The Payment Integrity Network
Proof should travel with money. JIL Sovereign is building the neutral settlement integrity layer - an integrity layer that enforces configured rules and produces tamper-resistant transaction receipts. Banks execute the transfer. Custodians hold assets. JIL makes every transfer verifiable, enforceable, and recorded.
$5M bridge (immediate, go-live readiness) + $95M Series A
Institutional operating model
Institutional + consumer
Track 1 institutional
Settlement + fiat + consumer
Near-zero variable cost
Executive Summary
JIL Sovereign is The Payment Integrity Network - the pre-settlement attestation and post-settlement proof layer for institutional payments, government disbursements, insurance claims, and legal investigations.
What JIL Is
JIL does not move money. It verifies whether money should move - and proves what happened after it did. Every payment routed through the JIL Verdict Engine receives a cryptographic YES / NO / REVIEW verdict in under 2 seconds across 111 checks covering Fraud, Waste, Error, and Abuse. Every verdict is sealed with post-quantum cryptographic proof and written permanently to an immutable ledger. The record is retrievable via API for compliance, audit, and legal evidence at any time.
Institutions do not run all 111 checks. They run the subset relevant to their payment type and risk profile. A regional bank protecting against BEC wire fraud runs 6 checks. A Medicaid MCO protecting against improper provider payments runs 7. A P&C carrier containing post-disaster fraud runs 8. A state entitlement agency stopping payments to deceased and ineligible recipients runs 10. Most engagements go live in 2 to 6 weeks alongside existing systems. No migration required. No disruption to current payment operations.
The Opportunity
The United States alone loses over $523 billion annually to payment fraud, waste, error, and abuse across six measurable verticals. Every dollar of it flowed through a system that verified the format of the payment instruction - not whether the recipient was legitimate, eligible, or even alive on the date the payment was made.
| Vertical | Annual Exposure |
|---|---|
| Non-Medical Insurance (P&C / Auto / Life / WC) | $221.5B |
| Medical Insurance / CMS | $87.1B |
| Credit Card / Payments | $145.6B |
| Banking (BEC / Wire / Check) | $30B+ |
| Government Entitlements (full federal) | $162B+ |
| Total | $646B+ |
65 to 80% of this exposure is directly attributable to the absence of a pre-settlement attestation gate. It is structural, not incidental. It is addressable at the protocol level. JIL is the protocol.
The Business Model
JIL generates revenue through four streams:
- Per-settlement attestation fees: 35-90 basis points per settlement event, negotiated based on attestation scope, corridor requirements, and volume. $1 minimum floor. Applied to every payment routed through the Verdict Engine.
- Retroactive Investigation Engine: 1-2 basis points per record for fee-for-service processing, or 5-10 basis points for performance-based engagements. Revenue-share available at 10% of confirmed recovered funds, zero upfront cost. Processes 100 million records in 10 to 20 minutes.
- FCA Law Firm Evidence Packages: $25K - $150K per engagement. Post-quantum sealed forensic evidence packages for False Claims Act litigation, asset investigation, and regulatory referral.
- Certified Partner Channel: 35-50% revenue share with certified channel partners - forensic accounting firms, litigation finance firms, and consulting practices that resell JIL infrastructure to their client base.
Implementation fee: $25,000 - $75,000 per engagement, one-time, covering 2 to 6 weeks of integration, configuration, and go-live. BID API (standalone beneficiary identity verification): $0.12 - $0.50 per check, tiered by engagement volume.
Proof of Build
- 250+ production services deployed - independently verified across 21 audit categories
- 98.01% pass rate across 1,040,000+ automated test executions
- 10 mainnet SCN validators live across 13 jurisdictions since February 2026
- 53 patent claims pending - 15 independent claims + 88 dependent
- Post-quantum cryptography (Dilithium/Kyber) in production
- 14-of-20 BFT SCN validator consensus - no single jurisdiction controls the network
Funding Ask
$100M Series A - infrastructure-stage entry as The Payment Integrity Network for $646B+ in annual fraud exposure across six institutional verticals.
