Business Plan · Seed Round · Confidential
MNTD is building the trust infrastructure for government-backed assets
Every government-backed asset should possess a trusted digital identity, a continuously verified history, and a permanent system of record — just as every vehicle has a VIN and a Carfax®. MNTD is building that infrastructure for the world's government-backed assets.
$1.2T+
Annual government-created value
$80B+
Transferable credit market by 2031
46K
CPA firms as origination layer
5
Structural market gaps we close
Transferable Tax Credits
0.94
Carbon Credits
0.88
Duty Drawback
0.91
Grant Receivables
0.86
Renewable Energy Certs
0.83
State Film Credits
0.92
Historic Rehab Credits
0.89
Healthcare Reimbursements
0.95
Our Vision
Building the infrastructure for the Government Asset Economy
Governments create trillions of dollars of economic value through tax credits, refunds, incentives, grants, environmental programs, and public policy initiatives.
These assets exist everywhere. Yet they remain fragmented, illiquid, and difficult to monetize.
For decades, businesses have relied on disconnected advisors, brokers, and manual processes to access this value.
We believe government-backed assets are emerging as a new financial asset class.
Just as capital markets transformed stocks and bonds into investable instruments, a new generation of infrastructure will transform government-backed assets into liquid, discoverable, and transferable economic value.
MNTD is building that infrastructure. Beginning with transferable tax credits and tariff refunds, MNTD enables advisors, asset owners, buyers, and institutions to act on government-backed assets through a single unified platform.
The Government Asset Economy already exists. MNTD is building the market infrastructure that allows it to scale.
The Thesis
A new asset class is emerging: Government-Backed Assets
Government-backed assets represent one of the largest untapped opportunities of the intelligence age. Tax credits, tariff refunds, incentives, grants, rebates, procurement claims, energy credits, film credits, and healthcare reimbursements are valuable, fragmented, regulated, and difficult to verify. Today they are trapped in disconnected systems — buyers, sellers, CPAs, attorneys, lenders, brokers, funds, insurers, and agencies each repeat the same diligence, with no common identity layer, no shared system of record, and no continuously updating intelligence. MNTD solves this by creating a trusted infrastructure layer for government-backed assets.
What they are
Economic rights created through legislation, regulation, tax policy, and public programs — transferable, measurable, and backed by a regulatory framework.
- Government-created value
- Measurable economic benefit
- Transferability or monetization potential
- Defined regulatory framework
- Predictable cash realization
Five structural problems
Government-created assets are among the largest fragmented pools of economic value in the world. Billions remain underutilized because the market lacks shared infrastructure.
Discovery
Most asset owners do not know they possess monetizable government assets in the first place.
Verification
Buyers struggle to validate legitimacy, compliance, ownership, and transferability.
Valuation
Pricing is inconsistent and dependent on small, opaque networks of brokers and specialists.
Liquidity
Most assets face limited buyer pools and little to no market transparency.
Distribution
No unified infrastructure connects owners, advisors, buyers, investors, and institutions.
Every major asset class needed infrastructure before capital markets could form. That layer does not yet exist for government-backed assets.
The Infrastructure
From a raw government claim to a financeable asset
MNTD turns fragmented, difficult-to-verify claims into standardized assets with identity, provenance, verification, compliance, and continuous intelligence — the sequence that lets capital markets form.
The MNTD Asset ID
Every government-backed asset should have a permanent digital identity
Just as vehicles have VINs, securities have CUSIPs and ISINs, and real estate has parcel numbers, government-backed assets need a standardized identity layer.
The MNTD Asset ID creates a persistent identifier for each asset, linking it to its origin, issuer, owner, documentation, transferability, compliance status, valuation, and transaction history.
This transforms fragmented claims and credits into identifiable, verifiable, financeable assets.
- Origin & issuer
- Owner of record
- Documentation
- Transferability
- Compliance status
- Valuation
- Transaction history
Digital Asset Passport™
A Carfax-like record for government-backed assets
Each MNTD Asset is supported by a continuously updated Digital Asset Passport™ — allowing buyers, lenders, attorneys, CPAs, and regulators to understand the full history and risk profile of an asset before capital is deployed.
The passport records
- Existence and authenticity
- Issuer and jurisdiction
- Origin and provenance
- Current ownership
- Chain of custody
- Transfer history
- Encumbrances or competing claims
- Expiration and statutory deadlines
- Compliance status
- Required documentation
- Valuation and pricing history
- Financing or pledge history
- Audit trail and supporting evidence
Continuous Intelligence Layer
Static diligence becomes continuous intelligence
MNTD continuously monitors the authoritative sources that govern each asset class, ingesting and mapping data from government portals, statutes, regulations, court decisions, administrative guidance, legislative activity, media, accounting standards, and market pricing signals.
