0000950170-22-004937 | 10-K | XBRL Viewer

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Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 385,360	$ 104,052
Restricted cash	4,000	5,000
Accounts receivable, net of allowance for doubtful accounts of $106 and $481, respectively	12,968	11,573
Unbilled receivables	3,340	1,698
Funds receivable from payment partners	28,286	22,481
Prepaid expenses and other current assets	9,834	3,754
Total current assets	443,788	148,558
Property and equipment, net	9,442	5,101
Intangible assets, net	93,598	68,211
Goodwill	85,841	44,650
Other assets	7,176	4,922
Total assets	639,845	271,442
Current liabilities:
Accounts payable	10,242	5,436
Funds payable to clients	71,302	59,986
Accrued expenses and other current liabilities	22,726	14,991
Deferred revenue	5,488	1,227
Contingent consideration	7,719	6,740
Total current liabilities	117,477	88,380
Deferred tax liabilities	8,401	481
Contingent consideration, net of current portion	3,590	5,760
Preferred stock warrant liability	0	1,932
Long-term debt	25,939	24,352
Other liabilities	2,237	2,129
Total liabilities	157,644	123,034
Commitments and contingencies (Note 16)
Convertible preferred stock (Series A, B, B1, B1-NV, C and D), $0.0001 par value; 0 and 62,915,394 shares authorized at December 31, 2021 and 2020, respectively; 0 and 54,208,461 shares issued and outstanding at December 31, 2021 and 2020, respectively; liquidation preference of $0 and $110,716 at December 31, 2021 and 2020, respectively		230,170
Redeemable convertible preferred stock (Series E-1, E-2, F1 and F-2), $0.0001 par value; 0 and 16,023,132 shares authorized at December 31, 2021 and 2020, respectively.		230,170
Stockholders equity (deficit):
Preferred stock, $0.0001 par value; 10,000,000 and 0 shares authorized as of December 31, 2021 and 2020, respectively; and none issued and outstanding as of December 31, 2021 and 2020, respectively	0	0
Voting common stock, $0.0001 par value; 2,000,000,000 and 146,898,270 shares authorized as of December 31, 2021 and 2020, respectively; 10,780,101 shares issued and 100,462,379 shares outstanding as of December 31, 2021; 22,240,872 shares issued and 19,923,150 shares outstanding as of December 31, 2020	10	2
Non-voting common stock, $0.0001 par value; 10,000,000 and 0 shares authorized as of December 31, 2021 and 2020, respectively; 5,988,378 and 0 issued and outstanding as of December 31, 2021 and 2020, respectively	1	0
Treasury stock, 2,317,722 shares as of December 31, 2021 and 2020, held at cost	(748)	(748)
Additional paid-in capital	609,194	16,970
Accumulated other comprehensive loss	(399)	(214)
Accumulated deficit	(125,857)	(97,772)
Total stockholders’ equity (deficit)	482,201	(81,762)
Liabilities and Equity, Total	639,845	271,442
Total liabilities	157,644	123,034
Total stockholders’ equity (deficit)	482,201	(81,762)
Convertible Preferred Stock [Member]
Current liabilities:
Convertible preferred stock (Series A, B, B1, B1-NV, C and D), $0.0001 par value; 0 and 62,915,394 shares authorized at December 31, 2021 and 2020, respectively; 0 and 54,208,461 shares issued and outstanding at December 31, 2021 and 2020, respectively; liquidation preference of $0 and $110,716 at December 31, 2021 and 2020, respectively	0	110,401
Redeemable convertible preferred stock (Series E-1, E-2, F1 and F-2), $0.0001 par value; 0 and 16,023,132 shares authorized at December 31, 2021 and 2020, respectively.	0	110,401
Redeemable Convertible Preferred Stock [Member]
Current liabilities:
Convertible preferred stock (Series A, B, B1, B1-NV, C and D), $0.0001 par value; 0 and 62,915,394 shares authorized at December 31, 2021 and 2020, respectively; 0 and 54,208,461 shares issued and outstanding at December 31, 2021 and 2020, respectively; liquidation preference of $0 and $110,716 at December 31, 2021 and 2020, respectively	0	119,769
Redeemable convertible preferred stock (Series E-1, E-2, F1 and F-2), $0.0001 par value; 0 and 16,023,132 shares authorized at December 31, 2021 and 2020, respectively.	$ 0	$ 119,769

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounts Receivable, Allowance for Credit Loss, Current	$ 106	$ 481
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	10,000,000	0
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	2,000,000,000	146,898,270
Common Stock, Shares, Issued	102,771,899	22,240,872
Common Stock, Shares, Outstanding	100,454,177	19,923,150
Common Stock Par Or Stated Value Per Share Non Voting Right	$ 0.0001
Common Stock Shares Authorized Non Voting Right	10,000,000
Treasury Stock, Shares	2,317,722	2,317,722
Convertible Preferred Stock [Member]
Common stock Equity, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Temporary Equity, Shares Authorized	0	62,915,394
Number of Preferred Shares Issuable under Warrant	0	54,208,461
Temporary Equity, Shares Outstanding	0	54,208,461
Temporary Equity, Liquidation Preference	$ 0	$ 110,716
Redeemable Convertible Preferred Stock [Member]
Common stock Equity, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Temporary Equity, Shares Authorized	0	16,023,132
Number of Preferred Shares Issuable under Warrant	0	11,239,920
Temporary Equity, Liquidation Preference	$ 0	$ 150,000
Nonvoting Common Stock
Common Stock Par Or Stated Value Per Share Non Voting Right	$ 0.0001	$ 0.0001
Common Stock Shares Authorized Non Voting Right	10,000,000	0
Common Stock Shares Issued Non Voting Right	5,988,378	0
Common Stock Shares Outstanding Non Voting Right	5,988,378	0

Consolidated Statements of Operations And Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Revenue	$ 201,149	$ 131,783	$ 94,918
Costs and operating expenses:
Payment processing services costs	70,191	47,805	36,726
Technology and development	31,295	24,501	15,008
Selling and marketing	51,297	32,612	26,606
General and administrative	61,623	42,680	34,035
Total costs and operating expenses	214,406	147,598	112,375
Loss from operations	(13,257)	(15,815)	(17,457)
Other income (expense):
Interest expense	(2,021)	(2,533)	(2,459)
Change in fair value of preferred stock warrant liability	(10,758)	(625)	(127)
Other income (expense), net	109	697	477
Total other expenses, net	(12,670)	(2,461)	(2,109)
Loss before provision for (benefit from) income taxes	(25,927)	(18,276)	(19,566)
Provision for (benefit from) income taxes	2,158	(7,169)	550
Net Loss	(28,085)	(11,107)	(20,116)
Foreign currency translation adjustment	(185)	(316)	66
Comprehensive loss	(28,270)	(11,423)	(20,050)
Net loss attributable to common stockholders - basic and diluted	$ (28,098)	$ (11,121)	$ (20,116)
Net loss per share attributable to common stockholders - basic and diluted	$ (0.39)	$ (0.60)	$ (1.25)
Weighted average common shares outstanding—basic and diluted	71,168,054	18,389,898	16,067,088

Consolidated Statements of Convertible Preferred Stock, Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Convertible Preferred Stock [Member]	Redeemable Convertible Preferred Stock [Member]	Nonvoting Common Stock	Preferred Stock [Member] Convertible Preferred Stock [Member]	Preferred Stock [Member] Redeemable Convertible Preferred Stock [Member]	Common Stock [Member]	Common Stock [Member] Nonvoting Common Stock	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member]
Balance at Dec. 31, 2018	$ (58,335)				$ 110,401		$ 1		$ (453)	$ 8,630	$ 36	$ (66,549)
Balance,Shares at Dec. 31, 2018		54,208,461					19,788,243		(2,227,722)
Issuance of common stock upon exercise of stock options, net of shares withheld	453						$ 1			452
Issuance of common stock upon exercise of stock options, net of shares withheld, Shares							705,903
Accretion of redeemable convertible preferred stock	0
Foreign currency translation adjustment	66										66
Stock-based compensation expense	2,949									2,949
Repurchase of common stock	$ (295)								$ (295)
Repurchase of common stock, Shares	(90,000)								(90,000)
Net loss	$ (20,116)											(20,116)
Balance at Dec. 31, 2019	(75,278)				110,401		$ 2		$ (748)	12,031	102	(86,665)
Balance,Shares at Dec. 31, 2019		54,208,461					20,494,146		(2,317,722)
Issuance of common stock upon exercise of stock options, net of shares withheld	773									773
Issuance of common stock upon exercise of stock options, net of shares withheld, Shares							1,852,695
Issuance of convertible preferred stock upon net exercise of warrants, shares			11,239,920
Issuance of convertible preferred stock upon net exercise of warrants			$ 119,755
Accretion of redeemable convertible preferred stock	(14)		$ 14							(14)
Foreign currency translation adjustment	(316)										(316)
Stock-based compensation expense	3,844									3,844
Issuance of common stock warrants	336									336
Forfeiture of unvested restricted stock awards							(105,969)
Net loss	(11,107)											(11,107)
Balance at Dec. 31, 2020	(81,762)				$ 110,401	$ 119,769	$ 2		$ (748)	16,970	(214)	(97,772)
Balance,Shares at Dec. 31, 2020		54,208,461	11,239,920				22,240,872		(2,317,722)
Issuance of common stock upon exercise of stock options, net of shares withheld	$ 6,583						$ 1			6,582
Issuance of common stock upon exercise of stock options, net of shares withheld, Shares	5,910,974						5,893,600
Issuance of convertible preferred stock upon net exercise of warrants, shares	182,467	182,467	2,571,936
Issuance of convertible preferred stock upon net exercise of warrants		$ 6,417	$ 59,735
Exercise of common stock warrants	$ 294									294
Exercise of common stock warrants, shares							417,021
Accretion of redeemable convertible preferred stock	(13)		$ 13							(13)
Foreign currency translation adjustment	(185)										(185)
Stock-based compensation expense	18,928									18,928
Issuance of common stock in connection with IPO, net of underwriting discounts and commissions	268,694						$ 1			268,693
Issuance of common stock in connection with IPO, net of underwriting discounts and commissions, Shares							12,006,000
Costs incurred in connection with initial public offering	(4,860)									(4,860)
Conversion of convertible preferred stock upon initial public offering, Shares		(54,390,928)					54,390,928
Conversion of redeemable convertible preferred stock upon IPO, value	116,818	$ (116,818)					$ 5			116,813
Conversion of redeemable convertible preferred stock upon IPO, Shares			(13,811,856)	5,988,378			7,823,478
Conversion of redeemable convertible preferred stock upon initial public offering	179,517		$ (179,517)	$ 1			$ 1			179,515
Reclassification of warrant liability to additional paid-in capital upon initial public offering	6,272									6,272
Net loss	(28,085)											(28,085)
Balance at Dec. 31, 2021	$ 482,201						$ 10	$ 1	$ (748)	$ 609,194	$ (399)	$ (125,857)
Balance,Shares at Dec. 31, 2021				5,988,378			102,771,899		(2,317,722)

