-93%

est. 2Y upside i

FinTechSeries D+

Rank

#3724

Sector

Fintech

Est. Liquidity

~3Y

Data Quality

Data: Low

Given the severe preference overhang and secondary market discount, the common equity is deeply underwater even at current valuation.

Last updated: July 3, 2026

Bull (10%)-33%

Assuming IPO window and category leadership sustain a 15x revenue multiple, exit value reaches $570M; common gets $209.6M after preference, but entry common value of $256.84M still yields a -18.4% return before 15% dilution haircut.

Base (45%)-100%

Exit at 10x revenue ($380M) leaves only $19.6M for common after $360.4M preference; after dilution, return is effectively -100%.

Bear (45%)-100%

Exit at 4x revenue ($152M) is below total funding; common stock recovers -100% as preferred absorbs all proceeds.

Est. time to liquidity~3.0 years

Preference Stack Risk

severe

Funding Intensity

14030%

Total funding of $360M exceeds the secondary entry valuation of $257M, meaning preferred stock would wipe out common holders in a liquidation below $360M.

Dilution Risk

high

Given burn rate and need for growth, a future down-round could further dilute common stock.

Secondary Liquidity

limited

Secondary trades imply a valuation 65% below the primary round, suggesting limited liquidity and a bearish view.

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Last updated: February 22, 2026

Questions to Ask at the Interview

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

  • 1

    “What specific milestones would trigger a revaluation of common stock closer to the primary round pricing?”

  • 2

    “How does the unit economy of your B2B transaction model compare to incumbent clearing firms like Apex or Saxo?”

  • 3

    “What is the current common stock price implied by the secondary transaction, and how does the compensation package account for the preference stack overhang?”

Community

Valuation Sentiment

Our model estimates -93% 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.