Pre-Seed · CHF 500,000
Zürich · 2026
Stratify.
Regulated copy-investing infrastructure for European retail. Thirty EEA markets at launch.
Pitch Deck · v1.0 · May 2026
MiFID II FMA Liechtenstein EEA Passport
Problem
02 / 12

European retail
investing is broken
in three ways.

The mechanism that built Autopilot to $11M ARR in the US has no licensed European equivalent.
Three options on the table. All three fail one of: cost, signal, regulation.
Advisory
  • 1.5%+ AUM fees
  • € 100k+ minimums
  • 0.4% household reach
  • Structurally inaccessible.
DIY Neobrokers
  • 10M+ users
  • No signal layer
  • Average user underperforms
  • Cheap access, poor outcomes.
Social Trading
  • Unlicensed
  • CFD-driven
  • Mounting regulatory pressure
  • Wrong wrapper.
STRATIFY · Pre-Seed 2026 02 / 18
The Insight
03 / 12

Copy-investing doesn't
scale on raw equities.
It scales on structured
wrappers.

Cross-border tax. Fractional execution. Liquidity matching. MiFID suitability. These problems break US-style direct replication in Europe.

Stratify wraps each Pilot's strategy in a regulated structured product. Same user experience. Different — and only viable — underlying architecture.

Architecture, two layers
UX Layer · Mobile
Pick a Pilot. Allocate.
Done.
Onboarding, suitability, allocation, dashboard. A clean copy-investing experience indistinguishable from the US benchmark.
structural wrapper
Wrapper Layer · Licensed
MiFID II · Structured product · FMA-passported.
Tax routing. Fractional execution. Liquidity matching. Suitability gating. What 150+ structured products of experience makes obvious — and competitors cannot improvise.
STRATIFY · Pre-Seed 2026 03 / 18
Why Now
04 / 12

Four forces converging
in 2026.

US Proof — Autopilot
  • $750M AUM
  • 80k+ paid subscribers
  • $11M ARR
  • ~$7M total raised
The model is no longer hypothetical.
Neobroker Pressure — Trade Republic
  • €12.5B valuation
  • €150B AUM
  • PFOF revenue banned EU-wide 2026
Existing rails need new monetization.
Regulatory Clarity
  • FMA Liechtenstein
  • VVG license
  • EEA passport
  • 12-month path
Fastest viable gateway into 30 markets.
Structural Tailwind
  • 41% of Europeans don't fund private retirement
  • State pensions: 46% → 37% by 2070
Demand isn't soft. It's compounding.
STRATIFY · Pre-Seed 2026 04 / 18
Product
05 / 12

Stratify in three screens.

iOS + Android DACH at launch 30 EEA markets
[1] Onboarding · Suitability
Four-question MiFID II Art. 25(2) check. Including loss-bearing capacity.
[2] Pilot Selection
Single-Pilot at launch. Concentrated curation by design — multi-Pilot in v1.5.
[3] Automatic Allocation
Proportional replication. Documented failure handling for partial fills, slippage, timing.
PRD v1.0   583 lines · spec'd to ship.
Spec: trade propagation engine · proportionality formula · failure matrix · suitability flow · broker integration.
STRATIFY · Pre-Seed 2026 05 / 18
Business Model
06 / 12

B2C and B2B in parallel.
Not in sequence.

Track · Consumer Live month 1
Revenue
Management fee + performance fee on mirrored AUM.
Pilot Share
Revenue share to Pilots via Stripe Connect.
Target ARPU
€ 120  / year
Autopilot benchmark blended ~€130 · modelled conservatively for EU pricing tolerance.
Track · Infrastructure Wedge: PFOF replacement
Revenue
API license to neobrokers. Per-seat fee + revenue share on hosted AUM.
Partners
Three target partners pre-identified. Outreach begins month 4.
Why us
Only API a regulated neobroker can integrate without rebuilding compliance from scratch.
B2B exit thesis is baked in from day one — not deferred to a Series A pitch deck.
STRATIFY · Pre-Seed 2026 06 / 18
Market
07 / 12

The math.

TAM European retail investing AUMAll asset classes, all wrappers, all channels. ~ € 3T
SAM European neobroker user baseTrade Republic 10M · Scalable 1M+ · BUX · Lightyear · Robinhood EU · others. ~ 25M
SOM Year-3 target50,000 paid subs · € 120 ARPU · plus one B2B partnership. € 8–10M ARR
Bottom-up sanity check
Autopilot captured ~0.1% of US neobroker users in four years.
European equivalent against a 25M SAM = € 3M ARR floor on consumer alone.
B2B is linear upside on top. Not in the floor scenario.
STRATIFY · Pre-Seed 2026 07 / 18
Competition
08 / 12

The empty quadrant.

