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This document contains projected financial statements for the SVF business segment from 2023-2027. It includes assumptions for key drivers like customer acquisition costs, active users, transactions per user, fees per transaction, and expenses. The projections show increasing revenues from transaction fees, insurance, and loyalty programs. Expenses also rise with marketing, staffing, and technology. This results in net profits after the first year, growing from $6.5M in 2024 to $127M in 2027. A separate table forecasts monthly processed volume and acquiring bank details for merchants and transactions from January 2023 to April 2024.

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Anish Shah
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31 views

Standard Template

This document contains projected financial statements for the SVF business segment from 2023-2027. It includes assumptions for key drivers like customer acquisition costs, active users, transactions per user, fees per transaction, and expenses. The projections show increasing revenues from transaction fees, insurance, and loyalty programs. Expenses also rise with marketing, staffing, and technology. This results in net profits after the first year, growing from $6.5M in 2024 to $127M in 2027. A separate table forecasts monthly processed volume and acquiring bank details for merchants and transactions from January 2023 to April 2024.

Uploaded by

Anish Shah
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
You are on page 1/ 20

Financial Model Strictly Confidential

Table of Contents
Projected Income Statement - SVF Segment

Notes
Forecast-->
Financial Statement (SVF Business Segment Only)
AED 2023F 2024F 2025F 2026F 2027F

Assumptions & Drivers 2023F 2024F 2025F 2026F 2027F

Income Statement Assumptions


Customer Acquisition Cost 70.00 63.00 50.40 35.28 21.17
Decrease in CAC 10% 20% 30% 40%
Number of Average Active Users 30,000 90,000 225,000 450,000 675,000
Increase in Average Active Users 300% 250% 200% 150%
Ratio of Active to Total Number of Users Acquired 30.0% 32.0% 34.0% 36.0% 37.0%
Total Customers Acquired 100000 281250 661765 1250000 1824324
Total New Customers Acquired for the year 100000 181250 380515 588235 574324
Average Number of Retail Transactions Per Active Users 204.00 206.40 209.04 211.94 215.14
Averafe Number of Remittance Transactions Per Active User 6 6 6 6 6
Average Number of Insurance Purchase Per Active User 0.50 0.45 0.41 0.36 0.33
Average Number of Micro Investment Purchases Per Active User 0.20 0.40 0.60 0.80 1.00
Average Number of Loytalty Program usages 24.00 26.40 29.04 31.94 35.14
Average Fee Generated from Interchange Fee for Retail Transactions 0.20 0.20 0.20 0.20 0.20
Average Fee Generated from Remittance Transactions 6.00 5.40 4.86 4.37 3.94
Average Fee Generates from Insurance Purchases 250.00 237.50 225.63 214.34 203.63
Average Fee from Micro Investment Purchase 2.00 2.20 2.42 2.66 2.93
Average Fee Generated from Loyalty Programs 5.00 5.00 5.00 5.00 5.00
Compensation for Additional Support Staff - E-Wallet Related Services 840000 1260000 1980000 2400000 3600000
Cashback Program for Remittance (% of Fee Charged) 50% 45% 41% 36% 33%
Cashback Program for Loyalty Programs (% of Fee Charged) 50% 45% 41% 36% 33%
Total Issued Cards 100,000 281,250 661,765 1,250,000 1,824,324
Number of transactions per card per month 2.56 2.77 3.00 3.26 3.54
Insurance Cost Per Employee 6000 6300 6615 6945.75 7293.0375
Income Statement 2023F 2024F 2025F 2026F 2027F

Revenues 9,654,000 28,129,950 69,197,878 137,916,494 208,668,807


Revenue from Interchange Fee 1,224,000 3,715,200 9,406,800 19,074,960 29,043,684
Net Revenue from Remittance Transactions Per Active Users 1,080,000 2,916,000 6,561,000 11,809,800 15,943,230

