Uptop Financial Model
Fintech Startup Financials (Free Excel Download)
End-to-end residential rental platform combining listing search, property management software, and rent payment/accounting tools for both renters and landlords/property managers.
professionals from Deloitte
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About this model
UpTop is an end-to-end residential rental platform combining listing search, property-management software, and rent-payment and accounting tools. It serves both renters and landlords or property managers through one connected operating workflow.
The pilot research shows rent payments already flowing through the platform, while the competitive set suggests a per-unit SaaS model for property managers. Listing or lease fees may be possible, but the underlying materials do not confirm a price card or transaction take rate.
The model should forecast manager customers, units under management, monthly software revenue per unit, occupied units, rent collected, and payment revenue yield. Leasing, support, payment-processing, and property-manager churn assumptions should be separated to show the balance of SaaS and payments economics.
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 Uptop
uptopcorp.com
How to build a detailed financial model for Uptop
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Uptop model - distilled from its pitch deck and publicly available information.
Product & value proposition
- Unified platform replacing fragmented stack (Craigslist/Zillow for listings + Yardi/AppFolio for property management + Cozy for payments)
- Owner/manager side: listings syndication, tenant screening/prospects, leasing, e-sign, accounting, maintenance request management, rent collection (e-check/invoicing)
- Renter side: search, schedule viewings, apply, e-sign lease, pay rent, submit maintenance requests - all mobile-first
- Value prop: saves renters time/money; helps owners reduce vacancies, collect rent reliably, eliminate check misplacement and late payments
Revenue model
Not explicitly stated in deck. Platform facilitates:
- Rent payments processed (implied transaction/payment processing fee) - $1.5M+ in payments processed in pilot
- Property management SaaS subscription (implied, given direct competition with AppFolio/Yardi/Buildium) - standard proptech SaaS model charges per unit per month
- Possible lease execution or listing fees - common in comparable platforms
No pricing tiers, subscription fees, or take-rate percentages disclosed.
Traction & metrics
All from slide 6 - "In 4 months we..." in Market One:
- 40% penetration of the rental market (in first test market)
- 2,500+ units being onboarded
- 300+ leases executed
- 1,000+ users
- $1.5M+ in payments processed on platform
- Media coverage: Pittsburgh Business Times feature, WXPI TV segment
No revenue figures, MoM growth rates, churn, or NPS disclosed.
Competition / moat
- Identified competitors by function:
- Listing/lead-gen: Craigslist, Zillow, Apartments.com, Zumper, Apartment List, RadPad
- Property management SaaS: Yardi, AppFolio, Entrata, Buildium, Rent Manager, Rentalutions
- Payments: Cozy
- Moat claimed: single end-to-end platform vs. multi-tool stack; proprietary renter-owner communication layer; full lifecycle coverage (search → lease → pay → maintain)
- No network effect, data, or switching-cost moat articulated beyond workflow consolidation.
Team & funding ask / use of funds
- Team (15 named): Frank Barletta (CEO), Brad Marder (CTO), Jonathan Foux (CMO), Travis Hardman (CPO), Michael DeSutter (Design Director), Jakob Gade (Sr. Software Engineer), Hiro Narita (Jr. Software Engineer), Anne Lin (Jr. Software Engineer), Vincent Chee (Jr. Software Engineer), Julianna Korunovski (HR), Kelly O'Halloran (Sr. Sales Dev), Yang Gu (BD Associate), Sophie Carrington (BD Associate), Ahmad Ghumman (Onboarding Specialist), Ronnie Riven (Head of Finance)
- Ask: $4 Million
- Use of proceeds: Product Development, New Hires, Growth - no percentage split disclosed
Recommended financial model
- Archetype + why: SaaS + Payments / PropTech operating model - revenue has two probable streams: (1) recurring per-unit SaaS subscription for property managers (analogous to AppFolio ~$1.40/unit/month) and (2) payment processing take-rate on rent collected. This demands a unit-based SaaS ARR model layered with a payments GMV/take-rate module. Not a marketplace GMV model (platform owns the landlord-renter workflow, not just the match).
- Forecast horizon & granularity: 3 years monthly (2019–2022); monthly for Year 1 (burn/runway is critical post-raise), quarterly summary for Years 2–3.
- Key drivers & assumptions:
- Units under management (UUM) - starting base: 2,500; growth rate 15–20% MoM in early months, decelerating to 5–8% MoM by Year 2 as expansion markets are added
- Subscription ARPU per unit per month ~$1–3/unit/month (industry benchmark vs. AppFolio/Cozy pricing); 0% disclosed
- Payment processing volume: $1.5M+ in 4 months; avg rent per unit ~$1,500–$2,000/month based on product mockup ($3,600/unit shown is high-end)
- Payment take-rate ~0.5–1.0% (competitive with ACH-based platforms; Cozy charged 0% ACH, 2.75% card - UpTop likely similar)
- Number of markets: 1 at pilot; Pittsburgh expansion signaled; 3–5 markets by end of Year 1 post-raise
- Headcount & burn: 15 employees at time of raise; OpEx-heavy pre-revenue; post-$4M raise, ~18–24 month runway target
- CAC per property manager - not disclosed; model as sales-led (BDR team already in place) with $500–$1,500 per PM account
- Churn (units off-platform) ~2–4% monthly (early-stage, product not fully sticky yet)
- Gross margin: ~60–70% SaaS-side; ~40–60% payments (after processing costs)
- Scenarios (Base / Bull / Bear - which variables flex):
- Bear: slower market expansion (2 markets by Year 2), lower ARPU ($1/unit), higher churn (5% monthly), take-rate compressed to 0.3%
- Base: 4 markets by Year 2, $1.50/unit ARPU, 3% churn, 0.7% take-rate
- Bull: 6+ markets, $2.50/unit ARPU from premium features, 1.5% churn, 1.0% take-rate, add-on lease fee revenue
- Required sheets / outputs:
- Assumptions - all drivers with toggle for Base/Bull/Bear
- Units Under Management - cohort build by market, monthly
- Revenue - SaaS subscription + payments GMV + take-rate fees
- P&L (Income Statement) - revenue, COGS (hosting, payment processing), gross profit, OpEx (headcount by function, sales & marketing, G&A), EBITDA
- Headcount plan - current 15 + planned hires (product, sales, engineering per use of proceeds)
- Cash flow & runway - monthly cash burn, $4M raise modelled in, months of runway
- KPI Dashboard - UUM, leases, GMV, MRR, burn rate, runway
Frequently asked
Is the Uptop financial model free?+
Yes. The Uptop 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 Uptop'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
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