Vesta operates a three-sided marketplace connecting consumer home-buyers, real estate agencies, and banks across Italian metropolitan areas. The platform creates value by connecting demand (consumers searching for properties) with supply (agency listings and bank mortgage products), earning revenue from all three sides of the marketplace.

Consumers (B2C, freemium) access a free tier that includes property search, market analytics, and neighborhood insights. Upgrading to a paid subscription at €9.99/month unlocks direct agency contact, the ability to submit mortgage requests, saved searches, property alerts, and detailed reports. Paid consumers are the demand engine of the marketplace: each generates Listing Requests (LRs) that are matched to agency properties, and Mortgage Requests (MRs) that are packaged for bank partners.

Real estate agencies (B2B) subscribe to tiered annual plans based on agency size: Small (1–5 agents, €2,500/yr), Medium (5–15 agents, €5,000/yr), and Large (15–30 agents, €8,500/yr). Each tier includes a monthly Active Listing (AL) capacity — the number of property listings the agency can maintain on the platform (100, 200, or 300 per month respectively). In return, agencies receive Verified Buyer Introductions (VBIs): pre-qualified, identity-verified leads matched to their listed properties. VBIs are included in the subscription at no additional per-lead charge.

Banks (B2B) follow a two-phase pricing model. From launch, banks pay a flat €100 per QMF (Qualified Mortgage File) for every decision-ready borrower + property package delivered — PRE (Property Risk Evaluation) is bundled into the QMF price. At ~10% conversion, this implies ~€1,000 effective cost per funded mortgage, well below the Italian market rate of €1,400–2,800. Starting in Year 3, tiered annual subscriptions activate — Regional (€12,000/yr), National (€32,000/yr), and Group (€60,000/yr) — for portfolio intelligence, compliance tooling, and standalone PRE data platform access.

The demand flow connecting these segments is sequential: consumer Listing Requests (LRs) are quality-filtered and delivered to agencies as Verified Buyer Intros (VBIs). A fraction of those engaged buyers then request mortgage pre-qualification (MR), which is packaged into Qualified Mortgage Files (QMFs) and sent to multiple partner banks. The chain is LR → VBI → MR → QMF. This creates a virtuous cycle — more consumers attract more agencies (via VBI volume), which attracts more banks (via QMF volume), which in turn improves the consumer experience.

Revenue is split across the three customer segments. In the early years, consumer subscriptions dominate as the user base grows rapidly. Over time, agency revenue catches up as more agencies subscribe and the Active Listing marketplace matures. Bank revenue grows steadily, driven by per-QMF transaction fees from launch and annual subscriptions from Year 3.

Note: Agency and bank revenue is directly city-attributable. Consumer subscription revenue originates from a national funnel and is allocated to cities proportional to each city's share of Listing Requests (LRs), reflecting where consumer demand is effectively directed.

Consumer acquisition follows a national funnel. From a Total Addressable Market (TAM) of ~7 million active property seekers in Italy, a fraction becomes aware of Vesta (rate q), a subset signs up for free (rate x), and a further subset converts to paid (rate y). These funnel parameters evolve over time as the brand matures and the product improves — for example, the awareness rate q grows from 7% in Year 1 to 17% by Year 4 as organic reach and word-of-mouth take effect.

Paid subscribers experience a monthly churn rate of 3% (~30% annualized), consistent with a utility subscription used during an active property search — users churn once they complete a transaction or pause their search. Each paid user generates an average of 1.5 Listing Requests per month. LRs are distributed to cities proportional to agency supply, where they flow through the demand chain: LR → VBI → MR → QMF. 25% of VBIs (verified buyer intros) lead to a Mortgage Request.

Reading the funnel chart: TAM (7M) is the total annual addressable market. Attention is the cumulative number of people who became aware of Vesta during the year (annual flow). Free and Paid are year-end account stocks (cumulative active accounts, net of churn). All three decrease at each stage: TAM > Attention > Free > Paid.

Bank acquisition follows a city-based adoption model with longer procurement cycles than agencies. Banks go through a 6-month legal and compliance review before signing, after which adoption rates gradually increase. Once integrated via API, banks are highly sticky (very low churn).

The demand pipeline flows from consumer activity to bank revenue: Listing Requests (LRs) are filtered into Verified Buyer Intros (VBIs) for agencies, and a fraction of engaged buyers then request mortgage pre-qualification (MR). MRs are packaged into Qualified Mortgage Files (QMFs) and sent to multiple partner banks. Because each consumer typically selects ~2.5 banks to compare offers, and 45% of submissions pass the qualification gate, the QMF count slightly exceeds the MR count (~1.13× multiplier). Each QMF generates a transaction fee. Bank subscriptions activate from Year 3, adding recurring revenue on top of per-QMF fees.