# Wysa Financial Model

AI-powered mental health chatbot delivering CBT-based self-care, coaching, and therapy triage at scale.

- Canonical: https://finamodel.com/startups/wysa
- Excel download: https://finamodel.com/startup-models/wysa.xlsx
- Category: Health-tech
- Model type: Marketplace / GMV
- Funding round: Series A
- Funding: $5.5M
- Founded: 2021
- Geography: Global; US is primary growth market (largest user base from US per slide 7/8).
- Customer: B2B2C

## About the company

Wysa is an AI-powered mental-health chatbot offering CBT-based self-care, coaching, and therapy triage. It serves consumers and institutional buyers seeking scalable mental-health support, with a product that can offer immediate digital interaction before directing users to higher-touch care.

Its commercial model can combine consumer subscriptions with employer or payer distribution. Growth depends on institutional contracts, covered users, engagement, coaching utilisation, care escalation, retention, and the balance between software scale and the cost of human support.

The model forecasts employer or payer contracts, covered users, engagement, subscription or PEPM revenue, coaching cost, and retention. It includes clinical operations, acquisition, enterprise sales, technology costs, gross margin, operating cash flow, cash burn, and runway.

## 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

- AI chatbot (penguin avatar "Wysa") providing anonymous, always-on emotional support using 150+ evidence-based CBT, DBT, and mindfulness techniques.
- "Missing middle" positioning: fills the gap between wellness apps (30% of need) and clinical EAP/therapy (10% of need) - targets the underserved 60% with sub-clinical but significant mental distress.
- Solution stack: Wellbeing Campaigns → Wysa App & Web (AI listening + techniques) → Analytics Dashboard (employer insights) → Custom Care Pathways (triage to behavioral health providers).
- B2B offering: employer/payer buys licenses ("lives covered"), employees access anonymously; analytics dashboard gives HR engagement/impact data without breaching individual privacy.
- B2C: users can access app directly and optionally book therapy sessions in-app.
- Voice feature added (new at time of deck).

## Market

- Market framing: mental health described as a "missing middle" with 60% of need unaddressed between wellness and clinical care.
- Context figures cited: 10 million lives covered under enterprise contracts; 3 million direct users.

## Revenue model

- **B2B (primary):** Enterprise contracts - Total Contract Value (TCV) basis. Employers/insurers/health systems pay per-life or per-employee-per-month (PEPM).
- **B2C (secondary):** Direct app subscription + in-app therapy session bookings. Therapy revenue called out separately.
- Revenue reported in $K.
- ARPPU/month tracked as a KPI (exact figures redacted).
- % Therapy mix tracked (% of revenue from therapy sessions vs. digital-only).
- Full-stack offering: Therapy + coaching + digital combined package.
- Distribution: purely organic - no paid marketing spend to date.

## Traction & metrics

- **Users:** 3,000,000 registered users
- **Lives covered (B2B):** 10 million
- **Conversations:** 100+ million
- **CBT breakthroughs:** 2 million
- **App rating:** 4.9 stars with 100K+ reviews
- **Revenue growth:** 3x increase in revenue (period not specified, implied YoY)
- **Revenue period shown:** 2019, 2020, 2021 Tracking, 2022 Est - B2B TCV + B2C stacked bar in $K; absolute dollar values redacted in image.
- **CAGR:** shown in chart annotation but value redacted.
- **# Enterprises:** tracked per year; values redacted.
- **User growth:** continuous organic growth Jan 2019 – April 2021 (upward curve, no Y-axis values - redacted).
- **New users per day:** stated in callout but number redacted.
- **% US users:** stated but redacted.
- **User helpfulness:** 91% said Wysa was helpful/OK (100K+ feedback responses)
- **Adolescents:** 90% said Wysa helped with covid anxiety
- **Healthcare workers:** 93% say it helped with stress
- **Clinical efficacy (PHQ9):** 75% of high-user group improved depression symptoms; effect size 0.63 (Cohen's d - medium-large); high users vs. low/non-users showed 40% lower impact for low/non-users; n=108 high users, n=21 low/non-users. Published in JMIR.

