GLEMO - Unit Economics Reconciliation
Finance QA · revenue scope
Unit Economics Reconciliation
Separates brokerage, marketplace/SaaS, and future RWA representation economics so the model is not read as one blended token/RWA revenue story.
Corrected View
| Layer | Economic Driver | Base Formula | Correct Interpretation | Evidence Needed |
|---|---|---|---|---|
| Cross-border brokerage | GMV closed through relationship managers / partners | GMV x commission rate | US$153.6M GMV x 2-3% commission = US$3.1M-US$4.6M gross commission | Deal ledger, CRM export, commission statements |
| Marketplace / SaaS | Active companies, apps/agents, subscriptions, usage/service fees | Companies x ARPA + usage fees | Base case uses 12% MoM growth: about 70 companies by end of Y1 and about 175 by end of Y2 | App count, active companies, MRR/ARR bridge |
| RWA representation | Provider-gated represented volume | Represented volume x service/representation fee | Future regulated optionality only; not a token-holder yield stream and not current brokerage GMV | Counsel memo, provider LOI, KYC/geofencing policy |
| GO token | Governance and ecosystem incentives | No revenue booked from token economics | GO supports ecosystem coordination; it does not capture RWA revenue or promise returns | Wallet policy, audit, vesting dashboard |
Corrections Made
| Issue | Risk | Correction |
|---|---|---|
| RWA layer showing marketplace metrics | Investor may think RWA traction is already proven when it is still provider-gated | RWA, marketplace/SaaS, and brokerage are now separated by driver and evidence type |
| Brokerage commission not matching GMV | Math inconsistency weakens trust in the finance pack | US$153.6M GMV at 2-3% commission reconciles to US$3.1M-US$4.6M gross commission |
| 500 companies treated as base case | Can make marketplace ramp look promotional | 12% MoM is the base case: about 70 companies at Y1 and about 175 at Y2; 500 companies is upside requiring about 15% MoM sustained |
| Seed language too broad | Could be interpreted as a guaranteed large raise | Use US$4-6M base / up to US$8M upside, tied to objective gates |
Investor-Safe Statement
Glemo should report each revenue engine separately: brokerage as current GMV and commission proof, marketplace as recurring software/service revenue, and RWA representation as regulated provider-gated upside. The GO token should be presented as an incentive and governance layer, not as a revenue claim.