Seaya is an investment fund that identified Dotfile as a relevant opportunity within the automated compliance sector. Dotfile is a SaaS platform that uses artificial intelligence to automate KYB, business verification and customer onboarding processes for financial institutions and regulated companies.
| Startup | Dotfile |
| Investor | Seaya |
| Sector | SaaS · Compliance · KYB/KYC |
| Founded | Not specified in the original text |
| Stage | Due diligence · investment |
| TSCFO services | Financial due diligence |
| Main challenge | Analyzing a SaaS model with subscription and pay-per-use revenue |
| Solution | ARR validation · API revenue · margins · cashflow · accounting |
| Key result | Financial due diligence completed in two weeks to support Seaya’s investment |
— 01 · STARTING POINT
An opportunity in AI-powered compliance automation
Seaya had been following the KYC and KYB sector for years, where artificial intelligence was becoming a key lever to transform compliance processes.
In that context, Dotfile stood out for its combination of sector expertise, execution and technology proposition. Its platform creates complete business profiles in seconds, automating a process that is usually long, manual and complex.
With Seaya’s interest already consolidated, The Startup CFO was brought in to carry out a financial due diligence process that would help the fund clearly understand Dotfile’s financial health, risks and growth potential.
— 02 · WHAT WE DID
Validating a SaaS model with hybrid revenue
At The Startup CFO, we carried out an intensive two-week financial due diligence process, adapted to the complexity of Dotfile’s business model.
The company combined recurring SaaS subscription revenue with a pay-per-use model based on API calls. This required validating ARR, reviewing contracts, reconstructing historical revenue and checking that reported revenue matched actual product usage.
We also analyzed gross margins by business line, payment terms, historical cashflow and accounting processes, with the goal of giving Seaya a complete and actionable financial view.
Revenue model
Validation of ARR, contract review, analysis of discounts, start dates and API usage revenue against invoicing.
Margins and cashflow
Analysis of gross margin by product line, associated costs, outstanding payments and historical cashflow reconstruction.
Accounting review
Analysis of accounting processes, liabilities, outstanding loans and recommendations to improve reporting and financial transparency.
— 03 · DUE DILIGENCE
Financial clarity to support the investment
The process culminated in a red flags report for Seaya, covering the main findings, potential risks and areas for improvement identified during the analysis.
The deliverable included a breakdown of ARR discrepancies, recommendations on revenue presentation, gross margin analysis by product line, verification of outstanding payments and detailed Excel models for revenue, margins and cashflow.
After the review, we met with Seaya and Dotfile to explain the findings, answer questions and provide context on the most relevant financial elements of the business.
— 04 · RESULTS
Clear due diligence for an informed decision
Due diligence
Financial process completed in two weeks
Revenue
ARR, subscriptions and pay-per-use validated
Recommendations
Improvements proposed for reporting and accounting processes
The Dotfile case shows how well-designed financial due diligence can bring clarity to increasingly complex SaaS models. When a company combines recurring revenue, pay-per-use and international structures, financial analysis must go beyond a basic accounting review.
The collaboration gave Seaya a clear view of the business while also providing Dotfile with useful recommendations to strengthen its reporting, projections and financial structure ahead of future growth stages.