Condensed Consolidated Statements of Convertible Preferred Stock, Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Series E Redeemable Convertible Preferred Stock [Member]
Issuance Costs		$ 245
Series F1 Redeemable Convertible Preferred Stock
Issuance Costs	$ 265

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net loss	$ (28,085)	$ (11,107)	$ (20,116)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	8,998	6,794	3,730
Stock-based compensation expense	18,928	3,844	2,949
Amortization of deferred contract costs	245	414
Change in fair value of preferred stock warrant liability	10,758	625	127
Change in fair value of contingent consideration	2,263	5,400	660
Deferred tax provision	146	(8,535)	(11)
Bad debt expense	165	237	253
Non-cash interest expense	252	227	308
Changes in operating assets and liabilities, net of acquisition:
Accounts receivable	(587)	(1,555)	(431)
Unbilled receivables	(1,642)	(401)	(1,055)
Funds receivable from payment partners	(5,805)	(6,033)	1,223
Prepaid expenses and other current assets	(7,854)	(3,840)	(410)
Funds payable to clients	11,316	(5,279)	13,314
Accounts payable, accrued expenses and other current liabilities	11,230	5,669	2,250
Contingent consideration	(3,212)	(693)	0
Other liabilities	174	83	444
Deferred revenue	(159)	(73)	838
Net cash provided by (used) in operating activities	17,131	(14,223)	4,073
Cash flows from investing activities:
Purchases of property and equipment	(6,684)	(2,141)	(3,748)
Acquisitions of businesses, net of cash acquired	(56,111)	(79,401)	0
Asset acquisition, net of cash acquired	(119)	0	0
Net cash used in investing activities	(62,914)	(81,542)	(3,748)
Cash flows from financing activities:
Proceeds from initial public offering, net of underwriting discounts and commissions	268,694	0	0
Payment of costs related to initial public offering	(4,860)	0	0
Proceeds from issuance of long-term debt	25,939	4,167	10,000
Payment of long-term debt issuance costs	(418)	(172)	0
Repayment of long-term debt	(25,000)	(4,167)	0
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs	59,735	119,755	0
Repurchase of common stock	0	0	(295)
Proceeds from exercise of warrants	294	0	0
Contingent consideration paid for acquisitions	(3,800)	(1,307)	(12,423)
Deferred consideration paid for acquisitions	0	0	1,650
Proceeds from exercise of stock options, net of shares withheld for employee taxes and costs to exercise	6,928	773	453
Net cash provided by (used in) financing activities	327,512	119,049	(3,915)
Effect of exchange rates changes on cash and cash equivalents	(1,421)	(259)	15
Net increase (decrease) in cash, cash equivalents and restricted cash	280,308	23,025	(3,575)
Cash, cash equivalents and restricted cash, beginning of year	109,052	86,027	89,602
Cash, cash equivalents and restricted cash, end of year	389,360	109,052	86,027
Supplemental Cash Flow Elements [Abstract]
Cash paid during the period for interest	(1,600)	(2,098)	(1,851)
Accretion of redeemable convertible preferred stock	(13)	(14)	0
Issuance of common stock warrants	0	336	0
Cash and cash equivalents	389,360	109,052	86,027
Cash and Cash Equivalents
Cash flows from financing activities:
Cash, cash equivalents and restricted cash, beginning of year	104,052	86,027
Cash, cash equivalents and restricted cash, end of year	385,360	104,052	86,027
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	385,360	104,052	86,027
Restricted Cash
Cash flows from financing activities:
Cash, cash equivalents and restricted cash, beginning of year	5,000	0
Cash, cash equivalents and restricted cash, end of year	4,000	5,000	0
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 4,000	$ 5,000	$ 0

Business Overview and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Business Overview and Summary of Significant Accounting Policies

Flywire Corporation (we, our, Flywire or the Company) was incorporated under the laws of the State of Delaware in July 2009 as peerTransfer Corporation. In 2016, the Company changed its name to Flywire Corporation. The Company is headquartered in Boston, Massachusetts and has a global footprint in 11 countries across 5 continents.

Flywire provides a secure global payments platform, offering its clients an innovative and streamlined process to receive reconciled domestic and international payments in a more cost effective and efficient manner. The Company’s solutions are built on three core elements: (i) a next-gen payments platform; (ii) a proprietary global payment network; and (iii) vertical-specific software backed by its deep industry expertise.

Initial Public Offering

On May 28, 2021, in connection with the Company’s initial public offering (IPO), the Company filed an amended and restated certificate of incorporation, which became effective on that date. The amended and restated certificate of incorporation authorized the issuance of 2,000,000,000 shares of voting common stock, 10,000,000 shares of non-voting common stock and 10,000,000 shares of preferred stock. Each class of stock has a par value of $0.0001 per share.

On May 28, 2021, the Company completed its IPO, in which the Company issued and sold 12,006,000 shares of voting common stock at a public offering price of $24.00 per share, which included 1,566,000 shares of voting common stock issued pursuant to the exercise in full of the underwriters' option to purchase additional shares. The Company received $263.8 million in net proceeds from the IPO, after deducting underwriting discounts and commissions of $19.4 million and other offering costs of $4.9 million.

Immediately prior to the closing of the IPO, all shares of the Company’s outstanding convertible preferred stock and redeemable convertible preferred stock, including 182,467 shares of preferred stock issued upon exercise of a warrant immediately prior to the closing of the IPO, were converted into 62,214,406 shares of voting common stock and 5,988,378 shares of non-voting common stock. Prior to the closing of the IPO, the Company had warrants to purchase 190,500 shares of its convertible preferred stock outstanding, such warrants were converted immediately prior to the closing of the IPO into warrants to purchase 190,500 shares of the Company’s voting common stock and the associated preferred stock warrant liabilities were remeasured to its fair value of $6.3 million and reclassified to additional paid-in capital.

Prior to the IPO, deferred offering costs, which consist of legal, accounting, consulting and other direct fees and costs relating to the IPO, were capitalized in other long-term assets. Upon the completion of the IPO, these costs were offset against the proceeds from the IPO and recorded as a reduction to additional paid-in capital.

Stock Split

In May 2021, the Company filed an amendment to its amended and restated certificate of incorporation to effect a 3-for-1 forward stock split of its common stock, convertible preferred stock and redeemable convertible preferred stock. In connection with the forward stock split, each issued and outstanding share of common stock, automatically and without action on the part of the holders, became three shares of common stock, each issued and outstanding share of convertible preferred stock, automatically and without action on the part of the holders, became three shares of convertible preferred stock and each issued and outstanding share of redeemable convertible preferred stock, automatically and without action on the part of the holders, became three shares of redeemable convertible preferred stock. The par value per share of common stock, convertible preferred stock and redeemable convertible preferred stock was not adjusted. All references to the convertible preferred stock, redeemable convertible preferred stock, common stock, treasury stock, options to purchase common stock, restricted stock awards, warrants to purchase convertible preferred stock, warrants to purchase common stock, per share amounts and related information contained in the consolidated financial statements have been retroactively adjusted to reflect the effect of the stock split for all periods presented.

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and have been prepared in accordance with generally accepted accounting principles in the United States (U.S. GAAP). Intercompany accounts and transactions have been eliminated upon consolidation.

Segment Information

The Company has a single operating and reportable segment. The Company’s chief operating decision maker is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance and allocating resources. See Note 2 - Revenue and Recognition for information regarding the Company's revenue by geographic area.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and the accompanying notes. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, the valuation of common stock and the preferred stock warrant liability prior to the Company's IPO, stock-based compensation, impairment assessment of goodwill, intangibles and other long-lived assets, the valuation of acquired intangible assets and their useful lives, and the valuation of contingent consideration. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, the Company evaluates its estimates as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ from those estimates or assumptions.

Impact of COVID-19

On March 11, 2020, the World Health Organization (WHO) declared the outbreak of a novel coronavirus (COVID-19) as a global pandemic. The unprecedented and rapid spread of COVID-19 as well as the shelter-in-place orders, promotion of social distancing measures, restrictions to businesses deemed non-essential, and travel restrictions implemented throughout the United States and globally significantly impacted the verticals in which the Company has been predominantly focused over the last decade, including payment volumes, sales cycles and time to implementation in those verticals. However, during this period the Company had not experienced any significant client attrition and our net dollar-based retention rate remained strong.

In response to the COVID-19 pandemic, the Company executed a reduction in force in May of 2020, cut corporate bonus programs, eliminated corporate travel and reduced professional service and other fees. Further, the Company implemented remote working capabilities and measures focused on the safety of employees. For the year ended December 31, 2021, the Company observed recoveries in total payment volume and revenue. The growth in both total payment volume and revenue was a result of economies re-opening. Additionally, the Company has resumed hiring across all departments to meet growth and public company challenges. The Company does not currently foresee the need to take additional actions; however, as variants or sub-variants of COVID-19 emerge, the Company continues to evaluate the nature and extent of these potential impacts to the Company's business, consolidated financial statements, and liquidity.

Impact of the Conflict between Russia and Ukraine

The Company does not have any operations, including long-lived assets, in Ukraine or Russia, nor do Clients receive material payments from payers in these regions. As of the issuance date of these consolidated financial statements, management is not aware of any and does not foresee material impact to future revenue or operations. However, the Company notes Ukraine is a major engineering hub and the conflict may create a global challenge in outsourcing or hiring engineering talent.

