+44%

est. 2Y upside i

FinTechSeries B

Payments infrastructure for government benefits

Rank

#1903

Sector

Fintech

Est. Liquidity

~5Y

Data Quality

Data: Low

Forage occupies a genuinely defensible regulatory niche with strong enterprise logos, but the equity proposition for a 2-year horizon is constrained: the $105M valuation at $6.9M revenue (15x) is already demanding, the flagged M&A signal must be clarified before signing anything, and the $25M preference stack means employees need the company to reach at least $130M in exit value before common equity participates.

Last updated: May 14, 2026

Bull (22%)+180%

Adyen partnership and Shopify/DoorDash distribution drive SNAP transaction volume to $20–25M in revenue by 2027, pushing valuation toward $300M at a 12–15x revenue multiple. After clearing the $25M liquidation preference, common equity holders capture approximately 180% upside from today's $105M entry point.

Base (50%)+40%

Organic merchant expansion drives revenue to $12–14M over two years, but fintech multiple compression holds valuation growth to roughly $145M at 10–12x revenue. Common equity sees a modest 40% gain above the $25M preferred waterfall, though this likely remains unrealized within the 2-year window.

Bear (28%)-55%

Growth stalls below $10M revenue amid competitive entry from Stripe or Fiserv, regulatory friction, or confirmation of the flagged M&A event collapsing the independent equity structure. At a $60–70M exit valuation, the $25M liquidation preference leaves common with $35–45M — roughly a 55% loss relative to the current $105M valuation.

Est. time to liquidity~5.0 years

Preference Stack Risk

high

Funding Intensity

24%

Total funding of $25M against a $105.26M post-money valuation produces a 23.8% preference overhang — Series B investors reclaim the first $25M of any exit or liquidation before common equity holders receive a single dollar.

Dilution Risk

moderate

At 71 employees and $6.9M in revenue, Forage will almost certainly require at least one Series C or growth round before a liquidity event, implying 15–25% incremental dilution to new hire grants.

Secondary Liquidity

none

No evidence of tender offers, secondary transactions, or institutional secondary market activity for a 71-person Series B fintech; equity should be treated as fully illiquid for at least 4 years.

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

    “The Adyen partnership launched in January 2026 — what has been the measured impact on new merchant onboarding and annualized transaction volume, and how does that feed into your 2026 ARR guidance?”

  • 2

    “With a 2.9% + $0.30 per-transaction model and 45% gross margins, what is the blended take rate on SNAP EBT transactions today, and how do unit economics evolve as you move upmarket into larger grocery chains with negotiated pricing?”

  • 3

    “The pre-employment data we reviewed flagged a potential acquisition by EAB Global in April 2024 — can you walk me through the current cap table structure, confirm the company's independent operating status, and clarify whether any change-of-control or double-trigger acceleration provisions apply to new hire equity grants?”

Community

Valuation Sentiment

Our model estimates +44% upside. What do you think?

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