Five months after the Investment Committee, where do we stand & what comes next?
| Metric (EoM) | Jan | Feb | Mar | Apr | May | Jun |
|---|---|---|---|---|---|---|
| Transacting Users | 36,064 | 35,840▼ 0.6% | 38,220▲ 6.6% | 39,417▲ 3.1% | 40,872▲ 3.7% | 42,500▲ 4.0% |
| Monthly Transactions | 862,262 | 892,815▲ 3.5% | 968,517▲ 8.5% | 950,031▼ 1.9% | 1,081,800▲ 13.9% | 1,112,090▲ 2.8% |
| Cash Advances | 36,196 | 34,136▼ 5.7% | 40,314▲ 18.1% | 39,927▼ 1.0% | 41,429▲ 3.8% | 43,086▲ 4.0% |
| Monthly TPV | €59.0M | €59.0M▲ 0.0% | €64.2M▲ 8.7% | €63.7M▼ 0.7% | €66.1M▲ 3.8% | €68.0M▲ 2.8% |
| ARR | €4.50M | €4.58M▲ 1.8% | €4.72M▲ 3.1% | €4.78M▲ 1.3% | €5.18M▲ 8.3% | €5.39M▲ 4.0% |
| CAC / Subscriber | €12.61 | €11.72▼ 7.1% | €10.11▼ 13.7% | €12.77▲ 26.3% | €12.76▼ 0.1% | €12.76▼ 0.0% |
Figures in orange are June projections, pending close.
At the Investment Committee, we committed to reaching 9-month payback by July 2026. We are now on track / slightly ahead, with the May cohort already projected at 9 months after consistent progress YTD.
| Lever | Target | Jan | Feb | Mar | Apr | May | Jun | Status |
|---|---|---|---|---|---|---|---|---|
| FBE Conversion to Paid | 73% | 69.16% | 66.62% | 68.85% | 72% | 72.5% | 73% | On track |
| Credit Losses | ≤3% | 3.5% | 3.2% | 3.5% | 3.7% | 3.0% | 2.9% | Reached |
| pM6 Retention | 57% | 47% | 52% | 51% | 52% | 52% | 52% | Off-track |
A deliberate trade-off:
We grew contribution margin faster than planned. A lower CAO acceptance rate meant fewer KYCs and lower credit losses and cost of capital, at the cost of fewer upgrade opportunities to FBE and Paying.
We expect to grow retention by expanding and improving our credit offering, which requires closing on our debt financing and freeing up engineering and product resources.
Targeted for mid-2026. Not received yet, but every signal from the ACPR points the right way.
Targeted ready by end of Q3 2026. On track, subject to receiving the licence.
Provider selection is essentially done and contracts are in advanced negotiation.
Technical build is progressing on plan: we expect to reach 50% of developments completed by end of June 2026, keeping us on the Q3 readiness path.
Our Sienna IM term sheet has stalled, but the relationship is intact. We are advancing two strong alternatives in parallel, with a clear fallback if needed.
Our conviction grows with every new data point.
Historical accounting treatment let BLING recover input VAT while user fees were treated as VAT-exempt. Our new accounting firm reassessed this during the 2025 closing and found the two positions are not compatible.
We proactively corrected the position and filed the relevant declarations. Going forward BLING applies the treatment most economically relevant at scale: no VAT charged on user fees, and no recovery of related input VAT.
Profitability / unit-economics impact is being assessed and will be modelled out asap.
Solaris was BLING's intended banking partner in 2022. The partnership failure forced an emergency migration to our current BPCE setup and created major operational, financial and organisational damage.
Appeal decision overturned on contractual grounds; gross exposure includes legal costs.
We dip to €1.20M in August, then the equity tranche lands on conditional approval and funds us comfortably through year-end.
Solaris (12-month plan at €30k/mo) and VAT (24-month plan at €20k/mo) are included in monthly burn. Mastercard recarding support (up to €480k) mitigates the post-licence burn increase. CIR tax refund of €80k expected by year-end.
| Item | Cash impact | Status & mitigation |
|---|---|---|
| VAT | −€450k | Payment plan under negotiation. Unit economics impact to be quantified. |
| Solaris | −€359k | Negative cash impact, to be negotiated down. |
| Mastercard contract | up to +€1.1M | €300k now, €300k after migration, up to €480k to cover recarding. |
| Tax refund (CIR) | +€80k | Tax refund (CIR), expected by year-end. |
of support tickets resolved without human intervention.
Building a full banking stack with 3 backend and 2 frontend engineers.
Banking ops built on AI workflows and tooling from the ground up.
Automated SEO content, lead magnets, reporting and analytics stack, built without engineering resources.
Drafting of ACPR-compliant policies.
AI woven into every function, not siloed in one team.
"Show me your AI projects." Addressing failure of imagination and cross-pollinating across teams.
Removing friction in workflows. No budget gate on experimentation.
A hire request is only contemplated when AI can't do the job.