Series A · $12M Ask
Confidential · March 2026
Select forecast scenario:
Section 01
Year 3 Forecast Snapshot
Key output metrics at end of 18-month Series A deployment window (Q1 2028), Base scenario. Toggle above to see Bear / Bull range.
Gross Revenue
$28.4M
Annualised run rate Y3
↑ vs $4.2M Y1
GMV (Payments Processed)
$1.1B
Total payment volume Y3
↑ 3-year CAGR 210%
Gross Margin
58%
After payment processing costs
Target 65%+ at scale
Adjusted EBITDA Margin
14%
Y3 — path to 25%+ Y5
Paymentus: 31% at scale
Registered Users
520K
End of Y3
↑ from 15K Y1
Monthly Active Users
312K
60% MAU/registered ratio
Industry avg: 45–65%
Revenue Per MAU
$7.60
Monthly blended ARPU
↑ from $5.20 Y1
Take Rate (Blended)
2.6%
Revenue / GMV
Remitly: ~2.5–3.5%
Section 02
Revenue Streams — How Billo Makes Money
Four distinct revenue streams, each with different margin profiles and scaling characteristics. Cross-border FX is highest-margin; B2B2C licensing is highest-value but slowest to close.
Revenue Stream Rate Who Pays Y1 Rev Y3 Rev Gross Margin
Consumer Subscription
$9.99/mo · $89.99/yr
End user
$0.36M
$3.74M
~90%
Biller Network Fees
0.30–0.45% per txn
Biller
$1.80M
$16.50M
~55%
FX Spread (Cross-Border)
0.8–1.5% on FX
Consumer (implicit)
$1.44M
$6.12M
~82%
B2B2C Licensing (Banks)
Negotiated per bank
Banking partner
$0.60M
$2.04M
~95%
Total Revenue
$4.20M
$28.40M
~68% blended
Note on Biller Network Fees: Benchmarked against Paymentus ($614M revenue, ~27% GAAP gross margin, ~40% contribution margin at scale). Billo's per-transaction costs are lower early-stage due to MBPE pass-through model — Mastercard processes the payment, Billo earns the spread. FX Spread benchmarked against Remitly (~2.5% take rate on cross-border volume) and World Bank data (digital MTOs average 2.47% cost Q1 2024).
Section 03
Margin Structure — Where the Money Goes
From gross revenue down to EBITDA. Payment processing is the largest cost; fixed costs (compliance, team) are the investment that creates operating leverage at scale.
Gross Revenue
All four revenue streams combined
100%
Less: Payment Processing Costs
Mastercard MBPE fees, VoPay EFT, FX wholesale spread
−32%
Paymentus COGS: ~73% of revenue; Billo lower due to MBPE model
Gross Profit Margin
After direct payment costs — before S&M, G&A, R&D
68%
Paymentus: 27% GAAP / 40% contribution; SaaS avg: 70–80%
Less: S&M (Customer Acquisition)
Diaspora channels $8–12 CAC; B2B2C is $0 CAC
−22%
Less: R&D + Engineering
Biller integrations, corridor build, platform
−18%
Less: G&A + Compliance
MSB, KYC/AML, legal, ops — high fixed cost early
−14%
Adjusted EBITDA Margin (Y3)
Path to 25%+ by Y5 as fixed costs amortize over GMV
14%
Paymentus Y3 EBITDA: 24% · Target by Y5: 25–30%
📦 Unit Economics — Per Domestic Bill Payment
Avg bill payment size (CAD) $145
Biller network fee (0.35%) $0.51
Less: MBPE processing cost (~0.12%) −$0.17
Less: VoPay EFT cost (~$0.08 flat) −$0.08
Net contribution per domestic txn $0.26
🌍 Unit Economics — Per Cross-Border (Kin) Payment
Avg cross-border payment (CAD) $185
Biller fee (0.35%) $0.65
FX spread (1.0% on $185) $1.85
Less: FX wholesale cost (~0.3%) −$0.56
Less: Settlement cost (corridor) −$0.35
Net contribution per cross-border txn $1.59
👤 Customer LTV vs CAC
Avg monthly ARPU (blended) $7.60
Avg customer lifespan 4.5 yrs
Gross margin on ARPU 68%
LTV (gross margin × ARPU × lifespan) $278
Blended CAC (diaspora + B2B2C) $9
LTV : CAC Ratio 31 : 1
Section 04
KPI Framework — What to Measure
The 15 KPIs that matter most for Billo, organized by category. Y1 targets are conservative — assume 6-month ramp before Series A capital is deployed.
