# Zevoy Financial Model

Expense management platform (Visa business cards + mobile app + web hub) for European SMEs, operating as an EMI licensed by the Finnish Financial Supervisory Authority (FIN-FSA).

- Canonical: https://finamodel.com/startups/zevoy
- Excel download: https://finamodel.com/startup-models/zevoy.xlsx
- Category: Fintech
- Model type: SaaS ARR / Valuation
- Funding round: Series A
- Funding: $164M
- Founded: 2022
- Geography: Finland and Sweden live; targeting underserved CEE/Nordic markets for Wolt-style rollout. EU passportable via FIN-FSA licence. [DECK sl.1, sl.3, sl.9]
- Customer: B2B2C

## About the company

Zevoy is a European SME expense-management platform combining Visa business cards, a mobile app, and a web hub. As a Finnish-regulated EMI, it gives finance teams a controlled way to manage employee spending and related workflows.

The company earns card interchange and is expected to charge a recurring SaaS fee, with a possible credit product adding future interest or fee income. Its documented go-to-market is outbound, making cold-call-to-demo-to-sign conversion a practical growth constraint.

The model should forecast sales outreach, demos, signed SMEs, subscription ARPU, card activation, and spend per active customer. Interchange, subscription ARR, and any credit economics should be separate schedules, with sales capacity, payment costs, and churn determining the path to scale.

## 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

- All-in-one expense management: instant issuing of physical and/or virtual Visa cards (credit or prepaid), Apple Pay & Google Pay enabled.
- Mobile app: receipt scanning, card management, real-time expense viewing.
- Web hub: company-level expense oversight, card limit management, accounting export.
- Positioning: faster and cheaper to launch than competitors (launched in <1 year on €1M vs. peers spending 2+ years); owns Visa licence and FIN-FSA EMI authorisation directly.

## Market

- TAM: €170B expense management market (sourced from Soldo).
- Addressable customers: 25M SMEs in Europe with turnover €0.2M–€100M (Eurostat).
- Current penetration: ~100,000 companies in Europe using similar services total across all players.

## Revenue model

- Card interchange: Visa card transactions generate interchange revenue for Zevoy as EMI card issuer.
- SaaS subscription fee:
- Credit product: Deck mentions "credit or prepaid" card options; credit implies interest/fee income. Details not disclosed.
- Sales channel: Outbound only - cold call → demo → signing funnel. 1/10 cold call conversion rate.
- No pricing tiers, ARPU, or monthly fee schedule shown.

## Traction & metrics

- 100+ signed new customers per month (as of late 2021).
- 1/10 cold call → demo → signing conversion rate.
- 80% of customers have A+ credit ratings or better.
- 2 markets live: Finland and Sweden.
- Customer growth chart (slide 8): exponential curve Apr 2021 → Dec 2021; no Y-axis labels or absolute customer count shown on chart.
- Launched in <1 year, spent €1M to reach launch.
- Total customer count (cumulative): Not explicitly stated (implied by 100+/month run-rate and ~9-month operating period).

## Competition / moat

- Direct competitors: Pleo, Soldo, Spendesk, Payhawk, Moss, Yokoy - all concentrated in Western Europe (UK, France, DACH).
- Moat claims:
  1. Owns Visa licence and FIN-FSA EMI authorisation directly (most peers rely on third-party BIN sponsors).
  2. EU passporting across full EEA - no country-by-country re-licensing needed.
  3. Geographic white-space: targeting underserved Nordics + CEE where competitor density is low ("Wolt route").
  4. Credit quality filter: 80% A+ customers → lower loss rates than open-market approach.
  5. Cost-efficient launch: €1M vs. competitors' multi-year, higher-spend launches.

## Team & funding ask / use of funds

- CEO Christoffer Rosqvist: 20+ years cards/payment/retail banking.
- CTO Joakim Lundborg: 10+ years fintech CTO experience (ex-Wrapp/Meniga).
- CMSO Ron Lindqvist: 10 years high-growth cloud/B2B sales.
- CPO Mikko Kiviniemi: 18+ years digital product and brand.
- CFO Jonas Strahl: 15 years payment value chain, programming through financial/legal administration.
- COO Valtteri Hasa: 25+ years risk, operations, compliance (banks and consulting).
- Advisor Aage Reerslev: serial fintech/internet entrepreneur, strategy.
- Team size: 35+ FTE across Helsinki, Stockholm, and Skopje.
- Prior spend: €1M to launch.

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## Recommended financial model

**Archetype + why:**
B2B SaaS + interchange revenue model (dual revenue stream). Zevoy earns (a) a recurring subscription/seat fee per SME customer and (b) interchange on card spend volume. The primary growth driver is new customer acquisition via outbound sales; card volume is a secondary lever. This is closest to a B2B SaaS ARR model with an embedded payments revenue layer - similar to Pleo/Spendesk comp set.

**Forecast horizon & granularity:**
- 3 years monthly (Year 1–2) → quarterly (Year 3).
- Monthly is essential given the outbound sales funnel cadence (100+ customers/month run-rate) and the need to model SDR headcount, ramp, and market-by-market expansion.

**Key drivers & assumptions:**

*Customer acquisition*
- Monthly new customer signings: 100+; assume 100 in current month, growing at
- Cold call → signing conversion: 1/10
- SDR headcount to calls ratio:
- Customer churn:

*Markets*
- Markets live at model start: 2 (Finland, Sweden)
- New market launches per year:
- Revenue per market scales with SME population density:

*Revenue*
- SaaS subscription fee:
- Cards per customer:
- Monthly card spend per customer:
- Interchange rate:
- Credit product interest/fee:

*Unit economics*
- Gross margin on SaaS:
- Gross margin on interchange:
- Blended gross margin:
- CAC:
- LTV:
- Payback:

*Cost structure*
- Headcount: 35+ FTE at model start; assume scaling with market expansion
- Compliance/regulatory:
- Card issuance / Visa programme fees:

**Scenarios (Base / Bull / Bear - which variables flex):**
- Bear: customer growth slows to 5% MoM; 1 new market/year; churn at 2.5%; SaaS price discounted to €79/company
- Base: 100 new customers/month growing 8–12% MoM; 2 new markets/year; churn 1.5%; SaaS at €99/company
- Bull: outbound scales faster (15%+ MoM) via headcount; 3 new markets/year; credit product layer adds 20% revenue upside; churn 0.8%

**Required sheets / outputs:**
1. Assumptions - all drivers centralized with scenario toggle (Base/Bull/Bear)
2. Customer cohort waterfall - monthly new, churned, active customers by market
3. Revenue build - SaaS MRR/ARR + interchange GMV; blended
4. P&L - revenue, COGS (interchange processing, card issuance), gross profit, S&M (SDR headcount + outbound costs), R&D, G&A (compliance, legal, FIN-FSA fees), EBITDA
5. Headcount plan - by function, by market
6. Cash flow - operating CF + funding runway; flag when next raise is needed
7. Unit economics summary - CAC, LTV, LTV:CAC, payback per cohort
8. Market expansion tracker - country-by-country launch timeline and contribution

## Frequently asked questions

### Is the Zevoy financial model free?

Yes. The Zevoy 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.