Nium Financial Model
Fintech Startup Financials (Free Excel Download)
Global embedded payments infrastructure provider delivering pay-in, pay-out, and card issuance via a single API
professionals from Deloitte
Used by professionals from
About this model
Nium provides global embedded payment infrastructure through a single API, covering pay-ins, pay-outs, card issuance, and related compliance services. It enables businesses to move money internationally without assembling separate regional payment relationships.
The company’s scale comes from B2B volume across cross-border payouts, virtual-card issuance, and payment acceptance. Each product is transactional, with customers paying for infrastructure that becomes more valuable as their payment flows grow.
The model should segment payment volume across pay-outs, pay-ins, and card issuance, applying a separate net yield to each. Connected customers, cards issued, transaction frequency, compliance-service adoption, processing cost, and customer retention create the revenue and contribution-margin forecast.
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 Nium
nium.com
How to build a detailed financial model for Nium
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Nium model - distilled from its pitch deck and publicly available information.
Product & value proposition
Three core product pillars delivered via a single composable API:
- Pay-out: Bank transfers, wallets, Visa Direct, cash - 100+ countries
- Pay-in: Bank transfers, cards, wallets, cash
- Card Issuance: Virtual and physical card issuing and processing in 40 countries / 24 currencies
- Compliance-as-a-Service: Global account ledger, KYC/KYB, FX and hedging, AML, regulatory reporting
Positioning: Nium owns its own licenses and infrastructure (does not merely aggregate networks), enabling superior economics and reliability. White-label app + raw API available. 100% project go-live success rate; 90%+ go live within 6 months.
Revenue model
Implied from product structure:
- Transaction fees on cross-border pay-out volume (take rate on $8bn+ annual volume processed)
- Card issuance / processing fees (per card or per transaction) on 30m+ virtual cards issued
- Pay-in acceptance fees
- Compliance / KYC-as-a-Service fees to clients
No explicit pricing tiers, take rates, or fee schedules disclosed in the deck. Net revenue run-rate as of Dec-21 is redacted ($XX). Capital raised is also redacted ($XX).
Traction & metrics
All from slide 3 ("We are at Scale") confirmed via image:
- $8bn+ volume processed annually
- $XX Dec-21 run-rate net revenue (redacted)
- 30m total virtual cards issued
- 11 jurisdiction licenses
- 200+ clients globally
- 100+ countries & territories
- 600+ colleagues
- 130m+ end customers
- $XX capital raised (Series D in progress at time of deck)
- 1M+ API calls per day
- 60% of payments made within <15 minutes
- 99% uptime
- Note: Pro-forma financials include Ixaris acquisition from Jan 2021 onwards
Competition / moat
Not explicitly named as a competitive slide. Moat articulated implicitly:
- Proprietary license stack across 11 jurisdictions (hard to replicate; years of regulatory process)
- Built-and-owned infrastructure vs. aggregation (better economics, reliability)
- AML/KYC controls as a differentiator
- Real-time payment routing intelligence
- 100+ country reach with unified API (breadth is the moat)
Team & funding ask / use of funds
Team: 12 named executives with backgrounds from PayPal, Visa, WU, Citi, Standard Chartered, JPMorgan, MoneyGram, Grab, BBVA, WorldRemit, British Airways.
- CEO/Co-Founder: Prajit Nanu
- COO: Pratik Gandhi
- CRO: Frederick Crosby
- CTO: Nilesh Pathak
- CPO: Rajesh Venkatesh
- CCO: Laurent Reichart
Funding ask: Series D - amount not disclosed; stated as "being closed by July 2021".
Recommended financial model
- Archetype + why: Volume-based payments P&L model (GMV / take-rate → net revenue → contribution margin). Nium is a B2B payments infrastructure business monetising via transaction fees on cross-border volume and card issuance fees. The right structure is a volume-driven 3-statement model segmented by product line (pay-out, card issuance, pay-in), not a SaaS ARR model.
- Forecast horizon & granularity: Monthly for Year 1–2, quarterly for Year 3–5. Series D context suggests a 5-year model is appropriate.
- Key drivers & assumptions:
- Volume processed (starting point): $8bn+ annualised; actual Dec-21 run-rate unknown
- Volume growth rate YoY: 60–80% near-term, tapering to 25% by Year 5 - consistent with high-growth B2B fintech at scale but not yet public
- Blended take rate (net revenue / volume): ~0.5–1.0% - typical for cross-border B2B payments infra; exact rate not disclosed; net revenue is redacted
- Product mix: ~60% pay-out, ~30% card issuance, ~10% pay-in; card issuance growing faster
- Client count growth: 200+ clients; 30–40% net new clients per year
- Virtual cards outstanding: 30m issued; growing 50%+ YoY given product expansion
- Headcount: 600+; grows in line with revenue at roughly 50% YoY near-term
- Gross margin: ~40–60% - payments infra businesses have significant pass-through (interchange, correspondent banking) reducing gross margin; card issuance has higher margins
- Opex / EBITDA: EBITDA negative at Series D stage; path to breakeven modelled over 3–4 years
- FX / hedging revenue: minor additional revenue line from FX spread on cross-currency transactions
- Ixaris acquisition synergies: Already consolidated Jan 2021 per pro-forma note; model from combined entity
- Scenarios (Base / Bull / Bear):
- Base: Volume grows ~65% YoY, take rate stable, headcount grows ~45% YoY
- Bull: Volume grows 90%+ (new enterprise wins, geographic expansion accelerates), take rate ticks up as card issuance mix rises
- Bear: Volume growth slows to 30–40% (macro, FX volatility, client churn), take rate compression from competitive pressure
- Required sheets / outputs:
- Assumptions - all drivers in one place
- Volume & Revenue build (by product line: pay-out, card issuance, pay-in)
- P&L (net revenue → gross profit → EBITDA → net income)
- Headcount & Opex schedule
- Cash flow & runway (pre-/post-Series D)
- Balance sheet (simplified - key: cash, receivables, regulatory capital requirements)
- KPI dashboard (TPV, net revenue, take rate, clients, virtual cards, API calls)
- Scenarios tab
Frequently asked
Is the Nium financial model free?+
Yes. The Nium 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 Nium'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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