One closed-loop wallet unifies three non-overlapping US spend streams that companies buy from five vendors today: Daily Allowance, business-travel M&IE, and Rewards. Every figure on this page shows its computation and its source.
TAM (US)
3 streams summed · Daily Allowance is a structural ceiling
SAM ARR · $280.8B GMV
13,604 US companies · 48.66M floor employees
SOM ARR Y3 · $1.04B GMV
180 cos × 1,000 emp · 0.13% of TAM
Benepass for benefit stipends, Concur or Navan for expense reports, Edenred or open Visa cards for meal allowances, Brex or Ramp for the corporate card, and Tango or Tremendous for one-shot rewards. Five subscriptions. Five integrations. Five audit trails. And the CFO still chases receipts at quarter-close.
CFO pain
$58 / report
Manual cost of processing a single expense report (data entry, audit, reimbursement). One Ampezy invoice replaces dozens of receipts per employee per month.
Source: Tipalti / GBTA 2024 (tipalti.com)
HR pain
+43%
Growth in per-employee non-cash incentive spend 2020-2023 ($764 → $1,090). More spend, more fragmentation, more vendors to manage as headcount grows.
Source: IRF Non-Cash Incentive Spend Study 2023 (theirf.org)
Employee pain
30-50%
Typical redemption rate on single-use gift cards: half the spend never reaches the employee, never reaches a merchant, never generates utility. Closed-loop wallet captures all of it.
Source: Industry redemption benchmarks; IRF 2024 Trendicators
Daily Allowance is the structural ceiling Ampezy unlocks — it assumes universal adoption of pre-allocated daily allowance across the US private sector and is not the addressable market today. We lead with it because it sizes the long-arc opportunity, then present the two streams that are addressable now.
$607.2B
Theoretical ceiling, not current penetration
How we got here: BLS Current Employment Statistics report 135.3M US private-sector workers in 2024 (158.3M nonfarm minus ~23M government). The GSA M&IE Breakdown FY2026 sets the standard lunch component at $17/day. If every US private-sector worker received a structured daily allowance at that rate for 22 working days × 12 months, the GMV ceiling is $607.2B. This is the long-arc category Ampezy unlocks — not the slice we are pricing as addressable today.
135.3M workers (BLS CES 2024) × $17/day (GSA M&IE Breakdown FY2026 lunch component) × 22 days × 12 months = $607.2B⚠️ Caveat: $607.2B assumes universal adoption across the US private sector. Real-world adoption today is far lower. This is the ceiling Ampezy unlocks; the addressable SAM (all three streams applied to the 13,604-company ICP universe) is sized separately in the next section.
Source: BLS Current Employment Statistics 2024, 135.3M private-sector workers (bls.gov/ces); BLS OOH Total Nonfarm baseline 158.3M (bls.gov/opub/ted/2024); GSA M&IE Breakdown FY2026, $17/day lunch component (gsa.gov/travel/per-diem-rates/mie-breakdowns); Engine.com Business Travel Guide for M&IE breakdown approximation (engine.com/business-travel-guide).
$105.0B
TAM, addressable today
How we got here: The US Travel Association projects $317B in US business travel spend for 2026. Of that, the M&IE share (meals + incidentals, excluding lodging and airfare) is 33% per GBTA / IRS GSA benchmarks. M&IE is the cardholder-issued slice where Ampezy's wallet replaces the corporate-card-plus-receipt workflow.
$317B (US business travel 2026, USTA) × 33% non-lodging non-airfare = $104.6B ≈ $105BPer-trip anchor used downstream in SAM / SOM math: $59/day IRS GSA standard M&IE × 4.1-day GBTA average trip = $242/trip. Locked secondary anchor: $68/day GSA FY2026 CONUS standard per-diem (FTR Bulletin 26-01, effective Oct 1 2025 - Sep 30 2026).
