Master investment deck · April 2026
IdentDEFI™ & PunkPay™.
Australia's first sovereign digital identity and wallet app. One product, two layers, in active build. A$12.5M to take it from foundation to production scale across 12 months.
The opportunity
Australia has no sovereign digital identity. And no sovereign wallet to use it from.
myGov sits behind a username. Bank apps lock identity inside their own walls. Big-tech wallets export every transaction overseas. There is no Australian-built, Indigenous-owned, prudentially-aligned app where a citizen holds both their identity and their money — and uses one to control the other.
The product
One app. Two layers. Sovereign by design.
IdentDEFI™ is the consumer-facing app that combines digital identity and a multi-currency wallet in a single sovereign product. PunkPay™ is the default wallet inside it.
IdentDEFI™ — the sovereign app
The app on the phone. iOS and Android. Australian-built, Indigenous-owned, post-quantum-ready. A single front door for identity and money.
Identity layer — did:idfi W3C DID method
Sovereign decentralised identifier. AUSTRAC-aligned. APRA KYC-binding. Integrates with myGov / Centrelink digital ID. Verifiable credentials issuer and verifier.
PunkPay™ — the default wallet inside
Multi-currency stored-value wallet. Holds BINL, fiat AUD, and multiple currencies simultaneously. BEEL offline NFC capable. Receives YMAN purpose-bound vouchers natively.
Defensibility
Five things no one else in Australia has built.
| Bank apps | Big-tech wallets | Crypto wallets | IdentDEFI™ + PunkPay™ | |
|---|---|---|---|---|
| Sovereign Australian-built | Yes | No | No | Yes |
| Identity + wallet integrated | No | No | No | Yes |
| Receives gov purpose-bound funds | No | No | No | Yes (YMAN™) |
| Works offline (no signal) | No | No | No | Yes (BEEL™ NFC) |
| Post-quantum cryptography | No | No | Partial | Yes — from genesis |
No competitor has all five. Each row is a defensible moat. Together they constitute a category Australia does not yet have.
Layer 1 · Identity
A sovereign DID method, built to W3C standards.
did:idfi is Thoyotech's decentralised identifier method. The W3C specification submission process is underway. APRA and AUSTRAC alignment is structural, not bolted on.
Sovereign DID · did:idfi
Australian-controlled identity layer. Resolver and verifier services run on Australian infrastructure. Citizen owns the keys; agency verifies the credential.
AUSTRAC Travel Rule native
Every transaction carries the issuer DID and beneficiary DID. AML/CTF reporting obligations are satisfied at the infrastructure layer, not added afterwards.
APRA KYC binding
Identity is bound to the prudentially-regulated banking layer. KYC happens once, satisfies all participating institutions, refreshes automatically.
myGov / Centrelink integration
Citizen onboards using their existing digital identity. No new password, no new identity document. Government verifiable credentials issued directly into the wallet.
Post-quantum cryptography
NIST-aligned PQC from genesis. Government-grade audit records and citizen identifiers remain secure against harvest-now-decrypt-later attack vectors.
Verifiable credentials issuer
Government agencies and partner institutions issue credentials directly into IdentDEFI™. NDIS plan eligibility, energy rebate qualification, age verification — all carried by the citizen, not stored centrally.
Layer 2 · Wallet
PunkPay™ — the default wallet inside IdentDEFI™.
Multi-currency stored-value wallet. Holds BINL, fiat AUD, and multiple currencies simultaneously. Receives YMAN purpose-bound vouchers. Settles offline via BEEL NFC.
Multi-currency stored value
BINL (sovereign tokenised AUD bank deposit), fiat AUD, and additional currencies all held in the same wallet. Convert, transact, hold — without a separate bank account.
YMAN voucher receipt
Native receipt of government purpose-bound vouchers. NDIS support, energy rebates, disaster relief, childcare subsidy, apprenticeship incentive — all visible in one wallet, with category locks intact.
BEEL offline NFC
Works without connectivity. Local policy check via pre-downloaded cryptographic snapshot. Settles automatically on reconnection. Critical for disaster zones, remote areas, in-home services.
QR & NFC point-of-sale
Tap to pay. Scan to pay. Instant settlement to the merchant in BINL AUD. No card-network fees. Merchant onboarding via simple companion app.
Biometric unlock
Face ID, Touch ID, fingerprint. Secure enclave key management. App-level encryption and recovery workflow for lost devices.
Programmable on the rail
Every spend can carry policy intent. Category locks, merchant whitelists, expiry timestamps, attestation gates — the same protocol layer that powers government voucher use cases.
Three customer segments · one product
Government, banking, and citizen — all served by the same app.
Current state
Beyond proof-of-concept. In active build.
Foundational integration on the live rail. Modules — YMAN™, BINL™, BEEL™, MLBA™, IdentDEFI™ — are productionised, not slideware.
