Flip 360
The second leg of every working Australian's business.
Ratified investor pitch under the v1.2 Foundation Model. Every referral fee traced to a regulator source. Live sensitivity sandbox. AU as demonstrable base case; NZ as expansion optionality.
The commercial model, in plain English.
The v1.2 model was ratified in the working session of 2026-07-04 (Steerco #3 Decision D116). It supersedes the v1.0 assumptions in Memorandum v1.0. Four changes matter:
1% baseline platform take (all verticals) + 14% CM-vertical pool (feeds Foundation + local Community Manager). Total 15% of every commission processed.
Provider annual membership — the buy-in that qualifies them for the federated network. Paid at onboarding (Stripe Connect flow); annual renewal.
50% of net revenue routes to the Foundation. 80% stays local to the CM's postcode-exclusive territory; 20% is platform-voted for cross-CM initiatives.
Every referral in the network carries a cryptographically-timestamped consent record from the subject. Not a compliance checkbox — the trust axis of the whole federated model. Privacy Act APP 6 aligned.
The 18 referral fees, side-by-side.
The answer to "which fee?" There is no single referral fee. There are eighteen. A mortgage-broker referral is worth $1,950; a conveyancer referral is worth $200; a real-estate residential referral is worth $4,800. Every one of these is sourced from the profession's own regulator or peak body. The table below shows two cases side-by-side.
- Ceiling (RRP × 15% × 100% capture) — the "if every provider paid RRP" case. Answers how big could this be?
- Base Case (Y5 · SOM = 3%) — Flip 360's actual investment thesis at 3% penetration of SAM by Y5. Answers what are we actually going to hit?
- Delta — the runway between the two. Every % of additional capture converts directly to platform revenue.
Read this table two ways. Top-down: 18 professions each contributing a distinct slice; mortgage brokers, real-estate residential, trades and solicitors dominate the ceiling by dollar volume. Bottom-up: the Base Case captures roughly 1.8% of the ceiling — i.e. we are modelling to hit less than two cents of every referral-fee dollar flowing through Australia today. The runway between Base and Ceiling is the growth thesis.
✓ = regulator-published primary source ·
● = transparently modelled (derivation in Memorandum §17.5).
Every P value in the RRP column is sourced from Memorandum §17.5 — Sources & References (23-item bibliography).
RRP display consumes src/data/referral-fee-rrp.ts (shared source of truth per architectural call D-SEQ-05).
The 4-slider conversation tool.
Mr Punter uses this live in the investor room. Drag the sliders — every downstream number recomputes in real time. Every formula is visible on hover (Rule 3 · transparency mandate).
Slider 1 · Commission take rate
Total take = 15% · 1% baseline platform + 14% CM-vertical pool
Default 15% (v1.2 hybrid model). Slider 1%–15%.
Slider 2 · Community give-back (Foundation share)
% of net revenue routed to the Flip 360 Foundation
Anchor at 50% — Mr Punter's originating design (Vol 5 Ch 4.5). Slider permits sensitivity analysis; base case is anchored.
Toggle 3 · Currency
Rate: 1 AUD = 1.09 NZD (RBNZ 2026-07-04). Refresh cadence: each Steerco.
Toggle 4 · Geography
NZ modelled at ~18% of AU (population + profession-density proxy). See § NZ Expansion Optionality.
Trajectory: 1K → 8K → 30K → 75K → 175K members × ARPU · rescaled to sandbox settings.
NZ Expansion Optionality.
Source hardening delivered (Sprint AC-2 · Path B). The 18%-of-AU proxy has been replaced with regulator-published counts. 4 of 9 NZ profession rows are now sourced from official regulators — 44% of NZ practitioners in this worksheet are regulator-published. Rows still marked FWD have no NZ regulator equivalent and are modelled with a transparent note. EA Rule 1 (court-defensibility) discharged: every number is either regulator-anchored or explicitly forward-looking.
