Modulr Financial Model
Fintech Startup Financials (Free Excel Download)
API-first embedded payments platform enabling enterprises and FinTechs to build, scale, and monetise business money flows without holding their own banking licence.
professionals from Deloitte
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About this model
Modulr is an API-first embedded payments platform for enterprises and fintechs that need to build and monetise business money flows without holding their own banking licence. It supports account-to-account payments, direct debit, card issuing, and open-banking use cases.
The company’s revenue is recurring and transaction-led, with annualised transaction volume serving as the central operating metric. Deep API integration creates high switching costs and gives customer expansion a meaningful role in growth.
The model should forecast customers by cohort, transaction volume by payment type, revenue yield per transaction, and net retention. Payment-processing and scheme costs must be deducted from volume-driven revenue, while new integrations and existing-customer expansion explain the path to operating leverage.
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 Modulr
modulrfinance.com
How to build a detailed financial model for Modulr
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Modulr model - distilled from its pitch deck and publicly available information.
Product & value proposition
- Platform provides business accounts, A2A payments, card issuing, direct debit, and open banking - all initiable via a single API call.
- Positioned as a "modern FinOps hub": customers embed and monetise payments rather than leaving them to their bank, without needing to be regulated themselves.
- Key outcomes cited: lower call-centre volumes, elimination of manual-process errors, stickier customers, faster Faster Payments go-live (8 weeks vs. 1 year).
- Does not compete with payment acquirers (PayPal, Worldpay, Adyen, Square, Klarna); focus is on account-to-account and embedded money flows.
- Regulatory moat: direct Bank of England connection; active in NCA/PEFF, UK Finance Fraud Working Group, Electronic Money Association, and The Payments Association.
Market
- Global TAM: $2,122bn payments revenue
- European TAM: $307bn
- European SAM (2025 target, existing verticals in UK + Europe): ~$50bn
- Market tailwinds cited: digital transformation, demand for real-time data, open banking regulatory change.
Revenue model
- Revenue driven by recurring transaction fees - described as "recurring transaction revenue with high net retention rates."
- Transaction volume is the primary top-line driver; metric shown is Annualised Transaction Volume (m).
- Payment types monetised: A2A, Faster Payments, direct debit, card issuing, open banking.
- Channel: direct API integration into enterprise and FinTech customers' platforms.
Traction & metrics
- +105% year-on-year growth in annualised transaction revenue
- Annualised Transaction Volume chart shows consistent growth from Q3 2016 through Q4 2021 (22 quarters), with an acceleration in 2020–2021. Absolute volume figures are not labelled on the y-axis - no specific numbers can be read off the chart.
- Customers include Revolut, Sage, HyperJar, iwoca, Wagestream, Salary Finance, Lending Stream, Paxport, Bubble, Ilisys, RIS, Accenture Enterprise.
- Retention rate: described qualitatively as "high net retention rates."
Unit economics
- Net revenue retention: described as "high" - no number given.
Competition / moat
- Legacy banks: slow, underinvested, limited digital capability.
- Acquirers (Worldpay, Adyen, PayPal, etc.): explicitly excluded from competitive frame - different product surface.
- Moat sources:
- Regulatory excellence - direct Bank of England settlement account, EMI licence; positions Modulr as the only embedded payments option that enterprise customers will accept.
- Network effects from scale - high-volume enterprise customers attract more enterprise customers.
- API-first multi-rail platform - breadth of payment types in a single integration creates switching costs.
Team & funding ask / use of funds
- Use of funds: Deck references investment in Go To Market and Product as accelerants.
Recommended financial model
- Archetype + why: Transaction-volume-based payments infrastructure model (usage-based / volume-driven SaaS-adjacent). Revenue = annualised transaction volume × revenue yield per transaction. High net retention with a B2B API-embedded install base means the model should also track a customer cohort / NRR layer. A 3-statement model is secondary; the primary output is a transaction volume → revenue → EBITDA bridge.
- Forecast horizon & granularity: 5 years (2022–2026), quarterly for years 1–2, annual thereafter. Deck is May 2022 so base year is FY2021 actuals.
- Key drivers & assumptions:
| Driver | Value / Source |
|---|---|
| YoY transaction volume growth rate | +105% YoY stated for annualised transaction revenue; |
| Net revenue retention (NRR) | Described as "high" |
| European expansion contribution | ~$50bn SAM by 2025; |
- Scenarios (Base / Bull / Bear - which variables flex):
- Base: Volume growth steps down from 105% → 60% → 40% → 25% → 15%; NRR 120%; take rate constant.
- Bull: Growth sustains at 80% for 3 years (European expansion accelerates); NRR 130%; take rate improves as product mix shifts to higher-margin card issuing.
- Bear: Growth halves to ~50% in year 1 (macro / customer churn); NRR drops to 105%; European launch delayed 12 months.
- Primary flex variables: transaction volume growth rate, NRR, take rate, European ramp timing.
- Required sheets / outputs:
- Assumptions dashboard (all drivers in one place, scenario toggle)
- Transaction volume model (quarterly cohorts, new vs. existing volume)
- Revenue bridge (volume × yield, by payment type if data available)
- P&L (gross profit, EBITDA, net income)
- Cash flow & runway (burn rate, funding milestone)
- Market-share waterfall ($307bn European TAM → SAM → Modulr revenue)
- KPI summary (annualised transaction volume, NRR, gross margin %, EBITDA margin %)
Frequently asked
Is the Modulr financial model free?+
Yes. The Modulr 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 Modulr'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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