Confidential
Project Prism
Klover Holdings, Inc.
Investment Report
The most trusted and comprehensive source for permissioned, live consumer purchase data — powering the AI economy.
Attain is a vertically integrated data intelligence company that operates consumer financial services applications generating first-party, permissioned purchase data — and monetizes that data through an enterprise platform serving Fortune 500 brands. FY 2025 marked a defining inflection: profitability, accelerating growth, and positioning at the center of three converging multi-hundred-billion-dollar markets.
FY 2023 → FY 2025 | USD MILLIONS
3-year CAGR: 48.8% — Accelerating growth on improving unit economics
YEAR-OVER-YEAR GROWTH RATE
Enterprise data monetization is the fastest-growing segment at 125% YoY, now representing 19% of total revenue (up from 13% in FY24 and 8% in FY23).
2.4B+ permissioned, first-party consumer records processed annually. Verified purchase outcomes — not inferred, not probabilistic. The most valuable form of data in the AI economy, and functionally impossible to replicate at scale.
Consumer apps generate data → Data monetization creates enterprise revenue → Revenue funds consumer innovation → Better products attract more users → Cycle compounds. Each turn generates more data, better models, and higher-margin revenue.
Positioned at the intersection of four massive, converging markets: retail media ($100B+), AI training data ($16B+), earned wage access ($33B+), and alternative data ($135B+). Each is growing 15–50%+ annually with significant runway.
As AI agents begin managing commerce, advertising, and financial decisions autonomously, they need live, structured, ground-truth purchase data. Attain's infrastructure becomes essential middleware for the agentic economy.
Klover Holdings operates two complementary business segments under the Attain brand. A consumer fintech platform delivers genuine financial utility to millions of Americans — while simultaneously generating the permissioned data that powers an enterprise intelligence platform serving Fortune 500 brands. The result is a self-reinforcing economic engine with compounding network effects.
This model positions Attain uniquely: simultaneously a high-growth fintech serving underbanked consumers and a B2B data infrastructure company powering AI-driven marketing and commerce intelligence for the world's largest brands.
Every new consumer generates permissioned data that makes the enterprise product more valuable. Every enterprise dollar funds consumer innovation that attracts more users. The moat deepens with every rotation.
Attain's consumer platform operates three complementary applications, each designed to deliver genuine financial utility while generating valuable permissioned behavioral data. Together they form the broadest consumer data panel in the industry — covering financial transactions, purchase behavior, brand engagement, and lifestyle preferences.
Cash advance and personal finance app for underbanked Americans. Members connect bank accounts and receive earned wage access, budgeting tools, credit monitoring, and personalized financial insights.
Cashback and rewards platform that tracks purchases automatically and delivers cash back on qualifying transactions. Expands data visibility into everyday purchase behavior across retail categories.
Clean-living rewards app focused on natural, organic, and better-for-you products. Members earn points for purchasing healthier alternatives, providing unique visibility into premium CPG and wellness categories.
Our consumer base represents a broad cross-section of American spending — predominantly working adults aged 22–45 who live paycheck-to-paycheck and seek financial tools that provide genuine utility.
Each consumer relationship generates a rich, longitudinal data profile — far deeper than any survey panel or ad-tracking pixel can provide.
The Attain enterprise platform transforms permissioned consumer data into actionable intelligence for the world's leading brands, agencies, and retailers. Unlike traditional ad platforms that measure impressions or clicks, Attain delivers what marketers actually need: verified purchase outcomes.
Build precise consumer segments based on actual purchase behavior — not proxies. Activate audiences across programmatic, social, search, and retail media networks with deterministic targeting.
Closed-loop attribution connecting ad exposure to verified purchase outcomes. Measure incremental lift, ROAS, and brand switching at the transaction level — the gold standard for marketing measurement.
Deep consumer insights for assortment planning, market share analysis, competitive benchmarking, new product development, and trend identification. Continuously refreshed, not periodic surveys.
Attain serves enterprise clients across every major sector where understanding real consumer purchase behavior drives competitive advantage.
CPG brands use Attain to measure campaign effectiveness, track market share, and understand brand switching — replacing costly panel surveys with real-time transaction data.
Retailers leverage Attain to build retail media networks, understand shopper behavior, optimize assortments, and activate audiences across their owned properties.
Banks, credit card issuers, and fintech companies use Attain's data for credit decisioning, fraud detection, and customer acquisition targeting based on actual spending behavior.
Ad agencies, media companies, and DSPs integrate Attain for outcome-based planning, audience enrichment, and cross-platform attribution across the full media mix.
Quick-service and casual dining brands use Attain to track visit frequency, measure promotional effectiveness, and understand competitive dining behavior.
Pharmaceutical companies, supplement brands, and wellness platforms leverage Attain's unique visibility into health-conscious purchasing through the Merryfield data panel.
