Splitwise Financial Model
Fintech Startup Financials (Free Excel Download)
Mobile app for tracking shared expenses and balances between friends, family, and roommates.
professionals from Deloitte
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About this model
Splitwise is a mobile app for tracking shared expenses and balances between friends, family, and roommates. Its simple social utility creates a naturally viral product as users invite the people with whom they split rent, trips, and everyday costs.
The available research does not document pricing or monetisation. A premium subscription tier is a plausible commercial route, but it should be treated as an assumption rather than stated fact until supported by the company material.
The model should forecast organic user acquisition, active users, invitations, free-to-paid conversion, paid subscription price, and churn. Product infrastructure, support, and payment-partner costs can be layered below revenue, with scenarios testing monetisation without overstating evidence from the underlying research.
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 Splitwise
splitwise.com
How to build a detailed financial model for Splitwise
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Splitwise model - distilled from its pitch deck and publicly available information.
Product & value proposition
- Mobile ledger that tracks shared expenses, balances, and payments between individuals and groups.
- Core features: balance tracking, group expense splitting (trips, housemates, family, coworkers), expense entry, peer settlement recording.
- Use cases: group trips, friends/ad-hoc, roommates, romantic partners, loans, coworkers, family, spouses, personal tracking.
- Positioning: "platform for interpersonal finance" - broader than expense splitting.
Market
- TAM framing: $4T paid between friends and family in the US alone (sourced to Square Investor Day, 3/24/2020).
- Problem stats: >50% of couples fight or lie about money (top cause of stress and divorce); 75% of friendships would end over a $500 dispute.
- No SAM/SOM breakout provided.
- No market growth rate stated in deck.
Revenue model
- Not explicitly stated in deck. No pricing slide, no monetisation slide.
- Splitwise is publicly known to have a freemium model (Splitwise Pro subscription), but this does not appear in the deck text or images - not attributable as.
- Revenue likely comes from a premium subscription tier; model should build a freemium conversion funnel (free registered users → paying Pro subscribers).
Traction & metrics
- "Tens of millions of users around the world" - headline user count, no specific number given.
- 73% NPS.
- 12,000+ App Store ratings.
- 100,000+ Google Play ratings.
- No revenue figures, no MAU/DAU, no growth rate, no transaction volume disclosed in deck.
- Vision target: 100MM+ users.
Unit economics
- CAC: $0 spent on paid marketing to date; entirely organic/viral.
- Retention: stated qualitatively as "high" with increased activity per cohort over time; no specific retention rate given.
- Engagement increases over time per cohort - implies improving LTV curve, but no numbers.
Competition / moat
- Moat articulated as: viral group-invite flywheel (more users → more groups → more invites → more users), network effects (more users = more valuable), and zero-CAC organic growth.
- Multi-group and multi-use-case usage deepens retention.
Team & funding ask / use of funds
- Jon Bittner, CEO - Harvard Astrophysics, Forbes 30 Under 30.
- Ryan Laughlin, CTO + Design - Yale CS, RailsConf speaker.
- Marshall Weir, Mobile apps - Mobiata (acq. by Expedia), Zattoo, U of Michigan.
Recommended financial model
- Archetype + why: Freemium SaaS / consumer subscription model. Revenue is (plausibly) driven by converting a free user base to a paid Pro tier. The viral flywheel and zero-CAC organic growth make user-cohort modeling the natural spine. Treat like a consumer subscription with high organic acquisition and a freemium conversion rate as the primary revenue lever.
- Forecast horizon & granularity: 5 years (2021–2025), monthly for Years 1–2, quarterly for Years 3–5. Monthly granularity needed to model cohort retention curves and conversion lag.
- Key drivers & assumptions:
- Registered users (base): "tens of millions" - model at 20M registered users as of Jan 2021 (midpoint of "tens of millions"; not confirmed in deck).
- Monthly new user additions: organic only; growth rate to be calibrated against app store trajectory (~5–10% MoM new-user growth as placeholder).
- Freemium conversion rate (free → Pro): 2–5% of MAU (industry benchmark for consumer utility apps; no deck data).
- Pro subscription price: ~$3/month or $25/year (publicly listed Splitwise Pro pricing; not in deck).
- Churn rate (Pro subscribers): 2–4% monthly (consumer app benchmark).
- Cohort retention (free users, MAU): Month-1 retention ~40%, stabilising at ~20% long-run (consistent with "increasing engagement over time" claim).
- CAC: $0 - model marketing spend at $0 for base case; bull case adds a small paid growth budget.
- Gross margin: ~80–85% (app/SaaS infrastructure costs; no deck data).
- Headcount: lean team (~15–25 FTEs in 2021 given stage); primary opex driver.
- Vision user target: 100MM+ users - use as Bull case long-run milestone.
- Scenarios (Base / Bull / Bear - which variables flex):
- Base: organic growth continues at historical pace; 2–3% freemium conversion; stable churn.
- Bull: conversion rate increases to 5%+ (product enhancements / new Pro features); user growth accelerates toward 100MM target; potential paid marketing layer introduced.
- Bear: user growth plateaus (market saturation in core geographies); conversion stays sub-2%; regulatory friction in key markets (India, EU).
- Required sheets / outputs:
- Assumptions - all drivers in one place with / tags.
- User Cohort Model - monthly cohort acquisition, free-user retention, MAU build.
- Revenue - Pro subscriber count × price; optional: ad revenue or payment facilitation fees if added.
- P&L - Revenue, COGS (infrastructure), Gross Profit, Opex (headcount, G&A), EBITDA.
- Headcount Plan - by function (eng, product, support, G&A).
- Cash / Runway - given no disclosed funding, model cash burn and implied runway from raise.
- Dashboard - MAU, paying subscribers, MRR/ARR, conversion rate, ARPU, LTV/CAC (placeholder).
Frequently asked
Is the Splitwise financial model free?+
Yes. The Splitwise 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 Splitwise'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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