Solidus Labs
SERIES C · CONFIDENTIAL

$16 Trillion Is Moving Onchain.
Who's Guarding It?

Solidus Labs. The Compliance OS for What Finance Is Becoming.

Confidential — prepared for the exclusive use of the recipient. Not for distribution.
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SERIES C
SOLIDUS LABS

$16 Trillion
Is Moving Onchain.
Who's Guarding It?

Solidus Labs — Born in Crypto.
The Compliance OS for What Finance Is Becoming.

BUILT FOR:
01Every Market.
02Every Asset.
03Every Threat.
ONE PLATFORM.
WHY NOW · WHY SOLIDUS

Two Waves.
One Company at the Intersection.

A structural disruption in financial markets. A separate disruption in how compliance operations are run. Both are creating enormous tailwinds – and Solidus is built to capture both.

WAVE 01
Finance Is Moving
Onchain
$16T projected onchain economy by 2030. Stablecoins. Tokenized securities. Prediction markets. AI-driven trading. Every new format is a new compliance surface — and none of the existing tools were built for it.
● Greenfield compliance market
● Legacy tools architecturally incompatible
● Every new institution needs guardrails from day one
×
WAVE 02
The Services
Disruption
AI agents are replacing the first line of defense in every services business. For every $1 spent on compliance software, $6 are spent on compliance labor. The autopilot captures the labor budget — not just the software budget.
● $274B compliance labor market
● L1 triage already outsourced — vendor swap, not reorg
● Software TAM: $15–22B → Labor TAM: $100B+
SOLIDUS AT THE INTERSECTION
The Compliance Autopilot for the Onchain Era.
Seven years of head start. The data no one else has. The clients that matter. A capital injection will convert our software, knowledge, brand, and distribution into an agent workforce that operates HALO — accelerating Solidus into a new growth category entirely.
Wave 1
ONCHAIN FINANCE
+
Wave 2
SERVICES DISRUPTION
=
Generational
COMPLIANCE OS
ACT I — THE STRUCTURAL SHIFT
CAPITAL MARKETS ARE BEING RE-ARCHITECTED

Four Tectonic Forces Are
Simultaneously Reshaping Finance

Infrastructure, participation, intelligence, and market format are all changing at once. This isn't a cycle. It's a structural rewrite of how capital markets operate – and it's compounding.

01 — INFRASTRUCTURE
Finance Is Moving Onchain
Stablecoins · Tokenized Assets · Programmable Rails

The settlement and issuance layer of finance is migrating to programmable blockchain infrastructure. Stablecoins ($305B market cap, $4T+ annual transaction volume) are already live. Tokenized assets are next – spanning securities, real estate, commodities, and any offchain asset wrapped in an onchain representation. Beyond that, entirely new instruments will be issued natively onchain for the first time, with no offchain counterpart at all. Each layer expands the compliance TAM: wrapped offchain assets bring existing obligations onto new rails; native onchain assets create net-new ones.

GENIUS Act (2025) mandated AML/TM compliance for all US stablecoin issuers. MiCA (EU), Hong Kong SFC, and other regulators mandating Trade Surveillance for digital asset service providers. BlackRock, BNYM, Franklin Templeton actively tokenizing. $16T onchain economy projected by 2030.
02 — PARTICIPATION
Retailization of Markets
$84T Wealth Transfer · Options 25%→45% · Information Parity

The largest generational wealth transfer in history is moving capital to a cohort that trades digitally, 24/7. Share of 25-year-olds with investment accounts is 6× higher than in 2015. Retail inflows reached ~$1.3B per day in 2025 — up 30%+ YoY. Pre-COVID, retail rarely exceeded 10% of equity volume. Today it regularly accounts for 20–37% of daily volume. Real-time data, social signal aggregation, and AI-assisted analysis have collapsed what was once an insurmountable information gap between retail and institutions.

Retail participation disperses order flow across venues and wallets in ways that break venue-centric surveillance.
03 — INTELLIGENCE
Agentic Finance
AI Agents as Market Participants · The Compliance Capacity Crisis

AI agents are no longer just tools – they are market participants. In our base case, they account for 15–20% of order flow by 2028. In the upside scenario, 40%+. But their share of compliance alerts is disproportionately higher: they transact at machine speed, across hundreds of venues simultaneously, 24 hours a day. The compliance event volume this generates is incompatible with human-staffed operations.

Automated trading systems can generate new orders and cancellations in sub-millisecond timeframes, reacting to real-world data, order book dynamics, and market signals faster than any human. Cancellation ratios can reach 99.99% or higher — and the line between legitimate market making and illegal spoofing or layering becomes nearly impossible to detect at scale without AI-native infrastructure. We project a 150–800× increase in total compliance-relevant events as markets move onchain and go 24/7. Compliance departments do not have the human capacity to absorb this. Agentic workflows with human oversight will become the operational norm – not a choice, but a structural necessity.
The AI agent market itself is projected to grow from ~$7–8B in 2025 to $50B+ by 2030 – a 45% CAGR. Every agent that trades requires AI-native oversight. Solomon is that infrastructure.
The talent supply is also failing: 88% of US banks added senior compliance governance roles in 2025, yet the compliance talent shortage is structural and worsening. The workforce to staff the compliance operations that modern markets require simply does not exist. Agentic compliance isn't just faster – it's the only viable path.
04 — MARKET FORMAT
New Markets, No Precedent
Prediction Markets · 24/7 Perpetuals · DEX Pools

Regulated prediction markets (DCMs) feature event-driven manipulation risks that no existing surveillance library covers. Meanwhile, hundreds of onchain DEXs and perpetual vaults allow for exposure to real assets like Brent Crude, 168 hours per week, with no consolidated tape and no closing bell.

