-66%

est. 2Y upside i

FinTechSeries B

Consumer fintech for Indonesia

Rank

#3447

Sector

Fintech

Est. Liquidity

~3Y

Data Quality

Data: Medium

Given the current $1B valuation implies a 45x revenue multiple that is unsustainable as growth normalizes to public fintech comps (5-12x), the expected return over 2 years is approximately -66%.

Last updated: July 3, 2026

Bull (25%)-20%

Multiple holds at 12x due to successful IPO or market leadership, but valuation remains challenged given entry at 45x; projected revenue $79M yields $950M exit, still below entry.

Base (30%)-52%

Multiple compresses to 8x, in line with public fintech comps; exit at $634M, significantly below $1B entry, preference stack reduces common recovery.

Bear (45%)-100%

Multiple collapses to 4x amid fierce competition from Robinhood and regulatory pressures; exit at $317M after preference yields near-total loss for common.

Est. time to liquidity~2.5 years

Preference Stack Risk

high

Funding Intensity

25%

Total funding of $245M represents 24.5% of the $1B valuation, indicating a high preference overhang that reduces common upside.

Dilution Risk

moderate

Company is profitable, reducing near-term dilution risk; however, future fundraising could still dilute equity by 15% over 2 years.

Secondary Liquidity

none

No secondary market transactions reported; employees likely have no liquidity until a liquidity event.

Questions to Ask at the Interview

Strategic questions based on Ajaib's data — designed to show you've done your homework.

  • 1

    “How do you plan to maintain market share against Robinhood's entry and super-app competitors?”

  • 2

    “What is the path to profitability and how does the unit economics look at scale?”

  • 3

    “What is the current share count and what has been the dilution rate in recent years?”

Community

Valuation Sentiment

Our model estimates -66% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.