© Management Development Associates (NA) Inc. - 21317


Revenue from Insurance Purchases 3,750,000 9,618,750 20,560,078 35,157,734 45,089,793
Revenue from Loyalty Programs 3,600,000 11,880,000 32,670,000 71,874,000 118,592,100
Cost of Sales 2,340,000 6,658,200 15,888,555 30,502,745 44,134,315
Cashback Programs Tied to Remittance 540,000 1,312,200 2,657,205 4,304,672 5,230,177
Cashback Programs Tied to Loyalty Programs 1,800,000 5,346,000 13,231,350 26,198,073 38,904,138
Gross Profit 7,314,000 21,471,750 53,309,323 107,413,748 164,534,492
Salary Expenses 840,000 1,260,000 1,980,000 2,400,000 3,600,000
Marketing Expenses 7,000,000 11,418,750 19,177,941 20,752,941 12,157,297
Professional Fees ( Audit, Consulting etc) 300,000 309,000 318,270 327,818 337,653
Telephone Charges 30,000 33,000 36,300 39,930 43,923
Software Subscription and Technology Charge 500,000 525,000 551,250 578,813 607,753
VAT Charges 454,043 1,654,155 4,276,547 7,556,173
Depreciation - IT Resources 200,000 200,000 200,000 200,000 200,000
Insurance 42,000 63,000 99,225 138,915 218,791
Utility Expenses 21,078 22,131 23,238 24,400 25,620
Other Office Expenses 20,000 20,000 20,000 20,000 20,000
EBIT (Operating Profit) -1,639,078 7,166,825 29,248,944 78,654,385 139,767,282
Interest
Income Before Taxes -1,639,078 7,166,825 29,248,944 78,654,385 139,767,282
Corporate Taxes (At 9 %) 645,014 2,632,405 7,078,895 12,579,055
Net Income -1,639,078 6,521,811 26,616,539 71,575,491 127,188,227

© Management Development Associates (NA) Inc. - 21317


USD Mn Jan-23 Feb-23 Mar-23 Apr-23
Merchants
Market Size (Digital Transactions) 39,637,500,00039,637,500,000 39,637,500,000 39,637,500,000
% increase 0.45% 0.45% 0.45%
% Markets captured 0.05% 0.05% 0.05% 0.05%

Monthly Volume Processed 19,818,750 19,818,750 19,818,750 19,818,750

Acquiring Banks

No. of Merchants acquired 5 5 5 5


Average MDR Charged 0.20% 0.20% 0.20% 0.20%
May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23

39,637,500,000 39,637,500,000 39,637,500,000 39,637,500,000 39,637,500,000 39,637,500,000


0.45% 0.45% 0.45% 0.45% 0.45% 0.45%
0.05% 0.05% 0.05% 0.05% 0.05% 0.05%

19,818,750 19,818,750 19,818,750 19,818,750 19,818,750 19,818,750

5 5 5 5 5 5
0.20% 0.20% 0.20% 0.20% 0.20% 0.20%
Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24

39,637,500,000 39,637,500,000 40,113,150,000 40,594,507,800 41,081,641,894 41,574,621,596


0.45% 0.45% 1.20% 1.20% 1.20% 1.20%
0.05% 0.05% 0.05% 0.05% 0.05% 0.05%

19,818,750 19,818,750 20,056,575 20,297,254 20,540,821 20,787,311

5 5 8 8 8 8
0.20% 0.20% 0.20% 0.20% 0.20% 0.20%
May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24

42,073,517,055 42,578,399,260 43,089,340,051 43,606,412,132 44,129,689,077 44,659,245,346


1.20% 1.20% 1.20% 1.20% 1.20% 1.20%
0.05% 0.05% 0.05% 0.05% 0.05% 0.05%

21,036,759 21,289,200 21,544,670 21,803,206 22,064,845 22,329,623

8 8 10 10 10 10
0.20% 0.20% 0.20% 0.20% 0.20% 0.20%
Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25

45,195,156,291 45,737,498,166 46,537,904,384 47,352,317,711 48,180,983,271 49,024,150,478


1.20% 1.20% 1.75% 1.75% 1.75% 1.75%
0.05% 0.05% 0.05% 0.05% 0.05% 0.05%

22,597,578 22,868,749 23,268,952 23,676,159 24,090,492 24,512,075

10 10 15 15 15 15
0.20% 0.20% 0.18% 0.18% 0.18% 0.18%
May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25

