-75%

est. 2Y upside i

FinTechSeries B

Narmi offers state of the art digital banking and digital account opening platforms to financial institutions. The platform – built for the enterprise – allows financial institutions to open accounts in less than 2.5 minutes, and then grow that relationship over a lifetime through intuitive mobile and online channels. Every single product at Narmi integrates with leading core banking systems.

Rank

#3538

Sector

Fintech

Est. Liquidity

~5Y

Data Quality

Data: Low

The equity component of this offer has a negative expected return (-74.6%) due to a stale $300M valuation implying a 20x revenue multiple, far above public comps.

Last updated: July 19, 2026

Bull (10%)-52%

Exit multiple expands to 8x on projected revenue of $22.7M, driven by a strong IPO window and category leadership, but entry valuation remains too high; net after 20% dilution -51.6%.

Base (35%)-70%

Exit multiple converges to 5x (in line with public comps), resulting in a $113.5M exit value; net after dilution -69.8%.

Bear (55%)-82%

Multiple compresses to 3x due to competitive pressure and slowing growth; exit value $68.1M, common stock severely impaired after preference stack; net after dilution -81.8%.

Est. time to liquidity~5.0 years

Preference Stack Risk

high

Funding Intensity

1910%

Total funding of $57.3M represents 19.1% of the $300M entry valuation, meaning preferred shareholders have a substantial claim in a downside exit.

Dilution Risk

high

With no recent fundraising and 4+ years since the Series B, a future round is likely within 2 years, diluting common holders by an estimated 20%.

Secondary Liquidity

none

No secondary market activity reported; liquidity is absent for employee shares until an exit event.

Questions to Ask at the Interview

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

  • 1

    “Narmi's implied multiple is 20x revenue while public comps trade at 4-6x; what specific growth trajectory or competitive advantage justifies this premium?”

  • 2

    “How does Narmi plan to achieve profitability given the high capital intensity of fintech and the need for ongoing regulatory compliance?”

  • 3

    “Given the staleness of the 2022 Series B valuation, do you expect a down round or mark-to-market adjustment in the next 12 months, and how would that affect employee equity?”

Community

Valuation Sentiment

Our model estimates -75% 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.