RevenueCat, a company that’s become essential infrastructure for mobile subscriptions, is gearing up for its next act. With over 70,000 apps using its platform—accounting for one in every three new subscription-based mobile apps—RevenueCat is evolving beyond billing and into a broader mobile development toolkit. To fund this expansion, the company has raised $50 million in a Series C round led by Bain Capital Ventures, bringing its total funding to $100 million and its post-money valuation to $500 million.
CEO Jacob Eiting, calling this valuation “half a corn” (a nod to unicorn status), says the company now has the resources to build toward becoming a public-scale business. Its goal: to solve a wider set of challenges mobile developers face, just as Shopify expanded from simple storefronts to powering the broader e-commerce stack.
From Billing Backbone to Full-Stack Mobile Toolkit
Initially built to simplify subscription management and reduce code complexity, RevenueCat is now targeting pain points like customer acquisition—especially critical after Apple’s ATT rollout limited ad tracking—and even financial support for apps through lending services.
A core area of growth is web-based billing. Following the Apple-Epic antitrust ruling that allows developers to link to external payments, RevenueCat’s web billing engine—currently in beta with over 2,000 integrations—is seeing increased adoption. The company is competing with Stripe and Chargebee but positions itself as the mobile-native alternative.
What sets RevenueCat apart is its ability to not just offer tools, but also help developers decide when and how to adopt them. Using its own consumer app, Dipsea (a spicy audiobooks app acquired in 2024), RevenueCat runs real-world tests to determine the pros and cons of switching from Apple’s IAP to third-party billing. For smaller developers still paying Apple’s 15% commission, the risks of chargebacks and fraud might outweigh the savings.
That data-driven approach may also influence Apple, by helping quantify the actual value of in-app purchases and commissions. With new features like a drag-and-drop paywall editor and support for virtual currencies, RevenueCat is making it easier than ever for developers to monetize effectively—whether through the App Store or their own payment paths.
AI-Coded Apps and the Future of Development
Eiting also sees the rise of “vibe-coded” apps—those built with minimal human programming effort, often using AI—as a key driver of future growth. He describes a moment where a student with no coding experience shipped a working app in under two months thanks to AI tools. It’s a seismic shift in who gets to build and publish apps—and RevenueCat is positioning itself as the payment backbone for this new wave of developers.
To keep pace, the company plans to invest the new capital into hiring, product development, and potential acquisitions. “We’ve gotten good at targeting engineering and product teams for focused builds,” Eiting notes, hinting at an ambitious roadmap ahead.
