Why is beta revenue modest relative to settled volume?
Deliberate. The six-month beta ran at reduced validation pricing while we proved rails, KYC/AML flow and settlement across corridors with real client funds. The objective was operational certainty, not revenue extraction. Rate-card pricing (1.60%–2.25% tiered inflow plus FX spread and payout fees) applies as volume scales; the beta validated that clients transact, return and settle successfully at those mechanics.
What does "200+ live accounts" mean exactly?
Accounts fully onboarded and approved to transact under Swiss AML requirements. A subset transacted during the beta, deliberately throttled while flows were validated; the remainder is the activation pipeline that the KYC-automation budget in this raise is built to convert. A full breakdown of onboarded versus transacting accounts, repeat usage and volume per account is available in the data room.
How is the €12M pre-money valuation supported?
Three legs. Replacement cost: a competitor funded today would need years and several million euros to replicate the Swiss regulatory setup structured with NKF, contracted Tier-1 rail access, and a live product across 190+ countries; the founders have already deployed €2.5M reaching this position. Comparables: generic European seed medians price pre-product teams, while the relevant comparable set is regulated stablecoin payment infrastructure, which prices globally and materially higher. Optionality: card interchange, B2B API and white-label revenue stack on top of the core take rate.
What substantiates the regulatory position?
TrustLinq CH AG is an SRO-supervised financial intermediary under SO-FIT (member 1531) within the Swiss AMLA framework overseen by FINMA. Because TrustLinq is non-custodial and never holds client digital assets, prudential regimes designed for custodial institutions are the wrong yardstick; AML-supervised financial intermediary status is the correct Swiss framework for this activity. Both the FINMA fintech-license route and the SRO route were assessed with Niederer Kraft Frey, and the SRO framework was confirmed as the correct fit. The full legal analysis is available in the data room.
How does TrustLinq serve clients outside Switzerland?
Clients contract with the Swiss entity under Swiss law. Switzerland sits outside MiCA and the incoming UK regime; the cross-border model was structured with NKF and services are provided in permitted jurisdictions, with sanctioned jurisdictions excluded. Where local presence becomes commercially strategic, expansion leverages the native licenses of Tier-1 partners rather than capital-intensive entity building.
What is the concentration and repeat-usage picture?
The shape typical of an early controlled beta: a small number of corporate accounts contribute an outsized share of volume (largest client under 30%), alongside a broader retail base showing repeat usage. Corporate transactions average ~$23,000, nearly 10x retail, before any corporate go-to-market, which begins H2 2026. Cohort-level data is available in the data room.
Why €3M, and why a €1.5M first close?
The machine is built; the raise buys throughput, not survival. The round is structured with a €1.5M first close: on the base plan, first-close capital carries the company to operating break-even. The full €3M funds the acceleration case: 50% to customer acquisition at a proven ~€15 average CPA, 30% to KYC automation to clear the onboarding bottleneck, 20% to product scaling and corporate enterprise sales, a 30-month baseline runway at €100K monthly net burn. Early participants close now; the round fills behind them.
What are the round mechanics?
€3,000,000 target at a fixed €12,000,000 pre-money (€15,000,000 post at full subscription, 20% total investor equity), structured with a €1,500,000 first close. Minimum ticket €1,000,000, one price for all participants across all closes. Lead economics, board observer seat and structure are open for discussion. The per-share price is not.