49,882,073,111 50,755,009,391 51,643,222,055 52,546,978,441 53,466,550,564 54,402,215,199


1.75% 1.75% 1.75% 1.75% 1.75% 1.75%
0.05% 0.05% 0.05% 0.05% 0.05% 0.05%

24,941,037 25,377,505 25,821,611 26,273,489 26,733,275 27,201,108

15 15 15 15 15 15
0.18% 0.18% 0.18% 0.18% 0.18% 0.18%
Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26

55,354,253,964 56,322,953,409 57,590,219,861 58,885,999,807 60,210,934,803 61,565,680,836


1.75% 1.75% 2.25% 2.25% 2.25% 2.25%
0.05% 0.05% 0.05% 0.05% 0.05% 0.05%

27,677,127 28,161,477 28,795,110 29,443,000 30,105,467 30,782,840

15 15 20 20 20 20
0.18% 0.18% 0.15% 0.15% 0.15% 0.15%
May-26 Jun-26 Jul-26 Aug-26 Sep-26 Oct-26

62,950,908,655 64,367,304,100 65,815,568,442 67,296,418,732 68,810,588,153 70,358,826,387


2.25% 2.25% 2.25% 2.25% 2.25% 2.25%
0.05% 0.05% 0.05% 0.05% 0.05% 0.05%

31,475,454 32,183,652 32,907,784 33,648,209 34,405,294 35,179,413

20 20 20 20 20 20
0.15% 0.15% 0.15% 0.15% 0.15% 0.15%
Nov-26 Dec-26 Jan-27 Feb-27 Mar-27 Apr-27

71,941,899,981 73,560,592,730 75,583,509,030 77,662,055,529 79,797,762,056 81,992,200,512


2.25% 2.25% 2.75% 2.75% 2.75% 2.75%
0.05% 0.05% 0.05% 0.05% 0.05% 0.05%

35,970,950 36,780,296 37,791,755 38,831,028 39,898,881 40,996,100

20 20 25 25 25 25
0.15% 0.15% 0.15% 0.15% 0.15% 0.15%
May-27 Jun-27 Jul-27 Aug-27 Sep-27 Oct-27

84,246,986,026 86,563,778,142 88,944,282,041 91,390,249,797 93,903,481,666 96,485,827,412


2.75% 2.75% 2.75% 2.75% 2.75% 2.75%
0.05% 0.05% 0.05% 0.05% 0.05% 0.05%

42,123,493 43,281,889 44,472,141 45,695,125 46,951,741 48,242,914

25 25 25 25 25 25
0.15% 0.15% 0.15% 0.15% 0.15% 0.15%
Nov-27 Dec-27

99,139,187,666 101,865,515,327
2.75% 2.75%
0.05% 0.05%

49,569,594 50,932,758

25 25
0.15% 0.15%
Forecast-->
Financial Statement (SVF Business Segment Only)
AED 2023F 2024F 2025F 2026F 2027F

Assumptions & Drivers 2023F 2024F 2025F 2026F 2027F

Income Statement Assumptions


Customer Acquisition Cost 70.00 77.00 84.70 93.17 102.49
Decrease in CAC 10% 20% 30% 40%
Number of Average Active Users 30,000 90,000 225,000 450,000 675,000
Increase in Average Active Users 300% 250% 200% 150%
Ratio of Active to Total Number of Users Acquired 30.0% 32.0% 34.0% 36.0% 37.0%
Total Customers Acquired 100000 281250 661765 1250000 1824324
Total New Customers Acquired for the year 100000 181250 380515 588235 574324
Average Number of Retail Transactions Per Active Users 204.00 206.40 209.04 211.94 215.14
Averafe Number of Remittance Transactions Per Active User 6 6 6 6 6
Average Number of Insurance Purchase Per Active User 0.50 0.45 0.41 0.36 0.33
Average Number of Micro Investment Purchases Per Active User 0.20 0.40 0.60 0.80 1.00
Average Number of Loytalty Program usages 24.00 26.40 29.04 31.94 35.14
Average Fee Generated from Interchange Fee for Retail Transactions 0.20 0.20 0.20 0.20 0.20
Average Fee Generated from Remittance Transactions 6.00 5.40 4.86 4.37 3.94
Average Fee Generates from Insurance Purchases 250.00 237.50 225.63 214.34 203.63
Average Fee from Micro Investment Purchase 2.00 2.20 2.42 2.66 2.93
Average Fee Generated from Loyalty Programs 5.00 5.00 5.00 5.00 5.00
Compensation for Additional Support Staff - E-Wallet Related Services 840000 1260000 1980000 2400000 3600000
Cashback Program for Remittance (% of Fee Charged) 50% 45% 41% 36% 33%
Cashback Program for Loyalty Programs (% of Fee Charged) 50% 45% 41% 36% 33%
Insurance Cost Per Employee 6000 6300 6615 6945.75 7293.0375
Income Statement 2023F 2024F 2025F 2026F 2027F