Kalshi signed with Solidus after evaluating every incumbent. They needed surveillance built for information-based manipulation, OSINT signals, and onchain funding mechanics – nothing else could do it.
"We believe the next generation for markets and next generation for securities will be the tokenization of financial assets." — Larry Fink, CEO, BlackRock · Annual Chairman's Letter to Investors, 2026
"The move to tokenization and the onchain economy — it's the way the world will be… maybe a couple of years from now." — Paul Atkins, SEC Chairman, on US financial markets moving onchain, Fox Business News, December 2025
THESE FORCES ARE RESTRUCTURING FINANCE ACROSS ALL THREE LAYERS SIMULTANEOUSLY
⛓️
PILLAR 1 — ISSUANCE
Onchain Native Securities
Tokenized traditional assets + natively issued onchain instruments with no offchain counterpart. Two layers — both need compliance rails. Only the second expands the TAM.
Every net-new onchain asset class is a compliance TAM expansion event.
🔄
PILLAR 2 — DISTRIBUTION
24/7 Programmable Liquidity
Broker-dealers, dark pools, DEX pools, bridges, AMMs, stablecoin rails — operating 168 hours a week. Capital flows cross-product and cross-venue to the nth degree. A single position touches a spot exchange, perp vault, bridged wrapper, and lending protocol within seconds.
No legacy compliance system was built to monitor across all of them simultaneously.
🤖
PILLAR 3 — MANAGEMENT
Autonomous Vault Strategies
DeFi vaults, onchain yield strategies, and AI-driven rebalancing are replacing human fund managers. Autonomous systems are both market participants and sources of systemic risk — requiring a new compliance category.
Autonomous strategies + programmable assets + 24/7 markets = cannot be met with batch-processing legacy tools.
THE 10× COVERAGE GAP

Legacy Compliance Was Built
for a Single-Surface Market

The risk surface of markets is expanding combinatorially across every dimension at once.

THE RISK SURFACE EXPANSION FORMULA  ·  Traditional tools pull data once a day. The attack surface moves in milliseconds.
Risk Surface ≈ Market Structure (venues × assets × instruments) × Participants (retail + institutions + AI agents) × Data Planes (onchain × offchain) × Context (jurisdictions × velocity × signals)
= A single manipulation scheme spanning a crypto token, its related ETF, a prediction market contract, and an onchain derivative — simultaneously, across venues — breaking every venue-centric surveillance legacy model ever built
THE COMPLIANCE SURFACE — PARTICIPANTS × VENUES (ILLUSTRATIVE)
Each cell = a distinct manipulation surface. Lines show how a single scheme crosses participants and venues simultaneously — invisible to any single-venue tool.
Legacy World 3 × 3 = 9 surfaces
Lit Exchange
OTC Desk
Dark Pool
Institutions
Broker-Dealers
Retail
Predictable · contained · batch detection works
→
+3
participants
+7
venues
Today's Surface 6 × 10 = 60 surfaces
Lit Exch. OTC Dark Pool CEX DEX/AMM DeFi Pool Perp Venue Pred. Mkt Bridge Stable Rail Institutions Broker-Dealers Retail AI Agents Crypto-Native Stablecoin Iss.
Coordinated pump
Layering scheme
Cross-venue wash loop
Each scheme spans multiple participants and multiple venues simultaneously — cross-product, cross-venue to the nth degree. No single-venue legacy tool can see any of them. Only a platform that holds the full picture across all cells can detect the pattern.
FRAGMENTED INFRASTRUCTURE
Same Asset, Different Price

CEXs, DEX pools, bridges, perps and OTC desks quote identical tokens with no NBBO in sight. 75+ chains, each speaking its own data dialect with no universal symbol framework. Liquidity jumps chains in seconds via wrapped tokens and bridges, breaking venue-centric surveillance models entirely.

Legacy tools were built assuming one order book. The real market has thousands of them.
ALWAYS-ON, SENTIMENT-DRIVEN
No Closing Bell

Crypto trades 24/7/365 — equities cover barely 30% of that window. Social-based retail swings can move billions in minutes, potentially outside traditional market hours. Wallet hops, mixers, Discord chatter and onchain bots all must be fused with order-book data to catch risk in real time.

168 trading hours per week. Batch-processing tools that poll daily miss the entire attack window.
PROGRAMMABLE MANIPULATION
Code-Based Assets, Code-Based Attacks

Tokens are grounded on smart contract logic — attackers can affect that code mid-trade. Cross-venue wash loops, oracle hacks, and MEV attacks fire in under 1 second — faster than legacy monitors poll. Discord-driven volatility can trigger onchain events before surveillance even ingests the signal.

The attack surface is milliseconds wide. The detection window for legacy tools is hours or days.
THE OPPORTUNITY

Economic Value Is Migrating Onchain — At Scale.
The Workforce Is Moving to Agents.

The onchain economy isn't a niche. It's becoming the dominant infrastructure for capital formation, settlement, and exchange. And as AI agents replace the first line of compliance defense, the addressable market shifts from software spend to labor spend – a 5–10× expansion of the prize. Solidus is built for both.

$15–22B compliance software TAM today
+
$49–82B autopilot labor TAM — Solomon's ceiling
ONCHAIN ECONOMY TRAJECTORY
2018–2020
$10B
Early DeFi Summer
Solidus founded. First generation crypto compliance. Fragmented, experimental.
2021–2023
$100B+
Institutional on-ramp begins
Coinbase IPO, Bitcoin ETF discussions, institutional crypto desks launch. Solidus Series A & B.
2024–2025
$305B
Stablecoin market cap – today
GENIUS Act. Bitcoin ETFs approved. BlackRock tokenizes. Schwab, Fidelity, JP Morgan enter crypto.
2026–2028
$5–8T
Projected tokenized asset volume – onchain trading, native issuance, tokenized securities
Prediction markets mainstream. AI agents account for 15–20% of order flow – generating a disproportionate share of compliance alerts at machine speed. Stablecoin market cap projected $750B–$1T. Every new format needs compliance infrastructure from day one.
2030E
$16T
Projected total onchain economy
BCG / institutional consensus. Includes stablecoins, onchain securities, tokenized assets, DeFi. Compliance TAM: $15–22B.
THE COMPLIANCE STACK — HOW TAM COMPOUNDS
LAYER 1 · DEPLOYED Trade Surveillance
$150K–$10M+ ACV
The wedge. Every licensed firm needs it. Crypto-native category owned. T/C land grab underway with Schwab and Fidelity. BGC at T/T tier.
LAYER 2 · GROWING Transaction Monitoring + BestEx
+$140–600K ACV
Same firm, new departments. TM expands into stablecoin issuers and onchain firms – and combining TS + TM is particularly powerful in retail-heavy markets where cross-product manipulation is hardest to detect. BestEx unlocks the front-office buyer. Proven upsell at Schwab.
LAYER 3 · IN PRODUCTION Solomon — Agentic AI
3–5× ACV expansion
Replaces outsourced L1 alert triage. Pricing shifts from seat to outcome. Same logo, dramatically more revenue. CFO/COO buyer, not just CCO.
LAYER 4 · NEXT Onchain Capital Markets
$800M–$1B+ emerging TAM
Onchain securities, tokenized assets, agentic trading venues. 35% of Series C. The frontier – every new format is a greenfield win with no incumbent.
THE STACK
Software + labor. Same customers. Compounding.
$65–100B+
TOTAL ADDRESSABLE PRIZE
HOW WE VIEW THE MARKET

Four Quadrants.
How We Win the Market.

