-46%

est. 2Y upside i

FinTechSeries B

The Notabene platform is the trust layer for global money movement.

Rank

#347

Sector

Fintech, Regtech, Crypto Compliance

Est. Liquidity

~3Y

Data Quality

Data: Medium

Notabene operates in a rapidly growing and increasingly regulated crypto compliance and decentralized identity market, benefiting from strong tailwinds like the FATF Travel Rule and stablecoin adoption.

Last updated: March 10, 2026

Bull (40%)+275%

Notabene capitalizes on the accelerating global regulatory environment (e.g., MiCA, AUSTRAC, Brazil framework) and its strong network effects in Travel Rule compliance. Its expansion into stablecoin payments and traditional financial institutions gains significant traction, becoming the de facto 'SWIFT network for blockchain transactions', pushing valuation to over $220M.

Base (40%)+75%

Notabene continues to grow steadily, driven by ongoing regulatory mandates and its established position in Travel Rule compliance. It captures a solid share of the crypto compliance and decentralized identity markets, reaching a valuation of approximately $103M, but faces sustained competition and slower-than-expected scaling of new initiatives.

Bear (20%)-60%

Regulatory enforcement proves challenging for Virtual Asset Service Providers (VASPs), leading to slower adoption or increased churn. Competition intensifies, or a dominant incumbent successfully enters the Travel Rule space, eroding Notabene's market share and pricing power, resulting in a down round to ~$24M, wiping out most common-stock value due to the significant liquidation preferences.

Est. time to liquidity~3.0 years

Preference Stack Risk

severe

Funding Intensity

46%

Investors have $26.6M in liquidation preferences, meaning common stock holders would likely get little to nothing in an exit below $26.6M, and significantly diluted returns between $26.6M and $59.0M.

Dilution Risk

moderate

As a Series B company, Notabene will likely undergo at least one to two more funding rounds, leading to further dilution for existing equity holders.

Secondary Liquidity

none

There is no indication of active secondary markets or tender offers for Notabene's equity at this stage.

Sales — 2 roles

Engineering — 1 role

Product — 1 role

Regulatory & Compliance — 1 role

View all 7 open roles at Notabene →

Last updated: March 10, 2026

Questions to Ask at the Interview

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

  • 1

    “How does Notabene plan to maintain its competitive edge and network effects against larger, well-funded competitors like Chainalysis and TRM Labs, especially as they expand their compliance offerings and as TRM Labs co-presents with Notabene on regulatory initiatives?”

  • 2

    “With the significant growth in transaction volumes (10x increase) and accelerating regulatory mandates, what are the key product development priorities for the next 12-24 months, particularly regarding the stablecoin payment platform and integration with traditional financial institutions?”

  • 3

    “Given the Series B funding and the current $59M valuation, what is the company's anticipated timeline and strategy for a liquidity event, and how does the $26.6M preference stack impact potential employee equity outcomes?”

Community

Valuation Sentiment

Our model estimates -46% 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.