Out-of-period Adjustment

During the fourth quarter of 2021, the Company identified immaterial errors related to direct and indirect taxes in its historical financial statements. The cumulative effect of the errors generated in the fiscal year 2017 through the third quarter of 2021 was corrected during the fourth quarter of 2021, resulting in an increase to net loss for the fiscal year 2021 of $1.0 million. The Company concluded that the errors were not material to any prior period consolidated financial statements and the correction of the errors was not material to the consolidated financial statements for the year ended December 31, 2021.

Concentrations of Credit Risk, Financial Instruments and Significant Clients

Financial instruments that potentially subject the Company to concentration of credit risk consists principally of cash, cash equivalents, accounts receivable and funds receivable from payment partners. The Company maintains its cash and cash equivalents with financial institutions that management believes are of high credit quality. To manage credit risk related to accounts receivable, the Company evaluates credit worthiness of its clients and maintains allowances, to the extent necessary, for potential credit losses based upon the aging of its accounts receivable balances and known collection issues. The Company did not experience any material credit losses during the years ended December 31, 2021, 2020 and 2019.

The Company has corporate deposit balances with financial institutions which exceed the Federal Deposit Insurance Corporation (FDIC) insurance limit of $250,000. As part of the cash management process, the Company performs periodic reviews of the financial institution credit standing.

Accounts receivable are derived from revenue earned from clients located in the U.S. and internationally. Significant clients are those that represent 10% or more of accounts receivable, net as set forth in the following table:


	December 31,
	2021			2020
Client A		36	%		19	%
Client B		12	%		10	%

Funds receivable from payment partners consist primarily of cash held by the Company’s global payment processing partners that have not yet remitted to the Company. Significant partners are those that represent 10% or more of funds receivable from payment partners as set forth in the following table:


	December 31,
	2021			2020
Partner A	*				24	%
Partner B		14	%		12	%
Partner C		15	%		12	%
Partner D		12	%	*
Partner E		21	%	*

* Less than 10% of total balance.

During the years ended December 31, 2021, 2020 and 2019, no client accounted for 10% or more of revenue.

During the year ended December 31, 2021, revenue from clients located outside of the United States in the aggregate accounted for 34.6% of the Company’s total revenues, with the United Kingdom accounting for 13.8% and Canada accounting for 13.9%. No other countries accounted for greater than 10% of revenues for the year ended December 31, 2021.

During the year ended December 31, 2020, revenue from clients located outside of the United States in the aggregate accounted for 25.7% of the Company’s total revenues, with the United Kingdom accounting for 13.8% and Canada accounting for 9.1%. No other countries accounted for greater than 10% of revenues for the year ended December 31, 2020.

During the year ended December 31, 2019, revenue from clients located outside of the United States in the aggregate accounted for 28.5% of the Company’s total revenues, with the United Kingdom accounting for 16.4% and Canada accounting for 9.5%. No other countries accounted for greater than 10% of revenues for the year ended December 31, 2019.

Summary of Significant Accounting Policies

Cash Equivalents and Restricted Cash

Cash equivalents consist of short-term, highly liquid investments with stated maturities of three months or less from the date of purchase.

Restricted cash consists of amounts required to be maintained to cover certain banks’ or clients’ credit risk exposure related to facilitating payments for the Company. As of December 31, 2021 and 2020, the Company had $4.0 million and $5.0 million of restricted cash, respectively.

Allowance for Doubtful Accounts

Accounts receivable represent customer obligations that are unconditional. Accounts receivable are presented net of an estimated allowance for doubtful accounts for amounts that may not be collectible. The Company’s accounts receivable do not bear interest and generally does not require collateral or other security to support related receivables. The Company establishes an allowance for doubtful accounts for estimated losses expected from amounts that may not be collectible, through a provision for bad debt. Subsequent recoveries, if any, are credited to the allowance. The allowance for doubtful accounts is evaluated on a regular basis and is based on the credit risk of specific customers, past collection history and management’s evaluation of accounts receivable. Account balances are written off after all means of collection are exhausted and the potential for nonrecovery is determined to be probable. Adjustments to the allowance for doubtful accounts are recorded within general and administrative expenses in the consolidated statements of operations and comprehensive loss.

Property and Equipment, net

Property and equipment consist primarily of computer equipment and software, internal use software, furniture and fixtures and leasehold improvements. Property and equipment are stated at historical cost less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets, which is between three to five years for computer equipment and software, five years for internal use software, three years for furniture and fixtures, and the lesser of the useful life or remaining non-cancelable term of the lease for leasehold improvements. Costs of maintenance and repairs that do not improve or extend the lives of the respective assets are expensed as incurred. Upon retirement or sale, the cost and related accumulated depreciation are removed from the consolidated balance sheets and the resulting gain or loss is reflected in loss from operations in the consolidated statements of operations and comprehensive loss.

Impairment of Long-Lived Assets

The Company continually evaluates the recoverability of long-lived asset (asset group) when events and changes in circumstances indicate that the carrying amount of the long-lived asset group may not be fully recoverable. Factors the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. When indicators of impairment are present, the Company compares forecasts of undiscounted future cash flows expected to result from the use and eventual disposition of the long-lived asset group to its carrying value. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of an asset group are less than its carrying amount. There were no impairments recorded for the Company’s long-lived assets during any of the periods presented.

Intangible Assets, net

Intangible assets consist of acquired customer relationships, developed technology, trade names and associated trademarks and noncompete agreements. Intangible assets are recognized at fair value using generally accepted valuation methods deemed appropriate for the type of intangible asset acquired, and reported net of accumulated amortization, separately from goodwill.

The Company estimates the fair value of acquired intangible assets under the income approach using the relief-from-royalty method (for developed technology, trade name and trademarks) or using the multi-period excess earnings method (for customer relationships). The relief-from-royalty method estimates the cost savings that accrue to the owner of an intangible asset who would otherwise have to pay royalties or a license fee on revenues earned through the use of the asset. The estimated royalty rate is determined based on the assessment of a reasonable royalty rate that a third party would negotiate in an arm’s-length license agreement for the use of the technology, trade name or trademark. The multi-period excess earnings method estimates the present value of the incremental after-tax cash flows solely attributable to the intangible asset. The estimated fair values of these intangible assets reflect various assumptions including discount rates, revenue growth rates, operating margins, terminal values and other prospective financial information.

Intangible assets are amortized using a method that reflects the pattern in which the economic benefits of the intangible asset are expected to be realized over their estimated useful lives ranging from one to twelve years. The useful lives for developed technology are determined based on expectations regarding the evolution of existing technology and

future investments. The useful lives for customer-related intangible assets are determined based primarily on forecasted cash flows, which include estimates for the revenues, expenses and customer attrition associated with the assets. The useful lives of definite-lived trademarks and trade names are based on the Company’s plans to phase out the trademarks and trade names in the applicable markets.

No significant residual value is estimated for intangible assets.

Software Developed for Internal Use

The Company capitalizes costs related to internal-use software during the application development stage including third-party consulting costs and compensation expenses related to employees who devote time to the development of the projects. The Company records software development costs in property and equipment. Costs incurred in the preliminary stages of development activities and post implementation activities are expensed in the period incurred and are included in technology and development expense in the consolidated statements of operations and comprehensive loss. The Company also capitalizes costs related to specific upgrades and enhancements when it is probable the expenditures will result in additional functionality. Once the additional functionality is available for general use, capitalization ceases and the asset begins being amortized. The Company periodically assesses whether triggering events are present to review internal-use software for impairment. Unforeseen circumstances in software development, such as a significant change in the manner in which the software is intended to be used, obsolescence or a significant reduction in revenues due to attrition, could require us to implement alternative plans with respect to a particular effort, which could result in the impairment of previously capitalized software development costs. The Company capitalized $5.6 million and $1.8 million in costs related to internal use software during the years ended December 31, 2021 and 2020. Software developed for internal use is amortized straight-line over its estimated useful life of five years.

Goodwill

The Company tests goodwill for impairment on an annual basis on the first day of the fourth quarter or more frequently if events or changes in circumstances indicate that goodwill may be impaired. The Company’s goodwill impairment test is performed at the enterprise level given it is the sole reporting unit. Events that could indicate goodwill impairment and trigger an interim impairment assessment include, but are not limited to, market conditions, economic conditions, entity-specific financial performance and other events such as significant adverse change in legal factors, business climate, operational performance of the business or key personnel, and an adverse action or assessment by a regulator. Goodwill is tested for impairment by first performing a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. If the reporting unit does not pass the qualitative assessment, then the reporting unit’s carrying value is compared to its fair value, including goodwill. Goodwill is considered impaired if the carrying value of the reporting unit exceeds its fair value. The fair value of the reporting unit is estimated using a combination of income and market approaches. The discounted cash flow method, a form of the income approach, uses expected future operating results and a market participant discount rate. The market approach uses comparable company prices and other relevant information generated by market transactions (either publicly traded entities or mergers and acquisitions) to develop pricing metrics to be applied to historical and expected future operating results of the reporting unit. Failure to achieve these expected results, changes in the discount rate or market pricing metrics, may cause a future impairment of goodwill.

Business Combinations

In determining whether an acquisition should be accounted for as a business combination or an asset acquisition, the Company first determines whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not considered a business acquisition. If substantially all of the fair value of the gross assets acquired is not concentrated in a single identifiable asset or group of similar identifiable assets, the Company further evaluates whether the integrated set of assets and activities include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. If so, the Company concludes that the integrated set of assets and activities is a business acquisition.

The Company accounts for business acquisitions using the acquisition method of accounting. In accordance with this method, assets acquired and liabilities assumed are recorded at their respective fair values at the acquisition date. The fair value of the consideration paid, including contingent consideration, is assigned to the assets acquired and liabilities assumed based on their respective fair values. Goodwill represents the excess of the purchase price over the estimated fair values of the assets acquired and liabilities assumed.

Determining the fair value of assets acquired and liabilities assumed is judgmental in nature and can involve the use of significant estimates and assumptions. Fair value and useful life determinations are based on, among other factors, estimates of future expected cash flows, revenue growth rates, operating margins and appropriate discount rates used in computing present values. These estimates may materially impact the net income or loss in periods subsequent to acquisition through depreciation and amortization, and in certain instances through impairment charges, if assets become impaired in the future. Additionally, actual results may vary from these estimates that may result in adjustments to goodwill and acquisition date fair values of assets and liabilities during a measurement period or upon a final determination of asset and liability fair values, whichever comes first. Adjustments to fair values of assets and liabilities made after the end of the measurement period are recorded within operating results.