What is built
did:idfi DID method specification (draft); resolver and verifier services; wallet app shell (iOS & Android); YMAN voucher reception flow; BINL settlement layer; BEEL offline NFC prototype; AUSTRAC compliance programme draft; AML/CTF programme document; AFSL readiness suite; security architecture documented to L1–L4 Bell–LaPadula.
What this round funds
Productionising every module above; W3C DID Method Specification submission; AUSTRAC Reporting Entity registration; AFSL pursuit; full app store launch (iOS & Android); BEEL NFC merchant terminal pilots; security audit and penetration testing; multi-state government pilot integrations; Series A close and team scale to 12 FTEs.
Government engagement · current
Active outreach with NDIA, DoHDA, Services Australia, NIAA, IBA. Quantum-safe state proposals delivered to ACT, NSW, NT, QLD. SuperTradeBloc proposals delivered to NSWALC and 17 Queensland Aboriginal shire councils. NIF Stream 1 Tier 2 grant application in.
Banking engagement · current
Architecture and structural memoranda delivered to NAB and CommBank. RBA Project Acacia engagement. RBNZ Digital Cash Stage 2 proposal. Cairns Bank, Wells Fargo, Bank Australia, Great Southern Bank, IBA, TCU outreach for the FNCB establishment workstream.
Roadmap & capital tranches
Three phases. Twelve months. Each tranche unlocks the next.
- Core team build to 8 FTEs
- did:idfi DID method finalised
- App shell · iOS & Android beta
- YMAN reception flow live
- AUSTRAC programme productionised
- Initial security audit
- NIAA / IBA / AKF grant submissions
- Team scale to 12 FTEs
- BEEL offline NFC in production
- Multi-currency · full wallet
- W3C DID Method submission
- AFSL granted
- Beta launch · citizen + merchant
- First government pilot · live
- App store public launch
- GTM acceleration
- Merchant acquisition team
- Multi-state government rollout
- Strategic partnerships closed
- Series B raise initiated
- 50k+ verified IdentDEFI™ wallets
Return on investment · for government
Build cost A$12.5M. Conservative annual saving A$975M+.
A 1% reduction in fraud and administrative leakage across the major Australian government disbursement programmes is conservatively recoverable. International evidence places real-world programme leakage in the 3–7% range — the recoverable saving is multiples of the figure shown.
| Programme | Annual spend | 1% prevention saves |
|---|---|---|
| National Disability Insurance Scheme | A$42B | A$420M |
| Aged Care & Home Care Packages | A$32B | A$320M |
| Childcare Subsidy | A$14B | A$140M |
| Disaster Relief (avg) | A$5B | A$50M |
| Energy Rebates (federal + state) | A$3B | A$30M |
| Apprenticeship Incentives | A$1.5B | A$15M |
| Total addressable annual spend | A$97.5B | A$975M |
The financial ask
A$12.5M.
Twelve months. Three tranches. A blended structure of equity, government grants, and strategic partner contribution — designed so each funder type sees a clear path to its share, and no one funder is required to carry the round alone.
Use of funds · by workstream
Where the A$12.5M goes.
Use of funds · by cost category & phase
Quarterly cashflow tied to deliverables.
(Months 1–4)
(Months 5–8)
(Months 9–12)
Personnel is 64% of total spend. Marketing accelerates only after the product is in production. Reserve sits in Phase 1 to absorb regulatory variance.
Funding structure
A blended round. Each capital type doing what it does best.
What each funder type gets
A clean separation of value.
Series A equity investors
Thesis: consumer adoption + infrastructure moat. Multi-currency wallet with sovereign identity = a category, not a feature.
Returns: equity in the operating entity. Standard preferences. Pro-rata. Liquidity at Series B or strategic exit.
Reporting: quarterly board packs. Monthly wallet activation, transaction volume, and merchant onboarding metrics.
Government grant funders
Thesis: sovereign infrastructure, Indigenous economic outcome, AUSTRAC/APRA-aligned identity layer for the Australian public sector.
Mechanism: non-dilutive grant funding tied to public-good deliverables — DID method, compliance documentation, government pilot integrations.
Reporting: milestone acquittal per grant agreement. Public-facing impact reporting.
Strategic partner
Thesis: a partner bank, payments network, or telco gains a sovereign identity-and-wallet rail it can integrate into its own customer base.
Mechanism: commercial integration agreement, optional minority equity, joint pilot delivery.
Reporting: joint commercial KPIs, integrated roadmap, co-branded GTM where appropriate.
Revenue model
Five revenue streams. Each scales independently.
01 · Government licensing
Per-citizen-served annual licence to government agencies for IdentDEFI™ as the disbursement and identity rail. Volume-based pricing.
02 · Bank platform fees
Tokenisation, custody, and AUSTRAC-as-a-Service fees from partner banks integrating BINL custody and IdentDEFI™ KYC.
03 · Merchant transaction fees
Sub-network rate on merchant acceptance — structurally below card-network fees, well above zero. High-volume, low-margin.
04 · Verifiable credential issuance
Per-credential fee charged to issuers (government, employers, RTOs, banks). Recurring as credentials refresh.
