Morty Financial Model
Fintech Startup Financials (Free Excel Download)
Digital mortgage marketplace connecting consumers to lenders via API-driven B2B2C partnerships
professionals from Deloitte
Used by professionals from
About this model
Morty is a digital mortgage marketplace that connects consumers to lenders through API-driven B2B2C partnerships. It gives borrowers a streamlined mortgage-shopping and application process while distributing lender products through trusted consumer channels.
Morty operates as a mortgage broker, with the lender paying the economics rather than the borrower. Its commercial performance therefore depends on partner-generated lead flow and conversion through a long, regulated mortgage funnel.
The model should forecast leads by partner, applications, pre-approvals, funded loans, average loan balance, and lender-paid broker fee. Since Morty does not hold loans on balance sheet, it should not model interest income; sales, processing, and compliance costs belong below origination-fee revenue.
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 Morty
himorty.com
How to build a detailed financial model for Morty
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Morty model - distilled from its pitch deck and publicly available information.
Product & value proposition
Three-layer "autonomous mortgage" stack:
- Autonomous Acquisition: Leads API allows B2B2C partners (apps, real-estate platforms) to embed loan quotes and refer borrowers; Morty receives pre-qualified leads at zero paid-marketing cost.
- Autonomous Sales: Pricing engine generates real-time, customised rate/cost quotes across multiple terms (30/20/15yr, ARM options) and lenders without a human loan officer. 90% of pre-approvals are self-driven by customers.
- Autonomous Operations: Underwriting engine + service-provider integrations automate back-office tasks (appraisal, title, closing tracker). NPS 60 vs. industry average 16.
Key differentiator vs. SaaS providers (help incumbents) and full-stack lenders (rebuild infrastructure): Morty is a pure marketplace - no balance-sheet risk, infinite lender capital.
Revenue model
Not explicitly stated in deck. Inferred from business model:
- Morty operates as a licensed mortgage broker. Standard broker model earns a yield spread premium (YSP) or origination fee paid by the lender on each funded loan, typically 0.5%–1.0% of loan amount.
- No consumer-facing fee shown (slide 7 shows "Borrower-paid broker fee: $0"), confirming lender-side revenue only.
- All customers acquired via B2B2C API partnerships - 100% of customers through partner channels. Partners likely receive a referral share or rev-share.
- Revenue = funded loan volume × take rate per loan.
Traction & metrics
- 800% YoY revenue run-rate growth (Q3-19 → Q1-21 chart; expenses nearly flat over same period)
- Run-rate and expense lines shown on chart Q3-19 through Q1-21; no absolute dollar values labelled on axes - numbers not readable
- 25+ active API/B2B2C partners, up 230% YoY
- 100% of customers acquired through B2B2C product & API partnerships
- 90% of pre-approvals are self-driven (no sales support requested)
- NPS 60 vs. industry average of 16
- Lead supply chart (slide 9): current channel volume appears ~50,000–60,000 leads today, projecting ~220,000–230,000 in 12 months (stacked bar; axis reads 0–250,000)
- Loan distribution across lenders: Top 4 lenders = Lender 1 (33%), Lender 2 (34%), Lender 3 (18%), Lender 4 (9%), Other (5%); no named lenders
- Operational efficiency: Industry requires ~10 loan officers to originate 1,000 loans/mo; Morty currently ~1 (icon-based infographic; exact Morty figure at "1 year" and "5 years" trends to zero)
Unit economics
- CAC implied to be very low / near-zero given 100% B2B2C acquisition (no paid consumer marketing), but no dollar figure stated.
- Revenue per loan (take rate) not disclosed.
