Republic europe (ex Seedrs) โข Stratiphy
Equity crowdfunding
Stratiphy
Build, test and invest in your own AI investment strategy. We sell direct via app and to business via API
Key project data
Target amount
0.3 MEUR
Equity
4.21%
Valuations
7.1 MEUR
Would AI invest?
74/100
1
100
AI-Generated Overview
AI project overview
Condensed summary based on project data
<p><span style="font-size:28pt"><span style="font-family:"Times New Roman",serif">Stratiphy — Crowdfunding Investor Memo</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Stratiphy runs an app and a business API that build, test and automatically manage personalised investment portfolios for everyday investors and financial firms in the UK.</em></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Sector: </strong>Fintech / wealth management technology · <strong>Stage: </strong>Seed · <strong>HQ: </strong>London, United Kingdom · <strong>Raise: </strong>£300,011 target (≈ €347,034); £311,986 raised from 90 investors at review (103%); closes 02/10/2026</span></span></p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Snapshot</span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">1 · Is the price fair? ๐ถ</span></strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">3 / 5 — stretched but arguable. </span></strong><span style="color:black">The £7.1m price is roughly level with the £7m reported for the company’s previous crowdfunding round on Crowdcube about eight months earlier (Finextra, Nov 2025), but it is a high multiple of today’s revenue (~59x the current ~£10k-a-month annualised) and ~1.6x the £4.5m of customer assets it manages. Few outside price points exist for this sector and stage — see the valuation detail section.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">2 · Can they reach an exit stage? โญ</span></strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">AI SCORE 74 / 100 — Good. </span></strong><span style="color:black">Strongest evidenced precondition: hard-to-get regulatory permissions, publicly verified — FCA authorisation to manage retail investments (since April 2024) plus HMRC ISA/IFISA manager status, currently making it the only UK platform offering crypto investment notes inside a tax-free ISA wrapper. Biggest gap the evidence shows: revenue is still small (~£10k a month) in a crowded field of much larger, better-funded competitors.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">3 · If they do, what could it pay? ๐ฏ</span></strong></span></span></p> </td> <td style="background-color:#f0f4f8; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Target 10x over 5–7 years </span></strong><span style="color:black">(the standard expectation for seed-stage investing — the company did not state its own target). If that stage is reached, illustratively <strong>5x–10x before fees</strong>. Method: on the disclosed £7.4m post-round value, a 10x outcome needs the company to be worth about £74m at sale; company sale values between roughly £37m and £74m would pay 5x–10x. The one recorded UK exit in this sector — Nutmeg, bought by JPMorgan Chase for a reported ~£700m in 2021 — sits far above that level, so the required size is within the range of recorded exits in this sector. These figures do not include dilution from future fundraising rounds, which would reduce actual returns — see the dilution section.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>How to read the score</strong></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">85–100 · Excellent</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:471px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">All key preconditions for reaching an exit stage are evidenced and strong — rare at this stage</span></span></p> </td> </tr> <tr> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">70–84 · Good</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:471px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Preconditions largely in place, with specific gaps — named in the questions section</span></span></p> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">50–69 · Average</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:471px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Meaningful preconditions missing or weakly evidenced</span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">30–49 · Weak</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:471px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Several core preconditions absent, or the evidence points against them</span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">1–29 · Critical</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:471px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Fundamental preconditions are not visible in the evidence</span></span></p> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f0f4f8; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">What we could check. </span></strong><span style="color:black">We verified the company’s regulatory approvals (FCA authorisation, HMRC ISA/IFISA manager status), its prior fundraises, the WisdomTree and 21shares partnerships, the ~£1m Innovate UK research grant and university publication, and the founder’s previous company against public sources. The assets, revenue, user numbers and investment-performance figures rest on the company’s own materials — as does the cap table, cash position and option-pool information, which was not in the pack we reviewed; see the questions section.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Three answers, one honest note. </strong>The fairness score says whether the entry price is supported by the benchmarks we could find. The AI Score is our read on whether the preconditions for reaching a company sale or similar event are visible in the disclosed evidence — it is not a probability of success, and even companies with every precondition in place fail more often than they succeed, which is why crowdfunding only works as a small part of a diversified portfolio. The returns range is an illustration built from named benchmarks, not a forecast. Where something was not in the pack we reviewed, it did not lower any score — it appears in the questions list instead, so you can ask the company directly before investing. The listing was reviewed by Republic Europe, a licensed crowdfunding platform, before going live. Nothing in this memo is a recommendation.