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The model reaches break-even without relying on FX margins.

It excludes FX margins and additional financial revenue layers.

Break-even is achieved without them.

They represent pure upside.

Forecast Center

Unit K€

Topics

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Y1

Y2

Y3

Y4

Y5

Gross Revenue

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2,550

65,246

134,001

248,544

405,273

Net Banking Income

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1,202

24,556

51,412

88,825

151,962

Direct Margin

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419

19,392

34,814

53,979

111,255

EBITDA

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(4,333)

5640

8,881

4,102

12,257

Revenue begins shortly after GoLive (month 6–7), with break-even targeted within ~12–13 months.

Key insights:

• Revenue is driven by transaction frequency and cross-border flows, not just user growth.

• Margins expand over time with infrastructure control (EMI transition)

• EBITDA turns positive early due to controlled CAC and disciplined cost structure.

Downside protected. Upside embedded.

Profitability is achieved before full monetization is activated.

This model scales non-linearly with volume.

As transaction activity increases, revenue expands faster than costs due to:

• fixed infrastructure base

• increasing margin capture

• improving unit economics over time

This is not a growth-dependent model.
It is a volume-driven infrastructure model with expanding margins.