Vitals

  • What they did: Platform letting accredited investors buy private-startup shares.
  • Peak internal val ≈ $1.7 B (2023 SPAC pitch).
  • July 2025: Chapter 11; SEC probe, $60 M DIP loan. ReutersBloomberg.com

What Went Right

  • 100 K+ users in 110 countries; strong SPAC buzz.
  • Promised everyday investors a seat at Silicon Valley’s table.
  • Strong marketing on “get in before IPO.”
  • Claimed fractional access to SpaceX, Ripple, OpenAI stock.

Where the Blood Flow Stopped

  • Custody doubts: Audits couldn’t confirm clients truly owned the shares.
  • Regulator freeze: New sign-ups halted during SEC probe.
  • Cash run-out: Planned $700 M SPAC listing collapsed.

Prescription

  • Nail compliance first; fintech lives or dies on trust.
  • Show users exactly where their assets live and who checks them.
  • Don’t rely on a future IPO to solve today’s bills.

Take-away

“If clients can’t see the vault, they won’t trust the gold.”

Nominate the next unicorn for Sunday’s slab 👇

Disclaimer: discovery-stage analysis compiled from public sources; figures may update and errors are mine alone.