Actuals from Power BI (Datapack (demo)), last pulled 25 Oct 2026, 20:14, 12 figures.
Click any figure to see what it is made of. See the Direct Debit forecast by market.
Active users by month
Group · actual, against budget · click a bar
Revenue per active user
Group · Xero revenue divided by active users · click a point
What moved fee revenue against budget
Group · May-26 to Sep-26 · £k · fee revenue is active users × withdrawals per active user × fee per withdrawal · actual from Xero, budget from the KPI file · click a figure
| Budget fee revenue | 3,433.2 |
| Active users | −119.0 |
| Withdrawals per active user | +42.4 |
| Fee per withdrawal | −38.7 |
| Actual fee revenue | 3,318.0 |
| Against budget | −115.2 |
Each month is split on its own and the months are added up, so the three effects always add up to the variance. Subscription and other revenue are left out.
KPIs by month
Group · actuals · the year against the KPI budget · money in £k, fees in £
| KPI | Oct-25 | Nov-25 | Dec-25 | Jan-26 | Feb-26 | Mar-26 | Apr-26 | May-26 | Jun-26 | Jul-26 | Aug-26 | Sep-26 | 12 months | Budget | Variance |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Live clients | 668 | 673 | 677 | 682 | 685 | 690 | 694 | 699 | 704 | 710 | 716 | 723 | 723 | 784 | −61 |
| Eligible employees | 924,883 | 931,066 | 937,043 | 942,890 | 948,738 | 954,721 | 960,976 | 967,634 | 965,007 | 972,549 | 980,611 | 989,110 | 989,110 | 1,084,120 | −95,010 |
| Registered users | 334,735 | 338,833 | 342,886 | 346,919 | 350,977 | 355,107 | 359,359 | 363,781 | 364,713 | 369,488 | 374,485 | 379,673 | 379,673 | 390,210 | −10,537 |
| Monthly active logins | 232,189 | 235,031 | 237,842 | 240,641 | 243,457 | 246,323 | 249,273 | 252,338 | 252,981 | 256,289 | 259,746 | 263,336 | 247,454 | 260,747 | −13,294 |
| Active users | 142,512 | 144,256 | 145,981 | 147,700 | 149,429 | 151,189 | 153,000 | 154,880 | 156,840 | 158,888 | 161,026 | 163,245 | 152,412 | 164,673 | −12,261 |
| Withdrawals | 361,764 | 377,286 | 373,318 | 383,447 | 381,293 | 391,146 | 391,294 | 421,652 | 397,870 | 407,844 | 422,147 | 420,085 | 4,729,146 | 2,116,660 | +2,612,486 |
| Value withdrawn | £21,679.5k | £22,626.4k | £22,355.5k | £23,009.4k | £22,821.0k | £23,475.4k | £23,444.1k | £25,289.1k | £23,853.3k | £24,427.2k | £25,285.1k | £25,195.9k | £283,461.9k | £123,297.8k | +£160,164.1k |
| Fee per withdrawal | £1.62 | £1.62 | £1.61 | £1.62 | £1.61 | £1.62 | £1.62 | £1.62 | £1.62 | £1.61 | £1.61 | £1.62 | £1.62 | £1.62 | −£0.00 |
| Platform fee revenue | £445.6k | £468.9k | £455.8k | £479.9k | £462.5k | £490.6k | £480.7k | £524.6k | £492.6k | £498.9k | £516.7k | £522.8k | £5,839.7k | – | – |
| Other revenue | £51.7k | £53.4k | £58.1k | £52.8k | £60.6k | £65.9k | £61.1k | £60.6k | £66.5k | £65.5k | £56.3k | £61.3k | £713.6k | £346.1k | +£367.5k |
| Headcount | 56.3 | 56.8 | 57.4 | 58.0 | 58.6 | 59.1 | 59.7 | 60.3 | 60.9 | 61.5 | 62.2 | 62.8 | 62.8 | – | – |
Totals follow each KPI: withdrawals and money add up over the months, active users and fees are averaged (fees weighted by withdrawals), and live clients, eligible and registered users are the last month's figure. Figures in italics are FP&A estimates for closed months with no actual loaded yet.