Use of funds:
- Infrastructure scaling (40%) - SCN validator expansion, global coverage
- Enterprise sales (25%) - institutional onboarding, pilot corridors
- Regulatory engagement (20%) - licensing, compliance certification
- Engineering (15%) - core protocol, Investigation Engine expansion
Market Opportunity - Six Institutional Verticals
Fraud prevention is not one market. It is six distinct markets with distinct buyers, distinct ROI models, and distinct entry points.
2.1 Healthcare / Medicare / Medicaid
Market size: $1.3T+ in annual federal and state healthcare disbursements. $87.1B in reported improper payments in FY2024 (CMS HHS Agency Financial Report).
Primary fraud vectors: Unenrolled providers, missing documentation, upcoding and unbundling, duplicate cross-payer billing, services billed from addresses incapable of delivery.
Structural weakness: 79% of Medicaid improper payments in FY2024 were caused by missing or insufficient documentation. The documentation gate does not exist before settlement. The same GAO finding has returned for eight consecutive years with no structural fix.
JIL's role: 7-check pre-settlement verification suite covering provider NPI enrollment, OIG exclusion, license status, duplicate detection, billing corridor analysis, address plausibility, and documentation binding. Active on the payment date - not at contracting.
TAM: $87.1B annual improper payment exposure. Retroactive audit TAM: $10 - $30B one-time from historical CMS payment validation.
ROI for the buyer:
- Investigation Engine on 200M historical records: $1M - $2M cost, $90M - $150M recoverable. 45 - 150x ROI.
- Forward prevention at 1% reduction on $10B disbursement: $10M annually prevented on ~$3.5M engagement cost.
Entry point: Investigation Engine retroactive audit. Revenue-share model (10% of recovery, zero upfront) requires no budget authorization.
2.2 Non-Medical Insurance Fraud
Market size: $221.5B in annual P&C, auto, life, and workers' compensation fraud (Coalition Against Insurance Fraud 2024). Approximately 20% of all insurance claims filed in the US are estimated fraudulent.
Primary fraud vectors: Ghost contractors, staged claims, post-disaster fraud rings, BEC on vendor payment instructions, cross-carrier duplicate submissions.
Structural weakness: Carriers release claim payments based on submitted documentation without pre-settlement verification of contractor credentials, claimant eligibility, or instruction integrity. SIU investigators find the fraud after the money is gone.
JIL's role: 8-check pre-settlement verification suite covering contractor and claimant identity, license status, documentation binding, claim amount corridor analysis, cross-carrier duplicate detection, surge anomaly detection, and BEC blocking.
TAM: $221.5B annual fraud exposure. 85 - 90% attributable to the absence of a pre-settlement gate.
ROI for the buyer:
- At 10% fraud detection on $1B disbursement: $20M prevented on ~$3.5M engagement cost. Net benefit ~$16.5M annually.
- SIU workload shifted from post-payment recovery (low success) to pre-payment REVIEW queue management (high success).
2.3 Banking / Wire / ACH / BEC Prevention
Market size: $30B+ in annual wire, ACH, and check fraud losses across US financial institutions (ABA, FinCEN 2024). $2.9B in BEC losses reported to FBI in 2023; actual losses significantly higher.
Primary fraud vectors: BEC account substitution, instruction interception, altered check instruments, duplicate payments, anomalous wire timing and amounts.
Structural weakness: Legacy banking systems validate message format and routing codes - not cryptographic beneficiary integrity at settlement time. A payment instruction in the correct SWIFT or ACH format with a valid account number will clear regardless of whether the account belongs to the intended recipient.
JIL's role: 6-check pre-settlement verification suite covering beneficiary binding, account change detection, BEC domain screening, instruction provenance, behavioral anomaly scoring, and duplicate detection.
TAM: $30B+ annual fraud exposure. 100% settlement-layer attributable.
ROI for the buyer:
- $500M wire book at 0.6% BEC exposure = ~$3M annual risk.
- JIL engagement at ~$1.75M annually. Prevention at 80% = ~$2.4M.
- Net benefit year one: ~$650K. Compounds with volume.
2.4 Government Entitlement Programs
Market size: $1.3T+ in annual federal and state entitlement disbursements. $162B in reported improper payments in FY2024 (GAO High-Risk Report). $4.6B paid to deceased individuals over a recent multi-year period (SSA OIG).