</span></span></p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">At a glance</span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ Three reasons to look closer</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ ๏ธ Three reasons for caution</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Publicly verified, hard-to-get permissions: FCA authorisation to manage retail investments (since April 2024) and HMRC ISA/IFISA manager status — with press (citing the Financial Times, April 2026) reporting it is currently the only UK platform offering crypto investment notes inside a tax-free ISA.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Real early commercial traction: the company reports £4.5m of customer assets and ~£10k monthly revenue growing ~15% a month within ~11 months of launch; statutory losses narrowed (EBITDA −£375k in 2024 → −£262k in 2025 per the regulatory disclosure), and this round overfunded on day one.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Technical depth on the public record: a ~£1m Innovate UK grant and a peer-reviewed machine-learning paper (ECAI-2025) co-authored by the founder with the Universities of Bristol and Birmingham.</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Price versus today’s revenue: £7.1m pre-money is ~59x current annualised revenue and ~1.6x customer assets, and is essentially unchanged from the £7m reported for the Crowdcube round ~8 months earlier (Finextra, Nov 2025).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Crowded, well-funded competition: established giants (Vanguard, Hargreaves Lansdown, Trading 212) and freshly funded challengers (Sidekick raised £7.8m in Feb 2026); JPMorgan absorbed Nutmeg; one trade outlet judged Stratiphy’s asset range narrower than rivals’ (Finextra, Nov 2025).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The roadmap depends on more money: the regulatory disclosure itself says future fundraising is critical and new products need "substantial upfront capital"; the company also carries a £50,000 loan at 3.6% interest per month and a £69,150 founder loan convertible into shares at £0.25–£12.08 each (versus the £26.67 you pay), whose dilution effect cannot be computed from the pack.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Deal terms. </span></strong><span style="color:black">No terms were identified in the reviewed documents that would prevent a crowdfund investor from sharing in the upside. You buy the same class of ordinary shares as existing holders, with no other class holding a right to be paid out first. Full mechanics — dilution, exit and wind-down — are at the end of this memo.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#e6f1fb; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โน๏ธ Information, not investment advice. </span></strong><span style="color:black">Capital at risk — you could lose the full amount invested. Full notes are at the end of this memo.</span></span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">๐ข What the company does</span></span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Stratiphy is a London company (incorporated March 2020) whose app lets everyday investors design an investment strategy, test it against ten years of historical market data, and then have it executed and rebalanced automatically — starting from £100. The same technology is sold to financial firms through a programming interface (an "API"), and the company reports it also powers an investment certificate at UBS and a managed US-stock portfolio for a wealth manager. It earns money by charging 0.1%–0.9% a year on the assets it manages plus subscription fees for advanced features. The platform launched in August 2025; the company reports £4.5m of customer assets, 1,300+ live portfolios and about 2,500 users, growing double-digit percentages each month. It holds FCA authorisation to manage retail client investments and HMRC approval to run ISAs, including the niche Innovative Finance ISA that — since a tax-rule change in April 2026 — is the only wrapper where UK investors can hold crypto investment notes tax-free; press coverage citing the Financial Times reports Stratiphy is currently the only platform offering this. This raise funds business accounts in the app, low-risk treasury products, new tax wrappers (Cash ISAs, JISAs, LISAs, pensions), a platform for financial advisers, and partner-led marketing.</span></span></p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">๐ The returns picture</span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:187px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">The target</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:437px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">10x over 5–7 years. The company did not state its own return target in the pack we reviewed, so this is the standard expectation applied to seed-stage companies: because most early-stage investments return little, each one is aimed at a multiple large enough for the winners to carry a portfolio.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:187px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">How the company plans to get there</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:437px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company did not publish an exit plan or a list of comparable company sales — the dossier records that no comparables table was provided in any material reviewed. Its stated path is growth: new products (business accounts, treasury, Cash ISAs, pensions, an adviser platform), partner-funded marketing with fund managers, and projections reaching roughly 227,000 users, £45m revenue and £4.75bn of customer assets by 2030 (company charts, assumptions not stated), with break-even projected for early 2028.