-58%

est. 2Y upside i

FinTechSeries B

Payments infrastructure for government benefits

Rank

#1187

Sector

Fintech

Est. Liquidity

~3Y

Data Quality

Data: Medium

Forage operates in a large and growing niche, benefiting from a strong regulatory moat as one of only three USDA-approved online SNAP EBT processors.

Last updated: March 10, 2026

Bull (20%)+300%

Forage leverages its unique USDA certification and strategic partnerships with major players like Adyen and CVS to rapidly expand its market penetration in the online SNAP EBT space. The company captures a significant share of the growing $200B TAM, leading to a 4x valuation to $400M by 2028, and a substantial return for common shareholders after preferred shares are paid out.

Base (40%)+116%

Forage continues its steady growth, maintaining its position as a key player in online SNAP EBT processing by securing new partnerships and expanding with existing customers like Uber Eats and DoorDash. The company's valuation grows to $150M by 2028, providing a moderate but meaningful return for common shareholders after accounting for liquidation preferences.

Bear (40%)-70%

Dominant incumbents like Fiserv and Worldpay, along with potential entry from Stripe, aggressively compete in the online SNAP EBT market, commoditizing services or outcompeting Forage on scale and pricing. This leads to slower-than-expected growth and a valuation decline to $70M by 2028, resulting in a significant loss for common shareholders due to the substantial liquidation preferences.

Est. time to liquidity~3.0 years

Preference Stack Risk

severe

Funding Intensity

57%

Investors hold $57M in liquidation preferences. In an exit at the current $100M valuation, common shareholders would receive $43M. If the exit valuation is below $57M, common shareholders would receive nothing.

Dilution Risk

high

As a Series B company with a high funding intensity, Forage will likely require additional funding rounds, which could lead to further dilution for existing common shareholders.

Secondary Liquidity

none

There is no indication of active secondary markets or tender offers for Forage's equity at this stage.

Other — 2 roles

View all 2 open roles at Forage →

Last updated: March 10, 2026

Questions to Ask at the Interview

Strategic questions based on Forage's data — designed to show you've done your homework.

  • 1

    “Given that Fiserv and Worldpay are the other two USDA-approved processors, how does Forage differentiate its offering and competitive strategy to win and retain market share against such large incumbents?”

  • 2

    “With a TAM of $200B, what are Forage's key strategies for expanding beyond its current customer base and potentially into other government benefit programs to drive significant revenue growth over the next 2-3 years?”

  • 3

    “Considering the Series B funding and the current valuation, what is the company's anticipated timeline and strategy for a liquidity event, and how is the leadership team thinking about managing the preference stack to ensure meaningful returns for common shareholders?”

Community

Valuation Sentiment

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.