The model keeps changing. Your confidence shouldn’t.
Specialist modeling intelligence for project finance
Formuly builds and verifies project finance models in Excel, so you stay on the deal. Structured the way lenders and investors expect, every number traceable to its source, and checked continuously as the deal changes.
Add revenue for the capacity and consumption charges.
I’m setting up revenue for the capacity and consumption charges; I’ll lay out the volumes and prices it rests on before the calculation.
Changing the model from the chat
Volumes and prices are in place; now adding price times volume for each charge.
Working...
Consumption revenue now multiplies the consumption volume by its price.
Changing the model from the chat
Track changes is on: what it replaced is in red, the new rows in green, ready for you to review.
AcceptDecline Accepted
Built by people who've done the work
We've built, reviewed, and defended project finance models for a living, on deals, for lenders, and as the people who set the standard. Formuly is that expertise, built in.
Meet the founders
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40+ years
Of project finance structuring, model development, model auditing, and training.
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World-class
Nick Crawley co-founded the SMART Methodology, now with 10 years of refinements.
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Industry leader
Nick Crawley led the expansion of the global modeling industry. Co-founder of Corality, now part of Forvis Mazars.
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Banking
Credit and investment banking experts, with billions underwritten in infrastructure, resources, and power.
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Thought leaders
Nick has set the modeling standard for 30 years. More than 100,000 analysts worldwide benefit from his approach.
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Enterprise
Led customer-facing banking & enterprise IT strategy and architecture across Asia Pacific.
What Formuly does
- Stays on the deal
- Does the busywork
- Moves with the deal
- Knows the workflow
- Shows its working
- Continuously verifies
- Tracks every change
- Skips the archaeology
- Has your back
Your model. Your judgment. Your call.
Formuly works inside Excel, on your workbook, to your standards. It does the mechanical work of building and checking so your attention stays on the deal. It makes the modeler more capable, not less necessary.
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Specialist expertise, built in
40+ years of project finance and deal experience, built into how Formuly works. You shouldn't have to teach the tool project finance.
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Confidence through rigor
Verification continues as the model changes. Every number traces to its source, so you can explain and defend your work.
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Less grind, more headspace
Less checking and rechecking. More space for judgment, and more time on the deal.
Secured for live deal environments
Built for confidential, high-stakes financial work, with enterprise-grade security and privacy at its core.
Check our security & privacy-
Enterprise security built in
We follow global security standards to keep your data safe.
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ISO/IEC 27001
International standard for information security management.
Audit in progress
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SOC 2
Independent audit for security, availability & confidentiality.
Audit complete
Have questions?
Answers to your questions about how Formuly works, what it can do, and how it enhances your existing modeling workflow.
What does Formuly do?
Formuly is specialist modeling intelligence for project finance. It helps you build and review models in Excel, and verifies them continuously as they change.
Do I have to leave Excel?
No. Formuly is an add-in for Microsoft Excel on Windows. You keep working in Excel, on your own workbook, to your own standards.
Who is Formuly for?
Teams whose financial models decide investments: modelers, analysts, and deal teams working on project finance. It puts good modeling practice into the workflow itself, so the quality of a model no longer depends on who built it.
We already use Microsoft Copilot or ChatGPT. Why Formuly?
General AI tools are good generalists: they answer questions about a spreadsheet. Formuly does one job, project finance models that have to stand up to lenders and investors. Modeling for a transaction is technical, nuanced, and high stakes, and Formuly is built by people who have done that work for decades, for the modelers, analysts, and deal teams who do it now.
Does Formuly build the model for me?
Formuly does the mechanical work: the structure, the calculations you've built a hundred times, and the checks. Standard structures such as a DSRA, a corkscrew debt account, or an LLCR come from its agent in a single click. You make the commercial calls.
Does it replace the modeler?
No. Formuly does the mechanical work of building and checking, so your attention stays on the deal. You make the commercial calls, and when Formuly suggests a fix you see exactly what will change, and why, before you accept it.
Is my data secure?
Formuly was designed for confidential deal work. Your input assumptions stay in your workbook: the numbers in your cells are masked before any request reaches Formuly's AI services. Customer data is hosted on Microsoft Azure in Australia. Formuly has completed a SOC 2 audit, and its ISO/IEC 27001 audit is in progress.
Who built Formuly?
Formuly was founded by Nick Crawley and Ben Buckland. Nick has 30 years of financial modeling and model auditing behind him: he co-founded the SMART Methodology and was a co-founder of Corality, now part of Forvis Mazars. Ben led customer-facing banking and enterprise IT strategy and architecture across Asia Pacific. Meet the team.
How do I get started?
Book a working session with the people who built Formuly. Bring your team and your challenges.
Expert insights
Opinion and analysis on project finance and financial modeling.
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Perspectives
EDF and LGD are still waiting to enter the chat…
PF ratios don't measure risk they measure comfort have a think about that....and of course AI is solving this. If these two acronyms are new then read on.
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Perspectives
The LCoE blind spot that many miss from a long run perspective.
When you stop looking at the latest project being landed by the top advisors and developers and start looking at actual performance, the cheapest project on paper is rarely turns out that way.
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Perspectives
Your IRR is not a number it’s a distribution curve.
14.34% sounds precise. It isn’t. It’s a stab at the centre of a distribution most committee papers don’t present - and that omission is how investment decisions get made - risking false confidence.
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Perspectives
AI is closing more gaps than it's opening in model assurance.
There is a growing body of commentary on the gaps AI is generating across professional services. Much of it is thoughtful. Most of it stops short of the harder conversation...
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Perspectives
Your capex scenario wrong - AI knows it...
Things a Model Auditor won't tell you - 16,000 projects and 30 years of empirical research actually tell us about capex risk in project finance - and why your model is wrong. Sorry!
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Perspectives
Your financial model is only as good as the thinking that preceded it.
Templates failed. Excel shortcut add-ins failed. Hiring domain experts didn't solve it. The pro moves come from architecture and dimensional thinking - baked in with battle scars.
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Perspectives
Model audit vs epistemic transparency
The "slow to move model audit industry" is facing a technological onslaught primarily around epistemic transparency, whilst they are learning AI and having meetings about it - hey need to hurry up.
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Perspectives
How AI modelling reshapes value in investment banking.
The low entropy "grunt work" component of the financial modelling workflow is disappearing, reallocating value to sharp commercial judgement and soft skills earlier on.
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Perspectives
WACC stop thinking in values - start thinking in systems - AI is already doing it.
An investment is a system that resolves risk through time - those that adapt will be more precise and more competitive. Scarce capital deserves models that reflect that reality.
Get in before your next deal
The best way to learn more is with the people that built it. Bring along your team and challenges.
Book a working session