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:187px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">What has to be true</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:437px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">On the £7.4m value of the company after this round, a 10x outcome needs a sale (or similar event) at about £74m — before counting any future dilution, which would push the required figure higher. For scale: the one recorded UK exit in this sector, Nutmeg, sold to JPMorgan Chase for a reported ~£700m in 2021 with £3.5bn of customer assets — roughly 0.2x its assets. At that same ratio, £74m would correspond to roughly £350–400m of customer assets, against £4.5m today.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:187px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">If reached — potential returns</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:437px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Illustratively 5x–10x before fees. Method: undiluted arithmetic on the disclosed entry price — exit values of ~£37m–£74m against the £7.4m post-round value. Sources: the entry valuation from the campaign page; the Nutmeg exit (~£700m, 2021 — Fintech Intel / CB Insights) as the only recorded sector exit in the dossier, showing the required size is within the range of recorded exits in this sector. The platform also charges 5% of any gain when money is paid out, so a 10x gross outcome becomes roughly 9.55x net. These figures do not include dilution from future fundraising rounds, which would reduce actual returns — see the dilution section.</span></span></p> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#fbf1dc; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ ๏ธ Why aim for this target? </span></strong><span style="color:black">Startup investing is high risk. Most early-stage companies fail or return little. A small number of winners must make up for the losers, so each seed investment is typically aimed at roughly 10x over 5–7 years.</span></span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">๐ Score breakdown</span></span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Score = each category’s score weighted by its importance; weights sum to 100%.</em></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:147px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Category</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Score</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weight</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:357px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Verdict & key reason</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:147px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Regulatory & compliance</strong></span></span></p> </td> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">85</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">12%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:357px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Excellent — </strong>The permissions that gate this business are publicly verified: FCA authorisation to manage retail investments (register: since 02/04/2024) and HMRC ISA/IFISA manager status (list update 01/04/2026), giving it a currently unique tax-wrapper product. The regulatory disclosure itself notes that execution failures in highly automated accounts could bring penalties, and the compliance officer role is part-time.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:147px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Team capability</strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">80</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">22%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:357px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Good — </strong>Founder with a confirmed prior company (Israsol, solar), a peer-reviewed ML paper with two universities, and publicly confirmed advisors (Abundance’s co-founder; Brightpearl’s co-founder). Around it: an experienced compliance and sales bench — though several senior roles, including compliance, are part-time.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:147px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Product-market fit</strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">78</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">18%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:357px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Good — </strong>Live product with delivered roadmap items (US stocks, ISAs, crypto IFISAs — the last independently confirmed live in April 2026) and a real regulatory niche created by the April 2026 tax change. The forward roadmap is dense (five major products in 12–18 months) and a trade outlet judged the current asset range narrower than rivals’.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:147px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Traction & growth</strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">72</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">18%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:357px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Good — </strong>Reported £4.5m assets in ~11 months, ~£10k monthly revenue growing ~15% a month, 1,300+ portfolios, narrowing losses (EBITDA −£375k → −£262k), and an overfunded raise. Absolute revenue is still small, and the deck’s "£10–30m assets this year" trajectory is far ahead of today’s £4.5m.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:147px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Market size</strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">70</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">13%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:357px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Good — </strong>Large, sourced market figures (£1.4tn UK non-institutional assets per the deck, citing McKinsey / Investment Association / Boring Money) and a confirmed live debate about AI disrupting wealth management (FT-covered selloff, Feb 2026). The company’s own materials size the market inconsistently in places (£1.4tn vs £1.5tn; adviser market £700bn vs £1tn).