Revenues 9,654,000 28,129,950 69,197,878 137,916,494 208,668,807


Revenue from Interchange Fee 1,224,000 3,715,200 9,406,800 19,074,960 29,043,684
Net Revenue from Remittance Transactions Per Active Users 1,080,000 2,916,000 6,561,000 11,809,800 15,943,230
Revenue from Insurance Purchases 3,750,000 9,618,750 20,560,078 35,157,734 45,089,793
Revenue from Loyalty Programs 3,600,000 11,880,000 32,670,000 71,874,000 118,592,100

© Management Development Associates (NA) Inc. - 21317


Cost of Sales 2,340,000 6,658,200 15,888,555 30,502,745 44,134,315
Cashback Programs Tied to Remittance 540,000 1,312,200 2,657,205 4,304,672 5,230,177
Cashback Programs Tied to Loyalty Programs 1,800,000 5,346,000 13,231,350 26,198,073 38,904,138
Gross Profit 7,314,000 21,471,750 53,309,323 107,413,748 164,534,492
Salary Expenses 840,000 1,260,000 1,980,000 2,400,000 3,600,000
Marketing Expenses 7,000,000 13,956,250 32,229,596 54,805,882 58,860,777
Professional Fees ( Audit, Consulting etc) 300,000 309,000 318,270 327,818 337,653
Telephone Charges 30,000 33,000 36,300 39,930 43,923
Software Subscription and Technology Charge 500,000 525,000 551,250 578,813 607,753
VAT Charges 327,168 1,001,572 2,573,900 5,220,999
Depreciation - IT Resources 200,000 200,000 200,000 200,000 200,000
Insurance 42,000 63,000 99,225 138,915 218,791
Utility Expenses 21,078 22,131 23,238 24,400 25,620
Other Office Expenses 20,000 20,000 20,000 20,000 20,000
EBIT (Operating Profit) -1,639,078 4,756,200 16,849,872 46,304,091 95,398,977
Interest
Income Before Taxes -1,639,078 4,756,200 16,849,872 46,304,091 95,398,977
Corporate Taxes (At 9 %) 428,058 1,516,489 4,167,368 8,585,908
Net Income -1,639,078 4,328,142 15,333,384 42,136,723 86,813,069

© Management Development Associates (NA) Inc. - 21317


Forecast-->
Financial Statement (SVF Business Segment Only)
AED 2023F 2024F 2025F 2026F 2027F

