Investor Presentation

Sugar

The gold app 200,000 people trust, building the AI that does your finances for you next.

1.0 Gold investing

→

2.0 Gold + AI spend optimisation

February 2026

Featured In Newshub

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Traction

200k+

users

112k+

transacting users

95%

retention in New Zealand

$1M

annual run rate

65%

referral rate

$1.1

CAC globally

3–4 mo

CAC payback period

NZ + UK + India

live — US by Year 3

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Macro Tailwind

Gold's Best Year Since the 1970s

+60%

gold price in 2025

Best calendar year since the '70s

$8,381

NZD per ounce

All-time high, Jan 26 2026

~1,000t

central bank purchases in 2025

China buying 14 consecutive months

$146B

NZD Gold ETF inflows in 2025

Largest annual inflow on record

Three pillars — falling interest rates, central bank accumulation, and geopolitical uncertainty — are all still in play for 2026.

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Product — Today

Gold. Simplified.

The old way

Research dealers and compare prices
Worry about storage and security
Track prices manually across platforms
Complex buy/sell process with high fees
No systematic investing — ad hoc decisions

The Sugar way

Sign up in 20 seconds
Set your schedule — date, frequency, amount
Invest regularly without thinking about it
Check your 24K gold collection anytime
Open banking gives us full transaction context

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Product

The Experience

Designed to disappear. The best financial tool is one you don't have to think about.

Dashboard

Auto-Invest

Your Collection

Referrals

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What We Discovered

Gold 1.0 is working. But our customers are still broke.

They’re saving in gold — while overpaying on everything else. Insurance, utilities, mortgage, subscriptions. The real problem isn’t investing. It’s spending.

Sugar 1.0 Gold investing

→

Sugar 2.0 Gold + AI spend optimisation

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Sugar 1.0 → 2.0 — The Observation

Financial inaction keeps people living pay-cheque to pay-cheque.

Financial inaction = knowing you're overpaying but never getting around to doing anything about it.

Utilities not switched Insurance not compared Mortgage not negotiated Loans not restructured Credit cards not optimised Tax relief not claimed

Investing pays off in 30 years. Income won't change overnight.

The only immediate lever is optimising spend.

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The Insight

But almost nobody optimises their spend. The global cost:

$1.5 Trillion lost every year

The cost of not acting is invisible. The cost of acting is immediately felt.

$500B

lost annually in the US alone

$1.5–2T

globally across all households

Fintech gave people dashboards. But information was never the problem. Bandwidth was.

Traditional financial services profit from information asymmetry — the less you know, the more they make.

Why Now

57%

of global workforce lives pay-cheque to pay-cheque

ADP Research, 34 markets, 2025

50×/yr

AI cost decline

White-glove service at mass-market prices

Apr 2026

US open banking mandate

UK VRP live Q1 2026. Data silos dissolving.

£17,179

UK household debt by late 2026

Exceeding pre-2008 levels

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Case Study — UK Customer

Eva was in a tough spot

£41,000 income · £3 in savings · pay-cheque to pay-cheque

Emergency

Sudden roof leak + cat needed surgery. No savings to cover either.

What Sugar did

Cut bills, consolidated debt, cancelled waste. Freed up £6,800/year in 2 weeks.

Roof fixed

Cat got surgery

Went on holiday

Still saving & investing

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Sugar 2.0 — The Solution

People don't need more financial education. They need someone to do it for them.

Sugar negotiates, switches, and optimises — so you don't have to.

You outsource to a barber, a plumber, a lawyer. Now outsource your spending decisions.

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Sugar 2.0 — AI Spend Optimisation

We save each person 10% of their income

And they don’t have to do ‘anything’

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How It Works

Find every personalised opportunity and do it for you

Currently saving customers ~10% of pre-tax income. Expanding to 20–30% as we add food, shopping, and discretionary categories.

Simply by collecting context

– Bank transactions
– Insurance policies
– Loans
– Personal priorities
– and more as required

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Go-to-Market

GTM with Debt focus

Short Tail Long Tail

Gold

Already live

Entry point into investing. Builds trust, unlocks financial data.

Ongoing non-discretionary

Currently testing

Insurance, Utilities, Mortgage, Credit Card, Tax

Ongoing discretionary

Subscriptions, Pet food, Childcare, Groceries

Savings & Investments

Portfolio optimisation, Savings optimisation, Other asset classes

Discretionary one-off

Travel, Big purchases, Eating Out

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The Mechanism

The Compounding Flywheel

Two flywheels. The customer loop compounds savings. The data loop compounds defensibility.

1 Optimisation finds savings

2 Freed-up money

3 Invested in gold

4 Trust + context data

Customer
Flywheel

Infrastructure flywheel: More households → better outcome data → better recommendations → higher trust → more households

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Entry Point

Why Gold First

Most of our customers are first-time investors. Gold is a well-known safe haven that people trust around the world. It’s simple to understand, it’s physical, and it’s the easiest natural graduation from putting money in a bank account.