Two axes define every firm we sell to: whether they are crypto-native or a traditional institution, and whether they trade crypto or traditional assets. Where they sit determines how we approach them – and how each relationship expands.

C/CCrypto-native firms trading crypto assets
T/CTradFi firms entering / trading crypto
T/TTradFi firms trading TradFi assets
C/TCrypto-native firms trading TradFi assets
C / C
Crypto-native firms · Crypto assets
Where we were born and built our head start. The category we own — no genuine competitor comes close.
crypto.com, BitMEX, Bullish
OWNED — CATEGORY LEADER
T / C
TradFi firms · Crypto assets
The generational prize. TradFi firms entering crypto today are the same firms whose assets migrate onchain as tokenization matures. One relationship, compounding scope. Solidus is already inside.
Schwab, Fidelity, JP Morgan, Virtu, Webull — every T/C deal carries a baked-in T/T expansion path
THE GENERATIONAL PRIZE — TODAY'S LAND GRAB, TOMORROW'S FULL STACK
C / T
Crypto firms · TradFi assets
Crypto-native platforms expanding into tokenized securities bring their Solidus relationship with them. Organic expansion, no new sales motion.
crypto.com, Coinbase Securities — existing clients expanding into new asset classes
ORGANIC EXPANSION
T / T
TradFi firms · TradFi assets
Every T/C client asks "can you do our equities too?" — as tokenization matures, the line between T/C and T/T dissolves. BGC signed for fixed income. Schwab equities underway.
Goldman, Morgan Stanley, JP Morgan, BofA — unlocked through the T/C relationship
THE LONG GAME — UNLOCKED THROUGH T/C
ACT II — THE PLATFORM
WHY SOLIDUS, WHY NOW

Seven Years Ago, We Predicted This Moment.
We've Been Building for It Ever Since.

01
Regulatory Gates Open
GENIUS Act mandated surveillance for stablecoin issuers. The CLARITY Act defines the regulatory perimeter for digital asset securities. The OCC approved new narrow-charter banks for digital asset firms – a structural shift as significant as GENIUS. ESMA MiCA live – Solidus sole provider. Every major jurisdiction – US, EU, HK, SG, UAE, Japan – codifying compliance requirements simultaneously, while consulting Solidus. Compliance is now a licensing condition.
02
TradFi Crypto Land Grab
Schwab, Fidelity, JP Morgan, Wells Fargo, Morgan Stanley – all actively entering crypto now. Average deal size with TradFi clients is 5–6× larger than crypto-native. The Schwab deal closed in 6 months (vs. 18–24 for a typical TradFi SaaS sale). And every TradFi client asks the same follow-up question: "Can you do our equities too?" – a baked-in expansion opportunity that comes with every T/C deal signed.
03
New Market Formats — No Incumbents
Prediction markets, stablecoin issuers, onchain native venues, DeFi protocols – to attract institutional capital and maintain a level playing field, surveillance isn't optional. It's what separates platforms that can credibly compete for institutional flow from those that can't – and it's a licensing condition. These are greenfield wins. Kalshi evaluated every major vendor and chose Solidus. The pattern repeats: new format, one credible option.
04
Solidus Is Already the De Facto Standard
For four years, Solidus has served as the SEC's close partner for crypto and cyber enforcement. Solidus is also ESMA's sole designated provider under MiCA, covering all 30 EU NCAs. CFTC GMAC appointed. Citigroup named Solidus market leader. Schwab, Fidelity, BGC, Webull all chose us. DACOM Summit (our flagship event) is where the global compliance community meets. We didn't find product-market fit – we built the category.

In our seed deck, we wrote that TradFi would enter crypto and need this infrastructure. We spent seven years building in crypto — earning the trust of exchanges, shaping the regulation, proving the technology. Now Schwab, Fidelity, and BGC are signing. We saw the world going there.

THE SOLUTION

HALO: The Agentic Compliance OS
for Every Market, Every Asset

A single platform that ingests onchain and offchain data, runs 70+ detection typologies across every asset class and venue, and resolves alerts at machine speed through agentic AI. Forced to innovate for fragmented & illiquid markets – tomorrow's problem, solved today.

Crypto-native by design – not retrofitted from TradFi architecture. Built for the problem incumbents cannot solve.
Onchain + offchain data fusion in one unified multidimensional schema – no other vendor unifies these.
Any EVM chain + Solana, 500+ DEX pools, prediction markets, stablecoin rails – broadest cross-surface coverage in the market.
Proprietary Most Meaningful Venues methodology detects market abuse without full data feeds – breaking the incumbents' cost structure and their lock-in model.
Agentic AI overlay that runs on top of competitors' products as a wedge into locked accounts.
Solomon's agentic workflows have cleared regulatory review at Schwab, Fidelity, and ESMA – human-in-the-loop maintained throughout, meeting the highest institutional compliance bars.
THE ARCHITECTURE ADVANTAGE

One Platform. Every Signal.
The Only Fully Integrated Defense

SOLIDUS HALO — CROSS ONCHAIN & OFFCHAIN MULTIDIMENSIONAL COVERAGE
ONCHAIN DATA
  • Wallet Addresses
  • Blockchain Transactions
  • Scams & Exploits
  • DEX Trades
  • Any EVM Chain + Solana
MARKET DATA
  • Public Trades
  • VWAP / TWAP
  • Order Books · 150+ Venues
OFFCHAIN DATA
  • Social Media & News
  • KYC Integration
  • FIAT Deposits & Withdrawals
  • Orders & Executions
  • Third-Party Data
⛓️
Onchain Threat Intelligence
Real-time blockchain monitoring · wallet risk scoring · exploit detection
🔍
Transaction Monitoring
AML/CFT · cross-rail · stablecoin · GENIUS Act · account takeover & fraud
📊
Trade Surveillance
70+ manipulation typologies · cross-venue · prediction markets · 24/7/365
UNIVERSAL
VIEW
⚡
HALO
PLATFORM
→
AGENTIC AI
Solomon
20× triage · auto-resolution · regulatory draft filings
DASHBOARD
Risk Dashboard
Unified alert queue · real-time scoring · human-in-the-loop
VALIDATION
HALO Model Testing
Backtesting · false positive reduction · audit trail
The only platform with native onchain + offchain data fusion in a single unified schema — no stitching, no gaps, no lag.
● Onchain ● Market ● Offchain ● HALO Unified
THE ONCHAIN COMPLIANCE COLLAPSE — WHY ONLY SOLIDUS CAN SEE THE FULL PICTURE

When Markets Move Onchain, Trade Surveillance and Transaction Monitoring Become One Problem.

