RevenueCat secures $50M to expand subscription infrastructure as AI and web payments reshape app economy

Subscription platform RevenueCat has raised $50 million in a Series C funding round to expand its services beyond mobile app monetization, as demand accelerates for flexible billing solutions across app categories, including artificial intelligence and mobile gaming.

The round, led by Bain Capital Ventures with participation from existing investors such as Index Ventures, Y Combinator, Adjacent, Volo Ventures, and SaaStr Fund, pushes the San Francisco-based company’s total funding to $100 million and places its post-money valuation at $500 million.

RevenueCat currently powers subscription infrastructure in more than 70,000 mobile applications. One-third of new subscription apps now integrate the company’s tools at launch. The company is increasingly supporting apps outside traditional mobile categories, including AI platforms like OpenAI’s ChatGPT, which it helped bring to mobile after its 2022 debut.

CEO Jacob Eiting noted that around 20% of the platform’s top 20 clients are AI-based apps — many of which benefit from higher price points and stronger user conversion rates. He also pointed to the broader implications of generative AI in app development, citing how tools that support non-developers in building and shipping apps could redefine who participates in the mobile economy.

As part of its strategy, RevenueCat plans to invest the new funding in product development, hiring, and potential acquisitions. The company is particularly focused on expanding into the mobile gaming sector by building new features like a virtual currency tool, aiming to replicate its dominance in non-gaming verticals.

Beyond traditional in-app subscriptions, the company is also preparing for a shift toward web-based payments following legal changes triggered by the Apple-Epic antitrust case. The ruling now permits U.S. developers to direct users to external payment systems, a significant policy shift in the app ecosystem. RevenueCat had already launched a beta version of its web billing engine ahead of the court decision and is now refining the product with early testers — more than 2,000 developers have adopted the tool so far.

The company is not only offering infrastructure for this transition but also testing whether switching from Apple’s in-app billing makes financial sense for developers. By experimenting within a consumer app it owns — Dipsea, an audio storytelling platform — RevenueCat is collecting data on revenue outcomes under various billing strategies. These insights could inform future discussions around Apple’s commission rates, fraud risk, and chargeback management.

Looking ahead, RevenueCat intends to address other pain points for developers, such as customer acquisition and cash flow management. Inspired by the evolution of e-commerce platforms like Shopify, the company envisions a broader ecosystem of tools that support app businesses at multiple stages of growth.