What would today’s Goldman Sachs or JP Morgan look like?

In the world of finance there are these behemoths that are quite literally too big to fail, the question that now arises is how did they get to that stage? how does some company become so big that when they fail the entire economy comes down with them? We saw this vividly play out during the 2008 Global Financial Crisis, when the downfall of AIG, Lehman Brothers, and Bear Stearns sent shockwaves through markets worldwide.

To put things into perspective, the combined GDP of all countries was around $114 trillion in 2024 (IMF). Small and medium-sized enterprises (SMEs) account for about 90% of businesses globally. In the U.S. alone, nearly 45% of GDP comes from small businesses. Yet despite their importance, SMEs make up only a tiny fraction of M&A activity. Out of roughly $3.2 trillion in total M&A volume (Bain & Company estimates), deals involving SMEs represent just a sliver of the pie.

Why? Because there hasn’t been a system or playbook designed to make deals in the $10 – $100 million range profitable. Legacy banks often overlook small businesses because their organizational structures and cost models simply don’t make servicing these deals economical. This leaves a huge gap: millions of small businesses worldwide lack access to specialized M&A services, and many end up closing as their owners retire, missing the opportunity to capture value they helped create.

Here comes OffDeal:

In an interview, the founder Ori asked this interesting question “How would Goldman Sachs or Evercore look like if was founded today and not a 100 years ago?” this got me thinking how today’s banking startup would incorporate AI into its workflow to streamline dealmaking along with increasing bonuses, of course?

That is when I started digging deep into OffDeal. It is the world’s first AI native investment bank that operates in the small to medium business (SMB) space. Their mission is simple but powerful: democratise access to specialised M&A services to small businesses that were traditionally reserved for large enterprises. Their moat lies in the key parts their workflow that is driven by AI. This includes their CRM, outreach, communication and preparation of a rich buyer’s list among other things. They have successfully built an end-to-end AI integration that eliminates several manual tasks that a junior analyst would spend hours doing.

Traditional banks on the other hand are also trying to build on the AI trend but the difference is clear. Incumbents are tied to legacy systems and mostly implement point solutions. There are companies like Rogo that has built a very powerful IB chatbot, and Mosaic, which automates financial modelling. While these do improve productivity, however, at the end of the day they’re still just tools. OffDeal’s advantage lies in having a full-stack, end-to-end AI system rather than another SaaS product.

The company was founded by Ori Eldarov, a former Wall Street banker who was tired of office politics, and Alston Lin, a Meta alum. They spotted a glaring gap: SMEs were being left out of the M&A market. OffDeal was born to fill that gap with a scalable, AI-first model that could serve an underserved segment efficiently and effectively.

Tech Stack:

When you are trying to become the next goliath, you need more than just hustle, you need to have a very sophisticated and scalable tech stack that boosts productivity and accelerates revenues. OffDeal has done this by rethinking every stage of an M&A transaction with an AI first mindset.

• •Proprietary Software & Automations:

OffDeal has built a fully integrated, end-to-end system tailored specifically for SME M&A. Every repetitive and manual task from outreach to CRM tagging is automated. Their AI agents handle complex work like generating comprehensive buyer lists and producing good quality deal materials like models, teasers, Confidential Information Memorandums in a matter of hours rather than weeks.

• •Data:

OffDeal has successfully built the most extensive dataset on small businesses in the US. Their AI agents continuously scrape, ingest and analyse public data across every sub-industry. This enables them to target buyers precisely, to benchmark peers and create real time valuation insights.

This dataset also allows them to create a diverse buyer’s list through smart matching that goes beyond traditional sources. Their models look for overlaps in product service, end customer and investment activity across all companies to create a very rich and diverse buyer’s list who they then target through automated emails.

• •Deal teams:

Unlike traditional banks that often deploy large teams when working on a deal, OffDeal has a small 2 person team with one senior and one junior banker working on high value tasks right from day one.

• •Automations:

Administrative tasks like drafting and getting NDAs signed, scheduling meetings, answering buyer questions have all been automated.

OffDeal runs on an AI-first workflow, with humans in the loop to check the essential steps and managing the Ais. Instead of armies of analysts, AI does most of the heavy lifting like sourcing, analysing, and crunching numbers, while their lean team steps in where judgment and client relationship matter most. This has allowed them to rethink their org chart from the ground up, making it look very unintuitive compared to the giants.

What makes their model powerful isn’t just efficiency, it’s the balance. In a world drowning in AI-generated emails, content, and chatbots, getting a real human on the phone feels like pulling teeth, OffDeal does things differently. They keep the human touch exactly where it counts. Selling a business for a small business owner if often one of the biggest financial decisions of their life. You want a professional who understands you, who can guide you through the process, and who cares.

That’s where OffDeal shines: AI drives the data; humans build the trust. And in deal-making, that blend between tech and relationships is the real edge.

OffDeal’s efficiency and balance gets deals done in under 45 days.

Growth Story:

OffDeal’s rise has been nothing short of impressive. In just a year, the company has pulled in $17 million in funding and reached a $100 million valuation. Its Series A round, led by Radical Ventures with support from Rebel Fund, Centre Street Partners, and Y Combinator, added $12 million to fuel its growth.

What’s even more remarkable is what they’ve done with it. Over 30 deals launched with only a small team of bankers, a pace that would make even Wall Street veterans raise an eyebrow. And they’re not just limited to one sector; OffDeal’s AI engine works across industries like a chameleon.

Now, the firm has its eyes on the big leagues, they are targeting $100 million in revenue by 2027, with a plan to run 100+ deals a year. The kicker? Their AI-driven process aims to get deals done in just 45 days, start to finish.

Fee Structure:

Unlike traditional banks, OffDeal keeps it simple: they charge a flat 5% of the enterprise value, payable only once the sale is complete. At first glance, this sounds more expensive than what a big bank would charge for large deals, but for smaller transaction it actually more cost effective than what that same bank would charge. OffDeal has carved out a sweet spot, right in the middle. There are no other hidden charges lurking in the fine print like first class tickets or Michelin star lunches attached to final invoice. And clients are more than happy to pay because OffDeal has made it worth every cent by driving up the final sale price and delivering real, measurable value.

Full-Stack AI Comp: What It Means for Investment Banking and Beyond:

One interesting trend that I have seen is that historically most SaaS companies have sold their products to incumbents, which has limited their ability to capture the full value of their creation. In contrast, disrupters that have built full stack, end to end systems like Palantir, Tesla have retained more of their value.

Executing a full stack model is challenging, but if done right, it can generate enormous value for all stakeholders. OffDeal is an early example of this approach, it is the first full stack AI financial service firm. As similar models emerge across other professional services like law, accounting, and consulting, it will be fascinating to watch how AI reshapes the business world.