Monet

Monet executes its Central America expansion and captures meaningful share of the $1.33B alternative lending TAM (growing 25.4% YoY), attracting a strategic acquisition by a major regional fintech or bank at $500-600M by 2030-2031. At an estimated $100M Series A post-money entry, that implies a gross ~5-6x multiple, netting approximately 300% to common after an estimated 30-35% dilution from two future funding rounds.

Monet consolidates Colombia operations and raises a Series B at a $200-250M valuation but faces sustained pressure from Nubank and Jeitto limiting geographic scale, ultimately exiting via trade sale or PE buyout at $250-300M in 6-8 years. Net of approximately 20% Series B dilution, common equity earns roughly 80-100% on the implied Series A entry valuation.

Competitive dynamics and LatAm macro headwinds (currency devaluation, rising NPLs) make unit economics difficult to prove at scale; Monet fails to close a Series B on acceptable terms, leading to a down round, extended bridge, or distressed sale below the $28.8M total preference stack. Preferred investors recover partially, common equity is near-worthless, implying approximately 80-90% loss for employee option and RSU holders.