RevenueCat

Jacob Eiting and Miguel Carranza previously worked together at the brain training app Elevate, where Eiting was CTO and Carranza was director of engineering. After the app converted to a subscription model, it was selected as Apple’s app of the year for 2014, and while scaling its subscription business the two found that running a business on Apple’s subscription system was far more difficult than expected.⁠[1][2][2]

In August 2017, the two drew out the architecture for a service to manage subscriptions and in-app purchases in Carranza’s apartment; Eiting built the SDKs and Carranza built the backend. A few months later the product launched via a Reddit post, and it took two more months before the first app adopted it.⁠[3][3][3]

RevenueCat took part in Y Combinator’s Summer 2018 batch with an API that lets developers support in-app subscriptions on iOS and Android and brings subscription data from all platforms together in one place. When the program ended in August 2018, about 40 apps were using it, and the company raised a $1.5 million seed round at Demo Day; by the end of 2018, the number of apps had grown to 157 and monthly revenue had passed $10,000.⁠[2][1][1][3][3]

After the COVID-19 pandemic broke out in 2020, RevenueCat’s sign-ups tripled within a month, at one point overwhelming its support team and servers. On August 11 of that year, the company announced a $15 million Series A led by Index Ventures, with the round led by Mark Fiorentino of Index Ventures. Eiting said the company had no intention of selling or winding down the business when growth slowed.⁠[3][3][3][4][3]

On May 27, 2021, RevenueCat announced a $40 million Series B at a post-money valuation of $300 million, led by Y Combinator’s Continuity Fund with participation from Index Ventures, SaaStr, Oakhouse, Adjacent, FundersClub, and others; YC Continuity Partner Anu Hariharan joined the board. At the time, the platform had more than 6,000 apps and over $1 billion in tracked subscription revenue, and the team numbered about 30.⁠[5][5][5][5][6]

The company also dropped its previous base fees of $120 or $499 per month in favor of charging a percentage of app revenue: apps with up to $10,000 in monthly tracked revenue could use the service for free, and above that it charged $8 or $12 per $1,000 of revenue.⁠[5][5][5][5]

On April 25, 2024, RevenueCat announced a $12 million Series C led by Adjacent, with participation from Y Combinator, Index Ventures, Volo Ventures, and SaaStr Fund, bringing its total funding to more than $68 million. The company also launched RevenueCat Billing, which lets web apps integrate subscription payments, and planned to expand into Japan and South Korea. At the time, it powered subscriptions for more than 30,000 apps and handled over $2 billion in subscriptions annually; it was not yet profitable, with annual recurring revenue of around $20 million.⁠[7][7][7][7][7][7][7][7]

On September 30, 2024, RevenueCat announced the acquisition of the audio story subscription app Dipsea, using it as a platform for testing new features and monetization strategies and planning to share its performance data publicly. Dipsea’s seven-person team continued to operate independently as a subsidiary, and its co-founder and CEO, Faye Keegan, joined RevenueCat’s leadership team.⁠[8][8][8][8][8][8]

On May 22, 2025, Bain Capital Ventures (BCV) announced that it was leading RevenueCat’s $50 million round, which BCV called a Series C-2, alongside Index Ventures, Y Combinator, Adjacent, Volo Ventures, and SaaStr Fund. Eiting called it the “real” Series C, to distinguish it from the previous year’s mini Series C. The round was led by Mark Fiorentino of BCV, who had been RevenueCat’s longest-serving outside board member before moving to Bain Capital Ventures in 2024. The round extended the $12 million Series C of 2024, bringing total funding to $100 million, at a post-money valuation of $500 million.⁠[9][4][4][10][10]

At the time, RevenueCat powered subscriptions for more than 70,000 mobile apps, with customers including OpenAI’s ChatGPT app. Eiting said the company would move from a “simple API for managing in-app subscriptions” to a broader app business platform, planning to support monetization models such as virtual currency, consumable purchases, and ads, and to help developers deal with cash flow, taxes, and fraud; the company also planned to move into customer acquisition and lending money to apps. Eiting compared this direction to Shopify’s expansion from an online store tool into a comprehensive e-commerce platform.⁠[10][10][4][4][4][10][10][10]

At its core, RevenueCat is a purchase backend spanning StoreKit, Google Play, smart TVs, and the web that handles receipt validation and adapts to platform changes, along with tools including a paywall editor, A/B testing, paywalls and pricing targeted by audience segment, charts and analytics, and automated refund handling. As of October 2026, its official website listed more than 151,000 apps supported, more than 5 billion API requests handled daily, and more than $17 billion in revenue processed; on its Y Combinator company page, the company listed a team size of 160 and its location as San Francisco.⁠[11][11][11][11][11][11][11][11][2][2]

RevenueCat: Official website: https://www.revenuecat.com/ (opens in a new window).⁠[11]

X: Public account: https://x.com/revenuecat (opens in a new window)⁠[11]