Source: USTA 2026 ($317B US business travel forecast, businesstravelexecutive.com); GBTA US Economic Impact Study 2022 (429.9M trips, 4.1-day avg, 34% lodging share, gbta.org); Kahn Litwin IRS GSA 2024 ($59/day standard M&IE rate, kahnlitwin.com); GSA FY2026 CONUS standard $68/day (gsa.gov/travel, FTR Bulletin 26-01).
$93.4B
TAM, addressable today
How we got here: The Incentive Federation (IFI) measures total non-cash rewards spend in North America at $176.2B (2022). Of that, 53% is the slice Ampezy directly addresses — employee recognition ($40.5B) plus sales incentives ($52.9B). The remaining 47% ($82.8B) is customer loyalty, channel rewards, and gifting, which Ampezy does not target.
$176.2B (NA non-cash rewards, IFI 2022) × 53% Ampezy-addressable = $93.4BSource: IFI / Incentive Federation 2022 (incentivefederation.org/industry-research); IRF 2023 Non-Cash Incentive Spend Study, $1,090/employee/year benchmark (theirf.org); Engage2Excel 2024 Trendicators, +42% growth digital gift cards (engage2excel.com).
Total TAM (3 streams summed)
$805.6B
$607.2B Daily Allowance (theoretical ceiling) + $105.0B M&IE + $93.4B Rewards. All three flows route through the same wallet, the same merchant network, the same 2% closed-loop commission.
The ICP is US companies with 500+ employees in 10 sectors where field reps and managers need a daily budget for client-facing work. Population sourced from Hunter.io Discover, May 14, 2026. Employee counts use the floor of each Hunter band (501 / 1,001 / 5,001 / 10,001) — mathematically un-disputable. Real SAM is larger (Walmart and Amazon are undercounted at 10,001), but the floor is the conservative anchor any investor can verify from public data.
| Industry | Tier | 501-1K | 1K-5K | 5K-10K | 10K+ | Total 500+ | Min emp (floor) |
|---|---|---|---|---|---|---|---|
| Software Development | 2 | 1,095 | 1,725 | 852 | 1,458 | 5,130 | 21,117,630 |
| Financial Services | 1 | 1,023 | 1,167 | 313 | 682 | 3,185 | 10,066,685 |
| Real Estate | 1 | 659 | 524 | 120 | 237 | 1,540 | 3,825,040 |
| Insurance | 1 | 395 | 429 | 92 | 349 | 1,265 | 4,577,765 |
| Wholesale | 2 | 401 | 259 | 77 | 128 | 865 | 2,125,365 |
| Medical Equipment | 2 | 138 | 152 | 150 | 216 | 656 | 3,131,656 |
| Pharmaceutical Manufacturing | 2 | 131 | 162 | 68 | 259 | 620 | 3,158,120 |
| Food & Beverages | 3 | 111 | 63 | 12 | 15 | 201 | 328,701 |
| Medical Devices | 3 | 38 | 40 | 9 | 14 | 101 | 244,101 |
| Biotechnology | 3 | 22 | 12 | 2 | 5 | 41 | 83,041 |
| TOTAL · 10 sectors | 4,013 | 4,533 | 1,695 | 3,363 | 13,604 | 48,658,104 |
Source: Hunter.io Discover snapshot, United States, 500+ employees, May 14, 2026 (hunter.io/discover). Tier 1 sectors (1,265 - 3,185 companies) have a 3-year pipeline by themselves. Tier 2 sectors require additional filtering. Tier 3 accepts inbound only. Distribution is across all 50 states — Ampezy services accounts by sector, not by geography.
Apply the three TAM streams to the 48.66M-floor employee count. SAM is what we would earn if Ampezy fully penetrated the 13,604-company ICP universe. Far below the $805.6B TAM ceiling, but multiples larger than any single SaaS Benefits or expense management category captures today.