Programs and exposure:
| Program | Annual Improper Payments |
|---|---|
| SSI / SSDI | $8.6B |
| SNAP | $11.8B |
| HUD Housing Assistance | $3.8B |
| TANF | $1.7B |
| CCDF / Childcare | $2.7B |
| Veterans Benefits | $2.1B |
| Unemployment Insurance | $8.4B |
| Total | $162B+ |
Primary fraud vectors: Payments to deceased recipients, ineligible household composition, cross-state duplicate enrollment, provider billing above licensed capacity, address fraud, undisclosed income.
Structural weakness: No entitlement program verifies recipient eligibility in real time before each disbursement. Programs rely on periodic recertification and post-payment audit. Death record matching runs on a lag - sometimes months - and payments continue until the match is manually resolved.
JIL's role: 10-check pre-settlement verification suite covering death record verification, address existence and classification, address tenure, cross-jurisdiction duplicate enrollment, household composition plausibility, income and asset consistency, provider enrollment and capacity, citizenship and DHS SAVE eligibility, voter registration cross-reference, and spousal/survivor benefit eligibility.
TAM: $162B+ annual improper payment exposure. Retroactive audit TAM: $10 - $30B one-time from historical entitlement payment validation.
ROI for the buyer:
- Investigation Engine on 40M historical records: $200K - $400K cost, $80M - $160M recoverable. 200 - 800x ROI.
- Revenue-share model (10% of recovery, zero upfront) turns the investigation into a self-funding engagement requiring no budget authorization.
- Federal matching fund implications: states that reduce Medicaid and SNAP improper payments may improve federal match calculations.
Entry point: Revenue-share Investigation Engine engagement. Every state agency with a payment history file is a qualified lead.
2.5 Legal / Asset Investigation
Market size: Fragmented. Family law, civil litigation, bankruptcy, and corporate disputes represent a combined market for forensic financial investigation estimated at $3B+ annually in professional fees.
Primary use cases: High-net-worth divorce asset discovery, pre-litigation asset verification, bankruptcy fraudulent conveyance, corporate alter ego / UBO investigation, False Claims Act support.
Structural weakness: Traditional forensic investigation relies on voluntary disclosure and document subpoena - both controllable by the opposing party. By the time discovery is complete, assets have moved. Forensic accountants find patterns; they cannot produce cryptographic proof of what happened and when.
JIL's role: 8-check on-chain investigation covering hidden cryptocurrency and digital asset holdings, pre-proceeding asset movement, UBO and beneficial ownership graph, connected-party payment tracing, rapid post-receipt asset movement, DeFi position detection, income and asset consistency scoring, and date-anchored entity status.
Differentiator: Post-quantum cryptographically sealed, independently reproducible findings. No opposing counsel can attack the methodology. Delivered in days, not months. Suitable for expert witness support, court filing, and regulatory referral.
Typical engagement: $25K - $75K. Typical finding value in contested high-net-worth proceedings: $500K - $10M+.
The JIL consumer wallet, DEX, and token products operate under the getjil.com brand. Revenue from retail operations (wallet AUM fees, DEX swap fees, token sale proceeds) is reported separately and is not included in the institutional revenue projections in this document. See getjil.com for retail product information.
Business Model
Four revenue streams spanning live attestation, retroactive investigation, implementation, and standalone BID verification. Near-zero marginal cost after infrastructure is deployed.
3.1 Revenue Streams
| Stream | Pricing | Description |
|---|---|---|
| Pre-settlement attestation | 35 - 90 bps per event. $1 floor. | Applied to every payment routed through the Verdict Engine. Rate negotiated by attestation scope, corridor, and volume. Includes identity binding, policy evaluation, compliance attestation, and finality receipt. |
| Retroactive validation | Starting at 5 bps per record. Revenue-share: 10% of recovery. | Investigation Engine - historical payment file verification. 28-dimension identity integrity. 100M records in 10 - 20 min. Post-quantum sealed findings for regulatory referral and legal proceedings. |
| Implementation / setup | $25,000 - $75,000 one-time | Integration scoping, API configuration, corridor setup, compliance onboarding, go-live validation. Scoped per engagement. 2 - 6 weeks standard. |
| BID API | $0.12 - $0.50 per check | Standalone beneficiary identity verification. Included in settlement engagements or available separately. Phone/email/address $0.03 - $0.10. Person $0.20 - $0.75. Company/UBO $1.50 - $5.00. |
3.2 Revenue Model Notes
Why 35 - 90 bps is the right range, not lower:
Most payment integrity products in the market charge on a per-check or subscription basis at far lower economics. JIL's pricing reflects the value of pre-settlement prevention versus post-payment recovery:
- A prevented $500K BEC wire = $500K saved. JIL's attestation fee on that transaction at 35 bps = $1,750. ROI for the client: 285x.