In traditional finance, trade surveillance and transaction monitoring are separate disciplines — different vendors, different teams, different data. That separation made sense when markets were offchain: trades happened on exchanges, money moved through banks, and the two worlds rarely intersected. When market structure moves onchain, that separation becomes architecturally impossible to maintain.

A single onchain transaction is simultaneously a trade and a fund flow. A perpetual vault position is simultaneously a market event and a financing instrument. Inter-participant transfers — funding, cashout, cross-participant flows — are simultaneously market microstructure signals and AML-relevant behavioral data. The disciplines don't just overlap. They collapse into each other.

Polymarket and HyperLiquid proved this in production. Most firms can do one or the other. NICE Actimize does transaction monitoring. Nasdaq SMARTS does trade surveillance. Neither can combine them — they were architecturally built for the offchain world where the two disciplines were separate. Solidus built natively for the onchain world where they are one. Only Solidus can surface the full picture.

🧬
Native Architecture
Built for fragmented, 24/7, multi-chain markets from day one. Not retrofitted from TradFi roots.
🔐
Unbeatable Data Moat
Trade flow, fiat & crypto transactions, KYC, KYT, investigation history. Proprietary, institution-held, impossible to replicate.
🤖
Agentic-First
Solomon investigates, resolves, and drafts filings autonomously. Built on data no competitor can train on.
📈
Compounding Revenue Optionality
KYT, BestEx, TCA, alpha decay, risk measures, mark-outs, reg reporting — each a standalone revenue stream on the same foundation.
THE DATA MOAT

A Super Dataset No Competitor
Can Replicate.

Solidus is trusted by 80+ enterprise clients — including the world's largest exchanges, broker-dealers, and TradFi institutions — with their most sensitive asset: the complete, unredacted record of their financial activity. No other firm on the planet holds this combination.

LAYER 01 — MARKET BEHAVIOR
Full trade and order flow
Every order, cancellation, execution, and routing decision across 80+ client venues — onchain and offchain. The most commercially sensitive dataset in capital markets, shared with Solidus because compliance requires it.
LAYER 02 — FINANCIAL FLOWS
Fiat + crypto transactional data
KYC identity records, KYT behavioral histories, and the complete fiat and crypto transaction record across every client — both rails, unified in one schema.
LAYER 03 — INVESTIGATION HISTORY
Every case, alert, and resolution
Every investigation step, workflow action, escalation decision, and SAR filing across 7+ years of production deployments. The labeled training data that makes Solomon smarter with every case closed.
LAYER 04 — EXTERNAL SIGNALS
Onchain + OSINT + sentiment fusion
75+ chain analytics, cross-venue microstructure, social sentiment, news events, and regulatory intelligence — fused into the same unified schema. No other compliance platform aggregates at this breadth.
WHY THIS WINS IN THE AI ERA
We are not a single-signal vendor. That's the moat.
SumSub sees the fiat leg. Chainalysis sees the wallet. Nasdaq SMARTS sees the trading pattern. Nobody else sees the actor. Because Solidus unifies all four layers into a single behavioral identity that persists across rails, Solomon trains on a dataset no competitor can buy, build, or replicate. The model gets smarter in a way that compounds — every new client, every new case, every new market adds signal that widens the gap.
●
Nasdaq SMARTS / Eventus
Trade signals only — no wallet, no fiat, no identity
●
Chainalysis / SumSub
Wallet signals only — no trading behavior, no case history
●
NICE Actimize / Unit21
Case workflow only — dependent on upstream surveillance
★
Solidus Labs
All four layers — the unified actor model. The only complete picture.
AGENTIC AI — SOLOMON

Solomon Doesn't Assist Compliance.
It Does the Work.

Most AI companies sell the tool. Solomon sells the outcome. It replaces the first line of defense entirely – turning a $274B labor market into Solidus's addressable opportunity. Labor savings alone exceed ACV at most customers, creating a CFO-level buying decision independent of regulatory mandate.

$274B+
global financial crime compliance spend
LexisNexis True Cost of Financial Crime 2023
300K+
compliance professionals globally
Basel Institute / industry estimates
60–70%
of analyst time on L1 alert triage — the most repetitive, lowest-value task
Industry benchmark; Solidus customer interviews
20×
faster triage with Solomon — 5+ hours per alert → 15 minutes end-to-end
Measured across production deployments
Mid-Size Crypto Exchange
$900K–$2.25M labor saved · $200–400K ACV
3–5× ROI · under 3 month payback
TradFi Bank Entering Crypto
$2–6.5M labor saved · $700K–$2M ACV
3–4× ROI · under 2 month payback
Prediction Market / New Format
$350K–$1.2M saved · $150–500K ACV
2–3× ROI · under 4 month payback
The key shift: Solomon moves the buyer from CCO to CFO and COO. Labor savings alone exceed ACV at most customers — making Solidus an infrastructure investment with measurable payback, not a compliance cost. This also means Solidus is insulated from budget cuts: the ROI case is stronger when cost pressure is highest.
THE AUTOPILOT THESIS

A Software Company
Masquerading as a Services Firm.

For every $1 spent on compliance software, $6 are spent on compliance labor. Solomon changes the unit economics – not by making compliance teams more productive, but by doing the work itself. That shifts the TAM from software spend to labor spend. From $15–22B to $100B+.

