Investor Deck

Etail Depot US Inc.

Financial and technical backbone out of reach for SMBs and nano‑merchants—one API to issue cards, acquire payments, and manage both Web2 DDAs and Web3 accounts.

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Problem

Today, many vendors → complexity, delays, cost

Fragmented stack: separate providers for issuing, acquiring, accounts, and crypto
Slow onboarding: cross‑border + KYC adds weeks
High costs: legacy rails tax SMBs and nano‑merchants
Dual account needs: Web2 DDAs + Web3 accounts, both with compliance

Today

Many vendors → complexity, delays, cost

Solution

Unified Hub — Etail API

One integration → issuing, acquiring, Web2 DDAs, Web3 accounts
Compliance‑first: KYC/AML, sanctions, PCI DSS, network rules
Lower cost, faster go‑live for SMBs and nano‑merchants

Issuing • acquiring • Web2 DDAs • Web3 accounts

Market

Market & Problem

Total Addressable Market (TAM)

$3–5T

Global fintech infrastructure: payments, issuing, acquiring, subscriptions, Web2, Web3.

Serviceable Available Market (SAM)

$200–600B

SMB and nano‑merchant infra across issuing, acquiring, and accounts.

Serviceable Obtainable Market (SOM)

$80M+

<0.05% of SAM by 2031.

Signal: projections to 2M wallets, 2M merchants, 100K+ Web2/Web3 accounts support venture‑scale outcomes.

Regulatory Readiness

Compliance‑by‑design

Banking partner (settlement, Web2 DDAs)
PayFac sponsor (acquiring)
BIN sponsor (consumer + corporate issuing)
Crypto on/off‑ramp sponsor (Web3 accounts)

U.S. MSB (50 states); PCI DSS
International crypto registrations as required
Visa/Mastercard program standards; 3DS
Embedded AML/KYC, sanctions, consumer protection

Business Model & Unit Economics

High‑margin, diversified, recurring

Revenue Mix (2028)

Issuing (46%) — interchange, program fees, FX, premium features
Acquiring (35%) — take rates, cross‑border FX, settlement
Subscriptions (14%) — SaaS infra & reporting; includes Web2 DDAs
Crypto Services (5%) — on/off‑ramp; custody; includes Web3 accounts

Economics

Gross margin: 80% (2026) → 90%+ (2031)
CAC/LTV: Wallets 4–10×; Merchants 4–5×; Accounts >10×
Burn multiple: 0.4–0.5× in scale years

Revenue Mix (SVG)

Issuing — 46%
Acquiring — 35%
Subscriptions — 14%
Crypto — 5%

Margin Trajectory

Product & Technology

API‑first infrastructure

Accounts layer: Web2 DDAs (settlement, treasury) and Web3 accounts (custody, on/off‑ramp)
Issuing: consumer lifecycle (provisioning, tokenization, 3DS) + corporate controls (budgets, GL, multi‑entity)
Acquiring: onboarding for SMBs and nano‑merchants, settlement, cross‑border

Governance & Security

JWT/OAuth2, RBAC; rate limiting; observability and audit trails
PCI DSS and network standards; chargeback tooling
Privacy and digital‑wallet focused

Traction

Live revenue & confirmed partners

Revenue

2024–2025 live

Scaling to $82.5M by 2031

Partners

Confirmed

Bank, BIN, PayFac, crypto

KPIs

Core

Active cards, TPV, Web2/Web3 accounts, corporate seats

Competitive Advantage

Why Etail Depot wins

Unified infra: issuing, acquiring, Web2 DDAs, Web3 accounts under one compliance layer and API
Compliance posture: MSB, PCI DSS, BINs, PayFac, crypto regs
Market focus: SMBs and nano‑merchants; high‑friction segment

Regulatory and network standards; data and risk models
Switching costs via consolidated controls and reporting

Team

Experienced operators + AI leverage

CEO: former payments CEO; scaled onboarding and regulatory execution
Chief Compliance & Risk: former bank risk officer; AML/KYC authority
COO: 30 years brand/community leadership; distribution strength
CTO: AI + blockchain; provider‑agnostic Web2/Web3 integrations

Operating model: 9 humans + 3 AI agents (compliance, finance, monitoring)
Capital‑efficient scale; fixed team until exit

Scale & Exit

Scaling to $82.5M revenue and $2B+ valuation

Scale path: $82.5M by 2031; >90% margins
Expansion: U.S. → LatAm, Africa, Asia; gig, marketplaces, SME expense

Exit paths: strategic acquirers or IPO
Funding stage: Late Seed → Series A; target $1–5M ARR by 2026–27

