# Sable Financial Model Digital banking platform giving new-to-America internationals instant access to checking accounts, debit cards, and secured credit cards via mobile. - Canonical: https://finamodel.com/startups/sable - Excel download: https://finamodel.com/startup-models/sable.xlsx - Category: Fintech - Model type: SaaS ARR / Valuation - Funding round: Seed - Funding: $2.7M - Founded: 2020 - Geography: United States (initial market); long-term vision is global borderless banking. - Customer: B2B2C ## About the company Sable is a digital banking platform for internationals new to the US, offering checking accounts, debit cards, and secured credit cards through a mobile app. It helps customers establish a US financial footprint soon after arrival. The product earns from debit and credit-card interchange and can benefit from the deposit collateral that supports secured credit limits. Direct-to-consumer distribution means app adoption, activation, and early engagement are central to customer lifetime value. The model should forecast acquired users, funded accounts, active debit and credit cards, spend per card, and net interchange. Security deposits, credit balances, interest income, losses, and deposit float should be modelled separately, together with acquisition cost and cohort retention. ## 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 - Mobile-first onboarding using only a passport (no SSN required). - Access to checking account, debit card, and secured credit card within 5 minutes. - Two card SKUs: "Sable" (debit/checking) and "Sable ONE" (secured credit card), both Visa. - Savings account also offered. - Earns Sable Points rewards. - Solves three friction points for internationals: offline-only checking without SSN, slow card delivery, and no credit history for credit card approval. - Long-term vision: global borderless banking platform. ## Market - Initial U.S. market size: $5B - 10M internationals move to the US every year - 1.5M of those each year are prime or super prime credit quality - 4.5M credit-worthy internationals have moved to the US over the past 3 years (cumulative addressable pool) - 1.5M credit-worthy internationals arrive every year (annual new cohort) ## Revenue model - Interchange fees on debit and credit card spend - Secured credit card requires a security deposit (collateral-funded credit limit); Sable earns net interest margin on the float - Savings account - interest spread income possible. - Distribution channel: Direct-to-consumer via mobile app (iOS/Android); app store + word-of-mouth implied. ## Traction & metrics - Product went live with credit cards and checking accounts in 3 months from founding/build - Live with bank accounts, debit cards, and secured credit cards at time of deck - App UI shows illustrative balances (not real traction data): Checking $500.00, Credit $820.00, Credit Limit $1,000.00, Secured Deposit $1,000.00. ## Competition / moat - Problem framed as: incumbents require SSN, in-branch visits, slow card delivery, and an existing U.S. credit history - all barriers for day-1 internationals. - Moat implied by: passport-only onboarding, speed (5 minutes), and team's prior banking product experience. ## Team & funding ask / use of funds **Team**: - Naveen Qureshi - Co-CEO & Chief Product Officer; consumer finance & tech product management; ex-Capital One, Amazon. - Towers Wilen - Co-CEO & Chief Operating Officer; portfolio management & business development in credit cards; ex-American Express, Accenture. - Joseph Finlayson - CTO; engineering / development lead in financial services; ex-McKinsey, Sberbank. - Joyce Mehlman - Compliance Officer; former COO of Bancorp; 30 years in financial services (13 years fintech). - Brent Reynolds - Credit Risk; 16-year Capital One veteran; advisor to Affirm. - Team has collectively launched 14 banking products. --- ## Recommended financial model - **Archetype + why**: Consumer neobank / secured-credit card model - a hybrid of (a) DTC customer cohort build with monthly active user (MAU) tracking and (b) a credit book model. Revenue has two main legs: interchange (on spend volume) and net interest income (on secured deposit float). This is closer to a fintech lending/card model than pure SaaS. - **Forecast horizon & granularity**: 3 years monthly (Year 1–2 monthly, Year 3 quarterly is acceptable). Early stage means the first 12 months are the most assumption-sensitive. - **Key drivers & assumptions**: - New customer additions per month - Average security deposit per secured card customer - Interchange rate on card spend - Monthly card spend per active customer (monthly GMV per user) - Net interest margin on secured deposit float - Monthly churn rate - CAC (customer acquisition cost) - Gross margin on interchange - Headcount and OpEx ramp - $5B initial market - 1.5M new credit-worthy internationals per year - **Scenarios (Base / Bull / Bear - which variables flex)**: - Bear: slow customer ramp (500→1,500/mo by Y3), higher churn (5%/mo), CAC $80, thin interchange yield. - Base: moderate ramp (500→5,000/mo), churn declining to 2%, CAC $45, standard interchange. - Bull: fast word-of-mouth viral growth (500→10,000/mo), low churn (1%), CAC $25, cross-sell to savings/remittance adds revenue per user. - **Required sheets / outputs**: 1. Assumptions - all drivers with scenario toggle (Base/Bull/Bear) 2. Cohort Build - monthly new customers, churn, cumulative active users 3. Revenue - interchange (GMV × rate), net interest income (deposit float × NIM), any fee income 4. Credit Book - secured deposit balances, credit utilization, credit loss reserve (even if simple at this stage) 5. P&L (Income Statement) - gross profit, CAC spend, headcount OpEx, EBITDA 6. Cash & Runway - cash burn, fundraising trigger point 7. KPI Dashboard - MAU, GMV, revenue per user, CAC payback period, LTV/CAC ## Frequently asked questions ### Is the Sable financial model free? Yes. The Sable 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.