Contingent consideration in business combinations is recognized at fair value on the acquisition date. Subsequent to the acquisition date, at each reporting date, the contingent consideration is remeasured and changes in the fair value resulting from changes in the underlying inputs are recognized in general and administrative expense in the consolidated statements of operations and comprehensive loss until the contingent consideration is settled.

The fair value of the contingent consideration in the Company's consolidated balance sheets was determined using an option pricing model that reflects the Company’s expectations about the probability of payment, based on facts and circumstances that existed at the acquisition closing date. The option pricing model includes unobservable inputs such as a discount rate that equals risk-free rate plus a spread to reflect the credit risk as estimated by the Company’s cost of debt, the probability of achieving established revenue targets and the probability of retaining key customers. See Note 4 - Fair Value Measurements for inputs used to fair value contingent consideration.

Transaction costs related to business combinations are expensed as incurred and are included in general and administrative expense in consolidated statements of operations and comprehensive loss.

Asset Acquisition

The Company measures and recognizes asset acquisitions that are not deemed to be business combinations based on the cost to acquire the assets, which includes transaction costs. Goodwill is not recognized in asset acquisitions.

Contingent consideration in asset acquisitions payable in the form of cash is recognized when payment becomes probable and reasonably estimable, unless the contingent consideration meets the definition of a derivative, in which case the amount becomes part of the asset acquisition cost when acquired. Upon recognition of the contingent consideration payment, the amount is included in the cost of the acquired asset or group of assets.

Fair Value Measurements

Certain assets and liabilities are carried at fair value under U.S. GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date in the principal or most advantageous market for the asset or liability. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:

Level 1 - Quoted prices in active markets for identical assets or liabilities.

Level 2 - Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.

The carrying amounts of the Company’s long-term debt approximates the fair value as it bears interest at a rate approximating a market interest rate (Level 2 inputs)

. The Company’s cash equivalents are carried at fair value (Level 1) as determined according to the fair value hierarchy described above. The carrying values of accounts receivable, funds receivable from payment partners, unbilled receivables, prepaid expenses, accounts payable, funds payable to customers and accrued expenses and other current liabilities approximate their respective fair values due to the short-term nature of these assets and liabilities. The Company’s contingent consideration are carried at fair value, determined using Level 3 inputs in the fair value hierarchy.

Preferred Stock Warrant Liability

In connection with the Company's financing arrangements, the Company issued warrants to purchase convertible preferred stock to a lender. The warrants to purchase preferred stock provided for net share settlement under which the maximum number of shares that could be issued represented the total amount of shares under the warrant agreements. These warrants were classified as liabilities on the Company's consolidated balance sheets as these were free standing instruments that could require us to transfer an asset upon exercise. The warrant liability associated with these warrants was recorded at fair value on the issuance date of the warrants and was marked to market each reporting period based on changes in the warrants’ fair value calculated using the Black-Scholes model. The preferred stock warrants were converted immediately prior to the closing of the IPO into warrants to purchase shares of the Company’s voting common stock and the associated preferred stock warrant liabilities were remeasured to its fair value and reclassified to additional paid-in capital. As of December 31, 2021, there were no preferred stock warrants outstanding.

Common Stock Warrants

The Company issued warrants to purchase common stock in conjunction with the refinancing of its long-term debt during the year ended December 31, 2020. The warrants were classified as equity based on the specific terms of the warrant agreement. The warrants were recorded at fair value upon issuance, as a discount to debt in the consolidated balance sheets and were not required to be remeasured after the issuance date, see Note 12 - Stockholders’ Equity (Deficit). There were no common stock warrants outstanding as of December 31, 2021.

Foreign Currency Translation and Transactions

The Company’s reporting currency is the U.S. Dollar. The financial statements of the Company’s foreign subsidiaries are translated from local currency into U.S. dollars using the exchange rate at the balance sheet date for assets and liabilities, and the average exchange rate in effect during the period for revenue and expenses. The functional currency of the Company and its subsidiaries, with the exception of its UK subsidiary, is the U.S. Dollar. The functional currency for the UK subsidiary is considered to be the local currency and, accordingly, translation adjustments for this entity are included as a component of accumulated other comprehensive loss in the Company’s consolidated balance sheets. Gains and losses from the remeasurement of foreign currency transactions into the functional currency are recognized as other income (expense), net in the consolidated statements of operations and comprehensive loss and were not material for the periods presented.

Derivative Instruments and Hedging

The Company generates revenues and incurs expenses by processing payments in foreign currencies. Changes in the value of foreign currencies could impact the Company’s consolidated statements of operations and comprehensive loss. To mitigate the volatility related to fluctuations in the foreign exchange rates, the Company enters into non-deliverable forward foreign currency contracts.

The Company’s foreign currency forward contracts economically hedge certain risk but are not designated as hedges for financial reporting purposes, and accordingly, all changes in the fair value of these derivative instruments are recorded as unrealized foreign currency transaction gains or losses and are included in the consolidated statements of operations and comprehensive loss as a component of payment processing services costs. The Company records all derivative instruments in the consolidated balance sheet at their fair values in prepaid expenses and other current assets and accrued expenses and other current liabilities.

Deferred Offering Costs

The Company capitalizes certain legal, accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation of the IPO, these costs were recorded in stockholder’s equity as a reduction of the additional paid-in capital generated as a result of the IPO. There were no deferred offering costs as of December 31, 2021.

Revenue Recognition

Revenue is recognized when a customer obtains control of the promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In order to achieve this core principle, the Company applies the following five steps:

(i)

Identify the contract(s) with a customer.

(ii)

Identify the performance obligations in the contract.

(iii)

Determine the transaction price.

(iv)

Allocate the transaction price to the performance obligations in the contract.

(v)

Recognize revenue as the entity satisfies a performance obligation.

The Company derives revenue primarily from transactions and platform and usage-based fees.

Transaction Revenue - relate to fees charged for payment processing services provided to educational institutions, healthcare entities and other commercial entities (each a Client). The Company’s services relate to facilitating payments from individuals, such as students and patients, and organizations (Client’s Customer) to Clients. Fees charged for payment processing services consist of a rate applied to the monetary value of the payment and can vary based on the currency pair conversion the transaction is settling in, as well as the geographic region in which the Client and the Client’s Customer resides. Fees received are recorded as revenue in the consolidated statements of operations and comprehensive loss upon completion of the payment processing transaction. The Company does not recognize the underlying amount of the transaction being settled between the Client and the Client’s Customer as revenue in the consolidated statements of operations and comprehensive loss, as the Company is not the responsible party for fulfilling the obligation between the Client and the Client’s Customer. Therefore, revenue is only recognized for the fee to which the Company is entitled for processing the payment.

The money can be wired directly from the Client’s Customer to the Company; however, in certain situations when the Client’s Customer resides in a country where the Company does not have an active bank account, the Company uses third-party service providers (Partners) to collect wired funds before remitting the funds to the Company. On a recurring basis, the Partner invoices the Company a fee for each payment processed and deposited into the Company’s bank account. The fee paid to Partners as well as any foreign exchange banking fees paid by the Company are reflected in the payment processing services costs line in the consolidated statements of operations and comprehensive loss.

Once a Partner receives funds from a Client’s Customer, the Company has the right to receive those funds from the Partner. The funds are not remitted to the Company immediately. When the Partner receives funds from the Client’s Customer, the Company records a receivable, which is included in funds receivables from payment partners, and a corresponding liability, included in funds payable to customers, in the consolidated balance sheets. The amounts are generally collected or paid within one to 30 days. Partners report to the Company the funds received from the Client’s Customer on a daily basis. Revenue in transactions where Partners are involved is not recognized until the payment is remitted to Clients.

The Company also earns revenue from fees charged to credit card service providers for marketing arrangements in which the Company performs certain marketing activities to increase the awareness of the credit card provider and promote certain methods of payment. Consideration under these arrangements include fixed fees and variable fees based on a percentage of transactions processed during the duration of the marketing program. Marketing services provided leverages the Company’s existing network and transaction processing platform; therefore, these arrangements are considered part of the Company’s ordinary business activities.

In certain circumstances, the Company provides marketing services to financial institutions that are considered both a Client (for marketing services) and a service provider (for processing payments). Each one of these services are negotiated separately, each agreement is for distinct service and they are priced at fair value; therefore, fees included in the marketing arrangements are accounted for as revenue, while fees paid by the Company are accounted for as payment processing services cost.

Platform and usage-based fee revenue - relate to fees earned for utilizing the Company’s platform to collect their accounts receivable from Client’s Customers, fees collected on payment plans established by the Client for obligations due by Client’s Customer, subscription fees and fees related to printing and mailing statements. Fees charged consist of a fixed fee and a variable fee determined based on volume of transactions processed through the Company’s platform.

Performance Obligations

Substantially all of the Company’s arrangements represent a single promise to provide continuous access to the Company’s platform to perform payment processing services, cash collection optimization services, marketing, printing and mailing services, on an as-needed basis.

As each day of providing these services is substantially the same and the Client simultaneously receives and consumes the benefits as services are provided, these services are viewed as a single performance obligation comprised of a series of distinct daily services. The Company satisfies its performance obligation as these services are provided. Revenue is recognized in the month the service is complete.

For those arrangements that include fixed consideration, the fixed component is recognized ratably over the service period while variable consideration is recognized in the period earned.

The Company considers implementation services as an activity to fulfill a contract, rather than a distinct performance obligation as the Client does not obtain benefits from the implementation service alone. The Company charges an immaterial amount for implementation services.

Variable Consideration

The Company’s contracts contain variable consideration as the amount the Company expects to receive in a contract is based on the occurrence or non-occurrence of future events, such as processing services performed as a transaction-based pricing arrangement. The variable consideration relates specifically to the Company’s effort to transfer each distinct daily service, as such the Company allocates the variable consideration earned to the distinct day in which those activities are performed and it recognizes these fees as revenue in period earned, at which point the variable amount is known and it does not require estimation.