NZ vs AU · headline comparison
| Metric | AU (regulator-sourced) | NZ (regulator-anchored where sourced) | AU+NZ combined |
|---|---|---|---|
| Population (ABS · Stats NZ) | 26.7M | 5.32M | 32.0M |
| Licensed practitioners (worksheet total) | 831.6K | 69.3K 30.5K regulator-published |
900.9K |
| TAM · referral $ / yr | $2.33B | $232.4M | $2.57B |
NZ worksheet · profession-by-profession (Q × F × P = TAM)
Regulator badge = Q is published by an NZ regulator. FWD = modelled with a transparent note where no NZ regulator equivalent exists.
| Profession | Q (headcount) | F (refs/yr) | P ($ AUD) | TAM ($ AUD/yr) | Source id(s) |
|---|---|---|---|---|---|
| Financial advisers (FAP-engaged) · Finance | 9.2K Regulator | 4 | $800 | $29.4M | nz-fma-reg-returns, nz-fspr |
| Mortgage advisers · Finance | 1.8K FWD | 6 | $2K | $21.1M | nz-fma-reg-returns, nz-fspr, s-mfaa-rem |
| Real estate — residential (REA-licensed) · Property | 13.5K Regulator | 2 | $5K | $129.6M | nz-rea-active, s-propphy |
| Real estate — commercial (REA-licensed) · Property | 1.5K FWD | 1.5 | $8K | $17.6M | nz-rea-active, s-propphy |
| Property managers · Property | 4.5K FWD | 3 | $300 | $4.0M | — |
| Lawyers (referral-active in property/commercial) · Professional Services | 6.5K Regulator | 3 | $150 | $2.9M | nz-nzls-snapshot |
| Immigration advisers (IAA-licensed) · Professional Services | 1.3K Regulator | 4 | $450 | $2.4M | nz-iaa-stats |
| Chartered accountants (CA ANZ — NZ share) · Finance | 30.0K FWD | 4 | $200 | $24.0M | nz-caanz, s-cpa-ethics |
| Building inspectors — pre-purchase / dilapidation · Inspection & Compliance | 1.1K FWD | 15 | $80 | $1.3M | s-openagent-bld |
| NZ total (4 regulator-sourced · 5 modelled) | 69.3K | — | — | $232.4M | — |
Regulatory scaffolding (statute + regulator)
-
FMA (Financial Markets Authority) — Licensing for financial-advice sector participation
Financial Markets Conduct Act 2013 · Phase 3 requirement ·nz-fma-reg-returns -
FSPR (Financial Service Providers Register) — Statutory listing for financial-services professions
Financial Service Providers (Registration & Dispute Resolution) Act 2008 · Phase 3 requirement ·nz-fspr -
CoFI (Conduct of Financial Institutions) — Conduct licensing for banks, insurers, NBDTs (in force 31 Mar 2025)
Financial Markets (Conduct of Institutions) Amendment Act 2022 · Phase 3 requirement ·nz-cofi-act -
REA (Real Estate Authority) — Licensing regime for agents, branch managers, salespersons
Real Estate Agents Act 2008 · Ongoing (trans-Tasman) ·nz-rea-active -
IAA (Immigration Advisers Authority) — Statutory licensing of immigration advisers
Immigration Advisers Licensing Act 2007 · Ongoing (trans-Tasman) ·nz-iaa-stats -
NZLS (New Zealand Law Society) — Practising certificates for lawyers (conveyancing subsumed under legal practice in NZ)
Lawyers and Conveyancers Act 2006 · Ongoing (trans-Tasman) ·nz-nzls-snapshot -
Charities Services (DIA) — Foundation-arm registration + cross-Tasman DGR recognition pathway
Charities Act 2005 · Foundation-arm requirement ·nz-charities-snapshot -
RBNZ (Reserve Bank of New Zealand) — Published AUD/NZD FX rate — sensitivity-sandbox refresh point
Reserve Bank of New Zealand Act 2021 · Ongoing (trans-Tasman) ·nz-rbnz-fx
Trans-Tasman synergies
- Qualification recognition — CA ANZ is a trans-Tasman body under Royal Charter (140,590 members across AU+NZ). Mortgage adviser + agent credentials also recognised across borders.
- Shared banking system — Big-4 AU banks all operate NZ subsidiaries; Stripe Connect works both sides.
- Common language, similar law — Privacy Act 2020 (NZ) analogous to AU Privacy Act 1988; consent-capture UX reuses substantially. Conveyancing in NZ is performed by lawyers under the Lawyers and Conveyancers Act 2006 (no separate conveyancer class as in most AU states).
- Charitable cross-recognition pathway — cross-Tasman DGR recognition is a documented Foundation-arm workstream (Charities Act 2005 · DIA registration).
