Caulis Inc.
153A・Growth Market・Information & Communication
Business
Caulis Inc. operates under the mission of "co-creating information infrastructure to make the world a better place," and has provided the cloud-based fraud detection service "Fraud Alert" for corporate clients since 2016 as a dedicated SaaS company. Its main customers are financial institutions such as banks, securities companies, and credit card companies, with transactions with 48 companies (as of end-December 2025), including 25 megabanks and regional banks and 9 securities companies. The company monitors approximately 600 million logins per month, detecting approximately 3.64% as suspected fraud. In September 2025, it launched a new KYC service, "Grid Data KYC," in partnership with 10 electricity transmission and distribution companies nationwide, aiming to diversify its revenue sources. The company listed on the Tokyo Stock Exchange Growth Market in March 2024.
Business Model
Main revenue is subscription-type (recurring) with contract amounts determined based on end-user impressions and unique user counts. ARPU grows organically through upselling driven by traffic increases, with ARPU as of end-December 2025 at ¥2,498 thousand (+11.2% year-on-year). In addition, this is combined with flow-type revenue from monitoring operation support consulting (average price from ¥500 thousand). The direct sales model, which does not go through agencies, keeps the variable cost ratio low, and the monthly gross revenue churn rate remains at a low level of 0.6%.
Company Strengths
Adopts a third-party provision business model in which a blacklist (suspicious-person database) is shared among customers. It has a network externality whereby detection rates improve as fraudulent-user information accumulates and is shared as the customer base grows. Frozen account information received from the Metropolitan Police Department and prefectural police departments is also registered in the database, and the company boasts a monitoring track record of approximately 600 million transactions per month.
Conducts direct business with 25 banks including megabanks, online banks, and regional banks, as well as 9 securities companies including major securities firms. Because financial institutions face extreme difficulty replacing such services within their internal operations, the average monthly gross revenue churn rate over the most recent 12 months has remained low at 0.6%. ARR (annual recurring revenue) grew steadily to ¥1,439,312 thousand as of the end of December 2025 (up 13.6% year on year).
In 2019, the company obtained the first-ever regulatory sandbox certification in the field of financial and electric power data utilization. In April 2024, its legality was confirmed through the Gray Zone Elimination System, and it entered into a business partnership (concluded September 2025, through September 2030) with 10 power transmission and distribution operators nationwide, releasing "Grid Data KYC." Government relations with the Financial Services Agency, the National Police Agency, the Personal Information Protection Commission, and other authorities form a barrier to entry.
ENVALITH's Perspective
Performance Trend
Revenue expanded steadily from ¥995 million in FY2023 to ¥1,225 million in FY2024 and ¥1,401 million in FY2025, with growth accelerating in 1Q FY2026 (December fiscal year-end) to ¥401 million (up 22.4% year on year, cumulative). Operating profit peaked at ¥413 million in FY2024, declined slightly to ¥408 million in FY2025, but in 1Q FY2026 reached ¥130 million (up 33.9% year on year), with profit growth outpacing revenue growth. As an external factor, with losses from special fraud and SNS-based investment fraud reaching approximately ¥334.34 billion in 2025, demand is being boosted by financial institutions' need to enhance fraud detection and strengthen KYC. In addition, cost reductions from the earlier-than-planned completion of infrastructure rebuilding development pushed up 1Q profit. Selling, general and administrative expenses were contained at a year-on-year change of ¥102,056 thousand (down 2.8%), and both gross margin and operating margin improved.
Growth Strategy
A two-pronged growth strategy combining deeper penetration of Fraud Alert with full-scale expansion of Grid Data KYC
Promoting traffic-growth-linked upsell to existing customers such as securities firms. As of the end of 1Q FY2026 (ending December 2026), ARPU reached ¥2,691 thousand, up 24.3% year-on-year, while MRR expanded to ¥129,170 thousand (up 24.3% year-on-year). Expanding use cases for transaction monitoring is driving progress in deal negotiations.
A KYC service leveraging electricity contract information in collaboration with 10 power transmission and distribution operators nationwide. In 1Q FY2026 (ending December 2026), a PoC was newly initiated with one additional company, and discussions toward PoC implementation are ongoing with other companies. Full commercialization is expected to serve as a mid- to long-term growth driver through diversification of revenue sources.
In March 2026, a sales and recruitment office was newly established in Fukuoka Prefecture with the aim of building a support structure capable of quickly serving regional financial institutions in the Kyushu, Chugoku, and Shikoku areas. The company aims to achieve net growth in the number of contracted companies by acquiring new customers such as regional banks and credit unions (shinkin banks). At present, recruitment and sales activities are progressing.
Infrastructure rebuilding development aimed at reducing server costs was completed in March 2026, ahead of the original schedule. The policy is to reinvest the reduced costs into development for improving fraud detection rates and enhancing quality. This has contributed to the improvement in the 1Q operating margin to 32.4%, and is expected to strengthen the service's competitiveness over the medium to long term.
Last updated: July 17, 2026