VeriGraph valuation
October 26, 2026 · Confidential

VeriGraph valuation · October 26, 2026

The VeriGraph is worth $17.6M today.

A user proves 8.52 apps with zkTLS, and 74% also carry an ero Visa card. At $10 a year for each app and card, a user is worth $92.63 a year. We value the graph at 14.7 times its value a year, the multiple in Plaid’s February 2026 tender.

$92.63a year per user, from 8.52 apps and 0.74 cards at $10 each
$1.20Ma year across the 119,853 accounts and cards in the graph today
$95.7Mby October 2027 at Plaid’s multiple, if accounts and cards keep joining at the pace of 1 to 20 October

Counts come from our production dashboard on 26 October 2026. Values apply our $10 price and Plaid’s multiple to those counts. Forecasts are in gold. Market figures come from company filings and results, listed under Sources.

01 · What one user proves

Users prove 8.52 apps on average, from Robinhood to Netflix.

Users prove each account at the source with zkTLS and consent to share it. 74% of them also carry our ero Visa card, which records every purchase made with it. Across 26 apps and the card, the graph shows what a person buys, trades, watches and where they fly.

Accounts and cards in the graph, 26 October 2026

Media and socialSpotify, Netflix, TikTok, Instagram, Strava
32,630
FinanceRobinhood, Coinbase, Amex, Revolut, SoFi, Wise, Kalshi and 7 more
31,455
Rides and foodUber, DoorDash
21,348
ShoppingShop, Amazon
19,423
ero Visa cardOur own card, with every purchase on it
7,350
Travel and carsDelta, Tesla
7,647
26 apps and the ero Visa card119,853 sources · 23,362 people

Verified data points

15.8M

across 112,503 app accounts, each field proven at the source.

Card transactions

88,045

transactions on 7,350 ero Visa cards, $151K of spend, recorded first-hand.

Implied spending

$1,876

a year for each member with spend data on Shop, DoorDash and Amex.

Premium signal

4.5×

as likely in members with 7 or more apps, such as a premium Delta cabin or an Amex card.

02 · What the market earns per person

Single-source businesses earn $12 to $47 a person a year.

Each grey bar divides a company’s revenue by the people or records behind it. Meta earns $57 a person across its four apps. Nielsen and Amazon pay their panels up to $60 and $120 a year for a single stream of data.

Value per person a year, USD

Company revenuePaid to the personVeriGraph$50 to $100
Equifaxper active employment record, 2025
$12.35
Credit Karmaper member, fiscal 2026
≤$19
Pinterestper US and Canada user, 2025
$30.84
Redditper US daily user, Q2 2026 × 4
$47.40
Metaper person across its four apps, 2025
$57.03
Nielsen pays its panelfor phone and computer usage data
$60
VeriGraph user9.26 apps and cards at $10 each, our price
$92.63
Amazon pays its panelup to $10 a month for receipts from other shops
$120
$50 to $100$0$25$50$75$100$125
The shaded band runs from $50 to $100 a user, which is $5.40 to $10.80 for each app or card at today’s 9.26 per user.

VeriGraphA user proves 8.52 apps over zkTLS, and 74% carry our card. Meta’s $57 comes from four apps it owns.

03 · How we price it

We value each app and card at $10 a year.

$10 sits under Equifax’s $12.35, the lowest single-app figure on the ladder. Users hold 8.52 apps and 0.74 ero Visa cards each, so a user is worth $92.63 a year.

Per app or card

$10

a year for each connected app and each ero Visa card.

Per user

$92.63

a year at 8.52 apps and 0.74 cards.

Stake · paid

1,200

verified Robinhood users that Stake paid us to reach.

Leads Scale · quoted

$100

a user per sale, the top of the range Leads Scale has quoted.

Price cardConnect charges each brand $0.50 to $2 per verified user on each app. Five $2 sales of an account in a year add up to its $10 of brand spend.

04 · Combined value

At the pace of 1 to 20 October, the VeriGraph reaches $95.7M by October 2027.

We multiply the graph’s value a year by 14.7, the multiple from Plaid’s February 2026 tender. The chart adds accounts and cards to today’s counts at the pace of 1 to 20 October for 12 months.