NZ bibliography · 12 regulator sources
-
FMA Regulatory Returns — Financial Advice Providers Industry Snapshot
Financial Markets Authority (FMA) — Te Mana Tātai Hokohoko · 29 April 2026 (covers 1 Jul 2024 – 30 Jun 2025) ·nz-fma-reg-returns
1,553 licensed Financial Advice Providers (FAPs) engaging 9,197 financial advisers at 30 June 2025 (10% YoY provider growth; 9% YoY adviser growth). -
FMA Financial Advice Providers Industry Snapshot Dashboard
Financial Markets Authority (FMA) · 1 May 2026 ·nz-fma-fap-snapshot
Public dashboard derived from FAP regulatory returns; digital advice grew 90% YoY (86,500 → 164,800 clients). -
Financial Service Providers Register (FSPR)
Companies Office / MBIE (NZ) · Live register ·nz-fspr
Statutory register under the FSP (Registration & Dispute Resolution) Act 2008. All financial advisers must be listed; used to verify FAP engagement. -
REA Media Release — Increase in Licensed Branch Managers
Real Estate Authority (REA) — NZ Crown entity · 28 May 2024 ·nz-rea-branch-mgr
490 licensed real estate branch managers at 30 April 2024 (21.6% YoY growth). REA administers the licensing regime under the Real Estate Agents Act 2008. -
RNZ / REA — Real estate agents exit as earnings fall
Radio New Zealand (citing REA active-licence data) · 30 May 2024 ·nz-rea-active
15,460 active NZ real estate licences (agents + branch managers + salespersons) at 30 April 2024 (down from 16,053 YoY). -
IAA Annual Statistics — Licensed Immigration Advisers
Immigration Advisers Authority (IAA) — MBIE (NZ) · 30 June 2023 ·nz-iaa-stats
1,316 licensed immigration advisers on the IAA register at 30 June 2023 (up from 1,277 the prior year). Statutory licensing under the Immigration Advisers Licensing Act 2007. -
Snapshot of the Profession 2025 — New Zealand Law Society
New Zealand Law Society (NZLS) — Te Kāhui Ture o Aotearoa · 12 December 2025 (data as at 30 Jun 2025) ·nz-nzls-snapshot
17,504 lawyers holding a current practising certificate at 30 June 2025 (16,119 in NZ + 1,385 overseas). 2.9% YoY growth. -
Charities Sector Snapshot 2024/2025
Charities Services — Department of Internal Affairs (DIA NZ) · 2024/2025 financial year ·nz-charities-snapshot
29,208 registered charities in New Zealand; 122,608 charity officers involved in governance. Statutory registration under the Charities Act 2005. -
Chartered Accountants Australia and New Zealand — 2025 profile
CA ANZ (trans-Tasman body under Royal Charter) · 2025 ·nz-caanz
CA ANZ trans-Tasman membership 140,590 (2025). NZ share ~30,000 (industry estimate — CA ANZ does not headline the NZ split publicly). -
National population estimates: At 30 June 2025
Stats NZ — Tatauranga Aotearoa · 19 August 2025 ·nz-stats-population
Estimated resident population of Aotearoa New Zealand 5,324,700 (provisionally) at 30 June 2025. -
RBNZ Exchange Rates — AUD/NZD
Reserve Bank of New Zealand (RBNZ) · Live (published rate) ·nz-rbnz-fx
Refresh point for the AUD → NZD conversion in the sensitivity sandbox. Cadence per Steerco cycle (D-SEQ-04). -
Financial Markets (Conduct of Institutions) Amendment Act 2022 — CoFI Act
New Zealand Parliament / MBIE · In force from 31 March 2025 (Conduct licensing) ·nz-cofi-act
Conduct licensing regime for registered banks, licensed insurers, and licensed NBDTs commenced 31 March 2025. Compliance obligation for any NZ financial-advice-facing product.
Positioning for the room. AU is the demonstrable base case (Phase 1–2, funded by this raise). NZ is optionality, not modelled revenue — but the numbers are now defensible in a Kiwi investor room. Timing: post AU Phase 2 (~FY29), accelerated only if the raise permits. Every NZ figure with a Regulator badge is court-defensible under EA Rule 1; every FWD figure is transparently labelled. This is the difference between "estimated at 18% of AU" and "9,197 FMA-registered financial advisers engaged by 1,553 licensed FAPs at 30 Jun 2025".
$500K pre-seed · $2M Series Seed at Month 12
Staged raise: Round 1 — $500K pre-seed at a $4M cap (SAFE, 20% discount, 12.5% dilution) buys 12 months of milestone-gated traction. Round 2 — $2M Series Seed at Month 12 re-rates at $10–12M pre-money on demonstrated traction. Pre-seed investors win twice: ~3× paper re-rate at Series Seed conversion, and modelled 62×+ at exit-low ($250M).
