Fractional CFO for neobanking companies
Neobank economics rest on two revenue lines that behave very differently. Interchange is volume-driven, low margin and tied to card spend; net interest income is balance-driven and sensitive to rate cycles and deposit beta. Customer deposits sit on the balance sheet as a liability - they are not company cash - and reward costs, ATM fees and BIN sponsor charges sit against interchange and reshape the net revenue picture.
The CFO work is built around cohort unit economics. Revenue per active user split between interchange, NII, FX and fees, against acquisition cost, servicing cost and reward economics, by channel and tenure. The model has to handle deposit growth and beta through rate cycles, lending book growth where applicable, regulatory capital and the working capital implications of card programme reserves. Boards want contribution margin by cohort, not aggregate.
Flow provides financial modelling, FP&A and fractional CFO advisory to neobanking companies across consumer digital banks, SMB and freelancer banks, multi-currency platforms and niche or community-focused banks.
KPIs to track for "neobanking" startups
We're very 'KPI-driven' fractional CFOs, and we make sure to monitor the right metrics for your startup.
Active users
Deposits
Revenue per active user
Interchange revenue
Net interest income
Deposit beta
CAC payback
Contribution margin / user
Card spend per active
Loan book (if any)
Financial modelling for "neobanking" startups
As fractional CFOs, we build KPI-driven financial models that are insightful and easy to maintain.
Financial modelling is both art and science - models must be robust, but also understandable, and useful for both internal planning and VC fundraising purposes. Hire a fractional CFO who knows how to handle both sides of the equation.
Cohort revenue per active user
ARPU built up from interchange, net interest income, FX markup and fee revenue, cohorted by acquisition channel and tenure. The aggregate number masks how much of growth is paid-channel users that never monetise.
Net interest income and deposit beta
Deposit balances projected against the curve with explicit deposit beta assumptions, asset yield on the investment portfolio or loan book, and the resulting NIM through rate scenarios. The line that swings hardest when central banks move.
Interchange revenue build
Card spend forecast by tenure and segment, multiplied by blended interchange after network fees, BIN sponsor charges and rewards. Durbin-exempt versus regulated economics modelled separately since they price completely differently.
Customer deposit liability tracking
Deposit balances modelled as a balance-sheet liability with FDIC or local insurance treatment, programme reserves and the segregation between customer funds and corporate cash. Removes the common error of treating deposits as company cash.
Lending book and credit loss provisioning
Where applicable, loan originations, vintage loss curves and CECL or IFRS 9 provisioning layered into the model, with funding cost and capital requirements held against the book. Lets the board see when the lending arm starts subsidising or eating the interchange business.
CAC payback and contribution margin
Fully-loaded acquisition cost by channel against contribution margin by cohort over 24 to 36 months, with rewards, servicing cost and KYC/fraud loss netted in. The cohort view tells investors whether incremental growth is profitable, not the aggregate.
Founders and investors we've worked with
We've supported winning builders across neobanking and beyond.
Marcura
We acted as fractional CFO to Dubai-based Marcura, owner of maritime payroll and B2B payments platform MarTrust, advising on the strategic e-Wallet vendor selection and supporting product/finance integration.
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Bonart
We've worked as fractional CFO with Bonart, a Zurich-based independent Swiss strategic advisory and execution platform for PE and investor fundraising, providing long-term confidential valuation guidance.
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Lemonade
As a fractional CFO we performed a confidential valuation of Lemonade, the publicly listed full-stack insurer powered by AI and behavioral economics, supporting Elevator Fund's portfolio management.
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TBô
We acted as fractional CFO to TBô, a Zurich-based tech-enabled DTC male underwear brand, building a bottom-up financial / operating model with cohort-level KPIs and positioning the company for its next venture round.
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Onlogist
We acted as fractional CFO to Onlogist, a Hamburg-based online marketplace for last-mile vehicle transfer, providing confidential valuation guidance and operating model support.
See moreRecent fractional CFO track record
See our fractional CFO and financial modelling experience across neobanking and beyond.
Simple pricing
No hidden costs, no complicated long-term contracts. We understand how important flexibility is for neobanking startups.
Per month
- Accounting / FP&A tech stack implementation
- Monthly financial statements and reporting pack
- Quarterly board pack with detailed financial analysis (with variance analysis vs. budget, relevant KPI observations etc.)
- Investor-friendly output
Per month
- Everything in Core, plus
- Operating model (via an online platform like Runway or Excel-based)
- Ongoing model maintenance, refining projections, burn/runway management
- Customer cohorts modelling, churn and retention analysis
- LTV / CAC, unit economics analysis
- Cap table management
Per month
- Everything in Grow, plus
- M&A / fundraising support; review of business plan
- Pitch deck preparation
- Investor approach strategy / list building
- Due diligence support and deal negotiation
- Valuation as required and free access to Multiples Pro
Packages shown are illustrative, final pricing is tailored to client requirements.
Explore our fractional CFO offering for similar verticals
We're a specialized fractional CFO to fintech companies.
Our fractional CFO experience spans across all fintech verticals.
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We know tech inside & out.
We provide fractional CFO services to companies operating across the entire tech.
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We help you scale by providing fractional CFO advice, through fundraising and a successful M&A exit.
VC fundraising for neobanking companies
We help you prepare materials, reach out to investors in our extensive network, negotiate fair term sheets and structure the VC round.
Learn moreM&A for neobanking companies
We advise winning tech companies on M&A exits, and over the years successfully executed numerous transactions with both financial and strategic buyers.
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