- A prevented fraudulent $50K Medicare claim at 50 bps = $25 fee. The claim never pays. The audit never happens. The clawback never occurs.
The economics are asymmetric in JIL's favor. The client's marginal cost of prevention is a fraction of their marginal cost of loss.
Why revenue-share for retroactive validation:
Government agencies and entitlement programs almost never have discretionary budget for new vendor engagements mid-cycle. The 10% revenue-share model eliminates the budget authorization barrier. The investigation becomes self-funding from the recovered proceeds. This is the primary entry point for federal and state government clients.
Why implementation fees matter:
The $25K - $75K implementation fee is not a margin driver - it is a qualification filter. Clients who pay a setup fee are qualified, committed, and motivated to deploy quickly. It also ensures JIL is compensated for integration work regardless of early payment volume.
3.3 Cost Structure
| Cost Category | Annual (Y1) | Notes |
|---|---|---|
| Infrastructure (SCN validators, cloud) | $3.6M | 10 active + 10 standby SCN validators across 13 jurisdictions. Hetzner + AWS + Azure. |
| Team (engineering, ops, sales, compliance) | $4.8M | 20 FTEs. Engineering-heavy in Y1; sales/CS ramp in Y2. |
| Regulatory and legal | $2.0M | FINMA pathway, multi-jurisdiction licensing, ongoing counsel. |
| Banking and agency integration | $1.5M | API integrations, sandbox testing, corridor buildout. |
| Insurance and audit | $1.0M | Smart contract audits, SOC2 certification, D&O insurance. |
| Total Year 1 | $14.9M | Covered by Bridge + Series A operating capital. |
Each additional attestation costs effectively nothing to process once infrastructure is deployed. Gross margin at scale: ~82%.
Financial Projections
Two tracks: the institutional operating model (Track 1) and the fraud prevention attestation opportunity (Track 2) at 1% penetration in 2027 scaling to 3% by 2031.
4.1 Track 1 - Institutional Operating Model (No Retail)
| Year | Payment Integrity | Enterprise Subs / Setup | BID API | FCA Law Firms (B) | Partner Channel (A) | Direct Federal (C) | Total |
|---|---|---|---|---|---|---|---|
| 2026 | $5.0M | $3.0M | $1.5M | $1.8M | $3.8M | $0.2M | $15.3M |
| 2027 | $9.0M | $6.0M | $7.0M | $12.6M | $28.4M | $0.6M | $63.6M |
| 2028 | $20.0M | $16.0M | $24.0M | $41.1M | $89.6M | $3.9M | $194.6M |
| 2029 | $48.0M | $44.0M | $68.0M | $94.5M | $189.2M | $143.6M | $587.3M |
| 2030 | $105.0M | $100.0M | $150.0M | $169.0M | $312.5M | $939.2M | $1.776B |
- Retroactive / Investigation column accelerates sharply in 2027 - 2028 as government entitlement revenue-share engagements begin returning recovery proceeds and converting to forward deployments.
- BID API scales with the number of banks and fintechs that adopt the beneficiary identity product as a standalone wedge before full settlement integration.
- Enterprise Subs / Setup includes both ongoing corridor subscriptions for large institutions and implementation fees for new engagements.