Budget by month
Group · as loaded in the KPI file
| KPI | Oct-25 | Nov-25 | Dec-25 | Jan-26 | Feb-26 | Mar-26 | Apr-26 | May-26 | Jun-26 | Jul-26 | Aug-26 | Sep-26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Live clients | – | – | – | – | – | – | – | 748 | 742 | 754 | 785 | 784 |
| Eligible employees | – | – | – | – | – | – | – | 1,036,297 | 1,027,874 | 1,042,926 | 1,086,761 | 1,084,120 |
| Registered users | – | – | – | – | – | – | – | 364,769 | 363,931 | 371,324 | 389,115 | 390,210 |
| Monthly active logins | – | – | – | – | – | – | – | 253,043 | 252,477 | 257,600 | 269,944 | 270,673 |
| Active users | – | – | – | – | – | – | – | 155,326 | 154,989 | 165,822 | 173,400 | 173,827 |
| Withdrawals | – | – | – | – | – | – | – | 399,165 | 398,330 | 426,392 | 445,870 | 446,903 |
| Value withdrawn | – | – | – | – | – | – | – | £23,928.8k | £23,884.4k | £24,365.7k | £25,534.1k | £25,584.8k |
| Fee per withdrawal | – | – | – | – | – | – | – | £1.62 | £1.62 | £1.62 | £1.62 | £1.62 |
| Other revenue | – | – | – | – | – | – | – | £62.5k | £72.7k | £76.8k | £74.1k | £59.9k |
Unit economics
Group · KPIs next to the P&L: Xero actuals · a dash means a figure is missing
| Measure | Oct-25 | Nov-25 | Dec-25 | Jan-26 | Feb-26 | Mar-26 | Apr-26 | May-26 | Jun-26 | Jul-26 | Aug-26 | Sep-26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (£k) | 636.6 | 664.4 | 660.6 | 674.7 | 675.2 | 700.5 | 693.4 | 713.9 | 710.4 | 724.0 | 737.9 | 741.9 |
| Gross margin (£k) | 541.5 | 573.5 | 565.7 | 578.1 | 578.6 | 601.4 | 596.0 | 611.8 | 609.5 | 620.8 | 635.9 | 642.2 |
| Adoption (registered / eligible) | 36.2% | 36.4% | 36.6% | 36.8% | 37.0% | 37.2% | 37.4% | 37.6% | 37.8% | 38.0% | 38.2% | 38.4% |
| Logging in (MAU / registered) | 69.4% | 69.4% | 69.4% | 69.4% | 69.4% | 69.4% | 69.4% | 69.4% | 69.4% | 69.4% | 69.4% | 69.4% |
| Transacting (active / MAU) | 61.4% | 61.4% | 61.4% | 61.4% | 61.4% | 61.4% | 61.4% | 61.4% | 62.0% | 62.0% | 62.0% | 62.0% |
| Activity (active / registered) | 42.6% | 42.6% | 42.6% | 42.6% | 42.6% | 42.6% | 42.6% | 42.6% | 43.0% | 43.0% | 43.0% | 43.0% |
| Withdrawals per active user | 2.5 | 2.6 | 2.6 | 2.6 | 2.6 | 2.6 | 2.6 | 2.7 | 2.5 | 2.6 | 2.6 | 2.6 |
| Average withdrawal (value / withdrawals) | £59.93 | £59.97 | £59.88 | £60.01 | £59.85 | £60.02 | £59.91 | £59.98 | £59.95 | £59.89 | £59.90 | £59.98 |
| Revenue per withdrawal | £1.62 | £1.62 | £1.61 | £1.62 | £1.61 | £1.62 | £1.62 | £1.55 | £1.62 | £1.61 | £1.61 | £1.62 |
| Revenue per active user | £4.47 | £4.61 | £4.53 | £4.57 | £4.52 | £4.63 | £4.53 | £4.61 | £4.53 | £4.56 | £4.58 | £4.54 |
| Direct cost per withdrawal | £0.26 | £0.24 | £0.25 | £0.25 | £0.25 | £0.25 | £0.25 | £0.24 | £0.25 | £0.25 | £0.24 | £0.24 |
| Staff cost per head | £9,842 | £9,828 | £9,761 | £9,772 | £9,623 | £9,630 | £9,507 | £9,460 | £9,440 | £9,413 | £9,333 | £9,254 |
Ratios in closed months use FP&A's estimates where a funnel figure has no actual yet. Revenue per withdrawal uses Xero fee revenue: accounts 200. In forecast months it uses the KPI forecast's own revenue. Costs per unit are shown as positive amounts and are actuals only.
Platform billed vs Xero booked
Group · what the platform billed (withdrawals × fee where it has no figure) against Xero fee revenue · no month flagged · flagged when Xero is short by more than 5% and £2,000
| Oct-25 | Nov-25 | Dec-25 | Jan-26 | Feb-26 | Mar-26 | Apr-26 | May-26 | Jun-26 | Jul-26 | Aug-26 | Sep-26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Withdrawals | 361,764 | 377,286 | 373,318 | 383,447 | 381,293 | 391,146 | 391,294 | 421,652 | 397,870 | 407,844 | 422,147 | 420,085 |
| Fee per withdrawal | £1.62 | £1.62 | £1.61 | £1.62 | £1.61 | £1.62 | £1.62 | £1.62 | £1.62 | £1.61 | £1.61 | £1.62 |
| Platform billed or implied | £584.9k | £611.1k | £602.5k | £621.9k | £614.6k | £634.6k | £632.3k | £683.0k | £643.9k | £658.5k | £681.7k | £680.5k |
| Xero booked | £584.9k | £611.1k | £602.5k | £621.9k | £614.6k | £634.6k | £632.3k | £653.3k | £643.9k | £658.5k | £681.7k | £680.5k |
| Gap | £0.0k (0.0%) | £0.0k (0.0%) | £0.0k (0.0%) | £0.0k (0.0%) | £0.0k (0.0%) | £0.0k (0.0%) | £0.0k (0.0%) | −£29.7k (−4.3%) | £0.0k (0.0%) | £0.0k (0.0%) | £0.0k (0.0%) | £0.0k (0.0%) |