RevenueCat, a leading subscription management platform for apps that monetize through in-app purchases, has secured a new round of funding as it expands its services to the web. The company recently closed a $12 million Series C led by Adjacent, following the launch of its new product, RevenueCat Billing, which enables web app developers to integrate subscription purchases into any website and will soon support Roku.
The timing of RevenueCat’s product launch coincides with the implementation of the E.U.’s Digital Markets Act (DMA) regulation, which is compelling Apple to open up the iPhone and the App Store to more competition. In response to these changes, more developers are turning to the web to monetize their apps, especially with Apple’s decision not to reduce its commission rates.
RevenueCat CEO Jacob Eiting notes that the new web billing product is designed to comply with the DMA rules and will offer a significant expansion for the company. This move was driven by the growing interest from developers who wanted to shift their customers to the web for payments, even if they didn’t have a web app previously.
With RevenueCat Billing, developers can seamlessly accept subscription payments from any website, providing them with a more streamlined and unified revenue management solution compared to existing options like Stripe. This new product offering joins a suite of tools aimed at helping developers enhance their revenue streams, with RevenueCat already powering subscriptions in over 30,000 apps and managing billions of dollars in subscriptions annually.
The latest Series C round led by Adjacent brings RevenueCat’s total funding to over $68 million and will support the company’s expansion into new markets like Japan and South Korea. The funding will also fuel the development of new products and features to further aid developers in maximizing their app monetization strategies.
While RevenueCat is not yet profitable, Eiting remains optimistic about the company’s future prospects and commitment to long-term profitability. With a strong financial position and a focus on customer value and investor returns, RevenueCat aims to continue driving growth and eventually pursue a public offering in the coming decade.