4.2 Track 2 - Fraud Prevention Attestation Revenue (6 Verticals)
Modeled at 1% penetration of annual fraud exposure in 2027 scaling to 3% by 2031. Performance model: 25% of confirmed fraud prevented.
| Vertical | 2027 | 2028 | 2029 | 2030 | 2031 |
|---|---|---|---|---|---|
| Banking (BEC / Wire / Check) | $81M | $146M | $243M | $365M | $525M |
| Medical Insurance (CMS) | $235M | $423M | $705M | $1.06B | $1.52B |
| Non-Medical Insurance | $598M | $1.08B | $1.79B | $2.69B | $3.86B |
| Credit Card / Payments | $393M | $708M | $1.18B | $1.77B | $2.54B |
| Government Entitlements | $405M | $729M | $1.215B | $1.822B | $2.614B |
| Performance Total | $1.712B | $3.086B | $5.133B | $7.707B | $11.059B |
Sources: CAIF ($221.5B non-medical insurance); CMS HHS ($87.1B medical); ABA/FinCEN ($30B+ banking); Mastercard/Nilson ($145.6B CC/payments); GAO FY2024 ($162B+ entitlements - full federal).
Go-to-Market Strategy
Six verticals, six GTM motions. Revenue-share entry for government entitlements. Channel partners for legal and forensic. Direct enterprise for banking, healthcare, and insurance.
5.1 Government Entitlements - Revenue-Share Entry Strategy
The primary GTM motion for federal and state entitlement programs is the revenue-share Investigation Engine engagement. It requires:
- No procurement cycle (no budget authorization for a risk-share arrangement where JIL bears the cost)
- No system integration (records are transferred; no live API required for a retroactive engagement)
- No internal champion needed to approve a budget line
The engagement begins when the agency transfers a payment history file. JIL processes it, returns sealed findings, and collects 10% of confirmed recovered funds through the agency's existing recovery process.
The retroactive engagement becomes the proof-of-concept for forward deployment. Once an agency has seen what its historical payments contain, the forward attestation engagement sells itself.
Target list: State Medicaid agencies (50 states), state SNAP agencies (50 states), state UI agencies (50 states), HUD regional offices (10 regions), SSA OIG (federal), VA OIG (federal), HHS ACF (federal). 160+ qualified leads, all reachable through existing federal and state procurement relationships.
5.2 Legal and Forensic - Channel Partner Strategy
The legal and asset investigation vertical is best addressed through channel partners rather than direct sales:
- Forensic accounting firms - provide the Investigation Engine as a backend to their existing investigation services; JIL provides the cryptographic proof layer they currently cannot offer
- Litigation finance firms - pre-case asset verification as a standard due diligence step; revenue per investigation engagement
- Family law bar associations - education and referral partnerships in high-net-worth divorce markets (NYC, LA, Dallas, Chicago, Miami)
Channel partners earn a referral fee or white-label margin. JIL provides the investigation infrastructure and evidence package. Partners provide the client relationship and legal context.
5.3 Banking, Healthcare, Insurance - Direct Enterprise
Banks, health payers, and P&C carriers engage JIL through standard enterprise procurement: scoping consultation, proof-of-value deployment (2 - 6 weeks), commercial contract at 35 - 90 bps per settlement event with a $25K - $75K implementation fee. Every new corridor becomes a reference for adjacent institutions in the same vertical.
Competitive Positioning
JIL operates at a layer that no existing infrastructure addresses. Settlement rails execute. Forensic vendors investigate after the fact. JIL verifies before the payment clears and produces cryptographic proof that survives regulatory and court scrutiny.
| Capability | JIL | SWIFT | Ripple / XRP | Fireblocks | Legacy SIU / Forensic |
|---|---|---|---|---|---|
| Pre-settlement attestation | 111-check Verdict Engine | None | None | None | None |
| Retroactive investigation | 100M records / 10 - 20 min, sealed | None | None | None | Manual, months |
| Cryptographic proof | Post-quantum sealed | MT103 only | None | Internal logs | Not reproducible |
| Government entitlement support | Native 10-check suite | None | None | None | Manual audit |
| Legal / forensic evidence | Court-admissible, reproducible | None | None | None | Expert-dependent |
| Revenue-share model | Available | None | None | None | Contingency only |
Human Flourishing
JIL was not founded to build another blockchain. It was founded to create a life-long conduit for human flourishing.
Protocol-Native Funding
- 10% of JIL's profits allocated at the protocol level to Human Flourishing - hardcoded into the revenue structure, not discretionary.
- Funding scales proportionally with adoption - more transactions mean more impact, with no fundraising overhead.