</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:147px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Business model</strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">65</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">9%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:357px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Average — </strong>Clear model on paper (0.1%–0.9% of assets plus subscriptions; one codebase for app and API; partner-funded marketing the company reports is already "tried and tested"). At today’s scale the asset-fee band would produce only ~£4.5k–£40k a year on £4.5m — so the ~£120k annualised revenue must come substantially from elsewhere, and the split is not stated; the regulatory disclosure also flags constant fee pressure across digital investing.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:147px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Competition</strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">58</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">8%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:357px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Average — </strong>The evidence shows an entrenched, well-funded field: Vanguard, Hargreaves Lansdown, Trading 212, Robinhood on one side; funded challengers (Sidekick, £7.8m Series A in Feb 2026) and bank-owned Nutmeg/J.P. Morgan Personal Investing on the other. Stratiphy’s verified differentiator is the crypto-in-ISA position and bespoke per-user strategies — a narrow but currently exclusive niche.</span></span></p> </td> </tr> <tr> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:147px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">AI Score</span></strong></span></span></p> </td> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">74</span></strong></span></span></p> </td> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">100%</span></strong></span></span></p> </td> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:357px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Good — </span></strong><span style="color:black">preconditions largely in place, with the specific gaps named in the questions section.</span></span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">โ Questions to ask before investing</span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">These are facts the company holds and can supply on request. They were not in the materials we reviewed — they may well exist in interviews, webinars or the company’s data room. The score above is based on what was available — these questions are how you close the gap.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What is the current cash balance and monthly net spend, and how many months of runway does the ~£312k raised provide?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Of the 2025 turnover of £373,763, how much was recurring platform revenue versus grant income or one-off business fees — and how does today’s ~£10k monthly revenue split between asset fees, subscriptions and business/API income?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Of the £4.5m of customer assets, how much is retail versus the corporate mandate, and what blended fee rate is currently earned on it?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">How many shares would the £69,150 founder loan convert into at the pre-set prices (£0.25 / £9.01 / £12.08, by loan year), and what percentage of the company would that represent?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Who owns what share of the company before and after this round, and how big is the employee share pool — and will it grow before the next fundraise?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Do crowd investors, through the nominee, have the right to join future share issues (pre-emption)?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Are the founder’s shares subject to vesting, and what happens to them if a founder leaves?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Which partner relationships (WisdomTree, 21shares, Xtrackers, WealthAI, Knightons Capital, the UBS certificate) are paid contracts today, and what revenue did each generate in the last 12 months? For the UBS certificate, can you share the instrument identifier (e.g. an ISIN)?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What user-growth, conversion and pricing assumptions produce the 2030 projections of ~227,000 users, ~£45m revenue and ~£4.75bn of assets?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What are monthly user churn and net deposit retention since the August 2025 launch, and what is the average deposit per funded account?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What did the October–November 2025 Crowdcube campaign ultimately raise, and which milestones stated then have since been delivered?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Which protection applies to which client assets — deposit protection (£120,000) for uninvested cash versus the £85,000 limit for investment claims — and how are client assets held (e.g. the WealthKernel arrangement)?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What reporting will crowd investors receive after the round, and how often?</span></span></span></li> </ul> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">๐ What you own</span></span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You would own Ordinary A shares — the same class as existing shareholders, with the same dividend and voting rights. You do not hold them directly: a company set up by the platform (Seedrs Nominees Limited, a "nominee") holds them on your behalf, and Republic Europe administers your rights, so your vote is exercised through the nominee rather than personally. If Stratiphy is ever sold, sale proceeds would reach you in proportion to your shareholding, after the platform deducts its 5% fee on any gain. A majority of more than 75% of shareholders can require everyone — including you — to join a sale (a "drag-along"), and if control of the company changes you have the right to sell on the same terms as the sellers (a "tag-along"). Full mechanics are in the reference section below.