# Mmob Financial Model B2B embedded finance infrastructure platform enabling digital brands and financial institutions to connect with third-party fintech products via a single line of code. - Canonical: https://finamodel.com/startups/mmob - Excel download: https://finamodel.com/startup-models/mmob.xlsx - Category: Fintech - Model type: Marketplace / GMV - Funding round: Seed - Funding: $6.6M - Founded: 2022 - Geography: UK (FCA-regulated; team references HSBC Malaysia, Bayes Business School, Kings College London - primarily UK/EU footprint implied). - Customer: B2B2C ## About the company mmob is embedded-finance infrastructure that lets digital brands and financial institutions connect third-party fintech products through a simple integration. Its widgets and APIs help distributors offer relevant financial products without building each capability in-house. The platform sits between product providers and distribution partners, making it a two-sided infrastructure business. Revenue can come from access fees, referral payments, or revenue shares when a financial product is selected and completed through the network. The model should forecast active distributors, embedded product modules, consumer impressions, conversion to applications, completed products, and fee yield per conversion. Any platform subscription should be a separate recurring line, while provider and distributor revenue shares determine marketplace margin. ## 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 - Proprietary "Intelligent Partnerships Infrastructure" - single line of JavaScript snippet embeds a modular widget layer into any digital product (bank, neobank, app). - Partners (distributors) embed the snippet; end-users see a "My Products" marketplace of curated third-party financial products (e.g. PensionBee, Uinsure, iwoca, cuckoo, British Gas on cover). - Three pillars: Simple Deployment (single code line), One Ecosystem (no-code + TPP E2E API), Modular Third-Party Widgets (toggle on/off, verticals: Wealth, Utilities, Insurance, Credit, Lifestyle, Payments). - 3 years of R&D cited. ## Revenue model - Revenue share / referral fee per completed product transaction or lead passed through the widget (standard embedded finance infrastructure monetisation). Rationale: platform connects distributors to fintech product providers; fee-per-conversion or rev-share is the norm for this archetype. - Possible SaaS access/platform fee to distributor partners for the infrastructure licence. Rationale: "single line of code" deployment implies a managed service with ongoing commercial relationship. - No pricing, take rate, or fee schedule shown in deck. ## Competition / moat - Positioned in B2B × Embedded Finance quadrant; claims "Rivalry: LOW" in that segment. - Named competitors in adjacent quadrants: Challenger Banks (Monzo, Revolut, Starling, Dozens), Traditional Banks (Santander, Lloyds, NatWest, HSBC, Barclays, Nationwide, TSB), Core Banking infra (Thought Machine, 11:FS, 10x, Mambu), API/Data Providers (Plaid, TrueLayer, Saltedge, DirectID, Tink, Nordigen), PFMs (Plum, Chip, Lumio, Money Dashboard), Embedded Finance B2C (bud, Primer, Klarna, FlyNow PayLater, Productfy). - Moat narrative: rapid product development + partner onboarding → first-mover advantage in 1-to-many embedded finance distribution. - No quantified moat metrics (partner count, API calls, integrations). ## Team & funding ask / use of funds - Irfan Khan - Founder & CEO; start-up COO background, Executive MBA (Distinction), Bayes Business School. - Blai Pratdesaba - Head of Technology; 15+ years banking, BSc Mathematics & Computer Science, Kings College London. - Mia Allus - Chartered Accountant; founded UK P2P platform Yielders (FCA-regulated, exited); double FinTech award winner. - James Fell - COO; software engineer, 18 years development experience. - Amit Mehta - Chief of Staff; senior HSBC Malaysia roles, ASEAN programme management. --- ## Recommended financial model - **Archetype + why:** B2B marketplace / revenue-share infrastructure model. mmob sits between distributor partners (who pay a platform/SaaS fee or per-transaction fee) and fintech product providers (who pay a take rate on referrals or conversions). The closest archetype is a **two-sided marketplace with a SaaS licence layer** - similar to how Plaid or Tink model: (i) a recurring API/platform access fee per distributor partner, plus (ii) a variable revenue-share or CPA per product transaction routed through the widget. No pure-SaaS ARR model is appropriate given the transaction-routing nature; a blended SaaS + GMV/take-rate model is correct. - **Forecast horizon & granularity:** 5-year annual model (Year 1–5), with Year 1 broken into monthly to show ramp and cash burn. Monthly in Year 1 is essential given no disclosed traction and likely early-stage burn. - **Key drivers & assumptions:** *Distributor (host) partners:* - Starting partner count → annual new partner adds - Platform licence fee per partner per month *Transaction / referral layer:* - Monthly active end-users per distributor partner - Widget click-through rate → product applications → completions - Average revenue per completed referral / take rate *Product provider (supply side):* - Number of fintech products / verticals live in ecosystem → - Revenue share or listing fee per product provider *Cost structure:* - Headcount: 5 named leadership + "growing team" - Salary burden - R&D / infrastructure costs (AWS/cloud) - Sales & marketing - G&A (legal, compliance, FCA regulatory costs) - **Scenarios (Base / Bull / Bear - which variables flex):** - Base: 10 distributor partners by end-Year 1, moderate CTR and completion rates, blended ARPU of ~£20 per referral. - Bull: Faster partner onboarding (2–3 large bank/neobank wins early), higher transaction volumes per partner, additional product verticals monetised. - Bear: Long sales cycles with regulated FIs (6–12 months), low CTR on embedded widgets, take rates compressed by partner negotiation; cash burn extends runway significantly. - Flex variables: new partner adds per year, monthly active end-users per partner, completion rate, take rate / CPA. - **Required sheets / outputs:** 1. Assumptions dashboard (all drivers in one place, switchable by scenario) 2. Partner ramp schedule (distributor and product provider counts over time) 3. Revenue build: platform licence fees + variable transaction/referral revenue 4. P&L (gross revenue → gross profit → EBITDA; show take rate and gross margin clearly) 5. Headcount & opex schedule 6. Cash flow & runway (monthly Year 1, annual Year 2–5) 7. KPI summary: partner count, end-users reached, transactions routed, revenue per partner, gross margin % ## Frequently asked questions ### Is the Mmob financial model free? Yes. The Mmob 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.