FY 2023 → FY 2025 | USD MILLIONS — ATTAIN PLATFORM
Attain enterprise revenue has grown at a 133% CAGR over two years. Revenue per enterprise partner is increasing alongside expansion of the partner base — demonstrating both land-and-expand dynamics and product-market fit.
Retail media has moved from a niche advertising channel to one of the most dominant forces in global marketing spend. It has surpassed social media's growth trajectory and is projected to represent one-quarter of all digital ad spending by 2028. Attain's commerce intelligence infrastructure is purpose-built for this ecosystem.
The collapse of third-party cookies, Apple's App Tracking Transparency, and growing privacy regulation have decimated traditional digital advertising infrastructure. Brands are reallocating billions from Google and Meta into retail media networks because they deliver what legacy channels cannot: verified purchase outcomes tied to first-party data.
Over 277 retail media networks now operate globally. Every major retailer — from Amazon to Walmart to Instacart to niche verticals — is building a media ecosystem. But most lack the data science infrastructure and cross-retailer measurement capability that Attain provides.
Attain operates as commerce intelligence infrastructure for the retail media ecosystem. While individual retailers own their on-site inventory, brands need a cross-network view of consumer behavior to allocate budgets effectively.
Attain enables brands to:
→ Build audiences based on actual purchase behavior across retailers
→ Activate those audiences across any RMN, social, or programmatic channel
→ Measure actual sales lift with closed-loop, transaction-level attribution
→ Prove ROI with verified outcomes, not proxy metrics
The proliferation of AI across every industry has created unprecedented demand for high-quality training and inference data. The AI training dataset market alone is projected to reach $16B+ by 2033 at a 22%+ CAGR. But AI models require a specific type of data to power commerce, marketing, and financial applications: real-world, permissioned, purchase-verified consumer data. That is exactly what Attain produces.
AI models require labeled, verified, outcome-linked data to produce accurate results. Attain's data powers:
Algorithms that identify high-conversion customer segments from verified purchase behavior
Transaction data that improves underwriting accuracy beyond traditional credit scores
Real purchase histories that train personalization systems across e-commerce and media
Behavioral patterns that distinguish legitimate from fraudulent transactions in real time
The next wave of AI disruption is autonomous agents that will manage commerce, advertising, and financial decisions without human intervention. These agents need:
→ Live data feeds — not static datasets, but continuously refreshed purchase intelligence
→ Ground truth signals — verified outcomes that agents can use to calibrate decisions
→ API infrastructure — programmatic access to consumer data at machine speed
Attain is uniquely positioned to become essential middleware for the agentic economy — the system-of-record that AI agents query to understand consumer behavior, measure campaign effectiveness, and optimize marketing spend in real time.
Models commoditize. Proprietary data doesn't.
Klover's consumer platform operates in one of the fastest-growing segments of fintech: earned wage access and alternative financial services for underbanked Americans. With 73% of U.S. workers living paycheck-to-paycheck, the demand for on-demand pay solutions is massive and growing.
Over 63 million American adults are underbanked — meaning they have limited access to traditional banking services. These consumers rely on expensive alternatives like payday loans (averaging 400%+ APR), overdraft fees ($34 per occurrence), and check cashing services.
Klover provides a better alternative: cash advances up to $200 with no interest, no credit check, and flexible repayment. Combined with budgeting tools, credit monitoring, and financial insights, the platform delivers genuine financial utility that creates deep engagement and loyalty.
Unlike competitors who treat EWA as a standalone product, Klover monetizes the consumer relationship across multiple dimensions — creating a fundamentally different economic model:
Four revenue streams from a single consumer relationship — versus competitors with one.
Alternative data — non-traditional data sources used for investment decisions, business intelligence, and AI model training — has become one of the fastest-growing segments in the data economy. Credit and debit card transaction data is the single largest segment, and Attain sits at the center of it.
Credit and debit card transaction data dominates the alternative data market (17%+ of total spend) because it provides what no other data source can: ground truth on real consumer spending. Hedge funds, asset managers, and institutional investors pay significant premiums for transaction-level data because it predicts company revenue ahead of earnings reports, tracks competitive dynamics in real time, and provides macro consumer health signals.
Beyond advertising and marketing use cases, Attain's permissioned transaction data serves an expanding set of applications across industries:
Attain's current revenue base of $171.6M represents early-stage capture of markets with $200B+ combined TAM. The company has multiple identified pathways to dramatic revenue acceleration — each independently capable of doubling the business.
CURRENT MARKET SIZE (2025) vs PROJECTED (2030) | USD BILLIONS
Grow from 40+ to 200+ enterprise partners. Expand from marketing measurement into full commerce intelligence. Increase revenue per client from ~$800K to $2M+ through multi-product adoption.
Grow from 4.2M to 10M+ members across all three apps. Every new member improves the data panel and makes the enterprise product more valuable. Expand advance limits and financial products.