$218.4B
SAM GMV
48.66M emp × $17/day × 22 days × 12 months = $218.4B$4.37B SAM ARR @ 2% commission
$53.0B
SAM GMV
48.66M emp × $1,090/yr (IRF 2023) = $53.0B$1.06B SAM ARR @ 2% commission
$9.4B
SAM GMV
48.66M emp × 20% travelers × 4 trips/yr × $242/trip = $9.4B$0.19B SAM ARR @ 2% commission
Total SAM (3 streams summed)
$280.8B
SAM GMV
$5.62B
SAM ARR @ 2% commission
SAM represents 35% of the $805.6B TAM. Float income is upside on top of SAM ARR (depends on company loading behavior, not on market size).
M&IE uses conservative founder assumptions (20% travelers, 4 trips/year), to be refined with per-sector GBTA data post-pilot. Sources: GSA M&IE Breakdown FY2026 ($17/day), IRF 2023 ($1,090/employee), USTA / GBTA (M&IE breakdown), Hunter.io May 14, 2026.
Year 3 captures 1.3% of the 13,604-company ICP universe. The 0.13% TAM penetration and 0.37% SAM GMV penetration mean enormous runway for Years 4-10 without approaching market ceiling.
| Metric | Year 1 | Year 2 | Year 3 |
|---|---|---|---|
| Companies | 20 | 60 | 180 |
| Merchants (2:1 ratio) | 40 | 120 | 360 |
| Employees on platform | 20,000 | 60,000 | 180,000 |
| Daily Allowance GMV ($20 × 22 × 12) | $89.76M | $269.28M | $807.84M |
| Rewards GMV (all emp × $1,090) | $21.8M | $65.4M | $196.2M |
| M&IE GMV (200 trav × 4 × $242) | $3.87M | $11.6M | $34.8M |
| Total GMV | $115.4M | $346.3M | $1.04B |
| Commission @ 2% | $2.31M | $6.93M | $20.78M |
| Float income (4.3% × 15-day avg) | $0.20M | $0.60M | $1.80M |
| Subscriptions (100 mgr × $15 × 12) | $0.36M | $1.08M | $3.24M |
| Total ARR | $2.87M | $8.61M | $25.82M |
| % usage-based (commission + float) | 87.5% | 87.5% | 87.5% |
| TAM penetration ($805.6B) | 0.014% | 0.043% | 0.13% |
Why 180 cos in Y3 is defensible: 13,604 ICP companies. 180 = 1.3% of the universe. Tier 1 alone (Financial Services + Insurance + Real Estate) has 5,990 companies — three Y3 quotas fit inside one tier with no Tier 2 / Tier 3 dependency.
The Y3 ARR model headlines 5 streams: 3 GMV-driven commission lines (Daily Allowance, Rewards, M&IE), per-admin-seat subscriptions, and float income on platform balances. Eight more streams (Hub Verified Agreements, advertising, breakage, white label, etc.) compound on top without changing the architecture.
| Stream | Mechanism | Y3 ARR | % of total | Margin |
|---|---|---|---|---|
| 1. Daily Allowance commission | 2% on $807.84M Daily Allowance GMV ($20 × 22 × 12 × 180K) | $16.16M | 62.6% | 93% |
| 2. Rewards commission | 2% on $196.2M Rewards GMV (180K emp × $1,090) | $3.92M | 15.2% | 93% |
| 3. Subscriptions | 18,000 manager seats × $15/mo × 12 (annual) | $3.24M | 12.6% | 81-92% |
| 4. Float income | $42.7M avg balance × 4.3% Fed Funds (15-day held) | $1.80M | 7.0% | 95%+ |
| 5. M&IE commission | 2% on $34.8M M&IE GMV (36K trav × 4 × $242) | $0.70M | 2.7% | 93% |
| TOTAL ARR Year 3 | $25.82M | 100% | ~90% | |
$5.15B
Capital One acquired Brex for $5.15B in January 2026. BILL acquired Divvy for $2.5B in 2021. The corporate-card category is consolidating — exactly when Ampezy offers the closed-loop alternative.
