AI-Native Digital Banking Partnership Could Transform FTRC's Revenue Model
Research Report

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Disclosures for Research Capital Corp., The FUTR Corp., April 8, 2026

Analyst Certification I, Greg McLeish, CFA, certify the views expressed in this report were formed by my review of relevant company data and industry investigation, and accurately reflect my opinion about the investment merits of the securities mentioned in the report. I also certify that my compensation is not related to specific recommendations or views expressed in this report. Each analyst of Research Capital Corporation whose name appears in this report hereby certifies that (i) the recommendations and opinions expressed in this research report accurately reflect the analyst’s personal views and (ii) no part of the research analyst’s compensation was or will be directly or indirectly related to the specific conclusions or recommendations expressed in this research report. Greg McLeish, CFA has visited The FUTR Corporation in the past 18 months. 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Research Capital Corporation analyst Greg McLeish, CFA, reiterated a Speculative Buy rating and CA$3.00 price target on The FUTR Corp. (FTRC:TSX; FTRCF:OTC; QA20:FSE) following the company's announcement of a proposed joint venture with EQIBank.

Trading at CA$0.17 with a 52-week range of CA$0.16–CA$0.42 and a market cap of approximately US$21.2 million, the stock offers an implied return of approximately 1,665% to the analyst's target price.

The rating reflects the analyst's view that the EQIBank partnership represents a transformational step in FUTR's evolution from a payments optimization platform into a full-stack digital banking and financial services ecosystem.

Joint Venture Overview

FUTR announced a proposed joint venture with EQIBank, a global digital neobank operating on a Banking-as-a-Service (BaaS) model. The JV will be structured as a newly formed entity in which FUTR retains a 75% ownership stake and operational control, while EQIBank holds 25% through a performance-based participation arrangement. All revenues generated from financial services are expected to accrue at the JV level, while FUTR's existing Payments business continues to operate independently across its U.S. dealer network.

Under the agreement, FUTR will lead product development, user experience, branding, and customer acquisition, while EQIBank provides the underlying banking infrastructure, including payments, custody, lending, treasury, and compliance capabilities. The analyst describes this as creating "a vertically integrated model where the Agent sits directly on top of regulated financial rails," enabling FUTR to deliver a full-stack financial experience without building its own banking infrastructure from scratch.

Milestone-Based Equity Framework

A key structural feature of the transaction is a milestone-based equity issuance framework under which FUTR may issue up to 15.0 million shares to EQIBank contingent on execution. The framework is divided into three tranches: 5.0 million shares upon definitive agreement signing, up to 4.0 million shares tied to technical and legal milestones, including platform integration and regulatory readiness, and up to 6.0 million shares tied to operational milestones, including commercial launch, funded accounts, revenue targets, and user growth. The operational tranche targets up to 200,000 funded accounts and 1 million verified active users over a 36-month period.

Strategic and Business Model Evolution

The analyst characterizes the JV as expanding FUTR's monetization well beyond its historical base of approximately US$100 per user per year generated through subscription-based payments optimization. The addition of banking and financial services introduces multiple new revenue streams, including interchange revenue from card usage, lending and credit spreads, yield-based income, custody and trading fees from digital assets, and data-driven revenue tied to FUTR's tokenized ecosystem. The report notes that this shift moves the company toward a dynamic monetization model where average revenue per user (ARPU) scales with engagement, product adoption, and data generation.

The analyst also highlights a dual distribution model as central to the growth thesis. FUTR will continue scaling direct-to-consumer through its Agent App, while simultaneously gaining access to enterprise distribution through EQIBank's BaaS ecosystem, embedding the FUTR Agent into third-party financial platforms and client networks.

The FUTR Agent and Token Economics

The FUTR Agent is described in the report as the core product of the platform rather than a peripheral feature, serving as a unified decision-making layer that connects FUTR's data vault, banking execution layer, and monetization infrastructure. As the JV expands available financial services, the Agent is expected to take on a broader role in executing financial decisions — including managing payments, cash flow, lending, and digital assets — on behalf of users.

The FUTR Token's role is also evolving. Previously functioning primarily as an engagement and rewards mechanism, the Token is now being integrated more directly into the platform's financial infrastructure, with users expected to be able to utilize Tokens within financial products, including spending, saving, and yield-generating offerings. The report notes this transition positions the Token as "a functional component of the platform, rather than a standalone incentive."

Valuation

The analyst's CA$3.00 price target is based on a sum-of-the-parts valuation, assigning CA$1.81 per share to FUTR's core platform using a discounted cash flow model with a 15% WACC and 2% terminal growth rate, and CA$1.08 per share to the discounted value of FUTR's token reserve using a 20% discount rate and a forecast token price of CA$1.53.