Assumptions & Drivers 2023F 2024F 2025F 2026F 2027F

Income Statement Assumptions


Customer Acquisition Cost 70.00 63.00 50.40 35.28 21.17
Decrease in CAC 10% 20% 30% 40%
Number of Average Active Users 30,000 60,000 90,000 112,500 112,500
Increase in Average Active Users 200% 150% 125% 100%
Ratio of Active to Total Number of Users Acquired 30.0% 32.0% 34.0% 36.0% 37.0%
Total Customers Acquired 100000 187500 264706 312500 304054
Total New Customers Acquired for the year 100000 87500 77206 47794 -8446
Average Number of Retail Transactions Per Active Users 204.00 206.40 209.04 211.94 215.14
Averafe Number of Remittance Transactions Per Active User 6 6 6 6 6
Average Number of Insurance Purchase Per Active User 0.50 0.45 0.41 0.36 0.33
Average Number of Micro Investment Purchases Per Active User 0.20 0.40 0.60 0.80 1.00
Average Number of Loytalty Program usages 24.00 26.40 29.04 31.94 35.14
Average Fee Generated from Interchange Fee for Retail Transactions 0.20 0.20 0.20 0.20 0.20
Average Fee Generated from Remittance Transactions 6.00 5.40 4.86 4.37 3.94
Average Fee Generates from Insurance Purchases 250.00 237.50 225.63 214.34 203.63
Average Fee from Micro Investment Purchase 2.00 2.20 2.42 2.66 2.93
Average Fee Generated from Loyalty Programs 5.00 5.00 5.00 5.00 5.00
Compensation for Additional Support Staff - E-Wallet Related Services 840000 1260000 1980000 2400000 3600000
Cashback Program for Remittance (% of Fee Charged) 50% 45% 41% 36% 33%
Cashback Program for Loyalty Programs (% of Fee Charged) 50% 45% 41% 36% 33%
Insurance Cost Per Employee 6000 6300 6615 6945.75 7293.0375
Income Statement 2023F 2024F 2025F 2026F 2027F

Revenues 9,654,000 18,753,300 27,679,151 34,479,123 34,778,135


Revenue from Interchange Fee 1,224,000 2,476,800 3,762,720 4,768,740 4,840,614
Net Revenue from Remittance Transactions Per Active Users 1,080,000 1,944,000 2,624,400 2,952,450 2,657,205
Revenue from Insurance Purchases 3,750,000 6,412,500 8,224,031 8,789,433 7,514,966
Revenue from Loyalty Programs 3,600,000 7,920,000 13,068,000 17,968,500 19,765,350

© Management Development Associates (NA) Inc. - 21317


Cost of Sales 2,340,000 4,438,800 6,355,422 7,625,686 7,355,719
Cashback Programs Tied to Remittance 540,000 874,800 1,062,882 1,076,168 871,696
Cashback Programs Tied to Loyalty Programs 1,800,000 3,564,000 5,292,540 6,549,518 6,484,023
Gross Profit 7,314,000 14,314,500 21,323,729 26,853,437 27,422,415
Salary Expenses 840,000 1,260,000 1,980,000 2,400,000 3,600,000
Marketing Expenses 7,000,000 5,512,500 3,891,176 1,686,176 -178,784
Professional Fees ( Audit, Consulting etc) 300,000 309,000 318,270 327,818 337,653
Telephone Charges 30,000 33,000 36,300 39,930 43,923
Software Subscription and Technology Charge 500,000 525,000 551,250 578,813 607,753
VAT Charges 391,493 819,213 1,201,869 1,317,373
Depreciation - IT Resources 200,000 200,000 200,000 200,000 200,000
Insurance 42,000 63,000 99,225 138,915 218,791
Utility Expenses 21,078 22,131 23,238 24,400 25,620
Other Office Expenses 20,000 20,000 20,000 20,000 20,000
EBIT (Operating Profit) -1,639,078 5,978,375 13,385,056 20,235,516 21,230,086
Interest
Income Before Taxes -1,639,078 5,978,375 13,385,056 20,235,516 21,230,086
Corporate Taxes (At 9 %) 538,054 1,204,655 1,821,196 1,910,708
Net Income -1,639,078 5,440,321 12,180,401 18,414,319 19,319,379

© Management Development Associates (NA) Inc. - 21317


Forecast-->
Financial Statement (SVF Business Segment Only)
AED 2023F 2024F 2025F 2026F 2027F