Two axes. Licensing versus replication architecture. One quadrant is empty — and structurally hard to fill.
Direct Replication
Structured Wrapper
Fully Licensed
MiFID II
Robo-advisors
Scalable Wealth · Liqid · Quirion
— no copy-investing layer
Empty Quadrant
Stratify.
  • Licensed (MiFID II)
  • Wrapped (structured product)
  • 30 EEA markets
Structurally hard to copy. Requires 30 years of issuance experience to even define.
Unlicensed
CFD / retail
Social trading
eToro · NAGA · ZuluTrade · Autopilot (US-only)
— mounting regulatory pressure · STOCK-Act-adjacent risk
None.
A CFD-driven structured wrapper would fail both regulatory and customer tests. The cell exists for completeness.
STRATIFY · Pre-Seed 2026 08 / 18
Go-to-Market
09 / 12

Two parallel tracks.
Both live from month 1.

Track A — Consumer Live month 1
Geo
DACH launch via Zürich founder network + Philipp's structured products distribution.
First 100 users
Finanzfluss · r/Finanzen · specific Telegram trading groups
Pilot supply
Philipp's 30-year sell-side network. 3 Day-1 Pilot personas pre-identified.
Track B — Infrastructure Starts month 4
Target partners
Trade Republic · Scalable · BUX
Wedge
Post-PFOF revenue replacement narrative. They lose order flow in 2026 — we offer a new ARPU layer.
Milestone
First LOI target: month 12.
Pilot-Liste · DACH launch
STRATIFY · Pre-Seed 2026 09 / 18
Milestones
10 / 12

Where we are.
Where we go.

Done
  • PRD v1.0 · 583 lines
  • Co-founder team locked
  • Regulatory pathway identified (FMA · VVG)
  • EUIPO trademark in progress
Not Done — and we say so
  • No users.
  • No revenue.
  • No LOIs.
  • No license filed yet.
12 months from funding
Quarterly milestones
Q1
License filing initiated.
FMA Liechtenstein · VVG track.
Q2
MVP build complete.
Pilot persona conversion in progress.
Q3
Beta launch · DACH.
First 1,000 users. 1 Pilot live.
Q4
License granted. Public launch.
2 Pilots live · 1 B2B LOI in flight.
STRATIFY · Pre-Seed 2026 10 / 18
Team
11 / 12

Three founders. One asymmetric founder-market fit.

Tobias Temmen
CEO · Capital & Strategy
  • € 1.5B+ deployed
  • 30+ ventures
  • MIT REAP European Advisor
  • Kellogg-WHU EMBA
  • 20 yrs VC · PE · structured finance
Philipp SprengerCIIA
Co-Founder · Structuring & Sales
  • 150+ structured products issued
  • $ 1B+ notional volume
  • Founder · Camino Capital Partners
  • ex-GenTwo
  • 30 yrs B2B sell-side distribution
Antonios Stergatos
Co-Founder · Product & Compliance
  • Managing Consultant · Financial Services
  • Eraneos (ex-AWK Group), Zürich
  • WHU MBA
  • 10+ yrs bank tech & regulatory implementation
This team has shipped, sold, and structured the exact instruments Stratify is built on — for 30+ years collectively.
STRATIFY · Pre-Seed 2026 11 / 18
The Ask
12 / 12
Pre-Seed Round
CHF
500K
Instrument
SAFE / Convertible note · standard terms.
Runway
12 months. License + MVP + beta launch + first B2B LOI.
Looking for
1× lead investor (CHF 200–300K) · 3–5 strategic angels.
Preferred: structured products distribution, neobroker relationships, EU fintech regulatory experience.
Use of Funds
40% License + counsel FMA Liechtenstein VVG filing. Non-negotiable foundation.
30% MVP build iOS + Android, full PRD scope.
20% Team comp Founders + one senior backend engineer.
10% Acquisition First 1,000 users + Pilot recruiting.
The licensed infrastructure layer for European retail copy-investing — with B2B API exit thesis baked in from day one.
STRATIFY · Pre-Seed 2026 12 / 18
Regulatory Roadmap
A1

FMA Liechtenstein VVG.
Twelve-month path into 30 EEA markets.

Filing sequence
MonthStepStatus
M1Engagement of regulatory counsel · Liechtensteinqueued
M2License application drafted · governance documentsqueued
M3Filing submitted to FMA · application fee paidqueued
M4–9FMA review · iterative supervisory dialoguequeued
M10Conditional approval · capital injectionqueued
M11License granted · EEA passport notificationsqueued
M12Live in 30 markets · public launchtarget
Estimated cost
€ 150–250K  setup
Plus ongoing compliance overhead modeled into 5-year P&L.
Fallback
BaFin Tied Agent route under an existing AIFM. Slower passport, but covers DACH-only launch if FMA timeline slips.
Comparable precedents
Three EEA-passported MiFID firms approved via FMA in < 14 months over 2023–2025. Pathway is well-trodden.
STRATIFY · Pre-Seed 2026 · Appendix 13 / 18
Financial Model
A2

Five-year base case.