Payment Terms

The Company’s payment terms vary by type of Client, Client’s Customer and services offered and ranges between one and 60 days. Typically, the Company charges either a fixed fee, a fixed fee per transaction or percentage of transaction value or a combination of both.

The Company does not assess whether a significant financing component exists if the period between performance obligations under the contract and payment is one year or less. None of the Company’s contracts contain a significant financing component as of December 31, 2021, 2020 and 2019.

Other Revenue Recognition Policies

The Company incurs costs in processing payments which may include banking, credit card processing, foreign currency translation, partner fees, printing and mailing fees. These fees are direct costs of the Company in providing payment processing services. Since the Company controls the payment processing service, it is responsible for completing the payment, bears primary responsibility for the fulfillment of the payment service, and it has full discretion in determining the fee charged, the Company is acting as a principal. As such, the Company recognizes fees charged to its Clients on a gross basis.

Remaining Performance Obligations

The Company does not disclose the value of remaining performance obligations for (i) contracts with an original contract term of one year or less, (ii) contracts for which the Company recognizes revenue at the amount to which it has the right to invoice when that amount corresponds directly with the value of services performed, and (iii) variable consideration allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied distinct service that forms part of a single performance obligation. The Company does not have material remaining performance obligations associated with contracts with terms greater than one year.

See Note 2 - Revenue and Recognition for additional information on revenue recognition.

Payment Processing Services Costs

Payment processing services costs consist of costs incurred to process payment transactions which include banking and credit card processing fees, foreign currency translation costs, partner fees personnel-related expenses for the Company’s employees who facilitate these payments and personnel related expenses for the Company’s employees who provide implementation services to its clients.

Technology and Development

Technology and development includes (a) costs incurred in connection with the development of the Company’s transaction processing and payments platform, new solutions, and the improvement of existing solutions, including the amortization of software and website development costs incurred in developing transaction processing and payments platform, which are capitalized, and acquired developed technology, (b) site operations and other infrastructure costs incurred to support the transaction processing and payments platform, (c) amortization related to capitalized cost to fulfill a contract, (d) personnel-related expenses, including salaries, stock based compensation and other expenses, (e) hardware and software engineering, consultant services and other costs associated with the Company’s technology platform and products, (f) research materials and facilities and (g) depreciation and maintenance expense.

Selling and Marketing

Selling and marketing expenses consist of personnel-related expenses, including stock-based compensation expense, sales commissions, amortization of acquired customer relationship intangible assets, marketing program expenses, travel-related expenses and costs to market and promote the Company's solutions through advertisements, marketing events, partnership arrangements, and direct customer acquisition.

General and Administrative

General and administrative expenses consist of personnel-related expenses, including stock-based compensation expense for finance, risk management, legal and compliance, human resources and IT functions, costs incurred for external professional services, as well as rent, and facility and insurance costs.

Advertising Costs

Advertising costs are expensed as incurred and are included in selling and marketing expenses in the consolidated statements of operations and comprehensive loss. Advertising expenses were $3.2 million, $1.3 million and $2.5 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Stock-Based Compensation

The Company recognizes compensation cost for all stock-based compensation awards made to employees. The Company determines compensation expense associated with restricted stock awards and restricted stock units based on the fair value of common stock on the date of grant. The Company determines compensation expense associated with stock options based on grant date fair value method using the Black-Scholes valuation model.

Determining the fair value of each stock option grant requires judgements and estimates. Such estimates include the exercise price, option term, volatility, risk free rate and expected dividend yield. Any changes to those estimates may have a significant impact on the stock-based compensation expense recorded and could materially impact the Company’s results of operations.

The exercise price per share of stock options granted may not be less than the fair market value of the Company's common stock at the date of the grant.

Prior to the Company's IPO, the fair value of shares of common stock was determined by the Company’s board of directors, with input from management and the assistance of a third-party valuation specialist. The Company’s board of directors exercised judgment in determining the estimated fair value of the Company’s common stock on the date of grant based on a number of objective and subjective factors, including the Company’s operating and financial performance, external market conditions affecting the Company’s industry sector, an analysis of publicly traded peer companies, the prices at which the Company sold shares of convertible preferred stock, the superior rights and preferences of securities senior to the Company’s common stock at the time of each grant, and the likelihood of achieving a liquidity event such as an IPO or sale of the Company. Following the Company’s IPO, its board of directors no longer estimate the fair value of the Company’s common stock in connection with granted stock options and other granted equity awards as the fair value of the Company’s common stock is determined based on the quoted market price of the Company’s common stock.

Since the Company’s IPO occurred in 2021, the Company lacks sufficient Company-specific historical and implied volatility information for its stock; therefore, the Company estimates its expected stock volatility based on the historical volatility of publicly traded peer companies. The expected term of the Company’s stock options is determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The simplified method deems the term to be the average of the time-to-vesting and the contractual life of the stock-based awards. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is zero based on the fact that the Company does not have a history of declaring or paying cash dividends.

Compensation expense is recognized using a straight-line amortization method over the requisite service period of the award, which is generally the vesting term of four years for stock options, restricted stock awards and restricted stock units. The Company accounts for forfeitures as they occur.

The Company classifies stock-based compensation expense in its consolidated statements of operations and comprehensive loss in the same manner in which the award recipient’s payroll costs are classified.

Income Taxes

The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial statement and the tax basis of assets and liabilities, as measured by enacted tax rates anticipated to be in effect when these differences are expected to reverse.

The measurement of deferred tax assets is reduced by a valuation allowance if, based upon available evidence, it is more-likely-than-not that some or all of the deferred tax assets will not be realized. The Company classifies deferred tax assets and liabilities as noncurrent within the consolidated balance sheets.

The Company accounts for uncertain tax positions using a two-step process to determine the amount of tax benefit to be recognized. First, the tax position is evaluated to determine the likelihood that it will be sustained upon external examination. If the tax position is deemed “more-likely-than-not” to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. Interest and penalties related to uncertain tax positions are recognized in the provision for income taxes.

The Company accounts for the earnings of its foreign subsidiaries, if any, as permanently reinvested and therefore does not provide for U.S. income taxes that could result from the distribution of those earnings to the U.S. parent.

The Company is open to future tax examinations from 2016 to the present; however, carryforward attributes that were generated prior to 2016 may still be adjusted upon examination by federal, state or local tax authorities to the extent they will be used in a future period. In 2021, the U.S. Internal Revenue Service commenced a corporate income tax audit with respect to the 2018 calendar year, which is still open.

Comprehensive Loss

Comprehensive loss includes net loss as well as other changes in stockholders’ equity (deficit) that result from transactions and economic events other than those with stockholders. The comprehensive loss for the Company equals its net loss plus changes in foreign currency translation for all periods presented.

Net Income (Loss) per Share

The Company follows the two-class method when computing net income (loss) per share as the Company has issued shares that meet the definition of participating securities. Prior to the automatic conversion of all of its convertible preferred stock and redeemable convertible preferred stock into voting and non-voting common stock upon the completion of the IPO, the Company considered all series of its preferred stock and unvested common stock to be participating securities as the holders of such stock had the right to receive nonforfeitable dividends on a pari passu basis in the event that a dividend was paid on common stock. Under the two-class method, the net income (loss) attributable to common stockholders was not allocated to the convertible preferred stock or the redeemable convertible preferred stock as the preferred stockholders did not have a contractual obligation to share in the Company’s losses.

Basic net income (loss) per share attributable to common stockholders is computed by dividing the net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted net income (loss) attributable to common stockholders is computed by adjusting net income (loss) attributable to common stockholders to reallocate undistributed earnings based on the potential impact of dilutive securities. Diluted net income (loss) per share attributable to common stockholders is computed by dividing the diluted net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding, including all potentially dilutive common shares, if the effect of such shares is dilutive.

In periods in which the Company reports a net loss attributable to common stockholders, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. The Company reported a net loss attributable to common stockholders for the years ended December 31, 2021, 2020 and 2019; accordingly, basic net loss per share attributable to common stockholders is the same as diluted net loss per share attributable to common stockholders.

The rights, including the liquidation and dividend rights, of the voting and non-voting common stock are identical, except with respect to voting rights. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis to each class of common stock and the resulting basic and diluted net loss per share attributable to common stockholders are, therefore, the same for both voting and non-voting common stock on both individual and combined basis.

Emerging Growth Company Status

The Company qualifies as emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012 and has elected to opt in to the extended transition related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company will adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and will do so until such time that the Company either (i) irrevocably elects to opt out of such extended transition period or (ii) no longer qualifies as an emerging growth company. The Company may choose to early adopt any new or revised accounting standards whenever such early adoption is permitted for nonpublic companies.

Accounting Pronouncements Adopted

During 2021, the Company adopted the following Accounting Standards Updates (ASU) issued by the Financial Accounting Standards Board (FASB):

ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers: ASU 2021-08 amends ASC 805 to add contract assets and contract liabilities to the list of exceptions to the recognition and measurement principles that apply to business combinations and to require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. Under the new guidance, contract assets and contract liabilities will be accounted as if the acquirer entered into the original contract at the same time and same date as the acquiree. This is a shift from existing guidance, which required the acquirer to recognize contract assets and contract liabilities at their fair value as of the acquisition date. Early adoption of ASU 2021-08 is permitted, including adoption in an interim period. An entity that early adopts in an interim period should apply the amendments (i) retrospectively to all business combinations for which the acquisition date occurs on or after the beginning of the fiscal year that includes the interim period of early application and (ii) prospectively to all business combinations that occur on or after the date of initial application. The Company early adopted ASU 2021-08 as of October 1, 2021. The adoption of this standard did not have a material impact on Flywire's consolidated financial statements and disclosures.

Accounting Pronouncements Not Yet Adopted as of December 31, 2021

ASU 2016-02, Leases (Topic 842) and subsequent related ASUs: The new lease standard sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether the lease is effectively a financed purchase by the lessee. This classification determines whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. In addition, a lessee is required to record (i) a right-of-use (ROU) asset and a lease liability on its balance sheet for all leases with accounting lease terms of more than 12 months regardless of whether it is an operating or financing lease and (ii) lease expense for operating leases and amortization and interest expense for financing leases. Leases with a term of 12 months or less may be accounted for similar to the prior guidance for operating leases. In 2018, the FASB issued ASU 2018-11, which added an optional transition method under the new lease standard that allows companies to adopt the standard as of the beginning of the year of adoption as opposed to the earliest comparative period presented.

