FutureGuard Ltd — Round 1 Financial Model

Headline metrics

Central case projection. Revenue is recognised on a net basis where the underlying delivery is performed by partner entities (the Way Group commercial services arrangement, the AI IFA panel of FCA-authorised advisers, and the SettleWise solicitor team), which produces structurally high gross margins.

Y1 Revenue

£540k

Anchored by WAY commercial services

Y5 Revenue

£8.8m

Five-brand integrated platform

Y2 EBITDA Margin

32%

Inflection point — turns positive

Y5 EBITDA Margin

67%

Operating leverage at scale

Revenue by brand

Five revenue streams with distinct unit economics. WillWise captures the customer; AI IFA monetises the qualified referral; SettleWise carries the regulated execution work; Ingenious / WAY runs the trust administration and commercial services revenue; DigitalSafe is the long-duration data spine subscription.

Brand	Y1	Y2	Y3	Y4	Y5	5y Total
WillWise	158	783	900	1,035	1,191	4,067
AI IFA (referral fees)	60	420	1,180	2,640	4,320	8,620
SettleWise (legal services)	70	348	792	1,368	1,944	4,522
Ingenious / WAY commercial services	248	456	647	853	1,074	3,279
DigitalSafe (subscriptions)	4	47	127	214	313	704
Total revenue	540	2,054	3,647	6,110	8,842	21,192
Year-on-year growth	n/a	+281%	+78%	+68%	+45%	—

Consolidated profit & loss

EBITDA negative in Y1 during build-out, turning positive from Y2 and expanding to over 60% by Y5 as the platform's fixed-cost OpEx base produces operating leverage against volumetric revenue growth.

Line item	Y1	Y2	Y3	Y4	Y5	5y Total
Revenue	540	2,054	3,647	6,110	8,842	21,192
Cost of revenue	(23)	(143)	(340)	(689)	(1,083)	(2,278)
Gross profit	516	1,911	3,306	5,421	7,759	18,914
Gross margin	96%	93%	91%	89%	88%	89%
Operating expenses
Technology & development	(360)	(300)	(100)	(100)	(100)	(960)
Sales & marketing	(290)	(410)	(480)	(600)	(700)	(2,480)
Operations & personnel	(275)	(390)	(540)	(670)	(770)	(2,645)
General & administrative	(100)	(160)	(190)	(250)	(300)	(1,000)
Total operating expenses	(1,025)	(1,260)	(1,310)	(1,620)	(1,870)	(7,085)
EBITDA	(509)	651	1,996	3,801	5,889	11,829
EBITDA margin	(94%)	32%	55%	62%	67%	56%

Cash flow

Round 1 alone is sufficient to reach and sustain operating breakeven on the central case. The optional Y2 Series Seed is upside growth capital — not survival capital — as the self-funding scenario below confirms.

With optional Y2 Series Seed (£3.25m)

Line item	Y1	Y2	Y3	Y4	Y5
EBITDA (operating cash proxy)	(509)	651	1,996	3,801	5,889
CLN coupon (cash)	(25)	(50)	—	—	—
Round 1 raise	1,000	—	—	—	—
Series Seed (optional growth capital)	—	3,250	—	—	—
Net cash flow	466	3,851	1,996	3,801	5,889
Opening cash	—	466	4,318	6,314	10,116
Closing cash	466	4,318	6,314	10,116	16,004

Self-funding scenario (Round 1 only, no Series Seed)

Line item	Y1	Y2	Y3	Y4	Y5
Opening cash	—	466	1,068	3,064	6,866
Closing cash	466	1,068	3,064	6,866	12,754

EBITDA used as a cash proxy; this excludes movements in working capital, capex and tax.
CLN coupon is estimated assuming approximately 50% of the Round 1 raise is taken via the CLN; the actual mix is not yet known and the cash outflow scales with mix.
On conversion at the next Qualifying Round, CLN principal converts to equity and the coupon ceases.
The Series Seed is optional growth capital — it is not required for breakeven, as the self-funding scenario confirms.

Scenarios

Sensitivities apply uniform flex factors to revenue and OpEx — Downside is 70% of base revenue with 110% OpEx; Upside is 120% of base revenue with 95% OpEx. Actual sensitivity is non-linear: a downside on revenue is partially absorbed by reduced cost-of-revenue, but fixed-cost OpEx provides only limited operating leverage in either direction at this scale.

Revenue under scenarios

Scenario	Y1	Y2	Y3	Y4	Y5
Base case	540	2,054	3,647	6,110	8,842
Downside	378	1,438	2,553	4,277	6,189
Upside	648	2,465	4,376	7,332	10,611

EBITDA under scenarios

Scenario	Y1	Y2	Y3	Y4	Y5
Base case	(509)	651	1,996	3,801	5,889
Downside	(766)	(48)	874	2,013	3,374
Upside	(354)	1,097	2,723	4,967	7,534

Key assumptions

All hard-coded drivers sit on the Assumptions sheet of the underlying model. The figures below are the principal inputs that drive Y1 to Y5 outputs.

Pricing

Driver	Value
WillWise — average blended fee	£225
AI IFA — average referral fee	£2,500
SettleWise — average probate fee	£2,000
Trust new-fee (Group net per trust)	£1,300
Average trust value	£250,000
DigitalSafe — annual per will	£20
WFM allocation fee (% of trust value p.a.)	0.10%

Cost of revenue

Driver	Value
WillWise — CoR per will	£8
AI IFA — CoR % of revenue	20%
SettleWise — CoR per probate	£150
Ingenious / WAY — CoR (already net)	£0
DigitalSafe — CoR per will p.a.	£2

WAY commercial services revenue (annual, fixed)

Driver	Y1	Y2	Y3	Y4	Y5
WAY commercial services (£'000)	200	275	350	425	500
AI IFA referrals (count)	24	168	472	1,056	1,728

Round 1 instrument parameters

Term	Value
Round size	£1,000,000 (combined ASA EIS-qualifying and CLN non-EIS)
Pre-money valuation cap	£5,000,000
Conversion discount	25% to next Qualifying Round price
CLN coupon	10% per annum, paid quarterly, accruing from drawdown
Long-stop	12 months, with optional 6-month Board extension
EMI option pool	10% pre-money, carved from founder holdings

Volume drivers

Wills. M1 to M5 zero. M6 to M12 ramp 40 → 160 per month (+20/m). Y2 ramp 180 → 400/m (+20/m, capped). Y3 to Y5 +15% on annual total.
Probates. M1 to M5 zero. M6 to M12 ramp 2 → 8 per month (+1/m). Y2 continues +1/m (9 → 20). Y3 to Y5 +2/m.
Trusts. M1 to M5 zero. M6 to M12 5/m. Y2 10/m. Y3 15/m. Y4 20/m. Y5 25/m.
WAY services. Annual fee revenue from the WAY commercial services arrangement: £200K Y1 ramping to £500K Y5.
AI IFA. Completed adviser referrals × £2,500. 24 / 168 / 472 / 1,056 / 1,728 referrals Y1 to Y5.
DigitalSafe. Annual £20 per cumulative will, accrued monthly.