# Uncapped Financial Model Revenue-based financing platform providing non-dilutive growth capital to European digital entrepreneurs (e-commerce, SaaS, apps). - Canonical: https://finamodel.com/startups/uncapped - Excel download: https://finamodel.com/startup-models/uncapped.xlsx - Category: Fintech - Model type: SaaS ARR / Valuation - Funding round: Venture - Funding: $80M - Founded: 2021 - Geography: Europe (UK lead market; founders/customers described as European). [DECK slide 3, 13] - Customer: B2B2C ## About the company Uncapped provides non-dilutive revenue-based financing to European digital businesses, including e-commerce, SaaS, and app companies. It advances capital for marketing, inventory, or general cash needs and is repaid through a share of daily sales. The company charges a flat fee of 6% to 12% depending on how capital is used, rather than compounding interest. Repayments recycle capital into future advances, so underwriting quality, merchant performance, and funding capacity are the core commercial constraints. The model should forecast merchant applications, advances originated, average advance size, fee mix, daily revenue-share collections, repayment duration, and losses. A funding-facility schedule should track capital availability and cost, while a future banking product is kept separate from the specialty-lending P&L. ## 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 - Provides £10k–£5M+ advances to digital businesses with ≥6 months of trading and ≥£10k/month in revenue. - Flat fee only (6–12% of advance), no compounding interest, no equity, no personal guarantee. - Revenue share repayment: customer elects 1–20% of daily sales; repayments flex with actual revenue. - Application in minutes; decision in 24 hours. - Advance sizing is driven by Uncapped's revenue prediction engine, which analyses connected sales/marketing data. - Future horizon: digital banking product (banking accounts, cards) targeting the same customer base - shown in branding imagery (Visa debit cards). ## Market - 2 million e-commerce businesses in Europe - €25B revenue opportunity (framing unclear - likely total addressable fee revenue or addressable loan book) ## Revenue model - **Primary revenue:** Flat fee charged upfront on each advance, ranging 6–12% of the principal depending on use of funds: - 6% - marketing/digital ads spend - 9.5% - inventory - 12% - cash/general - **Mechanism:** Uncapped advances principal → earns (principal × flat fee %) at origination → recovers (principal + fee) via daily revenue share (1–20% of customer GMV) until fully repaid. - **No interest accrual; no compounding.** Revenue recognised as flat fee at origination or rateably over repayment period (not clarified in deck). - **Future revenue stream:** Digital banking (implied; details TBA). - Customers choose their revenue share % - higher share = larger advance available. ## Traction & metrics - Loan issuance chart shown but fully redacted ("Confidential") - axes label "Loan Issuance (£M)" with subtitle "Funding growing rapidly." - TL;DR claims "strong market fit and growth" but specific figures redacted. - Case study: Hēdoïne (fashion brand) - £50k advance, end of 2019 - Q1 2020 revenue growth: 1,160% vs prior year - ROI on advance: 227% - Use of funds: Facebook & Instagram marketing ## Unit economics - Gross yield per advance: 6–12% flat fee - Payback period: Variable - determined by customer's revenue share election (1–20%) and actual sales trajectory; no fixed date ## Competition / moat - Direct comparators per deck: bank loans (1–3 months, compounding interest, personal guarantee), VC/equity (3–6 months, dilutive), venture debt (2–6 months, compounding + warrants). - Uncapped's stated advantages: 24-hour speed, no guarantee, no equity, no compounding, flexible repayment. - Moat: Proprietary revenue prediction engine (data from connected sales/marketing accounts); switching costs from data integration. ## Team & funding ask / use of funds - Existing investors: Seedcamp referenced (testimonial from Reshma at Seedcamp) - may be existing investor. - Digital banking product teased as "next horizon" - suggests proceeds may fund product expansion. --- ## Recommended financial model - **Archetype + why:** Specialty lender / revenue-based financing origination model. Core economics are: advance originations (volume × average size) generating flat fees as revenue; funded by a capital facility; repayments recycled into new advances. This is a loan-book / origination P&L - not a SaaS ARR model. The revenue share repayment mechanic makes it closer to a merchant cash advance (MCA) model than traditional debt. When the banking product launches, a second revenue layer (interchange, float income) can be added. - **Forecast horizon & granularity:** Monthly for Year 1–2; quarterly for Year 3–5. Five-year horizon to show loan book scaling and path to profitability. - **Key drivers & assumptions:** | Driver | Value / range | Source | | -- | -- | -- | | Average advance size | £80k midpoint (range shown: £10k–£5M, weight toward smaller deals); refine when data available | midpoint of disclosed range | | Average flat fee rate | 8% blended (weight: 50% marketing @6%, 30% inventory @9.5%, 20% cash @12%) | rates; blend | | Average revenue share elected | 8% (mid of 1–20%) | mid of disclosed range | | Average advance duration (months) | 6–9 months at 8% share on typical customer revenue profile | model sensitivity | | New advances originated per month (Y1) | start small (e.g. 5–10/month) and grow rapidly; calibrate to loan book chart when un-redacted | - | | MoM origination growth rate | 15–25% (early-stage, high traction claims) | - | | Default / credit loss rate | 3–6% of originated book (RBF typically lower than unsecured lending due to revenue-linked repayment) | industry benchmark | | Cost of capital / facility rate | 6–8% p.a. on deployed book (senior credit facility) | - | | Operating cost base | lean team initially; scale with originations | - | | TAM penetration | 0.1–0.5% of 2M European e-commerce businesses as target | addressable count | - **Scenarios (Base / Bull / Bear - which variables flex):** - Bear: origination growth 10%/month, blended fee 7%, credit losses 7%, cost of capital 9% - Base: origination growth 18%/month, blended fee 8%, credit losses 4.5%, cost of capital 7% - Bull: origination growth 25%/month, blended fee 8.5%, credit losses 3%, cost of capital 6% - **Required sheets / outputs:** 1. **Assumptions** - all drivers above with scenario toggles 2. **Originations** - monthly new advances (count × avg size), cumulative active book 3. **Loan book roll-forward** - opening book, new advances, repayments (revenue-share collections), net book 4. **P&L** - fee revenue (recognised at origination or rateably), credit losses provision, cost of capital / interest expense, operating costs (headcount, tech, compliance), EBITDA, net income 5. **Cash flow** - capital deployed (uses), repayments received (sources), funding facility draws, cash runway 6. **Unit economics** - yield on book, loss-adjusted yield, ROI per cohort, payback curve 7. **Banking layer** (placeholder) - interchange revenue, float income; stub for future build-out once product details disclosed 8. **Dashboard** - KPIs: active book (£M), monthly originations, net yield, loss rate, cash runway ## Frequently asked questions ### Is the Uncapped financial model free? Yes. The Uncapped 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.