Strategic value

Gold is our Trojan horse. Every auto-invest runs on open banking rails, giving us full transaction visibility across every customer’s financial life.

Once customers trust us with their savings, we earn the permission to optimise the rest of their financial life — insurance, bills, subscriptions, and more.

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Economics

How We Make Money

Au

Gold

1% transaction fee, 2% spread, 1% storage fee.

%

Optimiser

10–15% of savings we find. Currently saving ~10% of income per person (~$700 NZD / ~£400 GBP revenue).

→

Future

Distribution and commissions from financial products. Enterprise API licensing.

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Vision

BlackRock controls 13% of US equities.

Sugar wants to control the world's spend.

BlackRock

$14T AUM

The world's largest asset manager

$20B+ revenue

~20 basis points on assets under management

$21T on Aladdin

Their intelligence platform — competitors use BlackRock's infrastructure. $1.6B tech revenue, growing 28% YoY.

Sugar

$1.5–2T problem

Global inaction tax — $500B in the US alone, across insurance, mortgage, utilities, and subscriptions

$100B revenue

Consumer: 25% of household income × 12% take rate × 40M households. Plus commissions, enterprise API, and platform licensing.

40M households

~6% of developed market households. B2B and commission revenue closes the gap to $100B.

40M households. $100B revenue. $1T valuation.

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Vision

Road to $100B

Four phases. Twenty years. One compounding thesis.

2026–2028

Prove the Model

$10M ARR

NZ + India + UK. US entry by Year 3. Concierge + AI.

2029–2032

Scale

$100M ARR

US scaling + Australia entry. B2B2C via employers. Individuals → households. AI handles 40–70%.

2033–2037

Dominate Category

$1B ARR

Western Europe. Full category coverage. 1M+ household profiles.

2038–2045

Financial OS

$100B ARR

50+ countries. Sugar Pay, Sugar API. 40M households + enterprise.

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Positioning

Only Sugar sits on your side of the table

Every competitor falls into a structural trap. Their business models prevent them from adding what's missing.

Player	Aligned Incentives	Holistic	Execution
Sugar	✓	✓	✓
Neo-banks Revolut, Nubank	Conflicted — sell own products	Own ecosystem only	✓
Comparison sites NerdWallet, MoneySupermarket	Paid by providers	✓	Info only — you do the work
AI assistants ChatGPT, Cleo	✓	✓	Advice only — can't act
Point solutions Honey, Jar, Gullak	✓	Single category	✓
Brokers & Financial Advisors Edward Jones, local IFAs	Commission-driven	✓	Advice only — you execute
Big Tech Apple, Google	✓	Payments only	✓

Revolut can't become holistic — they profit from Revolut products. NerdWallet can't add execution — their business is lead-gen. ChatGPT can't act — it can only advise. Retrofitting a “do it for you” model requires giving up existing revenue.

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People

Founder & Backers

Backed by operators from Robinhood, Wise, Canva, and NZ's top investors.

Devrath Soni

Founder & CEO

Track record

Grew Gold Auto-invest app to 200k users, globally
Built licensed investing app without prior exp.
Exited Bespoke Suit Shop, with local celebrity customers: BMW, All Blacks, Blackcaps, Warnerbros Discovery
Scaled flower shop to $100k/m sales
Advisory Division, KPMG

Technical Advisor

Ian Wong

PhD Computer Science, University of Auckland

VP of Engineering at Heidi Health — Australia's fastest-growing startup 2025

Founded Transactional.ai — aggregating transaction data to help consumers save money

Principal Data Scientist at Fonterra · Data Scientist at Movio

Notable Backers

Wander Rutgers

Robinhood International: Ex-President · Wise (Transferwise): Ex-Head of Treasury

Abhi Lamba

Canva: International Growth Lead

Mahesh Muralidhar

Canva: Ex-employee #25 (Head of People) · Simply Wall St: Ex-COO · Airtasker (ART:ASX): Ex-VP-Ops

Bill Smale

NZ Business Magnate · Top 50 Rich-list

Mike McRoberts

New Zealand television journalist & news anchor

NZVC

Investors in Easy Crypto, Sharesies, Archipro & Parrot Analytics

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Investment

Terms

Pre-Seed. $25M USD valuation.

Outcome Before Next Round

$10M ARR from optimiser + gold revenue
Unit economics proven, US entry underway
Sugar 2.0 CAC <$100, first enterprise pilot live

Use of Funds

40% — Technology — optimisation engine, provider integrations
25% — Team — Growth Lead, Ops Lead, engineers
20% — Operations — concierge team (UK + NZ)
15% — User acquisition — scale the growth engine

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Thank you.

dev@sugarwallet.com

+64 21 105 0438

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