Our valuation is based on comparables across three key metrics commonly used to value similar fintech companies: funded accounts, assets under management (AUM), and forward revenue. We consider the number of funded accounts to be the strongest indicator of value. As we expand our product offering and, subject to obtaining a banking licence, gain the ability to offer lending and other banking products directly to customers, we expect to accelerate user growth and, in turn, revenue. Reflecting this, we assign a 40% weight to funded accounts, and 30% each to AUM and forward revenue. Based on our estimates, we believe Mintos’ current pre-money valuation is in the range of €115m to €145m. For the fundraising round, we set the valuation at the midpoint of this range, at €130m, which translates to €10.36 per share.