Onramper Financial Model
Crypto/Web3 Startup Financials (Free Excel Download)
Aggregator widget and API that connects crypto platforms to all fiat-to-crypto gateways through a single integration.
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About this model
Onramper is a widget and API that gives crypto platforms one integration to multiple fiat-to-crypto gateways. Wallets and exchanges can offer users local payment options without separately building and maintaining gateway relationships across markets.
The seed-stage company operates through Safudex B.V. and presents a global reach across more than 180 countries, including the US, Europe, India, Southeast Asia, and Latin America. Its business is transaction infrastructure: there is no subscription proposition disclosed in the research.
Model integrated partners, their active end users, conversion volume, average transaction size, and a take rate on gross payment volume. Deduct gateway revenue shares, fraud or compliance, API and support costs to reach gross profit. Partner onboarding, conversion, volume per user, take rate, and gateway mix are the meaningful scenario drivers.
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 Onramper
onramper.com
How to build a detailed financial model for Onramper
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Onramper model - distilled from its pitch deck and publicly available information.
Product & value proposition
- Embeddable widget + open API: one integration gives a crypto platform access to all major fiat gateways.
- Pain point: integrating gateways individually takes 6–12 months; transactions fail frequently.
- Onramper's sell: live in 30 minutes, best pricing for consumers, increased transaction success (auth) rate.
- At transaction time, Onramper selects the best-priced gateway for the user's currency/payment method/country and routes the transaction.
- Supported: 17 payment methods, 180+ countries, 150+ cryptos, 50+ fiat currencies (130+ with FX).
- Partner gateways at time of deck: MoonPay, Wyre, Mercuryo, Coinify, UTORG, BTCDirect, Transak, XANPOOL, INDA-COIN.
Market
- TAM: $52B in fiat-to-crypto transactions.
- SAM: $35.7B in consumer transactions.
- SOM (2021): $23.8B in fiat-crypto transactions "prone to capture"; simplified to $23B in callout box.
- SOM (2030): $177B.
- YOY market growth: >25%.
- At 1% take rate on full SOM 2030: obtainable revenue = $1.77B.
- Area chart on slide 10 shows historical crypto transaction volume from 2010–2020, with a sharp hockey-stick from ~2017 onward; Y-axis units not legible.
Revenue model
- Take rate: Onramper charges a flat 1% fee on every end-user transaction, layered on top of the underlying fiat gateway fee.
- Fee structure shown in widget: Gateway fee 2.5% + Onramper fee 0.5% displayed to user (note: slide 8 text says "gateway fees + 1%" while slide 7 widget mockup shows 0.5% - discrepancy flagged).
- Wallet/exchange (the B2B client) can optionally add its own markup on top.
- Revenue = % of GMV (gross transaction value routed through the widget). No subscription or seat fee mentioned.
- Discovery is almost exclusively inbound at time of deck; outbound efforts planned.
Traction & metrics
- Widget keys: slide 11 shows a distribution of "types of businesses creating widget-keys" - proxy for number of integrated B2B clients. No absolute count given.
- Client mix (% of widget-key creators): Exchange (centralized) ~12.8%, Exchange (decentralized) ~12.8%, NFT marketplace ~9.5%, Wallet ~9.2%, DeFi app ~9.8%, Community website/forum ~11.8%, Ecommerce (not labelled explicitly, inferred), Fintech (payments, remittance) shown.
- "1/9" pagination indicator on slide 11 suggests the interactive/live deck had 9 sub-slides of traction data, but only the first is captured here.
- No revenue, GMV, or transaction volume figures disclosed in the 13 classified slides.
- Acquisition: almost exclusively inbound.
Unit economics
Key inference: gross revenue = 1% of GMV. Net revenue depends on gateway rev-share (unknown) and infra/ops costs. If Onramper negotiates lower gateway rates and passes savings to users, the spread between negotiated rate and published gateway fee may represent additional margin upside - but no data given.