Competition / moat
Competitive positioning:
- vs. SaaS providers (e.g., ICE/Encompass): help banks be more efficient - incremental improvement
- vs. full-stack lenders (e.g., Better.com, Rocket Mortgage): rebuild infrastructure, take balance-sheet risk
- Morty: marketplace model, no balance-sheet exposure, connects all lenders in one platform
Competitive advantages (short-term):
- Price (competitive rates via multi-lender marketplace)
- Product differentiation (autonomous, self-service UX)
- Marketplace positioning
Moats (long-term):
- Cost superiority (near-zero loan officer cost vs. industry)
- Network effects (more partners → more leads → more lender competition → better rates → more partners)
- Integrated partnerships (embedded in B2B2C apps)
- Government & regulatory (mortgage broker licensing is a meaningful barrier)
Team & funding ask / use of funds
Leadership:
- Nora Apsel - Co-Founder & CEO; 10+ years engineering & startup experience; Emory B.S. + Penn M.S. (CS)
- Adam Rothblatt - Co-Founder & CTO; Goldman Sachs background + Penn B.A. & M.S. (CS)
- Robert Heck - Head of Mortgage; 7+ years mortgage experience; Morgan Stanley capital markets; Berkeley B.A. (Applied Math & Econ)
Investors: Thrive Capital, Prudence, Lerer Hippeau, FJ Labs, Metaprop, Techstars
Next phase stated:
- Scale volume - double down via technology development and team growth
- Build a platform - become "the mortgage layer of the internet," embed Morty into digital real-estate ecosystem
Recommended financial model
- Archetype + why: Marketplace loan-origination P&L model (GMV / funded-volume waterfall). Morty is a pure mortgage broker - no balance-sheet exposure, no interest income. Revenue is purely volume × take rate. The right model tracks: (a) lead flow by partner channel, (b) conversion funnel (leads → applications → pre-approvals → funded loans), (c) revenue = funded loan UPB × broker fee rate, (d) opex (tech + headcount + licensing), (e) contribution margin per loan. A 3-statement build is appropriate given the company is growth-stage with operating losses and will need to model cash runway.
- Forecast horizon & granularity: 3 years (2021–2024), quarterly for Year 1, annual for Years 2–3. Deck context is Q1-2021 as latest data point.
- Key drivers & assumptions:
- Funded loan volume (loans/mo): 800% YoY growth rate as of Q1-21; absolute volume not disclosed → seed from implied chart shape; model as monthly cohort compounding
- B2B2C partner count growth: 25+ partners, up 230% YoY → continue at ~100% YoY deceleration curve
- Leads per partner per month: ~50K–60K total today across 25+ partners → ~1,500–2,000 leads/partner/mo average, growing as partners scale
- Loan officer headcount: ~1 officer per 1,000 loans/mo today; trending toward 0 → tech-driven; ops headcount grows at ~20% of revenue growth rate
- Gross margin: ~85–90% (marketplace model, minimal COGS - primarily payment processing, data services, licensing costs)
- Revenue run-rate at Q1-21: Shape of curve visible but Y-axis unlabelled → placeholder; model should request actual ARR figure from company
- Scenarios (Base / Bull / Bear - which variables flex):
- Base: Partner growth at 80% YoY; conversion rate steady; take rate 0.75%
- Bull: Partner growth at 150% YoY (platform flywheel); conversion rate improves 1pp/yr; take rate expands to 0.85% as lender competition increases
- Bear: Partner growth at 30% YoY (slower B2B2C adoption); conversion rate declines in rising-rate environment; take rate compresses to 0.60%
- Required sheets / outputs:
- Assumptions - all drivers in one place, switchable by scenario
- Funnel - partners → leads → applications → pre-approvals → funded loans (monthly)
- Revenue - funded UPB × take rate; split by partner type if data allows
- Opex - headcount plan (tech, ops, G&A), non-headcount opex
- P&L - revenue, gross profit, EBITDA, net income (monthly/quarterly)
- Cash flow & runway - given no disclosed funding raise amount, model cash burn and runway sensitivity
- KPI dashboard - loans/mo, take rate, revenue/loan, gross margin %, cost per funded loan
Frequently asked
Is the Morty financial model free?+
Yes. The Morty 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 Morty'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
Hey, I’m Alex and I created Finamodel.
Over my years in the finance industry I kept building the same models over and over again. Same structure, same assumptions, different logo. So I started building frameworks to turn them into clean, reusable templates.
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