05 · Foreign-exchange spread
Sovereign-rate FX on multi-currency conversion within PunkPay™. Compliant, transparent, captured at the wallet layer.
Cross-sell & expansion
Each customer segment seeds the next. Government adoption drives citizen activation. Citizen activation drives merchant onboarding. Merchant onboarding drives bank integration.
Team & governance
Founder-led. Indigenous-owned. Operationally serious.
Founders
Delphine Geia — Co-Founder & Director. Operations, governance, partnerships, and Director of Thoyotech.
Jeremy ‘Thoyo’ Geia — Co-Founder. Apalech Wanam man with Wik Mungkan language and community connections across Cape York. Architecture, product, and external engagement.
Team scale plan
Phase 1 ramp from current core to 8 FTE. Phase 2 to 12 FTE. Roles: backend (3), mobile (2), cryptography specialist (1), compliance lead (1), product designer (1), GTM lead (1), merchant ops (1), finance / admin (1), founders (2).
Board & advisory
Board to be expanded with one independent director (banking / regulated industries) and one Indigenous-economic-development director on close of Series A. Advisory council with W3C standards, AUSTRAC compliance, and post-quantum cryptography experts.
Reporting cadence
Quarterly board packs. Monthly investor updates. Public-facing annual impact report. Grant acquittal per agreement. Strategic partner KPI review at agreed cadence.
Risks & mitigations
The honest risk register.
| Risk | Likelihood | Mitigation |
|---|---|---|
| Regulatory delay (AFSL, AUSTRAC RE) | Medium | AFSL readiness suite already drafted. AUSTRAC programme productionised in Phase 1. Reserve in budget for variance. |
| Slow government procurement cycle | High | Multi-agency engagement (NDIA, DoHDA, NIAA, IBA). State-level proposals in parallel (ACT, NSW, NT, QLD). Revenue not dependent on a single agency. |
| Big-tech wallet competition | Medium | Sovereignty + offline + identity-integration moats. Government will not adopt non-sovereign rails for purpose-bound disbursement. |
| Talent — cryptography specialist | Medium | Existing relationships in W3C standards community. Remote-friendly roles. Equity participation. Competitive Australian PQC compensation. |
| Funding tranche slippage | Low | Three-tranche structure with milestones. Grant submissions in parallel to equity. Strategic partner can bridge. |
Why now
Three policy moments are converging in the next twelve months.
NDIS reform commitment
The Minister has legislated A$15B/year savings target by 2030. The architecture that delivers it without harming participants is still open. Programmable disbursement is the only credible answer.
Aged-care expansion
A$3B home-care commitment with a no-out-of-pocket guarantee. Same architectural fit. Sovereign wallet plus purpose-bound vouchers protect both the budget and the recipient.
Quantum-cryptographic threshold
CIGI projects $450–850B at risk. Identity systems and payment rails built today on classical cryptography will need to be replaced. We are building post-quantum from genesis.
A delay of twelve months is not a delay of twelve months. It is a forfeit of the policy window in which sovereign infrastructure is valued at a premium and the alternatives are not yet fully entrenched.
Key metrics
What we measure. What you'll see.
Verified IdentDEFI™ wallets
End of Phase 1: 2,500. End of Phase 2: 15,000. End of Phase 3: 50,000+.
Active monthly wallets
Wallets with at least one transaction per month. Lead indicator of true product engagement.
Transaction volume
Total AUD value of all wallet-originated transactions. Top-of-funnel revenue indicator.
Active merchants
Merchants accepting QR / NFC PunkPay™ payments. End of Phase 3: 1,200+ across pilot regions.
Government agencies live
Number of agencies actively disbursing YMAN vouchers via the rail. Phase 3 target: 3+ federal, 2+ state.
Banking partners integrated
Banks with BINL custody live or in formal pilot. Phase 3 target: 2 partner banks live.
AUSTRAC compliance score
Internal compliance audit score against AUSTRAC programme. Target: 95%+ at every quarterly review.
Indigenous economic impact
Direct First-Nations employment, contracted services, and community-economic flow-through. Reported quarterly.
The ask
Three ways to participate.
Series A · A$8.0M
Lead, follow, or co-invest. Standard Australian Series A preferences. Pro-rata rights. Board observation seat for the lead. Term sheet on request under NDA.
Sovereign infrastructure · A$3.0M
NIAA, IBA, AKF, NIF, R&D Tax Incentive. Multiple parallel applications. Tied to public-good deliverables: DID method, compliance, government pilots, Indigenous economic outcome.
Integration partnership · A$1.5M
Partner bank, payments network, or telco. Commercial integration plus optional minority equity. Joint pilot delivery and co-branded GTM where appropriate.
Each path can stand alone. Together they constitute a A$12.5M round that closes within twelve months and gets IdentDEFI™ and PunkPay™ from current state to production scale.
Next steps
A clear path to first capital within ninety days.
Sovereign digital infrastructure