Assumptions & Drivers 2023F 2024F 2025F 2026F 2027F

Income Statement Assumptions


Customer Acquisition Cost 70.00 63.00 50.40 35.28 21.17
Decrease in CAC 10% 20% 30% 40%
Number of Average Active Users 30,000 45,000 67,500 101,250 151,875
Increase in Average Active Users 150% 150% 150% 150%
Ratio of Active to Total Number of Users Acquired 30.0% 32.0% 34.0% 36.0% 37.0%
Total Customers Acquired 100000 140625 198529 281250 410473
Total New Customers Acquired for the year 100000 40625 57904 82721 129223
Average Number of Retail Transactions Per Active Users 204.00 206.40 209.04 211.94 215.14
Averafe Number of Remittance Transactions Per Active User 6 6 6 6 6
Average Number of Insurance Purchase Per Active User 0.50 0.45 0.41 0.36 0.33
Average Number of Micro Investment Purchases Per Active User 0.20 0.40 0.60 0.80 1.00
Average Number of Loytalty Program usages 24.00 26.40 29.04 31.94 35.14
Average Fee Generated from Interchange Fee for Retail Transactions 0.20 0.20 0.20 0.20 0.20
Average Fee Generated from Remittance Transactions 6.00 5.40 4.86 4.37 3.94
Average Fee Generates from Insurance Purchases 250.00 237.50 225.63 214.34 203.63
Average Fee from Micro Investment Purchase 2.00 2.20 2.42 2.66 2.93
Average Fee Generated from Loyalty Programs 5.00 5.00 5.00 5.00 5.00
Compensation for Additional Support Staff - E-Wallet Related Services 840,000 1,260,000 1,980,000 2,400,000 3,600,000
Cashback Program for Remittance (% of Fee Charged) 50% 45% 41% 36% 33%
Cashback Program for Loyalty Programs (% of Fee Charged) 50% 45% 41% 36% 33%
Total Issued Cards 100,000 140,625 198,529 281,250 410,473
Number of transactions per card per month 2.56 2.77 3.00 3.26 3.54
23.00 24.15 25.36 26.63 27.96
6.90 7.73 8.62 9.59 10.34
Insurance Cost Per Employee 6000 6300 6615 6945.75 7293.0375
Income Statement 2023F 2024F 2025F 2026F 2027F

Revenues 9,654,000 14,064,975 20,759,363 31,031,211 46,950,482

© Management Development Associates (NA) Inc. - 21317


Revenue from Interchange Fee 1,224,000 1,857,600 2,822,040 4,291,866 6,534,829
Net Revenue from Remittance Transactions Per Active Users 1,080,000 1,458,000 1,968,300 2,657,205 3,587,227
Revenue from Insurance Purchases 3,750,000 4,809,375 6,168,023 7,910,490 10,145,204
Revenue from Loyalty Programs 3,600,000 5,940,000 9,801,000 16,171,650 26,683,223
Cost of Sales 2,340,000 3,329,100 4,766,567 6,863,118 9,930,221
Cashback Programs Tied to Remittance 540,000 656,100 797,162 968,551 1,176,790
Cashback Programs Tied to Loyalty Programs 1,800,000 2,673,000 3,969,405 5,894,566 8,753,431
Gross Profit 7,314,000 10,735,875 15,992,797 24,168,093 37,020,261
Salary Expenses 840,000 1,260,000 1,980,000 2,400,000 3,600,000
Marketing Expenses 7,000,000 2,559,375 2,918,382 2,918,382 2,735,392
Professional Fees ( Audit, Consulting etc) 300,000 309,000 318,270 327,818 337,653
Telephone Charges 30,000 33,000 36,300 39,930 43,923
Software Subscription and Technology Charge 500,000 525,000 551,250 578,813 607,753
VAT Charges 360,218 601,307 1,005,992 1,651,556
Depreciation - IT Resources 200,000 200,000 200,000 200,000 200,000
Insurance 42,000 63,000 99,225 138,915 218,791
Utility Expenses 21,078 22,131 23,238 24,400 25,620
Other Office Expenses 20,000 20,000 20,000 20,000 20,000
EBIT (Operating Profit) -1,639,078 5,384,150 9,244,825 16,513,844 27,579,573
Interest
Income Before Taxes -1,639,078 5,384,150 9,244,825 16,513,844 27,579,573
Corporate Taxes (At 9 %) 484,574 832,034 1,486,246 2,482,162
Net Income -1,639,078 4,899,577 8,412,791 15,027,598 25,097,411

© Management Development Associates (NA) Inc. - 21317

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