YESTERDAY — COPILOT
Sell the tool.
AI makes the compliance analyst faster. Customer still needs the analyst. TAM = software budget. Captured value: 10–20%.
Race against the model. Every competitor can build a copilot.
WHERE SOLIDUS IS GOING
TODAY — AUTOPILOT
Sell the outcome.
Solomon does the compliance work. Customer buys the result, not the seat. TAM = labor budget. Captured value: 30–50%.
Every model improvement makes Solomon faster, cheaper, and harder to displace.
TOMORROW — ENDGAME
Become the department.
Solomon handles L1 → L2 → L3. From alert triage to judgment calls to regulatory filings. The compliance department runs on Solidus infrastructure.
Proprietary data on how the world's best compliance teams make decisions. No competitor can train on this.
THE LAND → EXPAND → OPERATE MOTION
🪝
LAND
Win on surveillance
HALO trade surveillance becomes the compliance system of record. License dependency makes switching costly. Schwab, Fidelity, BGC — landed.
→
🤖
EXPAND
Layer Solomon on top
Solomon replaces outsourced L1 alert triage. Vendor swap, not a reorg. Budget already exists. ROI immediate. ACV 3–5× on expansion.
→
🏛️
OPERATE
Run the compliance function
As Solomon accumulates judgment data across thousands of institutions, L2 and L3 follow. The compliance department runs on Solidus. Pricing shifts to % of labor replaced.
WHY OUTSOURCING IS THE WEDGE
L1 alert triage is already outsourced
Banks and exchanges already send their first-line compliance work to Accenture, Deloitte, and third-party KYC/AML shops. It's pure intelligence — rules-based, repetitive, high-volume. Solomon walks in as a vendor swap. No reorg required. The budget line already exists.
L2 and L3 judgment is the long-term TAM
Senior compliance officers making escalation decisions, SAR filings, regulatory responses — that's insourced judgment work today. As Solomon compounds proprietary data on what good compliance judgment looks like across thousands of cases, the frontier shifts inward. L1 today. L2 tomorrow. L3 is the endgame.
UNFAIR ADVANTAGE 01
All the right clients
Schwab, Fidelity, BGC, Kalshi, Crypto.com. The institutions whose compliance workflows generate the most valuable training data are already on HALO.
UNFAIR ADVANTAGE 02
All the right data
Every alert triaged, every case resolved, every SAR filed through Solomon trains a model on what good compliance judgment looks like. Seven years of proprietary signal. No competitor can buy this.
UNFAIR ADVANTAGE 03
All the right distribution
DACOM. CMIC. ESMA. The Trade Surveillance Academy trains the next generation of compliance professionals on Solidus's platform. The global compliance community meets on Solidus's turf — and is being trained by us. Brand, relationships, and regulatory credibility create distribution no autopilot startup can replicate from scratch.
COMPETITIVE LANDSCAPE

Competitive Landscape

Every other compliance vendor is a point solution that added a workflow. Solidus built the actor model first — a unified behavioral identity that persists across trading, transactions, and onchain activity. SumSub sees the fiat leg. Chainalysis sees the wallet. Nobody else sees the actor.

~$400M ~$360M ~$480M ~$450M SOLIDUS LABS Trade surveillance · Nasdaq SMARTS · Eventus · Scila Transaction monitoring Chainalysis · SumSub · ComplyAdvantage · Case management · NICE Actimize · Unit21 · AI Agents Analytics / data infra / AI Agents Palantir · Revenue shown = estimates for the named players only. Each circle's total market is significantly larger.
COMPETITIVE ADVANTAGE

Why Incumbents Cannot Copy
What We've Built

The structural advantage isn't features – it's architecture. Incumbents were built for centralized, single-surface TradFi. You cannot retrofit that for the market that's emerging.

Capability SOLIDUS LABS NICE Actimize / Nasdaq SMARTS Eventus / Behavox
Crypto-native architecture✓ Native✗ Retrofitted✗ Retrofitted
Onchain + offchain data fusion✓ Unified schema✗ Offchain only✗ Offchain only
Prediction market surveillance✓ Kalshi signed✗ None✗ None
Stablecoin / cross-rail TM✓ Circle, Bastion✗ NonePartial
Agentic AI triage (20×)✓ Solomon in production✗ Roadmap only✗ Roadmap only
No proprietary feed dependency✓ Level 1 market data only✗ Proprietary lock-inPartial
EU MiCA regulatory credential✓ Sole EU provider✗✗
24/7 real-time OSINT + sentiment✓ LiveBatch / headlines only✗
Proprietary super dataset — trade flow, fiat & crypto TXs, KYC, KYT, investigation history✓ 7+ years · 80+ enterprises✗ No cross-client data✗ No cross-client data
Time to value — Trade Surveillance deployment✓ 4–12 weeks✗ 12–24 months✗ 12–18 months
Kalshi evaluated every major vendor → chose Solidus  |  BGC ran RFP vs. NICE Actimize, Nasdaq, Kx, Eventus → chose Solidus  |  Schwab signed → immediately asked for equities coverage
In 2025, we closed 37 net-new logos. Almost 70% were competitive wins against Nasdaq or Eventus; the remainder came from customers who chose us outright.
ACT III — THE TRACTION
TRACTION

We Are at Our Inflection Point.
Ready to Take Off.

$14.2M Live ARR today — 100% annual and multi-year contracts.

98%
Gross Retention (GRR)
112%
Net Retention (NRR)
44%
ASP Growth YoY
82
Enterprise Logos
1.2×
Magic Number
76%
Gross Margin Q3'25
OUR CLIENTS

Trusted by the World's Most Important
Market Participants & Regulators

REGULATORS & SUPERVISORS — MARQUEE RELATIONSHIPS
SEC
US · ACTIVE
Close Partner for Crypto & Cyber Enforcement
Four-year relationship at the highest level of US financial regulation — technical depth, enforcement support, crypto market integrity.
ESMA
EU · ACTIVE
Sole MiCA Provider + 30 EU National Competent Authorities
Sole surveillance provider under EU MiCA — covering ESMA and all 30 EU NCAs.
NYDFS
VARA
SDNY
FINRA pipeline
NFA pipeline
MFSA Malta
MAS pipeline
HK SFC pipeline
JFSA pipeline
CFTC pipeline
COMMERCIAL CLIENTS
Charles Schwab
T/C → T/T
TS + Execution Quality · $970K ARR · equities expansion underway
Fidelity
T/C → T/T
TS + AI overlay · equities expansion in view
Kalshi
DCM · T/T → T/C
Prediction markets · $472.5K ARR
Crypto.com
C/C
TS · $1.095M TCV
BGC
T/T
Fixed income + EQ · $970K TCV
Circle / USDC
C/C · Stable
Ecosystem monitoring · onchain TM
Webull
T/C → T/T
26M+ retail users · crypto TS US & Canada · $216.8K ARR · equities next
Laser Digital
C/C · T/C
Nomura Group · onchain + offchain TS · DeFi + OTC venues
Bastion
Stable · T/C
Sony-backed · stablecoin TM
ByBit
C/C
Global crypto exchange · HALO TS
THE PATH TO $100M

$25M to $100M.
Three Phases.