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Everything below is reference detail for readers who want to go deeper.</em></span></span></p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">๐ Detailed review</span></span></span></h1> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Regulatory & compliance</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">This is the company’s strongest evidenced ground. The FCA register confirms Stratiphy Limited has been authorised since 2 April 2024, with 2024 press coverage describing permission to manage investments on behalf of retail clients. HMRC’s approved ISA-manager list was updated on 1 April 2026 to include Stratiphy’s Innovative Finance ISA — the wrapper that, after the April 2026 tax change, is the only route to holding crypto investment notes tax-free, and press citing the Financial Times reports no other UK platform currently offers both.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ ๏ธ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">FCA authorisation publicly verified (register: since 02/04/2024)</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">HMRC ISA and IFISA manager status publicly verified (list update 01/04/2026)</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Currently unique crypto-in-ISA position, independently reported (April 2026)</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The regulatory disclosure warns that a technical or execution failure in highly automated accounts could bring regulatory penalties and reputational damage</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The compliance officer / MLRO role is listed as part-time on the campaign page</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The campaign mentions "expanded permissions" unlocking the adviser market without specifying which permissions — see the questions section</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Team capability</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The founder’s track record is partly on the public record: Daniel Gold’s previous company Israsol (a Jerusalem solar installer) is confirmed by an independent author bio, and his PhD in mathematics is repeated in independent secondary profiles. The company co-authored a peer-reviewed machine-learning paper (ECAI-2025) with the Universities of Bristol and Birmingham — the founder, the investment manager and an advisor are named authors. Advisors Louise Wilson (co-founder of Abundance, 15+ years at UBS) and Andrew Mulvenna (co-founder of Brightpearl) are publicly confirmed and have been associated with the company since at least 2021.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ ๏ธ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder’s prior founding and the university research collaboration confirmed against public sources</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Deep domain bench per the deck: 30-year wealth-management sales lead (ex Coutts / Merrill Lynch), CFA-qualified investment manager, ex-Hargreaves Lansdown pensions compliance officer</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Publicly confirmed, relevant advisors (Abundance co-founder; Brightpearl co-founder)</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Several senior roles — compliance, enterprise sales, investment management, HR — are part-time per the campaign page</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The regulatory disclosure names key-person reliance on the specialised core team, including the "PhD founder", as a project risk</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Small inconsistencies across materials: one team member appears on the deck but not the campaign roster; a co-founder is titled differently across documents</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Product-market fit</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The product is live and shipping: the deck’s own pipeline marks US stocks (Q3 2025), Stocks & Shares ISAs (Q1 2026) and crypto IFISAs (Q2 2026) as delivered, and the last of these was independently confirmed live in April 2026. The company reports its process also runs a certificate at UBS and bespoke portfolios for business clients. The timing is genuinely favourable on the evidence: a tax-rule change created a niche only Stratiphy currently serves.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ ๏ธ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Delivered roadmap items, one independently confirmed (crypto IFISA live, April 2026)</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Product spans retail app (£100 minimum, goals-based strategies) and business API from one codebase, per the deck</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Confirmed distribution partnerships with WisdomTree (Nov 2025, trade press) and 21shares (April 2026, trade press)</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A trade outlet (Finextra, Nov 2025) judged the asset range narrower than rivals such as Trading 212 and InvestEngine</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The forward roadmap is dense — business accounts, treasury, Cash ISAs, an adviser platform and pensions within 2–18 months — while the disclosure says delivering it needs substantial further capital</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The Xtrackers/Deutsche Bank "deal" in the campaign highlights has no public record we could find, and the deck itself words it prospectively ("we will gain exposure")</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Traction & growth</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Within about eleven months of the August 2025 launch the company reports £4.5m of customer assets, 1,300+ live portfolios, ~2,500 users and ~£10k of monthly revenue growing ~15% a month. The regulatory disclosure shows turnover appearing for the first time in 2025 (£373,763) with the EBITDA loss narrowing from −£375,465 (2024) to −£261,606 (2025) and net debt near zero. Independent press carried consistent figures in April 2026 (~£4m for ~2,000 clients), and this round overfunded on its first day.