12 — Financial Model
Five-Year Illustrative Model
This page answersWhat would the U.S. business look like if the assumptions hold?
32 — Adjustable model
Revenue build
Five-year U.S. revenue model
Adjustable assumptions
Model output
120,000 users · 3,000 merchants · gross profit US$3.4M
222,000 users · 5,250 merchants · gross profit US$6.1M
410,700 users · 9,188 merchants · gross profit US$10.9M
759,795 users · 16,079 merchants · gross profit US$19.7M
1,405,621 users · 20,000 merchants · gross profit US$31.0M
33 — Scenarios
Year-five scenario comparison
Conservative
MODEL OUTPUTUS$5.4M
Year-five revenue
250,000 active users at US$12 ARPU
5,000 merchants at US$480/yr
Base
MODEL OUTPUTUS$32.4M
Year-five revenue
1,000,000 active users at US$18 ARPU
20,000 merchants at US$720/yr
Aggressive
MODEL OUTPUTUS$135.6M
Year-five revenue
3,000,000 active users at US$26 ARPU
60,000 merchants at US$960/yr
34 — Unit economics
Unit economics and payback
LTV : CAC
Adjustable assumptions
Model output
Market entry cost range
ESTIMATE- Product localisation and U.S. platform buildUS$0.6M – 1.8M
- Data acquisition and venue verificationUS$0.4M – 1.5M
- Metro-by-metro launch marketing (10 metros)US$1.5M – 5.0M
- U.S. legal, regulatory, insurance and IPUS$0.3M – 0.9M
- Operations, merchant success and supportUS$0.7M – 2.2M
- Working capital and contingencyUS$0.5M – 1.6M
Every number on this page is a MODEL OUTPUT generated from user-adjustable MANAGEMENT ASSUMPTIONS. They are not forecasts, projections, guidance or representations of expected performance, and no reliance should be placed on them for investment purposes.
Investor implication
The model is deliberately open. What matters to an acquirer is not the headline number but the sensitivity: the outcome is driven by merchant density and retention, both of which are testable in a single metro before capital is committed at national scale.
Strategic transaction enquiries
Discuss the U.S. Opportunity