Upside

-68%

est. 2Y upside i

FinTechSeries D+

Rank

#3825

Sector

Retail Technology / Fintech

Est. Liquidity

~4Y

Data Quality

Data: Low

Equity upside is highly negative across all scenarios due to a stale $1.5B valuation and high multiple compression risk.

Last updated: July 3, 2026

Bull (20%)-27%

Revenue reaches $233M with exit multiple of 6x due to IPO window and category leadership. After 20% dilution, upside is -26.8%.

Base (35%)-66%

Exit multiple converges to public comp range of 3.5x, implying $815.5M exit value. After dilution, downside of 65.6%.

Bear (45%)-89%

Multiple compresses to 2x due to incumbent competition, exit value $466M. After dilution, downside of 89%.

Est. time to liquidity~3.5 years

Preference Stack Risk

moderate

Funding Intensity

19%

Total funding $291M on $1.5B valuation (19.4% overhang) - not severe but limits common upside in downside.

Dilution Risk

high

No funding since 2022 suggests a raise likely within 24 months, diluting current equity by ~20%.

Secondary Liquidity

none

No secondary market activity reported; liquidity dependent on IPO or acquisition.

Other — 2 roles

Last updated: February 22, 2026

Questions to Ask at the Interview

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

1
“How does Upside plan to compete with Google and Apple's payment ecosystems?”
2
“What is the current cash runway and plans for future funding?”
3
“How does the equity grant size compare to the expected dilution over a 4-year vest?”
4
“What specific milestones would trigger an IPO or secondary sale?”

Our model estimates -68% 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.