Become the cross-network measurement and audience layer for the $100B+ retail media ecosystem. Partner with RMNs to provide the closed-loop attribution they lack independently.
License permissioned consumer data to AI companies for model training, validation, and fine-tuning. Structured transaction data is the scarcest input for commerce-focused AI systems.
As AI agents begin autonomously managing advertising, pricing, and purchasing decisions, they will require real-time APIs delivering live consumer intelligence. Attain becomes essential middleware.
Replicate the consumer-data-enterprise flywheel in international markets. The same privacy-first model works globally as GDPR and similar frameworks proliferate.
FY 2025 represents a defining inflection in Attain's financial trajectory: the company achieved profitability for the first time, generated $26.8M in operating cash flow (a +$31M swing from negative $4.3M), and reduced total debt by 74%. All while growing revenue 57%.
| FY 2025 | FY 2024 | FY 2023 | |
|---|---|---|---|
| Revenue | |||
| Total Revenue | 171,622,902 | 109,079,816 | 77,508,199 |
| Operating Expenses | |||
| Processing & Transaction | (48,112,608) | (38,680,540) | (32,117,881) |
| Personnel & Overhead | (75,264,033) | (47,209,527) | (35,829,941) |
| Marketing & Customer Acq. | (34,556,314) | (18,809,638) | (10,121,474) |
| Tech & Infrastructure | (6,695,660) | (4,526,595) | (3,409,336) |
| Depreciation & Amort. | (3,676,206) | (2,345,566) | (1,252,983) |
| Total OpEx | (168,304,821) | (111,571,867) | (82,731,614) |
| Operating Income (Loss) | 3,318,081 | (2,492,051) | (5,223,416) |
| Other Income (Expense) | |||
| Interest Income | 663,287 | 854,076 | 748,044 |
| Interest Expense | (5,324,251) | (3,378,941) | (1,429,996) |
| Taxes & Other | (33,231) | (90,813) | (149,287) |
| Other Income | 191,919 | — | — |
| Net Income (Loss) | 1,456,746 | (1,474,551) | (5,021,308) |
NET INCOME (LOSS) | FY 2023 → FY 2025 | USD MILLIONS
NET CASH FROM OPERATIONS | FY 2023 → FY 2025 | USD MILLIONS
A $31.1 million improvement year-over-year — demonstrating the operating leverage inherent in the platform model as revenue scales against a largely fixed cost base.
FY 2024 → FY 2025 | USD MILLIONS
Full SPV warehouse repayment completed. The company enters 2026 with a clean, de-levered balance sheet and ample liquidity to fund growth.
Attain occupies a unique position at the intersection of data infrastructure, consumer fintech, and commerce intelligence. No single public company is a perfect comp — which is precisely the opportunity. The closest analogs are companies that have built proprietary data moats and monetize them across multiple verticals.
| Company | Focus | Revenue | Growth | Rev Multiple | Data Moat |
|---|---|---|---|---|---|
| Palantir (PLTR) | Data Analytics / AI | $2.9B | +29% | ~80× | Proprietary |
| The Trade Desk (TTD) | Programmatic / Ad Data | $2.4B | +25% | ~20× | Scale |
| Verisk (VRSK) | Data Analytics | $2.9B | +7% | ~16× | Proprietary |
| FICO (FICO) | Consumer Data / Scores | $1.7B | +13% | ~30× | Monopoly |
| LiveRamp (RAMP) | Data Connectivity | $600M | +12% | ~6× | Scale |
| Attain (Private) | Commerce Intelligence | $172M | +57% | — | Category-Defining |
Unlike competitors who license third-party data or rely on aggregated signals, Attain generates its own data through direct consumer relationships. This creates:
→ Higher data quality — permissioned, verified, longitudinal
→ Lower data cost — generated as a byproduct of consumer services
→ Deeper moat — impossible to replicate without consumer scale
→ Regulatory advantage — consent-first model is future-proof
Data infrastructure companies with proprietary moats and high growth command premium valuations. Attain's combination of:
Suggests premium positioning relative to pure-play data or pure-play fintech comps.
The convergence of three tectonic market shifts — the collapse of third-party data infrastructure, the explosion of AI and machine learning, and the transformation of retail media — creates a once-in-a-decade opportunity for a company positioned exactly where Attain sits.
2.4B+ permissioned consumer records. First-party, verified, continuously refreshed. The most valuable data asset in the digital economy — and one that grows stronger with every new member and every rotation of the flywheel.
57% revenue growth, first-year profitability, $26.8M OCF, 74% debt reduction. The business model has proven itself — and the enterprise segment is growing at 125% with only 40+ clients against a universe of thousands.
Privacy regulation is destroying legacy data infrastructure. AI is creating unprecedented demand for quality data. Retail media is the fastest-growing ad channel. Attain is positioned at the center of all three — with the infrastructure already built.