According to their "shopping network" they have 249 merchants in their network. Note that this is their "shopping" page, so it doesn't make sense for them to hi

According to their "shopping network" they have 249 merchants in their network. Note that this is their "shopping" page, so it doesn't make sense for them to hide customers. Their ARR is reportedly $40M. This gives a ARR multipe of.... 275x. Which is ridiculous. And, as you mentioned too, they're not a payment processor. They're a hosted UI. It would be interesting if the cost of processing fees is accounted for in the reported ARR numbers.