WHEN — 3 PHASES
PHASE 01 · 2026
$25M
ARR TARGET
Land + initial expansion
· T/C wins — Schwab, Fidelity tier expansion
· Prediction markets — every new FCM/DCM
· EU post-ESMA — quantify CASP volumes
· Emerging regulators — CFTC, HK SFC, NFA, Brazil CVM, DOJ
· Initial AI contracts layered on T/T
PHASE 02 · 2027
$50M
ARR TARGET
Scale + expand
· T/C → T/T expansion on landed contracts
· GTM: partnerships, AEs in EU, AU, LATAM
· Channel: law firms, consultancies, Gartner/Forrester — the trusted advisors T/T firms call first
· UK regulatory clarity — TradFi/crypto convergence
· AU/NZ expansion — take out Eventus after their implementation failures
· Solomon standalone — dedicated GM and GTM team selling into T/T firms
PHASE 03 · 2028
$100M
ARR TARGET
OS mode + frontier
· Full compliance OS — eat the CCO, CISO, CFO wallet
· GMs across all business lines
· Frontier product — AI trading bots, security/market abuse convergence, data center commodity manipulation
WHAT DRIVES IT — 5 LEVERS
LEVER 01
NRR expansion on existing logos
Our T/C and T/T clients — Schwab, Fidelity, BGC — represent wallets that are 10× deeper than what we currently bill. We're on one product line, one asset class, often one region. The full potential of a single Schwab relationship dwarfs our current ACV.
Est. contribution: +$20–25M ARR
LEVER 02
UCM + Solomon — a dedicated product unit
A dedicated General Manager leads Case Management and Solomon as a bundled product line into every major financial institution globally. Every firm that does compliance has a case management problem. Solomon + UCM is the answer.
Est. contribution: +$20–25M ARR
LEVER 03
Geographic expansion
We won ESMA and have 1 AE covering all of Europe. We have a strong team in Asia-Pacific that has proven itself. Capital enables additional headcount, lead generation, and entry into new markets and regions.
Est. contribution: +$15–20M ARR
LEVER 04
Digital asset market growth — macro tailwind
Every new licensed entity entering digital assets needs surveillance from day one. As tokenization, stablecoins, and onchain trading expand, the total number of firms requiring compliance infrastructure grows — independent of our sales motion. The market compounds our pipeline.
Est. contribution: +$10–15M ARR
LEVER 05
Prediction markets — new category, no incumbent
Kalshi holds 90%+ of US FCM market share and is an existing Solidus client. Every new FCM and DCM registrant is legally required to implement surveillance. Additionally, existing FCMs routing order flow to Kalshi need compliant surveillance for that flow — expanding the addressable population well beyond net-new registrants.
Est. contribution: +$15–20M ARR
$25M base + five levers = $95–100M by 2028. And as a macro tailwind beneath all five — digital asset markets are growing, regulatory mandates are expanding, and every new asset class, venue, and jurisdiction that comes online makes the compliance surface larger. The market itself compounds our opportunity.
A GENERATIONAL COMPANY IN THE MAKING

Not a RegTech Company.
The Integrity Infrastructure
of the Next Capital Market.

The most durable infrastructure companies don't serve markets – they become the rail every participant depends on. Visa owns the payment integrity layer. SWIFT owns the messaging layer. Solidus is positioned to own the compliance and integrity layer for the next generation of global capital markets – onchain and off, TradFi and DeFi, CEX and DEX, today and what comes next.

