Roam Investor Update: The Next Chapter

Dear Investors,

The last three months was the most perplexing time I've had as a founder. It required a complete rethink of where we should be headed. Let’s dive right in.

Pivoting Towards B2B Infrastructure 🌱

We’re building the end-user analytics and engagement platform for Indian education lenders, which means:

1. We pull consented academic and financial data of the borrower abroad, back to the lender in India to give them visibility into how their assets are performing

2. We push students Indian repayment behavior out to foreign creditors (banks, insurance agencies, realtors, etc.) building the students a universal credit score

Why Are We Building This 🏗️

The pain is current and acute. The moment an Indian lender disburses an international education loan, they go blind for 5–10 years. Students migrate, change their phone number and email address. Lenders have no employment signal, no credit health, no reachable borrower. Risk models get built on secondary data. Recovery is a coin flip. Cosigners often have no money to repay in case of a default.

To date, the system has worked fine as students find jobs one way or another to make ends meet. Given the recent changes to the American OPT and H-1B visa laws, British financial proof requirements, Australian visa caps, finding any kind of job has become increasingly difficult. Going forward, visibility will be of paramount importance for lenders to better understand and manage their book as it matures.

Without visibility:

• Lenders are pricing the next decade of loans on data from a world that no longer exists.

• Foreign creditors are unwilling to lend to students who have a robust repayment history back in their home country.

Therefore, we're building an ecosystem for an asset class that runs on spreadsheets.

Why This Is The Right Pivot 🤔

We Can Leverage Our Network

It gives students a real reason to sign up. Lenders can't reach their borrowers but we can. Our social presence converts: "if you have a loan with X lender, sign up with Roam to drop your rate by Y%."

The signup itself is the consent flow that powers data sharing back to the lender, the two-year network we built finally does work for everyone in the chain.

The Model Is Structurally Stable

Voucher and marketplace revenue moved in lockstep with outbound mobility numbers. Infrastructure revenue scales with the existing loan book — loans are already disbursed, assets are already abroad and earning, regardless of whether the next batch gets a visa.

This insulates revenue from geopolitical shocks and serves as a robust foundational stream of income.

We Serve Institutional Clients

We sell to institutions, not students. Lenders have large budgets, validated visibility issues, and an inherent reason to pay. The infrastructure is also sticky by nature: once a lender wires our data into their risk and recovery workflow, ripping it out means going blind again. High dependency, low churn.

We’ve already secured our pilot lending partner Avanse and are currently working with Equifax to create a robust solution for secure cross-border data sharing.

First Look 👀

The Ask 🫱🏽‍🫲🏼

We'd love your help getting in front of anyone at Experian. We are already working with Equifax and are in talks with TransUnion. Experian is the only bureau we haven’t gotten through to yet.

Warm intros into their data partnerships, alternative data, or new markets teams would meaningfully accelerate the corridor we're building.

Numbers 🌱

Cash in Hand: ~$4,500
Monthly Burn: ~$400

Our burn is now optimized to extend runway.

A Side Note 📝

B2B infrastructure runs on different clocks than consumer products: regulatory cycles, partner sequencing with bureaus, compliance stacks that have to be built before the first byte of data moves.

There are long wait periods when working with institutions. A meaningful share of the next few months will go towards conversations, aligning stakeholders, and partnership paperwork which often moves at the speed of counterparties.

Updates will continue to be delivered quarterly. Happy to jump on a call if useful.

Best,
Krish
Founder & CEO
Roam Industries Inc.

07.03.2026