Source: Public reporting · January 2026
$613M / $7.6B
$613M revenue · $7.6B GMV · 10,000+ customers. Public-market appetite for travel + expense + corporate-card unification is real. Ampezy's GMV-multiple comparable is Stripe / Square, not Benepass / Forma.
Source: Costbench Navan, Vendr Marketplace 2026
4.3% Fed Funds
Fed Funds at 4.3% in May 2026 makes float income materially valuable. On $42.7M Y3 average balance, float = $1.80M (7% of total ARR). Same product earned ~0% during 2020-2021.
Source: Federal Reserve · Fed Funds approximation May 2026
Tailwind 1
Typical US mid-market: 3-4 platforms (Benepass + Concur + Edenred + Bonusly) for spend categories Ampezy unifies. The fragmentation tax (4 PEPM subscriptions, 4 audit trails) is visible to CFOs at quarter-close.
Tailwind 2
Per-employee-per-month pricing taxes hiring: +100 employees = +$9,600-$14,400/year in software cost automatically. Ampezy's per-admin-seat + 2% commission keeps software flat as headcount grows.
Tailwind 3
Sunshine Act audit trails for pharma reps (DOJ fines $1K-$10K per unreported transaction), IRS accountable-plan rules, $58/report manual processing cost make closed-loop audit trail an immediate ops savings.
Enterprises buy from five different vendor categories: SaaS Benefits Platforms (PEPM), Corporate Cards + Spend Management, Meal Vouchers, Gift Cards / Rewards Distribution, and Expense Management Software. Each vendor solves one slice. None operate the closed-loop transaction rail plus the verified-identity layer Ampezy ships natively.
CATEGORY 1
Competitors: Benepass, Forma, Compt, Espresa, Fringe
Model + data: $4-$12 PEPM. Card-first Visa wallet or reimbursement. For a 1,000-employee customer: $48K-$144K/year (Vendr Marketplace).
Gap vs Ampezy: Open-rail Visa loses interchange to networks. No closed-loop transaction control, no merchant relationship, no float, no recurring spend data. PEPM penalizes customer growth.
CATEGORY 2
Competitors: Brex, Ramp, BILL (ex-Divvy), Airbase, Expensify
Model + data: Interchange revenue + premium PEPM. Card-first. Brex acquired by Capital One $5.15B Jan 2026. BILL acquired Divvy $2.5B 2021. Ramp serves 50,000+ businesses.
Gap vs Ampezy: Interchange fragments revenue across networks. No closed-loop economics, no merchant ownership, no allowance issuance product. Strategic conflict: building merchant network cannibalizes card-network relationships.
CATEGORY 3
Competitors: Edenred (47M users · 45 countries · ~$7B EUR market cap), Pluxee (ex-Sodexo, acquired Cobee €135M Sep 2024), WEX
Model + data: Merchant commission + float. Closed-network meal-voucher operators dominate the markets where they operate at scale. Edenred ticker EPA:EDEN (public, ~$7B market cap).
Gap vs Ampezy: Virtually no US presence at scale. When they operate in the US they default to open Visa cards, losing closed-loop economics. The US structural gap is the opportunity.
CATEGORY 4
Competitors: Tango Card (3,100+ brands, 3.5% + $450 setup), Tremendous (20K+ businesses, 3%), Giftogram (140K+ brands, 0% fee), Runa, GIFQ
Model + data: Setup fee + per-transaction credit-card fee. Send-and-forget — earn 3-3.5% at card issuance, then no relationship with the recipient.
Gap vs Ampezy: One-shot economics: 3-3.5% once, then no relationship. Ampezy compounds 2% on every transaction as long as the employee keeps the wallet active. No identity layer, no spend data.