01
THE BEACHHEAD — WINNING NOW
Compliance Software
for Digital Markets
~$2B winnable TAM
7,970 firms with active compliance mandates today — exchanges, broker-dealers, asset managers, stablecoin issuers, regulators. This is the market Solidus is already winning. 82 logos, 98% GRR, 112% NRR. The beachhead is largely captured.
Already won: Schwab, Fidelity, Crypto.com, Kalshi, ESMA, BGC, Circle. Full global population of BDs + AMs + exchanges = $8–10B current market.
02
THE INFRASTRUCTURE PRIZE — 5-YEAR HORIZON
The Integrity Layer of
Onchain Capital Markets
$15–55B structural opportunity
As finance migrates onchain — stablecoins, tokenized securities, native onchain issuance, prediction markets, DeFi — every participant needs compliance infrastructure. This isn't a feature. It's the integrity rail of the next financial system. Every institution operating in digital or hybrid markets is a potential customer. That's every financial institution on earth.
$305B stablecoin market cap today → $750B–$1T by 2028. $16T onchain economy by 2030. Native onchain issuance means net-new TAM events with no legacy compliance infrastructure in place.
03
THE AGENTIC OS — THE SECOND COMPANY INSIDE SOLIDUS
The Compliance Operating System
of Global Financial Services
$50–100B+ long-run prize
Once Solomon is the workflow layer, Solidus owns the data, the audit trail, the regulatory relationship, and the institutional memory of every compliance event across the firm. That's a fundamentally different business — not compliance software, but the OS through which every compliance decision flows. ServiceNow is worth $200B+ owning IT workflows. Workday $60B+ owning HR. Compliance workflows at financial institutions are more mission-critical than either.
$274B compliance spend today → $500B+ by 2028 at 15–20%/yr CAGR. Software that owns the workflow captures 30–50% of the labor it replaces — not the 10–20% generic SaaS capture rate.
THE INFRASTRUCTURE COMPANY ANALOGY
Visa / Mastercard
Own the payment integrity rail
$500B+ combined market cap
Every payment transaction flows through their infrastructure regardless of bank or geography
Palantir
Own the intelligence infrastructure
$200B+ market cap
Every intelligence decision at major gov't and enterprise accounts flows through their OS
ServiceNow
Own the workflow OS for IT
$200B+ market cap
Once the workflow is theirs, switching cost is near-infinite. They expand horizontally across every department.
Solidus Labs
Own the compliance integrity rail for capital markets
Building toward this
Every compliance decision, every market integrity event, every regulatory filing – flowing through HALO and Solomon across onchain and offchain capital markets globally.
THE NUMBERS BEHIND THE THESIS
$15–22B
TAM — Base Case
$800M–$1.5B
SAM — 3–5 Year
$125–200M
IAM — Today
$95.1M
2028E ARR · Software Floor
$135–155M
2028E ARR · Autopilot Ceiling
METHOD 1 — BOTTOM-UP UNIT ECONOMICS · WINNABLE TAM
5 segments × (# firms × base ACV). Every firm count anchored to a primary regulatory registry. This is the conservative floor – the market Solidus can capture without the infrastructure thesis playing out.
Segment
# Firms
ACV Range
Base ACV
Source
Seg TAM
Exchanges & Trading Venues
Equity/derivatives, CEX, DEX operators, prediction markets
~350
$500K–$3M+
$900K
WFE 2024CMC 2025
$315M
Broker-Dealers, Market Makers & Trading Firms
Global banks, prop shops, HFT, crypto desks, OTC
~2,500
$150K–$800K
$280K
FINRA 2025FCA/ESMA
$700M
Asset Managers & Institutional Funds
Hedge funds, asset managers, crypto funds, family offices
~4,500
$80K–$400K
$180K
IAA/COMPLY 2024PwC/AIMA
$810M
Stablecoin Issuers & Onchain Native Firms
Stablecoin issuers, tokenization platforms, DeFi protocols
~600
$80K–$500K
$200K
CoinLedger 2025GENIUS Act
$120M
Regulators & Financial Intelligence Units
Securities regulators, FIUs, SROs, central bank oversight
~120
$200K–$1.5M
$500K
Egmont GroupIOSCO 2024
$60M
Total Bottom-Up — Winnable TAM
~7,970
—
$268K avg
~$2.0B
The $2.0B is the conservative floor — firms with active compliance mandates today. The full addressable population puts the current market at $8–10B. Once the activity multiplier compounds on top (more markets, more asset classes, more venues, 168hr trading weeks), the base case expands to $15–22B. The infrastructure thesis is a separate, larger frame entirely.
METHOD 1 — BOTTOM LINE
$15–22B
Current market TAM · bottom-up unit economics × activity multiplier
WHY THE MARKET EXPANDS — THE ACTIVITY MULTIPLIER
USERS
5–10×
Today: institutions only
2030: + retail cohort + AI agents
AI agents transact 24/7 and don't file compliance reports. Each requires autonomous surveillance to match.
MARKETS
10–20×
Today: ~50 major venues
2030: 500+ DEXs / pools / prediction
Cross-venue interaction pairs grow combinatorially. Each new venue squares, not adds, potential manipulation surfaces.
ASSETS
3–8×
Today: equities, FI, crypto
2030: + native onchain issuance
Net-new assets require net-new typologies. No legacy library covers tokenized bonds or event contracts.
VELOCITY
4–5×
Today: 6.5 hrs/day trading
2030: 24/7/365 algorithmic
168 vs. ~33 trading hours per week. The compliance obligation doesn't sleep. Neither does HALO.
A conservative 150–800× increase in compliance events drives a market already $8–10B today to $15–22B in the base case — and $35–55B if everything goes our way. Two forces compound: markets expand in absolute size AND get more complex.
METHOD 2 — THE AGENTIC REPLACEMENT MODEL · THIS IS WHERE IT GETS LARGE
Solomon doesn't just improve compliance workflows – it replaces the first line of defense entirely. When software eliminates headcount rather than making it more efficient, the software capture rate isn't 10–20%. It's 30–50%. That's a fundamentally different equation.
1
Global financial crime compliance spend — growing 15–20%/yr driven by exactly the forces Solidus serves
$274B+/yr
LexisNexis 2023 · $450–500B by 2028E
2
Labor as % of total — majority of compliance budget is people, not technology
55–65%
Industry benchmark
3
L1 triage + documentation + reporting + case routing — the full Solomon automation surface
60–70% of labor
Not just triage — includes closing summaries, regulatory filing drafts, case routing, model tuning
4
Automatable labor pool — what Solomon can replace or eliminate entirely
~$100–120B/yr
$274B × 60% labor × 65% automatable. Growing to $175–200B by 2028E.
5
Software capture rate — headcount replacement commands 30–50%, not the 10–20% generic SaaS rule
30–50%
When software eliminates jobs vs. augmenting them, the economics shift fundamentally. Workday, ServiceNow precedent.
6
Implied software TAM from agentic replacement alone — today's base, before compliance spend growth
$30–60B
$100–120B automatable pool × 30–50% capture. On 2028E base: $52–100B.
THE PER-CUSTOMER MATH CONFIRMS IT
Mid-Size Crypto Exchange
20 analysts · $100K fully-loaded
$2M/yr L1 labor cost
Solomon eliminates 12–15 roles
$1.2–1.5M annual savings
At 30% capture → $360–450K ACV
Already above our base ACV assumption. The product's value creation per customer implies a larger TAM than our conservative model.
TradFi Bank (Schwab tier)
60–100 analysts · $120K fully-loaded
$7.2–12M/yr L1 labor cost
Solomon eliminates 35–60 roles
$4.2–7.2M annual savings
At 30% capture → $1.25–2.2M ACV
This is the Schwab playbook. TS at $970K → add Solomon → total ACV approaches $2M+. And they asked us to do equities too.
Global Systemically Important Bank
500–2,000 analysts · $130K fully-loaded
$65–260M/yr compliance labor
Solomon automates 50–65% of L1
$32–169M annual savings
At 25% capture → $8–42M ACV
One G-SIB is a category-defining deal. There are ~30 G-SIBs globally. This is the infrastructure endgame.
THREE METHODS · ONE CONCLUSION · THE INFRASTRUCTURE THESIS ABOVE ALL
Bottom-Up Unit Economics
$15–22B
# firms × ACV × activity multiplier
→
CONVERGE
Both methods independently arrive at the same order of magnitude. The infrastructure thesis is a third, larger frame on top.
←
Agentic Replacement Model
$30–60B
$274B spend → automatable labor → 30–50% capture
←
Services Disruption TAM
$49–82B
$165B automatable labor × 30–50% autopilot capture
The convergence validates the opportunity. The infrastructure thesis – Solidus as the integrity rail of the next capital market – is the frame that makes this a generational company. The compliance obligation doesn't go away as markets evolve. It gets bigger, more complex, and more valuable to whoever owns the infrastructure. Solidus is building that infrastructure.
METHOD 3 — THE SERVICES DISRUPTION · THE REAL PRIZE
The TAM isn't software spend, it's labor spend. When Solomon replaces headcount rather than augmenting it, the capture rate shifts from SaaS (10–20%) to autopilot (30–50%). The market instantly becomes 5–10× larger.
STEP 1
$274B
Global financial crime compliance spend. Growing 15–20%/yr driven by exactly the forces Solidus serves.
STEP 2
~$165B
Automatable L1/L2 intelligence labor (60% of total). Alert triage, case management, report generation — the rules are complex but they are rules.
STEP 3 — SOLOMON'S TAM
$49–82B
At 30–50% autopilot capture rate. This is the labor TAM — 3–4× larger than the software TAM, and it grows as onchain markets multiply the event volume.
THE NON-LINEAR INFLECTION — SOFTWARE ONLY vs. AUTOPILOT PRICING
When Solomon shifts from tool to workforce, the same logo base generates 3–5× more revenue. The kink happens in 2027–28.
$0 $100M $200M $300M $400M $580M 2024A 2025A 2026E 2027E 2028E 2029E 2030E $170M $580M
Software only
Autopilot scenario
The non-linear moment: For every $1 of software ACV, there is $6 of labor spend in the same customer. When Solomon shifts from copilot (tool pricing) to autopilot (outcome pricing), the same customer base generates 3–5× more revenue — without adding a single new logo. That's where the growth curve bends.
SCENARIO ANALYSIS — CONSERVATIVE TO AUTOPILOT
Four scenarios from software-only floor to autopilot ceiling. The first three are built from the same bottom-up model. The fourth – Autopilot – reflects the Services Disruption TAM when Solomon shifts from tool to workforce.
CONSERVATIVE
Slow regulation · No agent wave · Compliance software only
TAM
$6–9B
SAM
$400–600M
2028E ARR
$70–90M
Tokenization plateaus at $2–3T by 2030
AI agent adoption remains niche
TradFi crypto adoption 2–3yr lag
Solidus remains compliance software
BASE CASE
Steady regulation · Agents emerging · Infrastructure thesis begins
TAM
$15–22B
SAM
$800M–$1.5B
2028E ARR
$95.1M
GENIUS Act + CLARITY Act by 2027
Tokenization reaches $5–8T (BlackRock)
AI agents = 15–20% of order flow
Solomon at 25–30% capture rate
GENERATIONAL
Onchain native finance · Agents mainstream · Solidus = the integrity rail
TAM
$50–100B+
SAM
$5–15B
ARR Potential
$500M–$1B+
Native onchain issuance – new TAM event
AI agents = 40%+ of market volume
G-SIBs sign · Solomon is the compliance OS
Solidus = Visa for market integrity
AUTOPILOT
Solomon = workforce · Outcome-based pricing · Labor TAM captured
Labor TAM
$49–82B
2028E ARR
$135–155M
2030E ARR
$500M+
20%+ of clients on outcome-based pricing
Same logos · 3–5× ACV expansion
Solomon replaces L1 → L2 labor
Software + services revenue compounding
OUR STORY

