THThemis Financial Model
Fintech Startup Financials (Free Excel Download)
SaaS compliance management platform for fintechs and financial institutions - "Create a Culture of Compliance"
professionals from Deloitte
Used by professionals from
About this model
Themis is a SaaS compliance-management platform for fintechs and financial institutions. Its proposition is to help regulated companies create a more systematic culture of compliance through modular software workflows.
The product has a phase-based upsell path, allowing a customer to adopt foundational compliance capabilities and then add further modules. That structure supports a recurring enterprise SaaS model in which account expansion can be as important as new-logo sales.
The model should forecast new customers, initial ACV, module adoption by phase, implementation, renewal, and churn. Expansion ARR should be visible as a distinct bridge from new ARR, while sales-cycle length, customer concentration, and support cost determine the realistic path to scale.
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 Themis
themis.tech
How to build a detailed financial model for Themis
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Themis model - distilled from its pitch deck and publicly available information.
Product & value proposition
- Single platform to manage risk and compliance workflows; replaces a "hodgepodge of point solutions" and spreadsheets
- Key pillars: common compliance framework to accelerate bank-fintech partnerships; zero implementation time; built-in compliance expertise; real-time source of truth
- Modular architecture: Basic Modules (policies, training) → Regulatory Modules (SEC, FINRA, OCC) → Marketplace (templates, integrations with HR tools / Google Drive); includes Collaborative Workspaces, Vendor Due Diligence, Issue Management, Complaints, Risk Assessment
- Phase 3 target: support companies becoming regulated banks (FINRA 4530, FINRA API, Reg Identifier)
- AICPA SOC certification mentioned
- Built by "regulators, compliance officers and innovative thinkers"
Market
- US Financial Industry annual spend on compliance: $50B/yr
- TAM: $22.8B
- SAM: $4.6B
- Addressable customer segments (2024 projected totals):
- Midsize financials / insurance (US): 54,688
- Traditional finance (credit unions / community banks / broker dealers, US): 35,686
- US Fintechs: 24,273
- EMEA + APAC fintechs: 13,000
- Crypto companies (global): 3,021
- Total: 130,668
- Chart spans 2019–2024; all segments show growth; US fintechs and midsize financials are fastest-growing lines
Competition / moat
- Problem framing implies competition = fragmented point solutions + spreadsheets
- Moat claimed: integrated data across modules (holistic risk picture), built-in compliance expertise, no implementation time, collaborative workspaces enabling bank-fintech partnerships
- Named regulators covered: SEC, FINRA, OCC, NYDFS
- Direct competitors not named in deck
Team & funding ask / use of funds
Recommended financial model
- Archetype + why: SaaS ARR model. Themis is a modular B2B SaaS platform with a clear phase-based upsell path (Phase 1 → 2 → 3). Revenue is best modelled as new logo acquisition × ACV, with expansion revenue from module upgrades. No transactional or usage-based signals in deck.
- Forecast horizon & granularity: 5 years (2024–2028); monthly for Year 1, quarterly for Years 2–5. Company appears early-stage (2021 deck, no revenue disclosed), so a monthly cash-burn / runway view in Year 1 is material.
- Key drivers & assumptions:
| Driver | Value |
|---|---|
| TAM | $22.8B |
| SAM | $4.6B |
| Total addressable customers (2024) | 130,668 |
| Initial target segment | US Fintechs (24,273 by 2024) |
| Annual contract value (ACV) - Phase 1 | $6,000–$12,000/yr |
| ACV - Phase 2 upsell | $18,000–$36,000/yr |
| ACV - Phase 3 (bank-level) | $60,000–$120,000/yr |
| New logos per quarter (Year 1) | 5–15 |
| Logo churn rate | 8–12%/yr |
| Gross margin | 70–80% |
| Sales cycle | 60–90 days |
| Expansion / upsell rate | 15–25% of base annually |
| Headcount-driven opex | 3–5 FTE sales/CS at launch; scale with ARR milestones |
- Scenarios (Base / Bull / Bear - which variables flex):
- Bear: New logos = 5/qtr in Year 1, plateau; churn = 12%; ACV stays Phase 1; Phase 2/3 adoption minimal
- Base: New logos ramp to 20/qtr by Year 2; churn = 8%; 25% of cohort upgrades to Phase 2 in Year 2; gross margin 75%
- Bull: New logos ramp to 40/qtr by Year 2 (crypto + EMEA expansion); churn = 5%; 40% cohort upgrades; Phase 3 enterprise logos close in Year 3
- Required sheets / outputs:
- Assumptions - all drivers toggled per scenario
- Customer Cohort Model - monthly new logos, churn, net logo count by phase
- ARR Bridge - new ARR, expansion ARR, churned ARR, net new ARR
- P&L - revenue, COGS (gross margin), S&M, R&D, G&A, EBITDA
- Cash Flow / Runway - monthly burn, cash balance, months of runway
- SaaS Metrics Summary - ARR, MRR, NRR, LTV, CAC payback (inputs assumed)
- Dashboard - ARR waterfall chart, cohort heatmap, runway chart
Frequently asked
Is the Themis financial model free?+
Yes. The Themis 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 Themis'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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