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ ๏ธ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Consistent multi-month growth trajectory across assets, users and revenue, with time-series charts in the deck</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Statutory figures show narrowing losses and first revenue; the round itself overfunded day one (£302,571 from 72 investors at public launch, per Finextra)</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Named case studies with figures (e.g. a wealth-manager client reporting 150% asset growth; the first real-money strategy up 63% in ~22 months with named holdings)</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Absolute revenue is small: ~£10k a month, against a £7.1m price</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The deck’s "£10–30m assets this year" trajectory is far ahead of the £4.5m reported in July 2026</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The 2025 turnover (£373,763) is several times the annualised current revenue (~£120k) — the split between recurring platform revenue, grant income and one-off fees is not stated in the pack; investment-performance claims come without stated methodology</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Market size</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The deck sizes UK non-institutional investor assets at £1.4tn (citing McKinsey, the Investment Association’s 2023-24 review and Boring Money 2024) with a £6.2bn serviceable target; the campaign page frames 14m DIY accounts worth £1.5tn and a £510bn active-investor segment. The deck’s market thesis — AI disrupting wealth management — points to a real, publicly confirmed event: UK wealth-manager shares fell sharply on 11 February 2026 after a US AI tool launch (St James’s Place −13%), though the shares recovered in the following days and the sector went on to report record results.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ ๏ธ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Very large addressable market with named third-party sources cited in the deck</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The AI-disruption narrative is anchored to a confirmed market event (Feb 2026, Dow Jones/MarketScreener coverage)</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The April 2026 tax change created a concrete, verified niche the company already occupies</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company’s own materials size the market inconsistently (£1.4tn vs £1.5tn; adviser market £700bn vs £1tn)</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The underlying market reports were not independently re-checked; figures are company-cited</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The same confirmed market event cuts both ways: incumbents are now visibly accelerating their own AI adoption</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Business model</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Stratiphy charges 0.1%–0.9% a year on managed assets plus subscription fees, and sells the same technology to businesses through an API. Its growth plan is to have fund managers and listed companies fund marketing campaigns that acquire users for both sides — a model the deck reports is already "tried and tested" with global fund managers.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ ๏ธ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Two revenue engines (retail fees/subscriptions and business API) from one codebase, per the deck</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Partner-funded marketing reduces the company’s own acquisition spend, per the deck</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Break-even projected for early 2028 on the deck’s revenue-vs-cost chart</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">At today’s £4.5m of assets, the stated fee band would generate only ~£4.5k–£40k a year — so most current revenue must come from subscriptions or business income, and the split is not stated in the pack</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The regulatory disclosure flags constant fee pressure across digital investing as a sector risk</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No pricing, margin or unit-economics figures are in the pack — see the questions section</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Competition</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The deck itself places Stratiphy between DIY platforms (Robinhood, Vanguard, Hargreaves Lansdown, Freetrade, Trading 212, InvestEngine) and digital wealth managers (Plum, Moneybox, Nutmeg, Sidekick, Prosper and others). Public research confirms the field is well funded and consolidating: Sidekick raised a £7.8m Series A in February 2026; Nutmeg — bought by JPMorgan for a reported ~£700m in 2021 — was rebranded J.P. Morgan Personal Investing in November 2025 with £8.5bn of assets.