Fractional CFO for BNPL companies
BNPL is short-duration consumer credit dressed as a payments product, and the accounting reflects both sides. Merchant discount revenue is earned at point of sale; consumer late fees and interest are earned over time. Underneath sits a receivables book with CECL or IFRS 9 provisioning, funding through warehouse lines, ABS or forward flow, and a charge-off curve that lags origination by 90 to 180 days - long enough that fast-growing businesses can hide deteriorating credit for several quarters.
The CFO work is the bridge between payments-style merchant revenue and credit-style book reporting. Merchant recognition at point of sale, loss provisioning by vintage built from actual cohort performance, funding cost allocation against the book, the relationship between approval rates and downstream defaults, and the capital structure required to fund growth. The board, the lender and any future acquirer have to be looking at the same view - if those diverge, the business loses funding.
Flow provides financial modelling, FP&A and fractional CFO advisory to BNPL companies across consumer pay-in-X providers, longer-term instalment lenders, B2B BNPL and embedded BNPL platforms.
KPIs to track for "BNPL" startups
We're very 'KPI-driven' fractional CFOs, and we make sure to monitor the right metrics for your startup.
GMV financed
Merchant discount revenue
Approval rate
Default rate
Charge-off rate by vintage
Loss-adjusted margin
Cost of funds
Active customers
Repeat usage rate
Active merchants
Financial modelling for "BNPL" 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.
GMV and merchant discount revenue
GMV financed projected by merchant cohort, vertical and product (pay-in-4 versus longer instalment), with merchant discount rate net of acquiring and scheme costs recognised at point of sale. The payments side of the P&L kept distinct from the credit side.
Vintage loss curves
Charge-off curves by origination vintage projected to maturity, with overlays for cohorts originated as approval rates expanded. The 90-to-180-day lag means deteriorating credit hides in the P&L without this view.
Loss-adjusted contribution per loan
Merchant fee plus late fee revenue against funding cost, charge-offs, servicing cost and customer acquisition allocated to the cohort. The unit economic that decides whether incremental growth is profitable or just buying credit losses.
Approval rate and credit policy
Approval rate, score cutoff and downstream default rate modelled together, with the trade-off between volume growth and credit loss made explicit. Lets the board see when commercial pressure is loosening underwriting.
Capital structure and cost of funds
Warehouse, ABS, forward flow and equity stacked against the receivables book, with blended cost of funds applied to vintages by funding source. Surfaces how much origination capacity exists before the next capital action is required.
Repeat usage and customer LTV
Repeat purchase frequency and lifetime margin per customer modelled against acquisition cost and incremental credit loss on repeat originations. Tells the board whether the consumer base compounds or has to be reacquired every cycle.
Founders and investors we've worked with
We've supported winning builders across BNPL 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.
See more
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.
See more
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.
See more
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.
See more
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 BNPL and beyond.
Simple pricing
No hidden costs, no complicated long-term contracts. We understand how important flexibility is for BNPL 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.
Explore other sectors
We know tech inside & out.
We provide fractional CFO services to companies operating across the entire tech.
More services
We help you scale by providing fractional CFO advice, through fundraising and a successful M&A exit.
VC fundraising for BNPL 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 BNPL companies
We advise winning tech companies on M&A exits, and over the years successfully executed numerous transactions with both financial and strategic buyers.
Learn moreTalk to us
Schedule a call to get a health check on your business and see how we could help.
Fractional CFO
- Fractional CFO for Software
- Fractional CFO for AI & ML
- Fractional CFO for Fintech
- Fractional CFO for Consumer internet
- Fractional CFO for Digital media
- Fractional CFO for E-commerce & marketplaces
- Fractional CFO for Consumer products
- Fractional CFO for Mobility
- Fractional CFO for Digital health
- Fractional CFO for Industrial technology
- Fractional CFO for Digital infrastructure
- Fractional CFO for IT services
Stages
Countries
- UK Fractional CFO
- Ireland Fractional CFO
- France Fractional CFO
- Germany Fractional CFO
- Spain Fractional CFO
- Portugal Fractional CFO
- Italy Fractional CFO
- Netherlands Fractional CFO
- Belgium Fractional CFO
- Switzerland Fractional CFO
- Austria Fractional CFO
- Denmark Fractional CFO
- Sweden Fractional CFO
- Norway Fractional CFO
- Finland Fractional CFO
- Poland Fractional CFO
- Estonia Fractional CFO
- US Fractional CFO
- Canada Fractional CFO
- Mexico Fractional CFO
- Brazil Fractional CFO
- UAE Fractional CFO
- Australia Fractional CFO
Cities
- London Fractional CFO
- Dublin Fractional CFO
- Paris Fractional CFO
- Berlin Fractional CFO
- Madrid Fractional CFO
- Lisbon Fractional CFO
- Milan Fractional CFO
- Amsterdam Fractional CFO
- Brussels Fractional CFO
- Zurich Fractional CFO
- Vienna Fractional CFO
- Copenhagen Fractional CFO
- Stockholm Fractional CFO
- Oslo Fractional CFO
- Helsinki Fractional CFO
- Warsaw Fractional CFO
- Tallinn Fractional CFO
- New York Fractional CFO
- Toronto Fractional CFO
- Mexico City Fractional CFO
- São Paulo Fractional CFO
- Dubai Fractional CFO
- Sydney Fractional CFO