When a regulation changes, a filing window closes, a court decision alters risk, a statute is amended, or public sentiment shifts, MNTD updates the affected asset records and matching rules.
MNTD Verified Asset™
Raw government claims become MNTD Verified Assets™
Government-backed assets such as tariff refunds, tax credits, incentives, and other transferable public-sector claims often lack standardized verification. Buyers, lenders, CPAs, attorneys, and funds must repeatedly verify existence, ownership, authority, transferability, compliance, and value.
MNTD solves this by creating a verified digital identity for each asset. Once verified, the asset becomes an MNTD Verified Asset™ — a standardized, diligence-ready asset supported by source records, attestations, ownership history, compliance review, and a dynamic trust profile.
Verified Asset Identity
Government source records, entry data, tax credit details, refund eligibility, issuing authority, asset value, and expiration timelines.
Verified Owner Identity
Corporate registration, beneficial ownership, authorized representatives, importer of record validation, KYC/AML review, and credential checks.
Verified Authority
Powers of attorney, corporate resolutions, broker certifications, digital signatures, and authority to sell, assign, finance, or transfer.
Verified Provenance
Chain of custody, ownership history, prior assignments, transaction history, escrow records, and competing claim review.
Verified Compliance
Statutes, regulations, agency guidance, filing status, transfer rules, utilization limits, audit exposure, and professional attestations.
Verified Market Intelligence
Comparable transactions, buyer demand, pricing signals, regulatory changes, litigation risk, policy developments, and expiration risk.
The Beachhead
Starting with the hardest asset class
MNTD's first beachhead is one of the most difficult government-backed assets to verify: IEEPA tariff refund claims owed to foreign-owned importers.
These claims require validation of foreign corporate ownership, importer identity, customs entry data, refund eligibility, authorized representation, claim value, filing deadlines, and chain of custody. If MNTD can verify and standardize these assets, the same infrastructure can extend across the broader government-backed asset economy.
IEEPA Tariff Refund Verification
- Importer of Record validation
- Foreign corporate ownership review
- ACE customs entry verification
- Refund amount calculation
- POA and authorized representative review
- Broker certification
- CAPE/protest status
- Assignment and sale readiness
- Digital Asset Certificate issuance
Digital Asset Certificate™
A diligence-ready record of verified status
Once verification is complete, MNTD can issue a Digital Asset Certificate™ that summarizes the verified status of the asset at a specific point in time. This certificate can be used by buyers, lenders, insurers, escrow agents, CPAs, attorneys, and transaction desks to underwrite and close transactions with greater confidence.
Certificate fields
- Verified asset identity
- Verified owner
- Verified authority to sell or assign
- Verified value
- Verified source documentation
- Chain of custody
- Compliance status
- Outstanding diligence items
- Trust Score
- Certificate date and expiration
The MNTD Asset Stack
A layered infrastructure for verified assets
MNTD Identity™
Owner, entity, authority, and credential verification.
MNTD Passport™
Persistent digital record of asset lifecycle, documents, ownership, provenance, and compliance.
MNTD Certificate™
Point-in-time verification certificate used for sale, financing, insurance, or underwriting.
MNTD Trust Score™
Dynamic confidence score based on identity, provenance, compliance, documentation, market, and regulatory risk.
MNTD Intelligence™
Ongoing monitoring of laws, regulations, agency guidance, court decisions, media, policy, and market activity.
Liquidity Infrastructure
Once verified, an asset becomes financeable
With identity, provenance, verification, compliance, and continuous intelligence in place, MNTD creates the trust layer that allows capital markets infrastructure to form around previously fragmented government-backed assets — not merely helping parties transact.
The Platform
One platform, three compounding layers
Stocks required exchanges. Mortgages required servicing platforms. Loans required underwriting. Government-backed assets require a full stack — and each layer makes the next more valuable.
Government Asset Desks
A nationwide network of asset desks embedded within CPA firms. CPAs already hold client trust, financial visibility, tax expertise, and compliance oversight — they become the origination layer of the economy.
- Identify monetizable assets within existing client books
- Standardized intake and eligibility screening
- Revenue share on every monetized asset
The Government Asset Exchange
The operating system for government-backed assets. Owners list opportunities, buyers acquire economic rights, transactions are standardized, compliance is automated, and documentation is fully digitized.
- Verification and compliance automation
- Transparent, reference-grade pricing
- Standardized transfer and settlement
Government Asset Banking
As liquidity grows, financial services emerge on top of the exchange: advance funding, asset financing, portfolio construction, secondary markets, risk management, and institutional investment.
