Synder Financial Model
Enterprise/Security Startup Financials (Free Excel Download)
Automated accounting and multi-channel reconciliation software for e-commerce businesses.
professionals from Deloitte
Used by professionals from
About this model
Synder automates accounting and multi-channel reconciliation for e-commerce businesses. It connects merchant sales activity to accounting workflows, reducing the manual effort of matching transactions from multiple channels and preparing financial records.
The company sells subscription software to SMB and mid-market merchants. Value can expand as customers connect more channels and process higher transaction volumes, while its research identifies retention cohorts, processed volume, and review-driven acquisition as relevant operating evidence.
The model uses customer cohorts, pricing, channel connections, expansion, and churn to build ARR. A separate transaction-volume sensitivity tests account usage, while support costs, gross margin, product-led acquisition, hiring, and operating expenses determine cash runway.
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 Synder
synder.com
How to build a detailed financial model for Synder
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Synder model - distilled from its pitch deck and publicly available information.
Product & value proposition
Synder automates accounting for e-commerce sellers operating across multiple sales channels and payment processors. Core features visible in the deck:
- Automated reconciliation of sales channels with bank accounts (eliminating manual errors).
- Multi-channel data aggregation: Amazon, Etsy, Shopify, eBay, WooCommerce, Stripe, Square, PayPal, BigCommerce, Authorize.Net, Bluefin, Pin Payments, GoCardless, Braintree, IntegraPay, Ecwid.
- Inventory tracking across channels.
- Invoicing functionality (referenced as "Invoices" feature in branding imagery).
- Integrates with QuickBooks, Xero, Sage, MYOB (inferred from CEO background in accounting platforms).
- Value prop vs. status quo: replaces $200+/week minimum bookkeeping services with automated software.
Market
- Target customers: ~6.5M e-commerce businesses in the US.
- TAM: ~$5.5B/year at current price point.
- Channel mix of the 6.5M US e-commerce businesses:
- WooCommerce: 26%
- Etsy: 23%
- Amazon: 18%
- Shopify: 17%
- eBay: 15%
- Global e-commerce share of total retail sales trend:
- 2015: 7.4% → 2019: 14.1% → 2023: 22% (steady ~2ppt/year climb)
- Deck notes e-commerce was ~16% of global commerce at time of deck, growing due to COVID tailwind.
Revenue model
- SaaS subscription model (implied; no explicit pricing tiers shown in deck).
- TAM math implies average revenue per customer ≈ $5.5B ÷ 6.5M = ~$846/year/customer - consistent with a ~$70–100/month SMB SaaS plan.
- "$500" appears in decorative brand imagery on cover and contact slides - likely a product UI mock showing a reconciled transaction amount, not a pricing figure; no explicit plan pricing confirmed.
- Channels: self-serve / marketplace (G2, Capterra, GetApp reviews as primary acquisition channel implied by award citations).
Traction & metrics
- Retention (days 0–150): 75%.
- Retention (days 150–365): 90%.
- Transaction volume processed: $1B already reconciled in 2021.
- Platform integrations: 16 named payment/sales-channel integrations.
- Reviews: 1,500+ five-star reviews.
- Awards (2021): Crozdesk Trusted Vendor, Crozdesk Happiest Users, Crozdesk Quality Choice, Capterra Shortlist Top Performer, GetApp Category Leaders, SoftwareWorld Top Rated, G2 High Performer Summer.
Competition / moat
- Moat signals (not framed as competitive analysis in deck):
- #1 customer review ranking in category across Capterra, GetApp, G2, Crozdesk.
- Breadth of integrations (16 platforms) creates switching costs.
- CEO has 6 years in accounting domain (QuickBooks, Xero, Sage, MYOB).
Team & funding ask / use of funds
- Michael Astreiko - CEO: Former CTO at 4 startups (1 exit, 1 running, 2 failed); 6 years focused on accounting platforms.
- Ilya Kisel - COO: Built a 20-person team in an e-commerce project; elevated Synder to #1 in customer reviews; 7+ years in Customer Success & Sales.
