Sector comparables
| Company | Trajectory | Lesson |
|---|---|---|
| Nova Credit | Cross-border credit, 8 years to ~US$ 50M ARR | Real thesis, long cycle |
| Persona | KYC infra, US$ 150M ARR in 5 years | Enterprise KYC pays well |
| Snappt | Income verification (rental), US$ 1B in 4 years | Rental vertical works |
| Sismo | ZK identity privacy-first, shut down in 2024 | ZK as a product doesn't sell |