VeriGraph valuation · October 26, 2026
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.
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 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.
Verified data points
15.8Macross 112,503 app accounts, each field proven at the source.
Card transactions
88,045transactions on 7,350 ero Visa cards, $151K of spend, recorded first-hand.
Implied spending
$1,876a 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
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.
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
$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
$10a year for each connected app and each ero Visa card.
Per user
$92.63a year at 8.52 apps and 0.74 cards.
Stake · paid
1,200verified Robinhood users that Stake paid us to reach.
Leads Scale · quoted
$100a 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
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.
26 October · measured counts
$17.6Mfrom $1.20M a year across 119,853 accounts and cards held by 23,362 people.
October 2027 · forecast
$95.7Mfrom $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.
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
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.
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.
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.