Flywire adopted ASU 2016-02 and subsequent related ASUs as of January 1, 2022. The Company elected the modified retrospective transition option which allows for application of Topic 842 at the adoption date. Therefore, comparative prior period financial information was not adjusted and will continue to be reported under the previous accounting guidance of ASC 840, Leases. No cumulative-effect adjustment to the opening accumulated deficit balance as of as of January 1, 2022 was necessary as a result of adopting the new standard. The Company elected the “package of practical expedients” permitted under the transition guidance which allowed the Company not to reassess (i) whether any expired or existing contracts are, or contain, leases, (ii) the lease classification for any expired or existing leases and (iii) initial direct costs for any existing leases. The Company elected the practical expedient not to separate lease and non-lease components. The Company also elected the short-term lease recognition exemption and will not recognize ROU assets or lease liabilities for leases with a term less than 12 months. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. As the implicit rate of the leases is not determinable, the Company uses an incremental borrowing rate in determining the present value of the lease payments. The lease expense associated with operating leases is recognized on a straight-line basis over the lease term, consistent with the expense recognition prior to adoption. Variable lease payments for maintenance, property taxes and other operating expenses are recognized as expense in the period in which the obligation for the payment is incurred. As a result of the adoption, the Company recognized ROU assets in the approximate range of $5.1 million to $5.6 million in Other Assets and a corresponding lease liability in the approximate range of $5.7 million to $6.2 million in Other liabilities as of January 1, 2022. The ROU assets were adjusted per Topic 842 transition guidance for the existing deferred rent balance.

ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes: ASU simplifies the accounting for income taxes by removing certain exceptions for intra period tax allocations and deferred tax liabilities for equity method investments and adds guidance on whether a step-up in tax basis of goodwill relates to a business combination or a separate transaction. The Company adopted this guidance as of January 1, 2022. The adoption of this standard did not have a material impact on Flywire's consolidated financial statements and disclosures.

ASU 2021-04, Earnings Per Share (Topic 260), Debt - Modifications and Extinguishments (Subtopic 470-50), Compensation - Stock Compensation (Topic 718), and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): ASU 2021-04 requires issuers to account for modifications or exchanges of freestanding equity-classified written call options (e.g., warrants) that remain equity classified after the modification or exchange based on the substance of the modification or exchange (e.g., a financing transaction to raise equity versus one to raise debt). The Company adopted this guidance as of January 1, 2022. The adoption of this standard did not have any impact on Flywire's consolidated financial statements and disclosures as the Company currently does not have any freestanding equity-classified written call options within the scope of this rule.

ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and subsequent related ASUs: ASU 2016-13 replaces the current incurred loss impairment model that recognizes losses when a probable threshold is met with a requirement to recognize lifetime expected credit losses immediately when a financial asset is originated or purchased. ASU 2016-13 is effective for the Company on January 1, 2023, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures.

ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging -Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity: ASU 2020-06 reduces the number of accounting models for convertible debt instruments and convertible preferred stock as well as amends the derivatives scope exception for contracts in an entity’s own equity. ASU 2020-06 is effective for the Company on January 1, 2024, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures.

Revenue Recognition

12 Months Ended

Dec. 31, 2021

Revenue Recognition [Abstract]

Revenue and Recognition

The following tables present revenue disaggregated by geographical area and major solutions. The categorization of revenue by geographical location is determined based on location of where the Client resides.


	Year Ended December 31,
	2021		2020		2019
(in thousands)
Primary geographical markets
United States	$	131,675	$	97,768	$	67,896
Canada		27,945		11,956		9,043
United Kingdom		27,735		18,217		15,532
Other countries (1)		13,794		3,842		2,447
Total revenue	$	201,149	$	131,783	$	94,918
Major solutions
Transactions	$	147,994	$	89,607	$	86,580
Platform and usage-based fees		53,155		42,176		8,338
Total revenue	$	201,149	$	131,783	$	94,918

(1)

No single country included in the other countries category generated 10% or more of total revenue.

Contract Balances from Contracts with Customers

The timing of revenue recognition, billing and cash collection results in billed receivables, unbilled receivables and deferred revenue on the consolidated balance sheet.

When fees are received prior to transferring services to the client under the terms of a contract, deferred revenue, which is a contract liability, is recorded. Contract liabilities are recognized as revenue when services are performed and all other revenue recognition criteria have been met.

In certain instances, the Company delivers services in advance of billing. In this case the Company recognizes unbilled receivables which is not a contract asset as the Company has an unconditional right for payment.

The following table provides information about accounts receivable, unbilled receivables and deferred revenue from contracts with customers (in thousands):


	Year Ended December 31,
	2021		2020
Accounts receivable, net of allowances	$	12,968	$	11,573
Unbilled Receivables		3,340		1,698
Deferred revenue—current		5,488		1,227
Deferred revenue—non-current		185		108

For the year ended December 31, 2021, the Company recognized $0.7 million in revenue from amounts that were included in deferred revenue as of December 31, 2020.

For the year ended December 31, 2020, the Company recognized $1.3 million in revenue from amounts that were included in deferred revenue as of December 31, 2019.

Contract Costs

Incremental costs for obtaining contracts that are deemed recoverable are capitalized as contract costs and are included in other assets in the consolidated balance sheets. Such costs result from the payment of sales incentives and totaled $0.4 million and less than $0.1 million as of December 31, 2021 and 2020, respectively. There was no cost qualifying for capitalization during the year ended December 31, 2019. Capitalized sales incentives are amortized over the period of benefits, which the Company has determined to be three years. The amortization is included in selling and marketing expense line in the consolidated statements of operations and comprehensive loss, and totaled less than $0.1 million and $0 for the years ended December 31, 2021 and 2020, respectively.

Costs to fulfill a contract are capitalized when they relate directly to an existing contract or specific anticipated contract, generate or enhance resources that will be used to fulfill performance obligations and are recoverable. Such costs primarily represent set-up and implementation costs, which include any direct cost incurred at inception of a contract. The Company capitalized $1.4 million and $1.5 million of costs in 2021 and 2020, respectively within other assets on the consolidated balance sheets. There was no cost qualifying for capitalization during the year ended December 31, 2019. These capitalized costs are amortized on a straight-line basis over the expected contract life, which generally is five years, starting on go-live date. The amortization is included in technology and development expense line

in the consolidated statements of operations and comprehensive loss, and totaled $0.2 million and $0.4 million for the years ended December 31, 2021 and 2020, respectively.

There was no impairment of capitalized contract costs during the years ended December 31, 2021, 2020 and 2019.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Allowance for Doubtful Accounts

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Allowance for Doubtful Accounts

Allowance for doubtful accounts

Changes in the allowance for doubtful accounts for the years ended December 31, 2021, 2020 and 2019 were as follows (in thousands):


	Year Ended December 31,
	2021			2020			2019
Allowance for doubtful accounts at the beginning of the year	$	(481	)	$	(298	)	$	(200	)
Provisions		(165	)		(237	)		(253	)
Write-offs, net of recoveries		540			54			155
Allowance for doubtful accounts at the end of the year	$	(106	)	$	(481	)	$	(298	)

Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following tables present the Company’s fair value hierarchy for its financial assets and liabilities that are measured at fair value on a recurring basis (in thousands):


	Fair Value Measurements as of December 31, 2021 Using:
	Level 1		Level 2		Level 3		Total
Financial Assets:
Foreign exchange contracts	$	—	$	—	$	43	$	43
	$	—	$	—	$	43	$	43
Financial Liabilities:
Contingent consideration	$	—	$	—	$	11,309	$	11,309
	$	—	$	—	$	11,309	$	11,309


	Fair Value Measurements as of December 31, 2020 Using:
	Level 1		Level 2		Level 3		Total
Financial Assets:
Foreign exchange contracts	$	—	$	—	$	54	$	54
	$	—	$	—	$	54	$	54
Financial Liabilities:
Preferred stock warrant liability	$	—	$	—	$	1,932	$	1,932
Contingent consideration		—		—		12,500		12,500
	$	—	$	—	$	14,432	$	14,432

During the years ended December 31, 2021 and 2020, there were no transfers between Level 1, Level 2 or Level 3.

Preferred stock warrant liability

Immediately prior to the completion of the IPO, 182,467 preferred stock warrants were exercised for Series C convertible preferred stock in a cashless net exercise. The preferred stock warrants were re-measured to their fair value of $6.4 million on the date of the exercise. The fair value of the warrants was reclassified to convertible preferred stock. Upon the completion of the IPO all of the outstanding convertible preferred stock were converted to common stock.

Upon the completion of the IPO, the Company’s unexercised preferred stock warrants were converted into common stock warrants and the associated preferred stock warrant liabilities were re-measured to their fair value of $6.3 million and reclassified to additional paid-in capital.

The fair value measurement of the preferred stock warrant liability was determined using significant inputs not observable in the market, which represent a Level 3 measurement within the fair value hierarchy. The Company estimated the fair value of the liability using the Black-Scholes option-pricing model and any change in fair value was recognized as either gain or loss and included in the consolidated statements of operations and comprehensive loss.

Contingent consideration

The following table presents the unobservable inputs incorporated into the valuation of contingent consideration related to Simplee acquisition:


	Year Ended December 31,
	2021			2020
Discount rate		5.7	%		10.0	%
Probability of successful achievement*	0% - 100%			71% - 100%
Performance period	0.25 Years			2 Years

* Probability of successful achievement was set at different targets based on the Company’s best estimates on achieving them.

Increases or decreases in any of the probabilities of success in which revenue targets are expected to be achieved would result in a higher or lower fair value measurement, respectively. Increases or decreases in the discount rate would result in a lower or higher fair value measurement, respectively.

The following table presents the unobservable inputs incorporated into the valuation of contingent consideration related to WPM acquisition:


	Year Ended December 31, 2021
Market price of risk adjustment for revenue		4.2	%
Revenue volatility		21.6	%
Probability of successful achievement*	29% - 100%
Performance period	2.25 Years

* Probability of successful achievement was set at different targets based on the Company’s best estimates on achieving them.

