Veem Financial Model
Crypto/Web3 Startup Financials (Free Excel Download)
B2B cross-border payments platform enabling SMBs to send and receive international payments cheaply and instantly via multi-rail routing (blockchain, local payment rails, bank partners).
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About this model
Veem is a B2B cross-border payments platform for SMBs, using blockchain, local payment rails, and bank partners to route international transfers. It aims to make sending and receiving payments cheaper and faster for businesses that might otherwise rely on fragmented banking and correspondent networks.
The platform serves more than 100 countries and targets SMBs with fewer than 100 employees. Its commercial structure is payments-led, not subscription SaaS: revenue comes from a percentage of payment volume, FX spread, and potentially flat transaction fees, while partner routing costs determine the retained margin.
Forecast active SMB accounts, payment frequency, average transfer size, total payment volume, FX or transaction yield, and partner mix. Deduct local-rail, bank, blockchain, compliance, fraud, support, and acquisition costs. Customer growth, volume per account, cross-border corridor mix, take rate, FX spread, partner cost, and retention should drive scenarios.
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 Veem
veem.com
How to build a detailed financial model for Veem
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Veem model - distilled from its pitch deck and publicly available information.
Product & value proposition
- Email-initiated payments in 10 seconds
- "Multi-rail routing" - intelligently routes via blockchain, local payment systems, cards, Veem bank accounts, and bank/payment partners to minimise cost and time
- $0 send fees in 50+ countries; $0 receive fees in 100+ countries
- FX fees: 0.5%–2% (versus banks' 2%–4%)
- Address-book-based network - pay/get paid from contacts; FX optionally borne by sender or receiver
- FedEx-style payment tracking with step-by-step status
- Integrations: Oracle/NetSuite, Xero, QuickBooks, Magento, Zapier
- Incumbent comparison: banks charge $40 send + $20 receive + 2%–4% FX, taking 3–7 days
Market
- TAM: Cross-border B2B payment revenue of $290bn (Goldman Sachs)
- Underlying volume: $135tn cross-border B2B payment volume (McKinsey)
- Addressable base: 200 million accounts globally
- SMB (<100 employees): 110mm accounts, $32tn volume, $73bn revenue
- Mid-Market (100–500 employees): 72mm accounts, $27tn volume, $61bn revenue
- Large Enterprise (>500 employees): 18mm accounts, $69tn volume, $157bn revenue
- Veem's near-term target: SMB segment ($73bn revenue opportunity)
Revenue model
Three revenue streams:
| Stream | Mechanism | Who pays |
|---|---|---|
| Domestic Payments | Small flat fee per transaction | Sender |
| X-Border USD | Fee per transaction | Receiver (free to sender) |
| FX | % of payment; varies by size, currency, corridor (0.5%–2% per slide 8) | Sender or receiver |
Revenue mix (slide 12 donut chart): FX / foreign currencies appears to be the dominant segment (roughly half of the donut, orange), with domestic transfers and held-in-USD-abroad making up the balance. No exact % splits disclosed.
No dollar fee amounts given for domestic or X-border USD streams beyond "small fee." domestic flat fee likely in the $1–$5 range based on competitive context; FX take-rate modelled at 0.5%–2% per deck.
Traction & metrics
- 225,000+ verified accounts
- 100+ countries served
- Network visualisation represents 20% of actual Veem network (i.e. total implied accounts on network larger than shown)
- Customer savings example: $5,000 in wire fees saved per year by a single client
- Example transaction shown: $16,194 USD
Unit economics
Context clues only:
- Competitor pricing: $40 send + $20 receive + 2%–4% FX per bank wire
- Veem pricing: $0 send (50+ countries), $0 receive (100+ countries), 0.5%–2% FX
- No CAC, LTV, gross margin, or payback period disclosed.
Competition / moat
Competitive framing:
- Direct incumbent: Bank wire (SWIFT-based), characterised as "1970s tech"
- Pain points: 3–7 day transfers, $40/$20 fees, 2%–4% FX, no tracking, no reconciliation
- Veem moat claims:
- Multi-rail routing optimisation (patent/proprietary routing logic implied)
- "Pioneer, Largest Payment Processor on Blockchain"
- Network effects - address-book-based, each new member enriches the network
- Deep accounting integrations (NetSuite, Xero, QuickBooks) create switching costs
Team & funding ask / use of funds
Recommended financial model
- Archetype + why: Transaction-fee + FX-spread payments model (similar to TransferWise/Wise or Payoneer comps). Revenue = (volume × take-rate) + (transaction count × flat fees). This is a volume-driven P&L, not a SaaS ARR model - no subscriptions disclosed.
- Forecast horizon & granularity: 3–5 years annual; Year 1 monthly. Granularity at the segment level: SMB domestic vs. cross-border USD vs. FX (foreign currency) by corridor group.
- Key drivers & assumptions:
| Driver | Value | Source |
|---|---|---|
| Total verified accounts | 225,000 | - |
| Countries served | 100+ | - |
| TAM (SMB revenue pool) | $73bn | - |
| FX take-rate range | 0.5%–2.0% | - |
| Domestic flat fee per txn | $1–$3 | competitive context; banks charge $40, Veem undercuts significantly |
| X-border USD fee per txn | $5–$15 | mid-point between $0 (sender) and bank's $20–$40 (receiver) |
| Account growth rate (YoY) | 40%–80% | early-stage network; no CAGR disclosed |
| Active account rate | 40%–60% | standard fintech activation ratio |
| Txns per active account per month | 2–4 | SMB payment cadence |
| Average transaction value | $5,000–$20,000 | based on $16,194 example and SMB B2B context |
| FX revenue share of total revenue | ~50% | from donut chart visual - orange segment appears ~half |
| Gross margin | 60%–75% | payments processors typically 60–80%; Veem incurs FX hedging + rail costs |
| Operating cost structure | S&M + R&D + G&A | standard fintech opex; no data disclosed |
- Scenarios (Base / Bull / Bear - which variables flex):
- Bull: Faster account growth (80%+ YoY), higher active rate (60%), higher ATV, FX take-rate at 1.5%–2%
- Base: 50% YoY growth, 50% active rate, midpoint ATV ~$10k, FX take-rate 1.0%–1.5%
- Bear: 30% YoY growth, 35% active rate, lower ATV, FX take-rate compression to 0.5% (competitive pressure)
- Required sheets / outputs:
- Assumptions - all drivers with scenario toggles
- Account & Volume Model - account funnel (total → active → transacting), txns/month, GMV by stream
- Revenue Build - domestic fee revenue + X-border USD fee revenue + FX revenue; blended take-rate
- P&L - revenue, gross profit, S&M, R&D, G&A, EBITDA, net income
- Unit Economics - revenue per account, revenue per transaction, blended take-rate
- Market Penetration - accounts as % of TAM (200mm total, 110mm SMB)
- Dashboard - KPI summary: accounts, GMV, revenue, take-rate, EBITDA margin
Frequently asked
Is the Veem financial model free?+
Yes. The Veem 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 Veem'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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