KPI Y1 Target Y2 Target Y3 Target Priority
📈 GROWTH METRICS
Registered Users
Acquisition funnel top
15,000
120,000
520,000
Critical
Monthly Active Users (MAU)
Engagement health — target 60% of registered
8,000
70,000
312,000
Critical
Blended CAC
Weighted avg across diaspora + B2B2C channels
$14 CAD
$11 CAD
<$9 CAD
Critical
Biller Network Size
Billers on platform (MBPE + direct)
164,000
175,000
200,000+
High
💰 REVENUE METRICS
GMV (Total Payment Volume)
Total $$ flowing through platform
$115M
$460M
$1.1B
Critical
Blended Take Rate
Revenue / GMV — monitors pricing power
2.2%
2.4%
2.6%
Critical
Monthly ARPU
Revenue per monthly active user
$5.20
$6.40
$7.60
High
Cross-Border Mix
% of GMV that is international (higher margin)
18%
24%
30%
High
🔄 RETENTION & ENGAGEMENT
Monthly Churn Rate
% of active users who stop using monthly — target <2%
3.5%
2.5%
<2.0%
Critical
Avg Bills Per Active User
Bill Wheel coverage proxy — depth of engagement
3.2
4.5
6.0+
High
Txns Per Active User / Month
Frequency driver — bills paid per user monthly
4.1
5.2
6.5
High
Pay for People Adoption
% of users paying bills for others — stickiness driver
22%
31%
40%
High
📊 MARGIN & EFFICIENCY
Gross Margin
After all payment processing & settlement costs
54%
62%
68%
Critical
Adj. EBITDA Margin
Operating profitability — path to 25%+ at Y5
−45%
−8%
14%
Critical
LTV : CAC Ratio
Health of acquisition economics — target >20:1
18 : 1
24 : 1
31 : 1
High
Section 05
Sensitivity Model — Adjust Key Assumptions
Move the sliders to see how changes in core assumptions flow through to Y3 revenue. All other assumptions held constant at Base case.
🎚️ Adjust Assumptions
MAU at Y3 end
Base: 312K users
312K
Monthly ARPU (CAD)
Base: $7.60/user/month
$7.60
Cross-Border Mix %
Base: 30% of GMV is intl
30%
Subscription Conversion
Base: 18% of MAU on paid plan
18%
B2B2C Bank Partners
Base: 2 banks live by Y3
2
Blended Gross Margin
Base: 68% — varies with mix
68%
📊 Model Output (Y3)
Gross Revenue (Y3) $28.4M
— Subscription Revenue $3.7M
— Transaction Revenue $22.6M
— FX Spread Revenue $6.1M
— B2B2C Licensing $2.0M
Gross Profit $19.3M
Gross Margin % 68%
GMV implied $1.09B
Adj. EBITDA (Y3 est.) $3.98M
Benchmarks & Sources: Paymentus (NYSE: PAY) — $614M revenue FY2023, 27% GAAP gross margin, 40% contribution margin, 24% adj. EBITDA margin at scale; processed 458M transactions. · Remitly (NASDAQ: RELY) — $1.5B+ revenue FY2024, ~2.5% blended take rate on cross-border volume; FX spread primary revenue driver. · Doxo — $5.99/mo subscription (DoxoPLUS), 120,000 billers, US-only. · World Bank Remittance Prices Worldwide Q1 2024 — digital MTO average cost: 2.47% on $200 transaction; G20 target: sub-3%. · Assumptions: Base case assumes TD Bank B2B2C live Q2 2026; Jamaica + Mexico corridors operational; FINTRAC MSB registered. Series A $12M deployed over 18 months per use-of-funds table. EBITDA margin Y3 reflects ~54% OpEx ratio (S&M 22%, R&D 18%, G&A 14%) — improves to ~30% OpEx at Y5 through operating leverage. LTV assumes 4.5yr avg lifespan based on bill payment stickiness (high-frequency, recurring, non-discretionary). CAC of $9 blended assumes B2B2C channel (60% of new users, $0 CAC) offset against diaspora community CAC of ~$22.