Increases or decreases in expectations regarding the level at which payment volume are expected to be achieved would result in a higher or lower fair value measurement, respectively. Increases or decreases in the market price of risk adjustment of revenue would result in a decrease or increase in the fair value measurement, respectively. Increases or decreases in the revenue volatility would result in a decrease or increase in the fair value measurement, respectively.

The following table summarizes the changes in the carrying value of the contingent consideration for the years ended December 31, 2021, 2020 and 2019 (in thousands):


	Year Ended December 31,
	2021			2020		2019
Beginning balance	$	12,500		$	2,000	$	13,763
Additions		3,519			7,100		—
Change in fair value		2,263			5,400		660
Contingent consideration paid		(7,012	)	(2,000)*			(12,423	)
Foreign currency translation adjustment		39			—		—
Ending balance	$	11,309		$	12,500	$	2,000

* Amounts of $0.7 million paid in excess of fair value initially recorded in purchase accounting were classified as operating cash flows in the Consolidated Statements of Cash Flows.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Derivative Instruments

12 Months Ended

Dec. 31, 2021

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging

Derivative Instruments

As part of the Company’s foreign currency risk management program, the Company uses foreign currency forward contracts to mitigate the volatility related to fluctuations in the foreign exchange rates. These foreign currency forward contracts are not designated as hedging instruments. Derivative transactions such as foreign currency forward contracts are measured in terms of the notional amount; however, this amount is not recorded on the consolidated balance sheets and is not, when viewed in isolation, a meaningful measure of the risk profile of the derivative instruments. The notional amount is generally not exchanged but is used only as the underlying basis on which the value of foreign exchange payments under these contracts is determined. As of December 31, 2021 and 2020, respectively, the Company had 8,653 and 3,647 open foreign exchange contracts. As of December 31, 2021 and 2020, the Company had foreign currency forward contracts outstanding with a notional amount of $27.9 million and $11.8 million, respectively.

The Company records all derivative instruments in the consolidated balance sheets at their fair values. For the years ended December 31, 2021 and 2020, the Company recorded an asset of less than $0.1 million and $0.1 million related to

outstanding foreign exchange contracts. The Company recognized a loss of $0.8 million, $0.5 million and $0.1 million during the years ended December 31, 2021, 2020 and 2019, respectively, which was included in the general and administrative line within the consolidated statements of operations and comprehensive loss.

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2021

Payables And Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following as of the dates presented (in thousands):


	Year Ended December 31,
	2021		2020
Accrued employee compensation and related taxes	$	13,854	$	9,371
Accrued vendor liabilities		1,763		2,542
Accrued income and other non-employee related taxes		2,652		1,027
Accrued professional services		1,307		937
Other accrued expenses and current liabilities		3,150		1,114
	$	22,726	$	14,991

Property and Equipment, Net

12 Months Ended

Dec. 31, 2021

Property Plant And Equipment [Abstract]

Property and Equipment, net

Property and equipment, net consisted of the following as of the dates presented (dollars in thousands):


	Estimated Useful Life	December 31,
	(Years)	2021			2020
Computer equipment and software	3 - 5	$	2,211		$	1,465
Internal-use software	5		7,414			1,779
Furniture and fixtures	3		953			687
Leasehold improvements	Shorter of lease term or useful life		4,995			3,989
			15,573			7,920
Less: Accumulated depreciation and amortization			(6,131	)		(2,819	)
		$	9,442		$	5,101

Depreciation and amortization expense was $2.3 million, $1.9 million and $1.2 million for the years ended December 31, 2021, 2020 and 2019, respectively.

During the year ended December 31, 2020 the Company wrote off $2.6 million of property and equipment with accumulated depreciation of $2.5 million, as the assets were determined to no longer have any future economic benefits.

As of December 31, 2021 and 2020, the carrying value of internal-used software was $6.5 million and $ 1.7 million, respectively. Amortization expense related to internal-used software was $0.8 million, $0.1 million and $0 for the years ended December 31, 2021, 2020 and 2019, respectively.

Geographic Information

The following table summarizes the Company’s property and equipment, net based on geography (in thousands):


	December 31,
	2021		2020
Long-lived assets:
U.S.	$	8,232	$	4,485
U.K.		189		220
Other countries		1,021		396
	$	9,442	$	5,101

Business Combinations

12 Months Ended

Dec. 31, 2021

Business Combinations [Abstract]

Business Combinations

2021 Business Acquisition

WPM

On December 14, 2021, Flywire completed its acquisition of WPM Group Ltd. (WPM), a leading software provider that enables seamless and secure payment experiences for universities and colleges across the U.K. The acquisition of WPM was intended to build on Flywire’s existing education payments business and is expected to further accelerate the Company's market share in the U.K. education sector. The acquisition of WPM has been accounted for as a business combination.

Pursuant to the terms of the agreement, the Company acquired all outstanding equity of WPM for estimated total purchase consideration of $59.6 million, which consists of (in thousands):


Cash consideration, net of cash acquired	$	56,111
Estimated fair value of contingent consideration		3,499
Total purchase consideration, net of cash acquired	$	59,610

Contingent consideration represents additional payments that the Company may be required to make in the future in the form of restricted stock units, which totals up to $7.9 million depending on the Company's achievement of specified minimum payment volume targets and integration targets established for the years ended December 31, 2022 and 2023. A portion of the contingent consideration is also tied to continuing employment of certain key employees; accordingly, $2.0 million has been excluded from the purchase price. Therefore, total consideration included in the purchase price totals up to $5.9 million. During the years ended December 31, 2021, the Company expensed less than $0.1 million in personnel costs associated with the contingent consideration. These personnel costs are included in the Company’s consolidated statements of operations and comprehensive loss and a liability is recorded in accrued expenses and other current liabilities on the consolidated balance sheet. Contingent consideration related to minimum payment volume targets is payable at 15 months and 27 months after acquisition date based on the 15 months and subsequent 12 months result. Contingent consideration related to integration targets is payable upon completion, which is expected in the second quarter 2022. The contingent consideration related to continuing employment of certain key employees is payable at the two-year acquisition anniversary date.

The Company incurred $0.6 million in transaction costs related to the WPM acquisition for the year ended December 31, 2021.

Except for deferred revenue, which has been recognized in accordance with ASU 2021-08 - see Note 1 - Business Overview and Summary of Significant Accounting Policies for more details, the following table summarizes the allocation of the purchase consideration to the fair value of the assets acquired and liabilities assumed (in thousands):


Cash	$	2,101
Accounts receivable		973
Prepaid expenses and other assets		209
Property and equipment, net		5
Goodwill		40,389
Identifiable intangible assets		31,301
Total assets acquired		74,978
Deferred tax liabilities		7,776
Deferred revenue		4,525
Accounts payable		51
Accrued expenses		915
Total liabilities assumed		13,267
Net assets acquired		61,711
Less: cash acquired		2,101
Net assets, less cash acquired	$	59,610

Goodwill arising from the acquisition of $40.4 million was attributable to the assembled workforce of WPM and the synergies expected to arise from the acquisition. The Company expects that no goodwill from this acquisition will be deductible for income tax purposes.

The following table reflects the estimated fair values of the identified intangible assets of WPM and their respective weighted-average estimated amortization periods.


	Estimated Fair Values		Weighted-Average Estimated Amortization Periods
	(in thousands)		(years)
Developed technology	$	1,400		4
Customer relationships		29,901		15
	$	31,301

The results of WPM have been included in the consolidated financial statements since the date of the acquisition. WPM’s consolidated revenue included in the consolidated financial statements since the acquisition date was $0.3 million. The Company has not disclosed net income or loss since the acquisition date as the business was fully integrated into the consolidated Company’s operations and therefore it was impracticable to determine this amount. The Company has not disclosed unaudited pro forma financial information that shows the results of the Company’s operations for the years ended December 31, 2020 and 2021 as if the acquisition had occurred on January 1, 2020 as the historical results of WPM are not material to the Company’s consolidated financial statements in any period presented.

2020 Business Acquisition

Simplificare Inc.

On February 13, 2020, the Company completed its acquisition of Simplificare Inc. (Simplee), a provider of healthcare payment and collections software. The acquisition of Simplee was intended to further expand the capabilities of the Company and to acquire additional customers in the healthcare market. The acquisition of Simplee has been accounted for as a business combination.

Pursuant to the terms of the agreement, the Company acquired all outstanding equity of Simplee for estimated total purchase consideration of $86.5 million, which consists of (in thousands):


Cash consideration, net of cash acquired	$	79,401
Estimated fair value of contingent consideration		7,100
Total purchase consideration, net of cash acquired	$	86,501

Contingent consideration represents additional payments that the Company may be required to make in the future, which totals up to $20.0 million depending on the Company reaching certain revenue and integration targets established for the years ended December 31, 2020 and 2021, as well as retaining key clients. A portion of the contingent consideration is also tied to continuing employment of certain key employees; accordingly, $2.1 million has been excluded from the purchase price allocation. During the years ended December 31, 2021 and 2020, the Company expensed $1.4 million and $1.1 million, respectively in personnel costs associated with the contingent consideration. These personnel costs are included in the Company’s consolidated statements of operations and comprehensive loss and a liability is recorded in accrued expenses and other current liabilities on the consolidated balance sheet. The contingent consideration was payable at the one-year and two-year acquisition anniversary dates based on the prior year results.

The Company incurred $1.9 million in transaction costs related to the Simplee acquisition, of which $1.5 million was incurred during the year ended December 31, 2020 and $0.4 million was incurred during the year ended December 31, 2019. No costs were incurred during the year ended December 31, 2021. Additionally, the Company incurred $2.7 million and $3.4 million of retention costs during the years ended December 31, 2021 and 2020 to compensate employees of Simplee for future services. These amounts were included in personnel costs in the Company’s consolidated statements of operations and comprehensive loss.