Goldman Sachs Roots.
Crypto-Native Architecture. Built for Both.

In 2018, as Goldman's trading floor began examining crypto, our founders noticed a structural gap: the SEC kept rejecting Bitcoin ETF applications due to insufficient surveillance. The existing tools were built for centralized, consolidated TradFi — not the fragmented, 24/7, multi-chain reality of digital assets. So we left Goldman to build what didn't exist. Eight years later, we've shaped the regulation, trained the compliance community, and are now the de facto category winner.

2018
Founded — left Goldman
2019
PMF research · 200+ compliance officer interviews
2020
Launched HALO · exchanges, broker-dealers, OTC desks, liquidity providers — primarily offchain
2021
Series A · SEC signed · doubled revenue · onchain trading emerging
2022
Series B · onchain capabilities launched · serving offchain & onchain firms · founded CMIC · published regional compliance playbooks
2023
Deployed successful logo acquisition strategy in crypto winter — more than doubled logo count
2024
Won 80% of licensed entities in HK market · UAE market penetration · engineering focus on institutional readiness
2025
CFTC GMAC · Solomon launch · 2× ARR · ESMA MiCA · crypto.com, ByBit, Flowdesk, Webull, Laser Digital, GMO Trust, MFSA
2026
Series C · Schwab, BGC, Fidelity, Kalshi · CLARITY Act · TradFi adoption at scale
CFTC GMAC Appointed Member
EU MiCA Sole Provider
RegTech 100 Global
Citigroup Market Leader
CMIC Founder — 50 firm coalition
ACT IV — THE RAISE
THE ASK

Up to $75M Series C to Define
the Category

GTM
Go-to-Market
Partnerships capability for T/C + T/T distribution. AEs in EU, AU, LATAM. Policy advisors as biz dev. Forward-deployed solution architects. Channel program — law firms, consultancies, and analyst firms (Gartner, Forrester) that influence upmarket buying decisions. Dedicated GM and focused GTM team for Solomon and agentic compliance.
R&D
Engineering & Product
Scaling capabilities — data engineers, rebuilt global leadership, infrastructure for massive scale. Asset class expansion. Full compliance OS product evolution through 2028.
CS
Support & Customer Success
Per-logo and per-volume scaling for support. CS model to grow large accounts — including embedded CS for high-potential T/T relationships. Changes the FTE formula at scale.
AI
Agentic AI — Solomon
Dedicated GM and focused GTM team for Solomon and agentic compliance. Accelerate Solomon to full paid model. The agentic layer is what turns Solidus from a tool into an OS.
PRIMARY RAISE
Up to $75M
New Series C equity.
RUNWAY EXTENSION
Oct 2028
Extends cash runway from Jan 2027 to October 2028 – achieving ~$100M ARR (software) or $135–155M (autopilot scenario) before needing another raise.
Software target: $25.1M ARR by EOY 2026 → $49.9M by 2027 → $95.1M by 2028 · Autopilot scenario: $135–155M by 2028 → $500M+ by 2030 → Category-defining compliance OS and agentic workforce
Born in Crypto. The Compliance OS for What Finance Is Becoming.
The agentic compliance OS for the next generation of capital markets.
Asaf Meir, Co-Founder & CEO  |  asaf@soliduslabs.com  |  soliduslabs.com
50 W 23rd St, Suite 802, New York, NY 10010