Team
82Credit operator plus a model lead who has shipped inside a lender, not a lab. The gap is a CFO who has raised before.
Weight 30
Diligence
Underwriting models for European SME lenders who still decide in a spreadsheet.
Credit operator plus a model lead who has shipped inside a lender, not a lab. The gap is a CFO who has raised before.
Weight 30
SME credit in Europe is still a rules engine with a human. Budgets exist. Regulation is a feature if you can document a decision.
Weight 25
€3.4m ARR, 128% net retention, six lenders live. Loss rates on their book are the diligence, not the demo.
Weight 25
The moat is the feedback loop from funded loans. It is early. A well-capitalised bureau could rent something adjacent.
Weight 20
Investment memo
Screened 9 Oct 2026Pre-written. The replay is simulated.
Meridian sits in the credit decision, not next to it. Lenders upload an application, Meridian returns a price, a limit, and a reason a supervisor can read. ARR is €3.4m. The round is €14m. We would want €6m if the loss-rate file holds.
Several mid-size lenders are replacing a 2016 decision engine this budget cycle. Meridian is shortlisted in four of those processes. Waiting for the Series B means paying for a de-risked vendor.
A decisioning API plus a review desk for the cases the model refuses to auto-clear. The refusal is the product. Credit officers told us they trust it because it abstains. Explainability is a generated memo attached to each file, stored for the regulator.
Annual platform fee plus a per-decision charge. Gross margin 79%. Payback on a lender is under eight months once the integration is done. Integrations are the constraint: median time to first live decision is fourteen weeks.
Advance to confirmatory diligence. Tomasz owns a third-party read of cumulative loss rates versus the lender’s prior book. If Meridian’s book is only ‘cleaner applications’, we pass. If the loss curve is actually better, we take it to IC in November.