iTrust Capital, Inc. — Cyborg Score 8/10

Strong
Fintech / Cryptocurrency & Retirement Services

Strategic Profile

iTrustCapital is the #1 Crypto IRA software platform in America that allows clients to transact in cryptocurrencies with the tax advantages of their IRA. The company has grown from $2 billion in total transaction volume to $4.5 billion within the last six months (as of January 2022). iTrustCapital has been bootstrapped to date and is profitable.

Cyborg Score Rationale

In January 2022, iTrust Capital raised USD 125 million in series A funding led by new investor Left Lane Capital. The company demonstrates market leadership in a high-growth niche, strong profitability despite being bootstrapped, and aggressive expansion plans. However, the company remains private and operates in the volatile crypto sector.

Top Insights

  • The service launched in 2019 with ~$14,000 in revenue, grew to $3 million in 2020, and reached nearly $50 million in revenue by 2021
  • As of 2022, the company has a client base of over 25,000 client-funded accounts
  • iTrust generates revenue by charging transaction fees to its customers, which start at 1% for cryptocurrencies
  • The company leverages a highly secure closed-loop system, third-party US banks, custodians, and institutional storage providers to secure client assets

Named Competitors

  • Coinbase — Major cryptocurrency exchange platform
  • Gemini — Cryptocurrency exchange and custodian
  • Bitcoin IRA — Crypto IRA investment platform

Recent Developments

  • (January 2022) Secured $125 million Series A funding round led by Left Lane Capital at a post-money valuation exceeding $1.3 billion
  • (January 2022) Announced discontinuation of monthly account servicing fees to improve competitiveness
  • (2021) Revenue reached approximately $50 million, representing significant growth from prior years

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