The situation
Two funds had passed. Neither passed on the market — both passed on a model with blended revenue in a single line, no cohort view and no unit economics per product.
What we did
We rebuilt the model to investor standard: revenue by product, contribution margin after processing and risk cost, cohort retention and a runway that survived a slow quarter.
The data room was assembled once — model, compliance status, vendor contracts, security posture — and taken to venture, strategic and debt investors in parallel.
The outcome
Three term sheets in eleven weeks, a materially better valuation than the original indication, and a debt facility signed alongside the equity.