Where technological moats don't exist you can build a moat of...

Where technological moats don't exist you can build a moat of scale (e.g. Amazon, Uber).
All CV1 needs is to be the fastest growing for a while and make sure they keep the execution tight, with the best software, APIs etc. and they will get there.
Exit might be a buyout from SEEK or similar aligned business, or Veda or another credit profile company looking for growth. CV1 don't have to tick all the boxes as a multi-decade business, they just have to capture the top slot for various checks.

If they can be sharp, tight operators, getting good growth cheap, they will be the winners.
I would suggest targeting the corporate market, rather than consumers. Once the HR department have a supplier set up on the system to get a check, there is no reason to change to save just $1 a search. Capture that growing market.

My day job involves contracts for government, and in the last 6 months, a police check has become a requirement for everyone involved, compared to not a requirement at all, except for sensitive sites, a year or two ago. There is big growth happening in this market, and a response in an hour, versus even next day or a week is in line with what business require.
If I need a contractor on site to fix an issue, and my government contract says they need to have a police check, guess who I choose to do the check - the next day guys or the 1 hour guys!