Year Paid users Mirrored AUM Consumer ARR B2B ARR Total ARR Cash burn
Y11,200€ 4M€ 0.14M€ 0€ 0.14M−€ 480K
Y212,000€ 42M€ 1.44M€ 0.4M€ 1.84M−€ 1.2M
Y350,000€ 180M€ 6.0M€ 2.5M€ 8.5M−€ 1.5M
Y4110,000€ 410M€ 13.2M€ 5.8M€ 19.0M+€ 0.8M
Y5210,000€ 820M€ 25.2M€ 11.0M€ 36.2M+€ 6.4M
Bear
€ 3.0M
Y3 ARR · DACH-only · no B2B closed.
Base
€ 8.5M
Y3 ARR · 30-market passport · 1 B2B partner.
Bull
€ 14M
Y3 ARR · 30 markets · 2 B2B partners · 2 Pilots scale.
STRATIFY · Pre-Seed 2026 · Appendix 14 / 18
Competitive Teardown
A3

Feature matrix.

Player Region License Replication Wrapper User fee
eToroGlobalCFD brokerDirect + CFDNone~1% spread
NAGAEUCFD brokerDirect + CFDNone~1% spread
ZuluTradeGlobalBroker-integratedFX / CFDNonevariable
AutopilotUS onlySEC RIADirect equitiesNone~0.6% AUM
Scalable WealthEUMiFIDNo copy-investingETF portfolio~0.75% AUM
LiqidDACHMiFIDNo copy-investingMandate~0.5% AUM
Stratify 30 EEA markets MiFID II · FMA Wrapped copy-investing Structured product Mgmt + perf · ~€ 120 ARPU
No competitor offers copy-investing + EEA passport + structured wrapper simultaneously. The top-right cell of slide 8 maps directly to this row.
STRATIFY · Pre-Seed 2026 · Appendix 15 / 18
Pilot Personas
A4

Day-1 Pilot supply.
Three named personas. Anonymized for this deck.

Persona A · Macro
"Arctica"
  • Stockholm-based macro PM
  • AUM: € 180M (proprietary)
  • Trades / week: 8–12
  • Follower convertibility: ~3,500
Multi-asset, low turnover, index-aware. Revenue share economics support 60/40 to Pilot on first € 50M mirrored.
Persona B · Quality
"Lemberg"
  • Frankfurt-based European quality book
  • AUM: € 310M
  • Trades / month: 4–6
  • Follower convertibility: ~6,000
20–25 names. 5+ year holding period. Lower revenue per user, highest retention.
Persona C · Income
"Kell Fjord"
  • Oslo-based Nordic income strategy
  • AUM: € 95M
  • Trades / week: 3–5
  • Follower convertibility: ~2,200
Covered-call overlay. Drawdowns historically < 12 %. Premium pricing tier.
Personas selected from Philipp's 30-year sell-side network. Three additional candidates in reserve.
STRATIFY · Pre-Seed 2026 · Appendix 16 / 18
Technical Architecture
A5

Trade propagation engine.

Proportionality formula
order[user, asset] =
  weight[pilot, asset] ×
  allocated_capital[user] ÷
  price[asset, t]
Rounded to fractional-share precision per venue. Residual cash held in EUR money-market sleeve.
Single-Pilot constraint
One Pilot per user at MVP. Concentrated curation. Eliminates portfolio-aggregation edge cases. Multi-Pilot v1.5.
Failure matrix
EventBehaviour
Partial fillRetry within 60s · then prorate residual
Price slippage > 1%Reject · log · alert Pilot
Venue offlineQueue · execute at next open
Insufficient cashReject · user notification
Suitability lapseBlock new orders · existing held
Pilot strategy haltNo new mirrors · user can exit
All failure modes documented in PRD v1.0 · sections 8.1–8.6.
Broker integration Lemon Markets · Upvest · ConnectionsAPI (Tier 2 fallback).
Suitability flow MiFID II Art. 25(2) · re-tested every 12 months.
STRATIFY · Pre-Seed 2026 · Appendix 17 / 18
Risk Matrix
A6

What can go wrong.
What we've already de-risked.

# Risk Mitigation Severity
01 FMA license delay or refusal BaFin Tied Agent backup plan under existing AIFM. DACH-only fallback launch path costed. HIGH
02 Pilot cold-start problem Three Day-1 Pilot personas pre-identified via Philipp's network. Three additional candidates in reserve. MED
03 Neobroker sales cycles (12–24 months) Consumer track is fully independent of B2B. B2B is upside, not dependency. MED
04 Liquidity slippage in trade propagation PRD-documented failure handling. 1 % slippage hard cap. Money-market residual sleeve. LOW
05 Pilot suitability / mis-selling exposure MiFID Art. 25(2) suitability re-tested annually. Compliance is product, not afterthought (Antonios). LOW
06 Capital efficiency < plan SAFE / convertible note + 12-month runway. Bridge structure if license slips one quarter. LOW
The single highest-severity risk has a costed, named fallback. Everything below it is operational.
STRATIFY · Pre-Seed 2026 · Appendix 18 / 18