MIMinna Financial Model
Fintech Startup Financials (Free Excel Download)
B2B SaaS platform sold to banks, enabling their retail customers to identify, manage, improve, cancel, and discover subscriptions via the bank's own app.
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About this model
Minna sells subscription-management technology to banks, allowing their retail customers to identify, manage, cancel, improve, and discover subscriptions inside the bank’s own app. It turns a consumer-money-management feature into an embedded bank product.
The company distributes through bank partnerships, giving it access to large end-user populations without acquiring each consumer directly. Banks can pay a recurring software licence, while subscription switching or discovery can create a secondary marketplace commission stream.
The model should forecast bank clients, contracted licence value, implementation lag, active end users, and renewal or expansion. Marketplace revenue should be built separately from consumer switches, conversion rates, average commission, and bank revenue share, rather than being treated as software ARR.
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 Minna
tryminna.com
How to build a detailed financial model for Minna
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Minna model - distilled from its pitch deck and publicly available information.
Product & value proposition
- White-label subscription intelligence layer embedded inside a bank's mobile app.
- Four core capabilities delivered in a lifecycle loop:
- Identify - detect and categorise all subscriptions from transaction data.
- Keep track - ongoing spend visibility (avg cost shown as €290/month in product UI).
- Improve - compare and switch subscription providers (marketplace).
- Cancel - in-app cancellation of unwanted subscriptions.
- Discover - smart recommendations and purchase of new subscriptions.
- Bank customers' top-ranked digital banking wants (source: Cicero Consulting, Aug 2019): (1) transaction categorisation, (2) subscription tracking, (3) personal budget, (4) provider improvement, (5) account aggregation.
- Value prop to banks: differentiated digital experience; to consumers: money saved / time saved; to marketplace partners: distribution.
Market
- No explicit TAM/SAM/SOM figures in deck.
- Market context: average subscriptions per European consumer growing from 6 (€180/month) in 2007 → 11 (€334/month) in 2020 → projected 17 (€510/month) in 2025.
- Sources cited: NOS.NL 2019; Study by Triathlon Group 2017.
- Implied TAM framing: every retail bank customer is a potential end-user; banks are the paying client.
Revenue model
- Not explicitly stated in deck.
- Inferred from ecosystem diagram: two likely revenue streams:
- B2B SaaS licence fee - charged to banks per seat / per active user / flat licence for embedding the platform.
- Marketplace revenue share - Minna earns a cut when consumers switch or purchase a new subscription via the in-app marketplace.
- Distribution channel: direct bank partnerships (CEO owns 3rd-party relations per team slide).
Traction & metrics
- Product UI mockup shows €290/month average monthly subscription cost per consumer - illustrative, not a company metric.
Competition / moat
- Not explicitly addressed in deck.
- Implied moats: bank distribution channel (trust, captive user base); transaction data network effect (better subscription detection at scale); switching infrastructure (cancellation flows require direct merchant/telco integrations).
Team & funding ask / use of funds
- Team:
- Joakim Sjöblom - Co-Founder & CEO; tech ventures since 2011; 3rd-party relations & investor relations.
- Marcus Lönnberg - Co-Founder & CTO; 15+ years software, 6 years transaction data & bank integrations.
- Jonas Karles - Co-Founder & COO/CPO; entrepreneur & organisational expert, 10 years in ventures; owns product, recruitment, ops.
- Navpreet Randhawa - CFO; 8+ years India/USA; ex-investment banker, Series A venture, Indian government.
- Offices: Gothenburg, London, Amsterdam.
- Funding ask: Series B - size and use of funds not disclosed in deck.
Recommended financial model
- Archetype + why: B2B SaaS ARR model with a marketplace revenue kicker. The primary revenue engine is recurring licence fees from banks (contracted, predictable); secondary is transaction-based marketplace commission (variable). A pure SaaS ARR build is appropriate, extended with a GMV/take-rate module for the marketplace stream.
- Forecast horizon & granularity: 5 years (Y1–Y5); monthly for Year 1–2, annual thereafter. Series B investors expect 3–5 year projections.
- Key drivers & assumptions:
| Driver | Value |
|---|---|
| Number of bank partners (Year 1) | 3–5 |
| Avg bank size (retail customers) | 1–3M customers per bank |
| Platform penetration per bank (% of customers using feature) | 5–15% ramp over 3 years |
| Annual licence fee per bank | €200K–€500K |
| OR per-active-user fee | €1–€3/user/year |
| Avg subscriptions per consumer | 11 in 2020, 17 by 2025 |
| Avg monthly subscription spend per consumer | €334 in 2020, €510 by 2025 |
| Marketplace GMV per active user/year | €200–€600 |
| Marketplace take rate | 5–15% |
| Gross margin on SaaS licence | 75–85% |
| Gross margin on marketplace | 80–90% |
| S&M as % of revenue | 25–35% |
| R&D as % of revenue | 20–30% |
| G&A as % of revenue | 10–15% |
| NRR (Net Revenue Retention) | 105–120% |
| Average sales cycle (bank) | 9–18 months |
| Churn (bank logo) | <5% annually |
- Scenarios (Base / Bull / Bear - which variables flex):
- Base: 4 bank partners signed by end Y1, 10 by Y3; mid-range penetration (8%); blended ARPU at midpoint.
- Bull: faster bank adds (15 by Y3), higher penetration (15%), marketplace attach rate 2x base.
- Bear: long sales cycles delay Y1 to 2 partners, low penetration (4%), marketplace slow to monetise.
- Flex variables: bank logo count, end-user penetration rate, marketplace take rate.
- Required sheets / outputs:
- Assumptions - all drivers in one input panel (colour-coded).
- Bank Pipeline - signed partners × avg customer base × penetration ramp → active users.
- Revenue Build - SaaS licence revenue + marketplace GMV → take rate revenue; split by cohort year.
- P&L - Revenue, COGS, Gross Profit, S&M, R&D, G&A, EBITDA, net income.
- Headcount - by function, tied to revenue milestones.
- Cash & Runway - starting cash (Series B raise to be inserted), burn rate, months of runway.
- Unit Economics - CAC (bank), LTV (bank), payback period; per-user economics.
- KPI Dashboard - ARR, bank logos, active users, NRR, gross margin, burn multiple.
Frequently asked
Is the Minna financial model free?+
Yes. The Minna 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 Minna'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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