What's Passthrough's plan for both expanding its TAM by finding new use cases & growing revenue from within the existing segment of fund managers?

That’s actually one of the biggest objections we got during the seed raise. The way we think about TAM is that the market value is in three pieces. 

The first is that there's an incredibly unique data asset of investor identity. We collect it just by having investors run through our process. We do it passively. We're not asking people to provide it to us. Then we provide it to them so that they can permission it however they'd like. We have this incredibly unique asset, and providers want to access it once an investor grants them permission. That data sits in our pipes. Those providers will eventually pay us for accessing that data, much like Plaid every time someone does financial transaction verification with another counterparty.

The next way that we think about it is not fund closing as a product, although fund closing is a bigger product than people give it credit for. We think about it with fund managers. There are all sorts of other things that fund managers need to solve on an annual basis. There's an element of regulatory reporting. There's an element of tax reporting, KYC AML, and the list goes on and on.

What you're going to see from us in the not too distant future is that we're going to start to tackle pieces of that. Our primary objective has been, “Let's make it as simple as possible to fill out a subscription document.” Then there's expansion into other places. 

Right now, our biggest issue is we have too many opportunities to go close, which is a fun problem to have. Eventually, we'll make sure that we can take those relationships and use them to see if we can generate additional revenue through additional products.

Then the other thing, when you think about the overall market size, is there are additional customers out there. There are additional people who need to build stuff around this. There's a whole product that could be built for law firms, fund admins, banks, tax teams, wealth managers, fintechs, and everybody else who's out there with an investor identity. We have a suite of things that we have in the hopper that are not on the near-term product roadmap for us. That's how we think about expansion over time.