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ ๏ธ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A verified, currently exclusive niche: the only UK platform offering crypto investment notes inside an ISA (April 2026, multiple outlets)</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Bespoke per-user strategies distinguish it from model-portfolio robo-advisers, per the deck</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The Nutmeg exit shows large acquirers do buy UK digital wealth platforms</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Entrenched incumbents with vastly larger asset bases and marketing budgets</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Directly funded challengers in the same niche (Sidekick £7.8m, Feb 2026; Prosper £4m, Jan 2025)</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The regulatory disclosure names replication by robo-advisers and incumbents as a sector risk; a trade outlet already judged the asset range narrower than rivals’</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">๐ถ Valuation detail</span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Pre-money valuation</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">£7.1m (campaign page; set by the company — the platform states it does not review or establish valuations)</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Post-money valuation</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">≈ £7.4m at the £300,011 target (derived: pre-money plus new money)</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Instrument</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Equity — new Ordinary A shares at £26.67 each (ordinary shares are the basic ownership units of a company, with no special payout priority)</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Ownership % offered</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">4.21% per the campaign page at the amount raised at review; ≈ 4.05% at the exact target (derived from the share price and pre-money value); the final figure depends on any over-subscription the company accepts</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">How the valuation was set</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Methodology not in the pack we reviewed.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">External benchmarks</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company’s own prior crowdfunding round: Crowdcube, Oct–Nov 2025, at a reported £7m valuation (Finextra, 19 Nov 2025) — the current price is near-flat against it. Sector rounds on record disclose amounts but not valuations (Sidekick £7.8m Series A, Feb 2026; Prosper £4m, Jan 2025 — FinTech Global). Recorded sector exit: Nutmeg → JPMorgan Chase, ~£700m reported, 2021, ~0.2x its customer assets (Fintech Intel; CB Insights). Reference ratios (derived): ~19x 2025 turnover; ~59x current annualised revenue; ~1.6x reported assets.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Valuation fairness (1–5)</span></strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">3 / 5 — stretched but arguable. </span></strong><span style="color:black">The price rests mainly on one named benchmark — the company’s own £7m Crowdcube round eight months earlier — and is a high multiple of current revenue; no independent same-stage valuation comparables were found for this sector.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Notable terms</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:424px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">EIS tax relief reported available for eligible UK taxpayers (income-tax relief, capital-gains and loss relief — generally requires holding the shares ~3 years). Platform fees: 2.5% of the amount invested up-front (min £5, max £250) and 5% of any gain when money is paid out.</span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">๐ฉ Red flags & integrity checks</span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">1</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Missing critical data — </strong>not in the pack we reviewed (each is a question above): the cap table; the employee share pool; pre-emption rights; founder vesting; the founder-loan breakdown needed to compute conversion dilution; cash balance and runway; the revenue split by stream; the assumptions behind the 2030 projections; investor reporting terms.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">2</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Internal inconsistencies — </strong>market sized £1.4tn in the deck vs £1.5tn on the campaign page, and the adviser market £700bn (campaign) vs £1tn (deck); a co-founder titled "Growth Lead" in the deck vs "Co-Founder" on the campaign page; one engineer on the deck roster but not the campaign roster; a performance chart starting 16/08/2024 beside text anchored on an "August 2025" launch; 2025 turnover £373,763 (regulatory disclosure) vs ~£10k monthly revenue (campaign) — plausibly different measures, unresolved.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">3</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>External discrepancies — </strong>no claim was contradicted by a public source. Two unresolved variances: the regulatory disclosure’s "Previous campaigns: N/A" field against the public record of a 2021 crowdfund and an Oct–Nov 2025 Crowdcube campaign (the field may refer only to Republic Europe campaigns); and an advisor’s company milestone stated as £1.3bn total sales volume in the deck vs "$3bn of orders per year" in public profiles.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">4</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Negative public information — </strong><em>None found</em> in public registries or news searches — no litigation, insolvency or regulatory action. One mildly critical trade comment: Finextra (19 Nov 2025) judged the asset range narrower than competitors’.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">5</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Prior fundraises — </strong>a 2021 crowdfund that overfunded within hours (techSPARK); a ~£1m Innovate UK grant (May 2024); a £350k pre-seed (Aug 2024, Crunchbase); a Crowdcube campaign at a reported £7m valuation (Oct–Nov 2025, Finextra; final amount not on record); and £224,668 received Nov 2025–Feb 2026 on this round’s terms. Milestone follow-through visible on the record: the 2025 campaign cited 140% asset growth since August; the current pipeline marks US stocks, ISAs and crypto IFISAs delivered, the last independently confirmed live in April 2026.