LTV & cohorts

Revenue per funded business, by signup month.

Events from Segment· Web, iOS, AndroidAttribution: First click + self-reported

12-month LTV

$1,406

Per funded account

18-month LTV

$2,032

$1,463 gross margin

Active at month 6

68%

Still transacting

Blended CAC payback

3.1 months

On $246 CAC

Cohort heatmap

Signup month × months since first deposit

Cohort	Accts	M0	M1	M2	M3	M4	M5	M6	M7	M8	M9	M10	M11	M12	M13	M14	M15	M16	M17	M18	M19	M20
Jan 25	493	100	93	81	78	70	69	66	63	64	65	62	62	61	59	63	60	61	59	61	61	60
Feb 25	591	98	88	83	76	73	71	67	65	67	61	65	61	63	60	61	61	61	60	60	62
Mar 25	689	100	92	80	79	72	73	67	67	64	62	62	64	64	62	60	61	64	62	62
Apr 25	730	99	95	86	74	74	65	67	67	60	65	63	61	60	63	62	60	62	63
May 25	755	100	90	83	78	75	72	67	63	66	61	63	64	63	63	61	60	56
Jun 25	757	100	87	79	78	76	68	65	65	64	65	61	64	61	62	65	59
Jul 25	743	100	87	80	76	74	69	68	65	62	64	63	64	59	64	62
Aug 25	742	100	87	83	80	76	73	65	67	64	66	62	61	61	60
Sep 25	872	100	92	83	78	71	69	71	68	64	63	66	62	61
Oct 25	892	100	80	86	78	71	70	68	66	66	61	60	64
Nov 25	783	100	89	85	74	75	69	72	66	65	62	64
Dec 25	749	99	85	81	75	76	70	70	66	63	66
Jan 26	974	98	89	83	75	70	69	66	66	60
Feb 26	798	100	95	82	73	74	68	68	66
Mar 26	912	100	89	86	80	77	68	71
Apr 26	867	100	89	80	74	74	69
May 26	876	97	90	81	77	73
Jun 26	881	98	88	85	76
Jul 26	900	100	91	79
Aug 26	825	100	92
Sep 26	946	100

LTV curves by cohort

Cumulative revenue per account

Jan 25Apr 25Jul 25Oct 25Jan 26Apr 26Jul 26

LTV curves by channel

Solid observed · dashed projected

Google AdsMeta AdsLinkedIn AdsReddit AdsPartners & affiliatesReferral programmeAI searchApp store campaigns

LTV:CAC and payback by channel

CAC against 24-month gross-margin LTV

Channel	First deposits	CAC	12-mo LTV	24-mo LTV (GM)	LTV:CAC	Payback period
Partners & affiliates Referral & partners	115	$110	$2,055	$3,001	27.3×	1.4 months
Referral programme Referral & partners	69	$250	$1,840	$2,650	10.6×	2.8 months
Microsoft Ads Paid search	40	$305	$1,573	$2,231	7.3×	3.5 months
Google Ads Paid search	422	$348	$1,496	$2,110	6.1×	4.1 months
App store campaigns App stores	37	$246	$1,050	$1,411	5.7×	3.8 months
LinkedIn Ads Paid social	5	$1,803	$3,293	$4,765	2.6×	9.2 months
Meta Ads Paid social	34	$695	$1,216	$1,647	2.4×	9.3 months
Reddit Ads Paid social	5	$1,104	$986	$1,345	1.2×	19.4 months
Organic search Organic & AI	121	–	$1,367	$1,927	No cost	Organic: no acquisition cost
AI search Organic & AI	56	–	$1,762	$2,513	No cost	Organic: no acquisition cost
Direct Organic & AI	54	–	$1,300	$1,822	No cost	Organic: no acquisition cost

LinkedIn has the highest CAC but brings businesses worth about 2.2× the average.