Competition / moat
- Competitors named: MoonPay, Wyre, CryptoCoin.Pro, Simplex, Banxa, "+15 more" listed as point-to-point gateways.
- Onramper's moat framing: aggregation layer - clients integrate once and get all gateways; better pricing through volume/negotiation; higher auth rates through intelligent routing.
- No competitive positioning matrix, no win rates, no differentiation on regulatory/KYC handling.
Team & funding ask / use of funds
- Founders: Thijs (CEO), Salah (CTO), Maurits (CFO/COO), Gijs (role not stated).
- Advisors: Albert (Co-founder), Dwayne (Routing wizard), Luc (Sales advisor).
- No funding ask amount, no use-of-funds breakdown, no previous funding disclosed in the deck.
- Entity: Safudex B.V. (Dutch).
Recommended financial model
Archetype + why: Transaction-fee / payments infrastructure GMV model - Onramper's revenue is purely a % take-rate on gross transaction volume. This is structurally identical to a payment processor P&L: GMV → net revenue (take rate) → gross profit (after gateway/infra costs) → EBITDA. A SaaS ARR model is inappropriate; there are no subscriptions. A marketplace GMV model is the closest standard archetype.
Forecast horizon & granularity: 5 years (2021–2025), monthly for Year 1–2, quarterly for Year 3–5. Monthly is needed in early years because inbound-only growth and gateway onboarding create lumpy step-ups.
Key drivers & assumptions:
| Driver | Value | Source |
|---|---|---|
| SOM (addressable GMV, 2021) | $23B | - |
| SOM YOY growth rate | 25% | - |
| Onramper market share - Year 1 | 0.05–0.10% of SOM | Early-stage; inbound only; no outbound yet |
| Onramper market share - Year 5 | 0.5–2.0% of SOM | Reflects aggressive but plausible penetration given 9+ gateways and planned outbound |
| Take rate (Onramper fee) | 1.0% of transaction value | - |
| Gateway fee pass-through | ~2.5% (not Onramper's revenue) | - |
| Gross margin on take-rate revenue | 60–75% | Infra, hosting, gateway rev-share; no data in deck |
| B2B client count growth | Starts from current widget-key base; grows 10–20 new clients/month with outbound | - |
| Average transaction size | $200–$500 | Retail crypto buy; MoonPay/Wyre public data suggest ~$200–300 average |
| Churn (widget-key clients) | Low - 5–10% annual | Switching cost: re-integration effort; but market may consolidate |
| Headcount ramp | 4 FTEs at seed; scale to 15–25 by Year 3 | - |
| CAC (outbound) | B2B SaaS-comparable $5–20K per client given self-serve widget | - |
Scenarios (Base / Bull / Bear):
- Base: 25% annual SOM growth, Onramper reaches 0.5% market share by Year 5, 1% take rate maintained.
- Bull: SOM growth accelerates to 40%+ (2021 crypto bull market sustains), Onramper gains 1.5% share, wallet/exchange clients add their own markup boosting effective take rate to 1.3–1.5%.
- Bear: Regulatory crackdown reduces SOM, gateway market consolidates (MoonPay/Wyre build competing aggregators), Onramper share capped at 0.2%; take rate pressure from gateway disintermediation.
Required sheets / outputs:
- Assumptions - all drivers in one place, clearly tagged DECK vs ASSUMED.
- GMV build - SOM × market share = routed GMV per period.
- Revenue P&L - GMV × take rate = gross revenue; less gateway/infra costs = net revenue; opex (headcount, R&D, S&M) → EBITDA.
- Client cohort model - new widget-key clients per period × avg volume per client = GMV (bottoms-up sanity check against top-down SOM share).
- Cash / runway - burn rate vs seed proceeds (ask amount unknown; model as a variable).
- Scenario toggle - Base / Bull / Bear switchable via single input cell.
- Dashboard - GMV, revenue, take rate, client count, runway.
Frequently asked
Is the Onramper financial model free?+
Yes. The Onramper 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 Onramper'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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