Recommended financial model
- Archetype + why: SaaS ARR model. Synder is a subscription software business with SMB/mid-market e-commerce merchants as customers. The key value metrics (retention cohorts, transaction volume processed, review-driven acquisition) are all native SaaS constructs. A SaaS ARR model with cohort-based churn is the correct archetype.
- Forecast horizon & granularity: 3 years monthly (36 months). Monthly granularity is appropriate given SMB SaaS with visible cohort retention data and subscription billing.
- Key drivers & assumptions:
| Driver | Value | Source |
|---|---|---|
| US e-commerce business TAM | 6.5M businesses | - |
| TAM revenue opportunity | ~$5.5B/year | - |
| Implied avg revenue/customer/year | ~$846 (~$70/month) | derived from TAM ÷ addressable customers |
| Monthly new customer additions (Yr 1) | 200–500/month | early-stage SMB SaaS with review-led growth; no disclosed number |
| MoM customer growth rate | 5–10% | typical early SaaS with strong review ranking |
| Early churn rate (days 0–150, monthly equivalent) | ~17% cumulative over 5 months → ~3.7%/month | derived from 75% retention at day 150 |
| Mature churn rate (days 150–365, monthly equivalent) | ~10% cumulative over 7 months → ~1.5%/month | derived from 90% retention at day 365 |
| ARPU (monthly) | $70/month | consistent with TAM math and SMB SaaS pricing norms |
| Gross margin | 75–80% | typical for SaaS with cloud hosting + integration costs |
| S&M as % of revenue (Yr 1) | 30–40% | early growth stage |
| R&D as % of revenue | 20–25% | integration-heavy product requiring ongoing platform maintenance |
| G&A as % of revenue | 10–15% | - |
- Scenarios (Base / Bull / Bear - which variables flex):
- Base: 300 new customers/month in Yr 1, 5% MoM growth, $70 ARPU, mature churn 1.5%/month.
- Bull: 500 new customers/month, 8% MoM growth, $90 ARPU (upsell to higher tiers), churn 1.0%/month.
- Bear: 150 new customers/month, 3% MoM growth, $60 ARPU, churn 2.0%/month, CAC 50% higher.
- Required sheets / outputs:
- Assumptions - all drivers above with scenario toggle (Base / Bull / Bear).
- Cohort model - monthly new customer cohorts, apply early-stage churn (months 0–5) then mature churn (months 6–12+); produces active customer count by month.
- ARR / MRR build - active customers × ARPU → MRR → ARR; net new ARR, expansion, churn waterfall.
- P&L - Revenue, Gross Profit, S&M, R&D, G&A, EBITDA, net income.
- Cash & runway - operating cash flow, ending cash (requires funding assumption as starting capital).
- KPI summary - MRR, ARR, customer count, gross margin %, LTV, CAC, LTV:CAC, months to payback, net revenue retention.
Frequently asked
Is the Synder financial model free?+
Yes. The Synder 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 Synder'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.
Every model here is one I’d actually use for a client, and I personally vet each one before it goes up.
I’m not an expert in every industry, but I’ve built enough models to know what belongs in one. And when something is completely foreign to me, I reach out to my network for experts to work on our models with us.
Having a template library on hand cuts a first build from hours to minutes.
Need help finding your model? You’ll find me in the Finamodel app!
Other Enterprise/Security Startup Financial Models
Browse another startup in the same category.
AgBiome
AgBiome is a microbial-platform agtech company that discovers, develops, and commercialises biological crop protection products (and licences the platform across adjacent markets).
Alation
Enterprise data intelligence platform - data catalog, governance, and metadata management for large organisations.
Archer SPAC
Archera
Cloud resource automation platform that continuously optimizes AWS commitment purchases, de-risks overcommitment, and automates FinOps workflows.
Ardoq
Cloud-native Enterprise Architecture (EA) SaaS platform that helps large enterprises navigate digital transformation through automated data collection, graph-based architecture modelling, and change impact analysis.
Ascend
Ascend.io is an enterprise big data automation platform ("Enterprise Intelligence Platform") that abstracts away the complexity of big data engineering so non-experts can build and run data pipelines.
Athennian
Cloud-based legal entity management system (EMS) uniting entity data with workflow and document automation.
Auditboard
Cloud-based integrated risk management platform connecting audit, risk, compliance, and ESG teams across the enterprise.
