Financial model case study2025 · Portfolio
eMoney · Mycoins — Tbilisi
A card P&L built
one transaction at a time
The brief
"Simulate the transaction, not the average."
Every figure in this deck is extracted programmatically from the workbook itself — nothing re-typed, nothing asserted.
Giorgi Zazadze · Group CFO, Fulcrum Holding
Built for eMoney & Mycoins · Georgia
Excel · VBA · NBG open data
Should a crypto wallet issue a card?
eMoney is a licensed Georgian e-money institution; Mycoins is its cryptocurrency exchange. In 2025 they wanted a Mastercard debit card with two paid tiers and Bitcoin cashback. The question was not "can we" — it was what the P&L looks like, when it pays back, and which tier carries it.
The behaviour comes from the whole market
Two tiers, one rule: the card must pay for itself
Pay for 20,000 cards, earn on 7,000
Every transaction is drawn, not averaged
What happens to each transaction
A VBA revenue engine walks every simulated amount through the same decisions a real transaction meets — and only then sums the month. Fee floors, percentage rates and the GEL 15 cashback step all land on real amounts.
GEL0M
Income 2025–2029 · subscriptions and transaction revenue
Loss-making for eight months, then it compounds
Monthly net resultCumulative
One active card, one year
What could go wrong — and what it costs
Five-year net result with one assumption changed at a time — each bar re-prices the model's own extracted structure, computed by the deck's build script. Beside every bar: the net result in that world, and how far below the base it lands.
The result
GEL0M
Five-year net result · 2025–2029 · after scheme, processor, marketing, chargeback and cashback costs
Tools and know-how
What this model was built with, and what it took to know. Named plainly, because the craft is the point.
Annual P&L, as carried in the model
GEL thousands. Two pre-launch years carry only the scheme set-up and licence costs; issuance starts in April 2025.
The inputs behind the behaviour
Financial model case studyGiorgi Zazadze · 2025
Simulate the transaction,
not the average.
Giorgi Zazadze
Group CFO, Fulcrum Holding · financial modeling, payments & crypto, product economics