VeriGraph value at Plaid’s multiple, USD

On measured countsForecast at 1 to 20 October pace

$11.7M$796K a year

$17.6M$1.20M a year

$37.1M$2.53M a year

$56.7M$3.85M a year

$76.2M$5.18M a year

$95.7M$6.51M a year

1 Oct 202626 OctJan 2027AprJulOct 2027

26 October · measured counts

$17.6M

from $1.20M a year across 119,853 accounts and cards held by 23,362 people.

October 2027 · forecast

$95.7M

from $6.51M a year across 651,117 accounts and cards.

Plaid’s multiple

14.7×

Plaid’s $8B tender in February 2026 over its $546M of 2025 recurring revenue.

At scale, a user stays worth $92.63 a year

modelled

100,000 users

$136M$9.26M a year, valued at 14.7 times.

1 million users

$1.36B$92.6M a year, valued at 14.7 times.

10 million users

$13.6B$926M a year, valued at 14.7 times.

Each card multiplies users by today’s 9.26 apps and cards a user, $10 each and 14.7 times. Today we have 9,887 users. The 13,475 verified people still to pass KYC would add to these figures.

How the value grows

Brands fund the rewards that add accounts to the graph.

1A brand funds a rewardBrands have funded every reward since 5 August, measured to 26 October. Users connect an app to earn, and the account joins the graph.
2Users connect more appsEach app or card a user adds is worth $10 a year to the graph.
3Users with more apps stay44.1% of users with 7 or more apps open ero in week 11, against 5.5% on one app or none.
4Brands buy access againStake paid to reach our verified Robinhood users. Those accounts stay open to the next brand.
Read the full due diligence →
Sources and methodDashboard · filings · method

Measured

Accounts, people, users, apps per user, fields per account, categories, ero Visa cards, card transactions and spend and week-11 retention come from our production dashboard export of 26 October 2026, 131 days after launch on 17 June 2026. The 1 October account and card counts come from the export of 1 October 2026, and the 30-day pace compares them with the export of 20 October 2026. Implied spending and premium signals come from a read of members’ zkTLS proofs on 21 October 2026, reported in aggregate. Connect prices come from our price card. The Stake purchase and the Leads Scale quote come from our due diligence follow-up note, and Leads Scale terms are still open.

Market

Equifax: Workforce Solutions revenue of $2.582B in 2025 and 209M active records in The Work Number at year end, from its 2026 proxy statement and 2025 Form 10-K. Credit Karma: $2.6B of revenue in Intuit’s fiscal year to 31 July 2026, over the more than 140M members Credit Karma reports. Pinterest: US and Canada ARPU of $30.84 for 2025, from its 2025 Form 10-K. Reddit: US ARPU of $11.85 in the second quarter of 2026, from its results of 30 July 2026, multiplied by four. Meta: annual worldwide revenue per person of $57.03 in 2025, from its 2025 Form 10-K. Nielsen: up to $60 a year in rewards, from the Computer and Mobile Panel FAQ. Amazon: $10 a month for 10 eligible receipts at the Shopper Panel’s launch in October 2020, as reported by TechCrunch and Retail Dive, now paid per receipt up to $10 a month, as reported by Doctor of Credit and Hip2Save. Plaid: $8B employee tender in February 2026, as reported by TechCrunch and Crunchbase News; 2025 annual recurring revenue of $546M from Sacra’s April 2026 estimate, since Plaid publishes no audited revenue, with Plaid’s CFO telling the Wall Street Journal on 30 March 2026 that revenue topped $500M.

Method

Value a year is gross revenue, what brands pay to reach or license an account, the same basis as the gross revenue in our due diligence. Under Connect, users receive part of it. It counts every verified app account, 98.1% of them live on 26 October 2026, and every ero Visa card at $10, including app accounts held by the 13,475 verified people still to pass KYC. Value per user is apps per user plus cards per user, at $10 each. Value today and in October 2027 multiplies value a year by 14.7, Plaid’s tender value over its 2025 recurring revenue. The forecast adds 41,656 app accounts and 2,616 cards a month to the 26 October counts for 12 months, the pace from 1 to 20 October, after our change to growth spending on 1 October. It leaves out 21 to 26 October, when a $3-per-connect promotion roughly doubled daily connects. The scale cards count users only. Hover over any i for the working behind a figure.