AgentHunter
Featured AI Agent
Investment Memorandum
Payment OS for AI Agents
9B
AI agents by 2035
23%
Agents' share of payments
$12T
Transaction volume by 2035
02 — Problem
Problem
No payment instrument
The agent has no card. No way to make a transaction without human involvement at every step.
No control
Even if you give an agent a card — there's no mechanism to limit the amount, merchant, or automatically close it after payment.
No integration
Existing solutions are not built for AI frameworks (Claude, LangChain, MCP). Developers write workarounds themselves.
03 — Idea
Analog is a unified payment operating system that gives AI agents the ability to safely spend money in the real world. We issue single-use virtual cards in seconds, with full human control over every payment.
Developer connects Analog to their AI agent
Agent requests a card for a specific amount ($47.50)
User receives push/email → approves payment
Analog instantly issues a single-use virtual card
Agent makes the purchase → card automatically closes
Developer receives % from each transaction in their wallet
04 — Market
Market volume in $ billion
| Metric | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2035 |
|---|---|---|---|---|---|---|---|
| AI agents worldwide, M | 25 | 80 | 200 | 450 | 800 | 1,300 | 9,000 |
| $12.4T | |||||||
| $25.8T | |||||||
05 — Business Model
Free ($0) + Pro ($7/mo) + Interchange
Assumptions
| Parameter | 2026 | 2027 | 2028 | 2029 | 2030 | Source |
|---|---|---|---|---|---|---|
| AI agents worldwide, M | 80 | 200 | 450 | 800 | 1,300 | MarketsAndMarkets + extrapolation |
| % of agents requiring payments | 5% | 8% | 12% | 18% | 25% | Gartner: 15% decisions via AI by 2028 |
| Analog market share (SAM) | 0.3% | 0.4% | 0.3% | 0.2% | 0.15% | Internal estimate |
Card Activity
| Metric | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|
| Free users | 9,000 | 44,800 | 105,300 | 172,800 | 268,125 |
| Pro users | 3,000 | 19,200 | 56,700 | 115,200 | 219,375 |
| Cards/mo per Free user | 3 | 3 | 4 | 4 | 5 |
| Cards/mo per Pro user | 15 | 22 | 30 | 40 | 50 |
| Avg transaction amount, $ | $60 | $70 | $90 | $120 | $150 |
Revenue
| Item | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|
| Pro subscription (ARR) | $252K | $1.6M | $4.8M | $9.7M | $18.4M |
| Total cards/year | 864K | 6.7M | 25.5M | 63.6M | 147.7M |
| GTV (transaction volume), $ | $51.8M | $467.7M | $2.3B | $7.6B | $22.2B |
| Interchange revenue (net) | $544K | $5.1M | $25.8M | $89.3M | $265.9M |
| TOTAL REVENUE | $796K | $6.7M | $30.5M | $99M | $284M |
Costs
| Item | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|
| Card issuance | $86K | $601K | $2.0M | $4.5M | $8.9M |
| Transaction processing | $156K | $1.4M | $5.7M | $19.1M | $44.3M |
| KYC / onboarding | $24K | $128K | $324K | $576K | $975K |
| CAC (marketing) | $180K | $1.2M | $3.2M | $6.3M | $11.7M |
| Payroll | $800K5 ppl~$13K/mo | $1.65M10 ppl~$14K/mo | $2.9M18 ppl~$13K/mo | $5.2M30 ppl~$14K/mo | $7.4M45 ppl~$14K/mo |
| Infrastructure (AWS + API) | $50K | $150K | $400K | $800K | $1.5M |
| Compliance & Legal | $80K | $120K | $200K | $300K | $400K |
| Other | $40K | $80K | $150K | $250K | $350K |
| Developer Rewards (0.05% GTV) | $52K | $468K | $2.3M | $7.6M | $22.2M |
| TOTAL COSTS | $1.47M | $5.75M | $17.2M | $44.6M | $97.7M |
P&L Summary
| P&L | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|
| Revenue | $796K | $6.7M | $30.5M | $99M | $284M |
| Costs | $1.47M | $5.75M | $17.2M | $44.6M | $97.7M |
| EBITDA | $(671K) | $912K | $13.3M | $54.3M | $187M |
| EBITDA margin | -84% | +14% | +44% | +55% | +66% |
| Cumulative P&L | $(671K) | $240K | $13.5M | $67.9M | $254.5M |
Break-even: 2027 — EBITDA positive in year two
06 — Competitive Advantages
Security
The only product combining real cards + native MCP integration (Claude, Cursor, any MCP-runtime) + mandatory human approval for every payment.
vs competitors
AgentCard: no security focus. Crossmint: crypto-first, no MCP. CardForAgent: no HITL. Skyfire: USDC-only, no cards. Visa/MC: protocols, not standalone products.
Fast Onboarding
Developer connects Analog in 15 minutes — npm install analog + 3 lines of code. Free tier 5 cards/mo → Pro $7/mo unlimited.
vs competitors
Natural.co: B2B enterprise, not developer-friendly. Payman: different use case. Nevermined: complex crypto infrastructure, high entry barrier. Stripe Issuing: not built for agents. Coinbase x402: protocol, not a ready product.
Developer Revenue Share
Developer earns 0.05% from each transaction through our service. Instant withdrawal with no fee from Analog.
vs competitors
Competitors don't work with small developers and don't share revenue.
07 — Why Now
Infrastructure is ready
MC + Visa
Mastercard completed US rollout of Agentic Tokens (Nov 2025). Visa launched Trusted Agent Protocol with 100+ partners. Global rollout mid-2026.
Market is exploding
1.3B agents by 2028
80M agents now → 450M by 2028 → 1.3B by 2030 (Microsoft). 15% of work decisions via AI by 2028 (Gartner). 33% of enterprise software with agentic capabilities.
Investors are already in
$46.9M raised by competitors
Skyfire $9.5M + Payman $13.8M + Crossmint $23.6M. a16z, Visa, Ribbit Capital, Coinbase Ventures, CEOs of Ramp/Mercury/Vercel — all investing right now.
08 — Roadmap
MVP: API + MCP Server + Claude Desktop integration
8 weeksWorking prototype, first 10 transactions
Closed beta: 50 developers, 500 cards issued
16 weeksProduct-market fit validation, NPS > 40
Public launch: Product Hunt + HN + DevRel
20 weeks1,000 sign-ups, 100 cards/day
Seed round: $2–3M based on traction
24 weeks18 mo runway for growth to $5M ARR
09 — Contact
We'll answer any questions about the investment memorandum and participation terms.