deck; estimate from upsell pool ÷ implied client count
• Churn: <5% gross revenue churn (B2B enterprise SaaS norms; long-term bank contracts with high switching cost)
• NRR: ~110–120% once upsell programme is executing

*Costs*

• Headcount: current size unknown; typical EU B2B fintech at this revenue scale = 50–120 FTE; new hub adds 10–20 FTE in Year 1–2
• New hub setup CAPEX/OPEX: €0.5–1.5M one-time per hub
• Gross margin: 60–70% (SaaS with professional services delivery component; Delivery & Support team is material)
• S&M as % of revenue: 25–35% (enterprise B2B, long sales cycles)
• R&D as % of revenue: 20–30%
• G&A as % of revenue: 10–15%

*Market*

• Global TAM 2023: $517.1M; 2028: $1,004.2M at ~14.2% CAGR
• EU Banking vertical CAGR 12.2% - anchor for base-case new logo assumptions
• MEA CAGR 17.5%, LatAm 13.0% - anchor for new region revenue ramp

Scenarios (which variables flex):

• Base: Revenue grows per deck's stated percentages (15.7% CAGR); upsell captures 50% of €7.7M ceiling by Year 3; 2 new regional logos per year from Year 2.
• Bull: Upsell captures 80% of ceiling by Year 3; 3–4 new logos/year including NA; new hub operational by Q2 2024; new vertical wins (PSP, insurance) add a 4th revenue stream from Year 2.
• Bear: Capital raise delayed or partial; Year 1 starts in H2 2024 with reduced hiring; upsell captures only 25% of ceiling; churn ticks up to 8% as portfolio transition creates client confusion; new region revenue delayed to Year 4.

Required sheets / outputs:

1. Assumptions - FY23 base revenue (confirm), ACV, client count, churn, headcount, hub costs
2. ARR Bridge - Beginning ARR, new ARR (by region/vertical), expansion ARR (upsell), churn ARR, ending ARR; annual + quarterly Year 1
3. P&L - Revenue, gross profit, S&M, R&D, G&A, EBITDA, Year 1–5
4. Headcount plan - by function (Commerce, Product, Engineering, Delivery, G&A), by hub
5. Cash / Runway - Operating cash burn, capital raise required, months of runway; key sensitivity to raise size vs. time-to-breakeven
6. Market sizing reference - TAM/SAM by region and vertical (from deck) as static reference tab
7. Scenario toggle - Base / Bull / Bear switchable via single cell