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">6</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Valuation reasonableness — </strong>£7.1m pre-money compares with: the company’s own reported £7m Crowdcube valuation ~8 months earlier (near-flat); ~19x 2025 turnover; ~59x current annualised revenue; ~1.6x reported assets. The one recorded sector exit (Nutmeg, ~£700m, 2021) went at ~0.2x assets. Comparison recorded; the fairness score above draws the conclusion.</span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">๐ Instrument & investor terms — full mechanics</span></span></span></h1> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">What you own — in full</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">New Ordinary A shares at £26.67 each (nominal value £0.0001), fully paid and non-redeemable, ranking equally ("pari passu") with all existing Ordinary A shares. The company has two share classes — Ordinary A and Ordinary B — with equal voting and dividend rights; Ordinary B is reserved for employees and advisors and carries a clawback (the company can take those shares back in defined cases), which Ordinary A does not. Your shares are held for you by Seedrs Nominees Limited, and Republic Europe administers your rights — you vote through the nominee, not in person. Daniel Gold is the only shareholder named as owning 20% or more of the voting capital.</span></span></p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Dilution — how your share can shrink</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">When a company issues new shares, every existing holder’s percentage falls unless they buy into the new round. The regulatory disclosure itself states that raising further money is critical to the product roadmap, so more rounds should be expected — and no right for crowd investors to join future rounds (pre-emption) is disclosed in the pack, nor any anti-dilution protection for any class. A worked example (illustrative): if the company later raised £1.5m at a £12m pre-money valuation, roughly 11% of new shares would be created and a 4.21% stake would fall to about 3.7% — of a more valuable company. One company-specific factor: the founder may convert his £69,150 of loans into B Ordinary shares at pre-set prices of £0.25 (2020 loans), £9.01 (2023) and £12.08 (2024–25) per share — all far below the £26.67 round price. The loan’s split across those years is not in the pack, so the resulting share count and dilution cannot be computed — it is in the questions list. The company also owes Iwoca £50,000 at 3.6% interest per month, repaid at £2,068 monthly until June 2031; round proceeds will not repay either loan.</span></span></p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">If the company is sold or wound down</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Payout order in a wind-down: lenders and all other creditors first, then shareholders — and since no class holds a right to be paid back ahead of others (no "liquidation preference" is disclosed), whatever remains is shared across all shares equally. In a sale, proceeds reach you in proportion to your stake, minus the platform’s 5% fee on your gain. If more than 75% of shareholders vote to sell, you are required to sell too, on the same terms (a "drag-along") — and because the crowd pool is only ~4%, it cannot block such a sale. If control of the company changes, you have the right to sell your shares on the same terms as the sellers (a "tag-along"). Shares cannot be freely transferred (the company’s Articles restrict transfers), and the platform warns a secondary market may not be available — plan for a multi-year hold. EIS tax relief, where applicable, generally also requires holding for about three years.</span></span></p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Terms not in the pack we reviewed</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">These exist in the shareholder documents and could have been disclosed — a genuine gap, unlike operating figures. Each also appears as a question above.</span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The cap table — who owns what before and after this round (a linked file was referenced but not part of the pack)</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Employee share pool size, and whether it grows before the next round</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Anti-dilution protection, and which classes hold it</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Rights of crowdfund investors to join future rounds (pre-emption)</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder share vesting and what happens if a founder leaves</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Information rights — how often, and in what form, reporting is provided</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The year-by-year breakdown of the founder loan (needed to compute conversion dilution)</span></span></li> </ul> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#e6f1fb; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โน๏ธ This is not investment advice. </span></strong><span style="color:black">The purpose of this overview is to help potential investors preselect crowdfunding projects quickly. Before investing, the final selected project should be reviewed in detail based on the information provided by the company on the respective crowdfunding platform, and you may want to seek independent professional advice.<em>Memo generated by AI from public information and platform-disclosed company materials. Investors must perform their own due diligence. Past fundraising or operational performance does not guarantee future results. Crowdfunding investments are illiquid, high-risk, and capital loss is possible.</em></span></span></span></p> </td> </tr> </tbody> </table> <p> </p>
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Platform offering this project
Republic europe (ex Seedrs) GB
Risk Level
High
Return Level
Very High
Risk Return Level
Good
Min. Investment
GBP 10
Total Funded
GBP 3392.59M
