Christian Owens

I think also this space is so large.

There are a dozen companies directly playing in it and probably several dozen, if not hundreds, playing indirectly in it.

If you think of all the payment providers and the service providers and people like that who also play in this space, the TAM is huge.

Yeah.

I'd say it's probably reasonably distributed.

It obviously depends substantially on stage.

So by number, it's probably people building things themselves.

Maybe they've cobbled something together from a handful of different parts.

They're probably not using a billing system like Zora or anything like that.

They've kind of got started with something.

They've scaled to 50K in MRR.

It's gone from being a side project to a real business.

And then they need the infrastructure in order to kind of help them scale.

And they don't necessarily want to throw people at that.

They want someone to do it for them.

So by number, it's probably those.

By scale of company, I think it's a similar story, but...

but there tends to be probably multiple systems, especially in these larger companies.

We rarely see a company exclusively using one thing.

They're often using different things for different markets and different territories.