- On-chain allocation with transparent, verifiable reporting across all 13 compliance jurisdictions.
Impact at Scale
| Daily Volume | Annual Impact |
|---|---|
| $1M | $365K |
| $10M | $3.65M |
| $100M | $36.5M |
| $1B | $365M |
Estimates based on the Human Flourishing profit allocation. Actual amounts depend on network revenue and fee parameters.
Corporate Structure
Multi-jurisdictional corporate footprint designed for regulatory clarity and global operations.
| Entity | Jurisdiction | Purpose |
|---|---|---|
| JIL Sovereign Technologies, Inc. (HQ) | Wilmington, Delaware, USA | Parent entity (Delaware C-Corp). Global headquarters. Platform development, operations, token issuance, and Human Flourishing Fund administration. |
| JIL AG (Swiss Hub) | Zug, Switzerland | Wholly-owned foreign hub. FINMA-aligned compliance. Banking partner contracts. European operations. |
| JIL ADGM (UAE Hub) | Abu Dhabi, UAE | Wholly-owned foreign hub. FSRA-registered. Middle East operations. Fiat off-ramp via UAE banking partners. |
| JIL Singapore (APAC Hub) | Singapore | Wholly-owned foreign hub. MAS-registered. Asia-Pacific operations. Regional SCN validator infrastructure. |
7.1 Leadership
Role-based leadership structure designed for institutional credibility and operational excellence.
Jeff Mendonca - Chief Executive Officer
Senior technologist and systems architect with 39+ years building mission-critical platforms across national security, advanced computing, and global enterprise infrastructure (since 1985). Patent inventor (53 claims pending). Architect of the protected self-custody model. Dual British-American nationality. Led humanitarian initiatives across Mexico, U.S., Brazil, Europe, and the Middle East.
Joshua McCarley - VP, Operations
Senior program and operations executive with 21+ years leading large-scale, high-risk, and highly regulated initiatives across defense, aviation, and advanced manufacturing. Retired U.S. Army Senior Enlisted leader from Special Operations Aviation. PMP-certified. Delivered enterprise transformations across portfolios valued at over $500M.
Stanley Byrne - VP, Data & AI
Principal Cloud, Data & AI Architect with 40+ years building AI-driven, cloud-native data platforms across healthcare, insurance, banking, and entertainment. Expert in enterprise data strategy, LLM integration, predictive analytics, and large-scale data engineering with deep hands-on expertise in Python, Databricks, AWS, PostgreSQL, and real-time data pipeline architecture.
Regulatory Strategy
JIL is infrastructure - not a financial intermediary. The regulatory positioning mirrors SWIFT: neutral policy and settlement attestation infrastructure that evaluates rules and produces evidence, while banks and regulated institutions retain all customer-facing obligations.
Core Principles:
- JIL is infrastructure - not a retail exchange, not a custodian, not a token product. Comparable to SWIFT's regulatory status.
- Banks own compliance. JIL evaluates configured rules and validates signatures. Banks remain the obligated entities.
- JIL emits evidence bundles (receipts, evaluation traces). Banks consume these for SAR/CTR/FATF filing. JIL does not file reports.
- Transient settlement representations are not stablecoins, e-money, or stored-value instruments.
- FINMA-aligned (not FINMA-regulated until license obtained). Swiss legal framework is the anchor.
Licensing Roadmap
| Jurisdiction | Regulator | Timeline | Status / Notes |
|---|---|---|---|
| Switzerland | FINMA | 12-18 months | VQF membership first (3-6 mo). Full FinTech license application in 2026. |
| UAE (ADGM) | FSRA | 6-9 months | FSP license for digital asset infrastructure. Banking access for fiat off-ramp. |
| Singapore | MAS | 9-12 months | MPI license under Payment Services Act. Asia-Pacific operations. |
| EU | ESMA/NCAs | Passive | MiCA passive compliance via Swiss equivalence. Active licensing if needed. |
| USA | FinCEN | As needed | JIL does not directly serve US consumers. Banking partners hold MTLs. |
Risk Factors
Identified risks with likelihood assessments, mitigation strategies, and leading indicators for early detection. Infrastructure risk, not financial product risk.