- Advance and bridge funding for asset owners
- Diversified, investable asset pools
- Secondary markets and risk tooling
The winners will not simply broker transactions — they will build the infrastructure that lets the market function.
Business Model
Revenue compounds with every layer of the stack
We monetize the full lifecycle of a government-backed asset — from origination through transfer to financing — building durable, recurring revenue as liquidity deepens.
0.75–1.5%
of asset value
Transaction fees
Take rate on every economic right transferred through the exchange.
$1.2K
ARR per desk seat
Desk SaaS & origination
Subscription and revenue share with CPA-embedded Government Asset Desks.
$250+
per verified asset
Verification & compliance
Per-asset verification, eligibility, and documentation automation.
8–14%
blended yield
Banking & financing
Net interest and structuring on advance funding and asset pools.
Network Effects
Verify once, rely on it many times
Today, every participant repeats diligence from scratch. MNTD allows verification to be performed once and relied upon many times.
As more assets, buyers, sellers, CPAs, attorneys, lenders, brokers, agencies, and funds use the platform, the intelligence layer becomes stronger, the transaction history richer, and the market more liquid — compounding network effects around trust, data, compliance, and volume.
From Point Solutions to Market Infrastructure
Each vertical strengthens the broader MNTD infrastructure
MNTD begins with high-friction asset classes where trust, documentation, and compliance determine value. Each vertical produces data, workflows, counterparties, rules, and transaction history that compound.
Over time, MNTD becomes the shared system of record for government-backed assets — similar in strategic importance to the role these systems play in their respective markets.
Beyond Tariff Refunds
One framework for every transferable government-backed asset
The MNTD Verified Asset™ framework is designed to support any transferable government-backed asset.
Why it matters
Faster Diligence
Reduce repetitive legal, accounting, and compliance review.
Greater Market Confidence
Give buyers and lenders a standardized asset verification record.
Improved Liquidity
Make fragmented government-backed assets easier to sell, finance, and underwrite.
Reusable Trust Layer
Every transaction strengthens the verified history of the asset.
The Category
Defining Government-Backed Asset Infrastructure
MNTD is defining a new category that sits at the intersection of the disciplines that govern trust, capital, and compliance.
The opportunity is not to build another marketplace. It is to create the foundational system that allows government-backed assets to become intelligent, auditable, transferable, financeable, and liquid.
Financials
A five-year path to category leadership
Illustrative projections driven by desk activation, asset volume, and the layering of banking revenue. Figures are estimates for planning purposes and intended to be refined with diligence.
$78M
Year 5 net revenue
$4.6B
Year 5 asset volume
1,200
Active desks by Year 5
72%
Gross margin at scale
Roadmap
From exchange to the operating system of an asset class
Exchange foundation
Launch the Government Asset Exchange with transferable energy and film tax credits. Onboard the first cohort of CPA-embedded asset desks.
- Verification engine
- Standardized transfer flow
- First 50 desks
Desk network scale
Expand the desk network nationally and broaden asset coverage to carbon, duty drawback, and grant receivables.
- 500+ active desks
- Multi-asset coverage
- Reference pricing data
Asset banking
Introduce advance funding, asset financing, and the first diversified, investable government-backed asset pools.
- Advance funding
- Institutional pools
- Secondary market
The operating system
Become the recognized infrastructure layer for government-backed assets — the Nasdaq and Bloomberg of a new asset class.
- Data & terminal
- Global expansion
- Capital markets depth
Team
Built by operators across markets, tax, and infrastructure
A founding team that has lived at the intersection of regulated finance, tax expertise, and the systems that make markets function.
Dylan Owens
Co-Founder & CEO
Leads vision, strategy, and capital formation for the Government Asset Economy.
Emil Antonelli
Co-Founder & CTO
Architects the exchange, verification, and compliance automation that power the platform.
David Fritz
Legal Counsel & Advisor
Guides regulatory, compliance, and transaction structuring across regulated markets.
The MNTD Thesis
- 01Government-backed assets are valuable but fragmented.
- 02Fragmented assets require verification.
- 03Verified assets require identity.
- 04Identified assets require intelligence.
- 05Intelligent assets become financeable.
- 06Financeable assets create liquid markets.
- 07MNTD is building the infrastructure that makes this possible.
MNTD is not building software around government-backed assets.
MNTD is building the infrastructure that allows government-backed assets to become a trusted, liquid, global asset class.
The Ask
Raising a $6M seed to build the infrastructure layer first
The Government Asset Economy has already begun — the infrastructure has yet to be built. We are raising to capture the origination network, ship the exchange, and define the category before anyone else does.
$6M
Seed round
24 mo
Runway target
500
Desks by raise end