Funding Terms

Late Seed — Class A Preferred Share Terms

Investment highlights

Security: 1× non‑participating liquidation preference
Income: Cumulative dividends by tier (paid at exit): 6% / 8% / 10%
Upside: Target $2B+ exit, or compounding income for preferred shareholders
Structure: Class A Preferred Shares; $3M raise for 15% equity

Advisory Investor — $100K

Economics

6% cumulative dividend (paid at exit)
1× non‑participating liquidation preference

Rights

Quarterly updates + annual summit (invite‑only)
Full pro rata rights (subject to availability)

Strategic Investor — $500K

Economics

8% cumulative dividend (paid at exit)
1× non‑participating liquidation preference
Weighted‑average anti‑dilution

Rights

Class A board observer (non‑voting)
Full pro rata rights in future rounds

Extras

Priority co‑investment invitations
Private quarterly founder calls
Access to select syndication

Anchor Investor — $1M

Economics

10% cumulative dividend (paid at exit)
1× non‑participating liquidation preference
Full weighted‑average anti‑dilution

Rights

1 board seat
Uncapped full pro rata rights

Extras

Recognition as anchor
First call on co‑investments
Early pipeline/strategy access

Summary only; final terms subject to definitive documents.

IPO Readiness

Investor Key Takeaway

“U.S. exchanges allow listings by companies with net losses, provided they meet alternative financial criteria such as market capitalization, revenue, or equity thresholds — enabling high‑growth fintech firms to access public markets despite negative net income.”

Fintech & Financial Services IPOs (Unprofitable at listing*)

#	Company	Exchange / IPO date	IPO year (FY used)	Revenue (FY)	Net income (loss) (FY)	Market cap / valuation
1	Affirm	Nasdaq — Jan 13, 2021	2021 (FY2020)	$509.5M	–$112.6M	~$10.3B pricing (~$23B day 1)
2	SoFi	Nasdaq — Jun 1, 2021 (SPAC)	2021 (FY2020)	$565.5M	–$224.1M	~$8.65B de‑SPAC
3	Marqeta	Nasdaq — Jun 9, 2021	2021 (FY2020)	$290.3M	–$47.7M	~$14–15B
4	Remitly	Nasdaq — Sep 23, 2021	2021 (FY2020)	$257.0M	–$32.6M	~$8B
5	Flywire	Nasdaq — May 27, 2021	2021 (FY2020)	$131.8M	–$11.1M	~$3.4B
6	Alkami	Nasdaq — Apr 14, 2021	2021 (FY2020)	$112.1M	–$56.6M	>$3B
7	Blend Labs	NYSE — Jul 16, 2021	2021 (FY2020)	$96.0M	–$74.6M	>$4B
8	nCino	Nasdaq — Jul 14, 2020	2020 (FY2020)	$138.2M	–$27.6M	~$7B
9	Lemonade	NYSE — Jul 2, 2020	2020 (FY2019)	$67M	–$109M	~$1.6B pricing (~$3.8B close)
10	Root	Nasdaq — Oct 28, 2020	2020 (FY2019)	$290.2M	–$282.4M	~$6.3B
11	Oscar Health	NYSE — Mar 3, 2021	2021 (FY2020)	$1.67B	–$406.8M	~$7.1B
12	Hippo	NYSE — Aug 3, 2021 (SPAC)	2021 (FY2020)	$51.6M	–$141.5M	~$5B
13	MoneyLion	NYSE — Sep 22, 2021 (SPAC)	2021 (FY2020)	$79.4M	–$41.6M	~$2.9B
14	Pagaya	Nasdaq — Jun 23, 2022 (SPAC)	2022 (FY2021)	$474.7M	–$134.3M	~$8.5B
15	Better.com	Nasdaq — Aug 24, 2023 (SPAC)	2023 (FY2022)	$378.0M	–$877.1M	~$6B
16	Nu Holdings	NYSE — Dec 9, 2021	2021 (FY2021)	$1.7B	–$165.3M	~$41B
17	AvidXchange	Nasdaq — Oct 13, 2021	2021 (FY2020)	$185.9M	–$101.2M	~$4.6B
18	Toast	NYSE — Sep 22, 2021	2021 (FY2020)	$823M	–$248.2M	~$20B pricing (~$33B close)
19	Chime	Nasdaq — Jun 12, 2025	2025 (FY2024)	$1.67B	–$25.3M	~$11.6B pricing (~$18.4B debut)
20	Square (Block)	NYSE — Nov 19, 2015	2015 (FY2014)	$850.2M	–$154.1M	~$2.9B
21	Robinhood	Nasdaq — Jul 29, 2021	2021 (FY2021)	$1.82B	–$3.69B	~$32B

Robinhood

Nasdaq — 2021 • FY2021

Rev $1.82B • Net −$3.69B • ~$32B

*FY metrics refer to the fiscal year referenced at IPO; values approximate for illustration.