## Unit economics

- **CAC:** Zero paid CAC stated (purely organic acquisition).
- **ARPPU/month:** tracked; value redacted in deck.
- **% Therapy mix:** tracked (higher-margin upsell); value redacted.

## Competition / moat

- Positioned vs. traditional EAP (low engagement, high cost) and wellness apps (insufficient for sub-clinical distress).
- Moat claims: clinical validation (Cambridge/Harvard/Oxford studies); highest number of evidence-based tools per Harvard review; ISO 27001 + 27701 certified; MHRA/CE marked; ORCHA certified (NHS standard); anonymous architecture (no PII shared).
- NHS endorsement and case study; NHS Young Adult Services deployment.
- Named competitors: not explicitly named in deck.
- Awards: Google Play Best App 2020, Forbes Top 5 Mental Health Innovations 2020, ORCHA Best App Health & Care 2020.

## Team & funding ask / use of funds

- Team: Not detailed in deck (intro/demo deck format; no team slide).
- Contact: hello@wysa.ai

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## Recommended financial model

- **Archetype + why:** Hybrid B2B SaaS + B2C subscription/marketplace model. B2B is the primary revenue driver (enterprise TCV, PEPM pricing, logo count growth); B2C therapy sessions are a marketplace/transactional layer on top. A dual-stream P&L with ARR build for B2B and GMV/take-rate logic for therapy sessions is the right frame. Closest template: digital health SaaS with therapy marketplace upside.

- **Forecast horizon & granularity:** Monthly for Years 1–2 (2022–2023), quarterly for Years 3–5 (2024–2026). The deck shows 2019–2022E annual bars, so monthly cadence from 2022 onward.

- **Key drivers & assumptions:**

  *B2B stream:*
  - # Enterprise clients per year digital health EAP market growth rate]
  - Average lives per enterprise
  - PEPM rate
  - Contract duration
  - Net revenue retention / expansion
  - % Therapy revenue mix

  *B2C stream:*
  - Monthly new organic installs
  - B2C conversion to paid
  - ARPU/month B2C
  - Therapy session attach rate

  *Cost structure:*
  - Gross margin
  - Engineering / AI / clinical team headcount
  - S&M: $0 currently;
  - G&A:

  *Revenue growth:*
  - 3x revenue increase in base year
  - CAGR shown but redacted;

- **Scenarios (Base / Bull / Bear - which variables flex):**
  - **Base:** Enterprise logo growth 35% YoY, PEPM steady, B2C conversion 7%, therapy attach 10%, organic-only user growth continues.
  - **Bull:** US enterprise ramp accelerates (NHS-style payer deals in US), therapy session attach rate climbs to 20%, paid marketing kicks in with CAC < 6-month payback.
  - **Bear:** Enterprise churn increases post-covid engagement decline, B2C conversion stays sub-5%, therapy margin compressed by human coach costs.
  - Flex variables: # enterprises, PEPM rate, therapy attach %, B2C paid conversion, CAC if paid marketing starts.

- **Required sheets / outputs:**
  1. **Assumptions** - all drivers listed above with Base/Bull/Bear toggles
  2. **B2B ARR Build** - logo count, lives, PEPM, TCV, new/expansion/churn waterfall
  3. **B2C P&L** - installs → MAU → paid subs → therapy sessions → revenue
  4. **Consolidated P&L** - blended revenue, COGS (AI infra + therapist costs), gross profit, OpEx, EBITDA
  5. **Headcount Plan** - by function; largest cost driver
  6. **Cash & Runway** - given no disclosed raise, model cash burn + runway
  7. **KPI Dashboard** - users, lives covered, conversations/month, ARPPU, NPS proxy (helpfulness %), gross margin

## Frequently asked questions

### Is the Wysa financial model free?

Yes. The Wysa 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.