Team
84COO from a UK retail bank’s operations group. CEO has shipped one prior B2B company. They know the buying committee.
Weight 30
Partner meeting
Support agents for banks, wired into the core, with a human on the ugly cases.
COO from a UK retail bank’s operations group. CEO has shipped one prior B2B company. They know the buying committee.
Weight 30
Contact centres are a cost line banks will fund. The bar is containment without a complaint spike.
Weight 25
€1.6m ARR, two banks, containment 31% on the intents they are allowed to touch. The allowed list is the constraint.
Weight 25
Weak today. The moat would be the intent graph and the audit trail, and both can be copied once a bank has seen them.
Weight 20
Investment memo
Screened 8 Oct 2026Pre-written. The replay is simulated.
Quorum answers a bounded set of servicing questions inside two UK banks and drafts the case note. Containment is 31% on a deliberately narrow intent list. ARR is €1.6m. We should take the partner meeting and refuse to be charmed by the demo.
Both live banks are deciding whether to expand the intent list in Q1. That expansion is the company. If it happens, the Series A is cheap. If it does not, this is a services contract.
An agent with tool access to the core, a policy layer that refuses anything touching payments or complaints, and a handoff that lands on a named human with the transcript. The refusal logic is more interesting than the language model, which they swap.
Per-seat plus a containment bonus. Gross margin 66% and falling when they staff the handoff themselves. They want the bank to staff the handoff. One bank agreed. The other has not.
Advance to a partner meeting, Amira in the room with the COO. The question to leave with: will intent three through ten go live this quarter, and who is on the hook if complaint rates move.