CATEGORY 5
Competitors: SAP Concur ($5-$15/user/mo, 150+ countries), Navan ($613M revenue · $7.6B GMV · filed for IPO · 10,000+ customers · $85K-$105K/year for 500 users enterprise), Expensify ($5-$9/user/mo), Zoho Expense, Emburse, Coupa
Model + data: Per-user PEPM + booking fees. Post-hoc reconciliation (receipt-then-justify). Median Navan customer $15K/year (Vendr 2026, 376 verified purchases).
Gap vs Ampezy: Built for reports-faster; Ampezy is no-reports-at-all. Ampezy is pre-allocation with policy enforcement at the ledger — zero out-of-policy spend possible. Inverts the architecture from post-hoc reconciliation to pre-allocation. Navan's $613M revenue / $7.6B GMV is the comparable for what GMV-multiple looks like in this space.
Only Ampezy operates all 5 spend categories natively — on one wallet, one merchant network, one closed-loop ledger.
No vendor in any of the five categories owns more than one of the five flows. The architectural gap is not closable by adding a feature; it requires rebuilding around the closed-loop transactional spine. The valuation comparable shifts from PEPM ARR multiples (Benepass / Forma) to GMV-processed multiples (Stripe / Square / Navan).
Beyond the core spend platform, Ampezy operates four identity-network surfaces that share the verified entity / person graph. These are framed as additional verified surfaces that compound the core business — not as separate TAM, not as separate competitive headline, not as a separate revenue line in the 5-stream model above. The core platform is the business; the identity layers make the spend economy stickier.
Ampezy Pass
Verified entity profile sharing (link, QR, PDF, Excel). Replaces "send me your company info" workflows.
Ampezy Merit
Portable professional identity. Every performance campaign generates a verified achievement on the employee's CV.
Ampezy Hub
B2B verified network + Verified Agreements ($7 per signed NDA / LOI / Supply / Comodato, live today).
Ampezy Talent
Recruiting layered on Merit (apply-only consent — recruiters never search candidate databases).
None of these is counted in the $805.6B TAM, the $5.62B SAM, or the $25.82M Y3 ARR. They are an adjacent moat layered on top of the core spend platform.
Year-1 anchored on the same 5-stream model. 87.5% usage-based even from the first cohort.
Active companies
3x YoY → 60 Y2 → 180 Y3
Employees on platform
1,000 emp avg / co
Affiliated merchants
2:1 merchant-to-company ratio
Year 1 GMV
3 GMV streams summed
Year 1 ARR
Commission + Float + Subs
Usage-based revenue
Commission + Float / Total
Daily Allowance commission · 20,000 emp × $20 × 22 × 12 × 2%$1.80M
Rewards commission · 20,000 emp × $1,090 × 2%$0.44M
M&IE commission · 4,000 trav × 4 trips × $242 × 2%$0.077M
Total commission$2.31M
Subscriptions · 2,000 mgr seats × $15 × 12$0.36M
Float income · $4.74M avg balance × 4.3%$0.20M
TOTAL ARR Year 1$2.87M
Founder critical path: 2-3 signed LOIs from US pilot companies by June 10, 2026 (Techstars NY deadline). YC application submitted April 30, 2026, awaiting decision. The $805.6B TAM and $5.62B SAM are the long arc; Y1 is execution.
If you're an investor, accelerator, or strategic partner interested in learning more about Ampezy, reach out directly. We respond to every serious inquiry within one business day.
Email hello@ampezy.comInclude your fund name, check size range, and a brief description of your thesis. We'll send back our one-pager and deck within 24 hours.
Verification refresh: May 14, 2026. Primary sources verified via web check. Two competitor rows (Brex / Capital One Jan 2026, BILL / Divvy 2021) tagged as press-confirmed pending direct primary-source verification.
Market sizing — TAM streams
ICP universe + sector data
Operations + cost benchmarks
Competitor data
Cross-referenced canonical docs: docs/platform/MARKET.md, docs/platform/FINANCIALS.md, docs/platform/OVERVIEW.md, docs/investor/PITCH.md. Every figure on this page is locked to those sources. v3.3 cascade (May 14, 2026).