Business valuation report
RelayMint Payments, Inc.
Illustrative strategic review · Valuation date: August 31, 2026 · Prepared for demonstration only
01 · Executive summary
A range, with the reasoning visible.
An API-led payments platform serving vertical software companies, with expanding transaction volume and a developing fraud and compliance moat.
Conclusion shown on an enterprise value basis. Cash, debt and non-operating assets require a separate enterprise-to-equity bridge.
02 · Historical performance
Growth becomes valuable when quality follows.
| Period | Revenue | Adjusted EBITDA | Margin |
|---|---|---|---|
| FY23A | $2.8m | ($1.2m) | (43%) |
| FY24A | $4.1m | ($0.8m) | (20%) |
| FY25A | $5.3m | ($0.3m) | (6%) |
| FY26E | $6.4m | $0.4m | 6% |
03 · Valuation methods
Triangulate evidence instead of worshipping one formula.
The conclusion considers the relevance and quality of each method, the subject company’s maturity, observable market data and the purpose of the analysis.
04 · Drivers and risks
Value is a conversation between opportunity and uncertainty.
Primary value drivers
- Embedded distribution through vertical SaaS partners
- Improving take rate through value-added services
- Compliance investment raises barriers to entry
- Gross profit growth outpaces operating expense growth
Principal risks
- Sponsor bank and processor concentration
- Exposure to regulatory and network-rule changes
- Chargeback volatility in two merchant verticals
- Partner churn can create nonlinear volume loss
05 · Selected assumptions
The conclusion is only as useful as its assumptions are transparent.
- TPV growth moderates from 39% to 20% over five years
- Net take rate expands by 12 basis points
- Long-term EBITDA margin reaches 19%
- A 20% private-company discount is reflected in market evidence
06 · Reconciliation and limitations
Professional judgment belongs in the open.
The illustrative midpoint reflects the method weights shown above. A real engagement would document data sources, normalization adjustments, forecast support, comparable-company selection, discounts or premiums, non-operating assets, net debt and permitted reliance in materially greater depth.
This example is not compliant with any specific tax, litigation, financial-reporting, 409A, SBA, fairness-opinion or regulatory requirement.