| Risk | Likelihood | Mitigation | Leading Indicator |
|---|---|---|---|
| Regulatory reclassification | Low | Transient token design avoids e-money/stablecoin triggers. FINMA guidance letter. Swiss legal opinion before launch. | Delays in guidance letter, regulator scope creep, corridor-specific restrictions |
| Banking partner adoption slower than projected | Medium | Target crypto-friendly banks first (SEBA, Sygnum). Token-optional model removes crypto barrier. Hybrid pricing (subscription + per-event) vs 25-50 bps incumbent cost. | POC cycles lengthen, compliance onboarding time increases, corridor champions stall |
| SWIFT launches competing blockchain | Low | SWIFT tested blockchain for 5+ years without production. Cooperative governance slows innovation. JIL has 2+ year head start. | SWIFT announces production pilot with named banks and live corridors |
| Smart contract vulnerability | Low | External audit pre-mainnet. Permissioned contracts (only JIL services can call). Emergency pause. 4,390 tests at 96.7% coverage. | Critical findings in audit, spike in bug bounty severity, repeated incident drills |
| Token price volatility | Medium | Token optional for settlement. Institutional fee tiers based on holdings, not trading. Long-term holding incentives. | Institutional holdings drop below tier thresholds, volatility spikes around launches |
| Competition from L1 chains | Medium | No other infrastructure provides configured rule enforcement + portable proof + fiat settlement in a single layer. Existing chains optimize movement, not proof. Network effects create moat. | Competing infrastructure launches comparable enforcement corridors and bank integrations |
Policy and settlement attestation infrastructure should verify, not just execute.
We are raising $100M in staged capital: $5M bridge (immediate, go-live readiness) + $95M Series A (post-mainnet launch, enterprise scale). Built, deployed, and operating - 250 production services, 10 mainnet SCN validators (expanding to 20), 53 patent claims pending.
Track 1 ($1.776B) + Track 2 attestation ($7.707B)
At 10x Year 5 combined revenue
At 15x Year 5 combined revenue (sovereign-infrastructure tier)
Conservative single-track baseline: $1.776B Track 1 revenue at 10x = $17.8B / 15x = $26.6B. Combined-track multiples above reflect full attestation network revenue across all 5 product lines + Sovereign Stack + SDV. EBITDA at ~72% margin on combined Y5 = $6.83B; at 15x EBITDA = $102.4B. Multiples benchmarked against Palantir (15-30x revenue), Snowflake (early peak 60x+), CrowdStrike (20-25x).
Stage 1: Bridge - $5M (Now)
Go-live readiness + institutional pilots. Engineering runway ($1.8M), security/audits ($1.0M), custody/MPC integration ($0.7M), BD pipeline ($0.7M), legal/compliance ($0.8M). Runway through mid-2027.
Stage 2: Series A - $95M (Post-Mainnet)
Scale enterprise adoption, compliance maturity, and partner execution. Infrastructure scaling (40%), enterprise sales (25%), regulatory engagement (20%), engineering (15%). Aligned to 2027 operating plan.
Stage 3: Liquidity Facility - up to $250M
Staged liquidity provisioning via LP/MM counterparties. Inventory bands, spread targets, circuit breakers, daily reporting, unwind rules. Not operating cash - ring-fenced from salaries.
Why staged capital: This approach reduces investor risk, increases capital efficiency, and aligns the company's operating budget with measurable adoption milestones. Liquidity is provisioned through market-structure counterparties under contractual controls, rather than funded from operating capital.
*Revenue note: $1.776B Year 5 Track 1 projection covers six institutional revenue streams. Year 5 combined (Track 1 + Track 2 attestation): $9.483B. See Revenue Forecast for full breakdown.
About JIL Sovereign
Proof should travel with money. JIL Sovereign is the Bi-Directional Payment Integrity Network for regulated financial institutions - infrastructure that verifies recipient identity, evaluates payment origin, enforces compliance requirements, and produces cryptographic proof before funds move and after settlement completes. Built on post-quantum cryptography with sub-2-second deterministic finality. Banks execute the transfer. Custodians hold assets. JIL makes every transfer verifiable, enforceable, and recorded. The same infrastructure powers a consumer ecosystem at getjil.com. Built, deployed, and operating - 250 production services, 10 mainnet SCN validators, 53 patent claims pending.