We're raising a $50M Series A to execute a proven acquisition and integration playbook. Our Seed round of $1.0M at a $5.0M valuation capitalized VERON as the holding company. This Series A will fund strategic acquisitions at disciplined multiples—never exceeding 2.5× day-one EBITDA—and integrate them rapidly to achieve structural cost leadership within 180 days.

Our proprietary operating system is the engine that enables structural cost leadership. Built as a unified base covering pricing, compensation, operations milestones, audit logging, and identity/permissions management, it eliminates the vendor sprawl that plagues traditional mortgage operations.

Our integration discipline is the key to converting acquired companies into high-performing, low-cost operations. We follow a strict timeline with clear milestones, ensuring rapid value capture while maintaining producer satisfaction and customer service quality.

Our 2026 acquisition plan is specific, conservative, and achievable. We will own 20,000 loans annually through a disciplined mix of platform acquisitions and bolt-on integrations, maintaining strict discipline on purchase multiples and never exceeding 2.5× day-one EBITDA.

Our value creation comes from fundamentally restructuring cost per loan while increasing loan officer compensation. The 50 basis point give-back isn't charity—it's strategic sharing of real savings that builds loyalty and retention while still dramatically improving company economics.

The transformation in per-loan economics is straightforward but powerful. We eliminate $4,405 in non-LO costs through platform consolidation, process automation, and vendor elimination. Half of those savings flow to loan officers as increased compensation, building loyalty. The other half accrues to the company as expanded EBITDA.

Our mortgage operating company's value creation follows a clear trajectory driven by volume growth and post-integration margin expansion. At steady-state per-loan EBITDA of $2,500 and operator multiples of 3.0×, we build substantial enterprise value through disciplined execution.

Our technology assets generate internal Annual Recurring Revenue through a metered transfer-pricing model. Each loan processed through our platform generates a $200 technology fee that flows from the operating company to the technology subsidiary. This fee is already embedded in the operating company's $500 per-loan non-LO cost structure.

VERON's holding company value combines operator economics and technology value without double-counting. The operator enterprise value reflects 3.0× multiples on expanded EBITDA margins. The technology enterprise value reflects 8× multiples on internal ARR that's already embedded in operator costs. These are additive, not overlapping, sources of value.

Liquitech transforms how we gather feedback and implement improvements. Traditional mortgage technology operates on quarterly or annual release cycles. Liquitech enables hours-to-days iteration through a closed-loop system that captures user feedback, structures it into actionable tickets, rapidly builds solutions, and ships improvements immediately.

The mortgage technology landscape is dominated by point solutions from vendors like Blend, ICE, and Encompass. These systems excel at specific functions but create integration nightmares, data synchronization issues, and fragmented user experiences. Our internal operating system inverts this model—we built a unified stack that shares data natively across all functions.

Our security architecture implements defense-in-depth with multiple layers of protection. Single sign-on with least-privilege access controls ensure users can only access data appropriate to their roles. Field-level masking protects sensitive information even from authorized users who don't need to see it. Key management follows industry best practices with rotation and auditing.

Our immediate execution plan focuses on closing initial acquisitions, integrating them to our cost targets, documenting our technology transfer-pricing model, and achieving run-rate scale. These milestones are specific, measurable, and directly tied to our value creation thesis.

Our Series A raise of $50 million is precisely allocated to execute our acquisition and integration strategy. Acquisition consideration of $30 million funds the initial portfolio of companies. Earn-outs of $5.0 million align seller incentives with loan officer retention and platform adoption. Integration and working capital of $15 million covers system deployment, training, and operational transition costs.

We compound cash flows by buying right and operating right. VERON owns the culture and the code. Clear Home Loans scales it through disciplined acquisition and rapid integration. NachoMamas provides the unified platform that enables structural cost leadership. Liquitech accelerates our change velocity. LUMETRICKS drives continuous performance improvement.

Each acquisition creates more data, more scale, and more proof points that attract the next acquisition. Each integration strengthens our playbook and builds team capability. Each loan officer we retain becomes an ambassador who recruits others. Each basis point of cost we eliminate compounds across growing volume.

While not part of our current strategy, our technology architecture supports future international expansion, particularly into Gulf Cooperation Council markets. Our platform can accommodate local hosting requirements, data residency mandates, Arabic language support with right-to-left UI, and Sharia-compliant financial modules including profit-rate equivalents to conventional interest structures.

Data monetization opportunities exist but must respect explicit consumer consent and never involve resale of non-public personal information. We envision intent-based marketplace rails where consumers who affirmatively consent can receive offers for related services—insurance, moving, home services—with clear value exchange and transparent data use.

Our financial model rests on specific, conservative assumptions validated through actual operating history. Revenue per loan of $11,500 reflects industry standards adjusted for our 50 basis point give-back. Pre-integration cost per loan of $10,900 represents typical industry structures. Day-one EBITDA of $600 per loan is the baseline we acquire.

Post-integration, non-LO cost collapses to $800 per loan including the $200 technology fee. We split the $4,200: $2,200 flows to loan officers as increased compensation, building retention. The other $1900 accrues to the company, driving EBITDA per loan to $2,500—a 4.2× improvement over baseline.

Our base case assumes 3.0× EBITDA multiples for operator enterprise value, but we model sensitivity to show valuation outcomes under different multiple assumptions. At 2.5×, we're valuing like a mature, capital-intensive operator. At 3.5×, we're capturing some growth premium for our technology-enabled model and superior unit economics.

Our acquisition pace drives volume, which drives EBITDA, which drives enterprise value. This analysis shows how different acquisition counts translate into owned loans and resulting valuations, helping investors understand the relationship between deal execution and value creation.

Our $200 per file technology fee is documented through formal transfer-pricing policy consistent with related-party transaction standards. Each loan processed generates a metered log entry. Monthly invoices flow from the operating company to the technology subsidiary with detailed file-level attribution.

Our compliance program addresses the full spectrum of federal and state regulations governing mortgage origination, consumer privacy, and fair lending. These controls are embedded in our system architecture and operational procedures, not bolted on as afterthoughts.

VERON's governance structure balances founder operational control with investor protection and independent oversight. Our board meets quarterly with additional meetings as needed for material transactions. The Audit & Risk committee reviews financial reporting, internal controls, and enterprise risk management. The Privacy/Security committee oversees information protection and incident response.

Our investment partners bring a wealth of experience across operations, sales, and executive leadership within the mortgage industry, fortifying VERON's strategic direction and execution capabilities.

This section consolidates the most important visualizations demonstrating our value creation model: EBITDA growth driven by volume and margin expansion, sum-of-the-parts valuation combining operator and technology value, and integration milestone tracking showing our playbook execution.