The following table summarizes the allocation of the purchase consideration to the fair value of the assets acquired and liabilities assumed (in thousands):


Cash	$	2,190
Accounts receivable		8,555
Prepaid expenses and other assets		1,578
Property and equipment, net		107
Deferred tax assets		6,587
Goodwill		31,696
Identifiable intangible assets		58,800
Total assets acquired		109,513
Deferred tax liabilities		15,092
Accounts payable		2,267
Accrued expenses and other liabilities		3,463
Total liabilities assumed		20,822
Net assets acquired		88,691
Less: cash acquired		2,190
Net assets, less cash acquired	$	86,501

Goodwill arising from the acquisition of $31.7 million was attributable to the workforce of Simplee and the synergies expected to arise from the acquisition. The Company expects that no goodwill from this acquisition will be deductible for income tax purposes.

The following table reflects the estimated fair values of the identified intangible assets of Simplee and their respective weighted-average estimated amortization periods.


	Estimated Fair Values		Weighted-Average Estimated Amortization Periods
	(in thousands)		(years)
Developed technology	$	10,500		8
Customer relationships		48,300		12
	$	58,800

The results of Simplee have been included in the consolidated financial statements since the date of the acquisition. Simplee’s consolidated revenue included in the consolidated financial statements since the acquisition date was $34.1 million. The Company has not disclosed net income or loss since the acquisition date as the business was fully integrated into the consolidated Company’s operations and therefore it was impracticable to determine this amount.

Unaudited Pro Forma Financial Information

The following unaudited pro forma financial information shows the results of the Company’s operations for the years ended December 31, 2019 and 2020 as if the acquisition had occurred on January 1, 2019. The unaudited pro forma financial information is presented for information purposes only and is not necessarily indicative of what would have occurred if the acquisition had occurred as of that date. The unaudited pro forma information is also not intended to be a projection of future results due to the integration of the acquired operations of Simplee. The unaudited pro forma information reflects the effects of applying the Company’s accounting policies and certain pro forma adjustments to the combined historical financial information of the Company and Simplee. The pro forma adjustments include:

•

incremental amortization expense associated with the estimated fair value of identified intangible assets and property and equipment;

•

revenue and cost of revenue adjustments as a result of the reduction in deferred revenue and the cost related to their estimated fair value;

•

incremental employee compensation expense for Simplee employees; and

•

the estimated tax impact of the above items.

In addition, the pro forma net loss attributable to the Company includes recognition of transaction costs related to the acquisition in net loss as of the beginning of the earliest period presented. Accordingly, pro forma net loss attributable to the Company for the year ended December 31, 2019 includes $1.9 million of transaction costs.


	Year Ended December 31, 2020						Year Ended December 31, 2019
	Actual			Pro Forma			Actual			Pro Forma
	(in thousands)
Revenue	$	131,783		$	136,269		$	94,918		$	120,516
Net Loss	$	(11,107	)	$	(13,444	)	$	(20,116	)	$	(20,343	)

Goodwill and Acquired Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Acquired Intangible Assets

Goodwill

The following table summarizes the changes in the carrying amount of goodwill for the years ended December 31, 2021 and 2020 (in thousands):


	Year Ended December 31,
	2021		2020
Beginning balance	$	44,650	$	12,924
Goodwill related to Simplee acquisition		—		31,696
Goodwill related to WPM acquisition		40,389		—
Foreign currency translation adjustment		802		30
Ending balance	$	85,841	$	44,650

No goodwill impairment was recorded during the years ended December 31, 2021, 2020 and 2019.

Acquired Intangible Assets

Acquired intangible assets subject to amortization consisted of the following (in thousands):


	December 31, 2021
	Gross Carrying Value*		Accumulated Amortization			Net Carrying Amount		Weighted Average Remaining Life (Years)
Developed Technology	$	26,600	$	(10,635	)	$	15,965		5.11
Customer Relationships		82,887		(5,356	)		77,531		11.89
Trade Name/Trademark		511		(511	)		—		—
Non-Compete Agreement		469		(367	)		102		1.15
	$	110,467	$	(16,869	)	$	93,598

* Includes $0.6 million of foreign currency translation adjustments and $0.1 million in acquired developed technology assets


	December 31, 2020
	Gross Carrying Value*		Accumulated Amortization			Net Carrying Amount		Weighted Average Remaining Life (Years)
Developed Technology	$	25,063	$	(6,595	)	$	18,468		6.13
Customer Relationships		52,312		(2,772	)		49,540		10.88
Trade Name/Trademark		511		(504	)		7		0.04
Non-Compete Agreement		469		(273	)		196		2.05
	$	78,355	$	(10,144	)	$	68,211

* Includes less than $0.1 million of foreign currency translation adjustments

Amortization expense for the years ended December 31, 2021, 2020 and 2019 was $6.7 million, $4.9 million and $2.5 million, respectively.

As of December 31, 2021, the estimated annual amortization expense of intangible assets for each of the next five years and thereafter is expected to be as follows (in thousands):


	Estimated Amortization Expense
2022	$	8,690
2023		9,478
2024		9,660
2025		9,255
2026		7,443
Thereafter		49,072
	$	93,598

Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Debt

10.

Debt

Revolving Credit Syndication Loan

On July 29, 2021, the Company entered into a three-year senior secured revolving credit syndication loan (the Revolving Credit Facility) with three banks for a total commitment of $50.0 million. The Revolving Credit Facility includes a $5.0 million letter of credit sub-facility and a $5.0 million swingline sub-facility, with available borrowings under the Revolving Credit Facility reduced by the amount of any letters of credit and swingline borrowings outstanding from time to time. The Revolving Credit Facility is guaranteed by Flywire’s material domestic subsidiaries. One of the lenders in the syndicate was the existing debt holder under the Loan and Security Agreement (the LSA) entered into in 2018 and amended in 2020.

The Revolving Credit Facility consists of Alternate Base Rate (ABR) loans or Eurodollar Borrowings, at the Company’s option. ABR loans bear interest at the ABR plus the applicable rate. Eurodollar Borrowings bear interest at the Adjusted LIBO Rate plus the applicable rate. The ABR rate is based on the greatest of (a) the Prime Rate (b) the Federal Funds Effective Rate plus 1/2 of 1% and (c) the Adjusted LIBO Rate for a one-month Interest Period plus 1%. The adjusted LIBO rate is based on (a) the LIBO Rate multiplied by (b) the Statutory Reserve Rate. The applicable rate is based upon the Company’s liquidity as of the most recent consolidated financial information and ranges from 0.75% to 2.25%. The Revolving Credit Facility incurs a commitment fee ranging from 0.25% to 0.35% based upon the Company’s liquidity as of the most recent consolidated financial information assessed on the average undrawn portion of the available commitment.

The Revolving Credit Facility contains customary affirmative and negative covenants and restrictions typical for a financing of this type that, among other things, require the Company to satisfy certain financial covenants and restrict the Company’s ability to incur additional debt, pay dividends and make distributions, make certain investments and acquisitions, repurchase its stock and prepay certain indebtedness, create liens, enter into agreements with affiliates, modify the nature of its business, enter into sale-leaseback transactions, transfer and sell material assets and merge or consolidate. Non-compliance with one or more of the covenants and restrictions could result in the full or partial principal balance of the Revolving Credit Facility becoming immediately due and payable and termination of the commitments. The Company was in compliance with all covenants associated with the Revolving Credit Facility as of December 31, 2021.

On July 29, 2021, the Company drew $25.9 million on the Revolving Credit Facility and used the proceeds to early prepay the LSA $25.0 million term loan. In connection with the transaction, the Company incurred $0.4 million in prepayment costs and $0.3 million in debt issuance costs. Debt issuance costs related to new lenders in the syndication are amortized on a straight-line basis over the term of the Revolving Credit Facility. Debt issuance costs related to the existing lender in the syndication were expensed. The exchange of the LSA term loan with the Revolving Credit Facility from the same lender was accounted for as a modification. Prior to the closing of the Revolving Credit Facility, debt issuance costs and debt discounts were amortized to interest expense using the effective interest method over the repayment term of the debt and were presented as an offset to the outstanding debt balance on the Consolidated Balance Sheets. Upon the closing of the Revolving Credit Facility, debt issuance costs and debt discount are amortized on a

straight-line basis over the contractual term of the agreement and are presented as a component of other assets on the Company's Consolidated Balance Sheets.

As of December 31, 2021, the Company had $25.9 million outstanding under the Revolving Credit Facility.

For the year ended December 31, 2021, the Company recorded interest expense of $2.0 million, including amortization of debt issuance cost and debt discount of $0.3 million. For the year ended December 31, 2020, the Company recorded interest expense of $2.5 million, including amortization of debt issuance cost and debt discount of $0.2 million. In 2019, the Company recorded interest expense of $2.5 million, including amortization of debt issuance cost and debt discount of $0.3 million.

The components of the Company’s outstanding debt consisted of the following (in thousands):


	Year Ended December 31,
	2021		2020
Long term debt	$	25,939	$	25,000
Less unamortized debt discount		—		(430	)
Less unamortized debt issuance costs		—		(218	)
Long term debt, net	$	25,939	$	24,352

Loan and Security Agreement

On January 16, 2018, the Company entered into the LSA with a financial institution for a $25.0 million loan with interest at a rate of 8.5% per annum. The proceeds of the LSA were used to fund the acquisition of OnPlan. The LSA could be drawn down in three tranches. The first tranche of $15.0 million was drawn in January 2018, while the remaining two tranches were drawn in February 2019 and August 2019 for $5.0 million each. The LSA maturity date was January 22, 2022. The Company was obligated to make monthly interest payments on the loan. The LSA was interest only until either August 1, 2019 or February 1, 2020 pending on achieving certain revenue and margin targets. The Company incurred debt issuance costs of $0.2 million in connection with the issuance of the LSA. These issuance costs were amortized to interest expense, using the effective interest method, over the term of the loan.

On December 31, 2018, the Company achieved the required targets, and deemed that the principal payments would not commence until February 1, 2020.

On April 25, 2020, the Company entered into a Joinder and First Amendment to the LSA for administrative matters.

On May 18, 2020, the Company entered into a Joinder and Second Amendment to the LSA to refinance the LSA. As part of the amendment, the financial institution re-advanced $4.2 million of principal paid on the loan through May 1, 2020. The final maturity date of the LSA was extended to May 2025. The new stated interest rate was at a floating per annum rate equal to the greater of (i) 5.25% above the prime rate; or (ii) 8.50%. The LSA was interest only until May 2023. Beginning on June 1, 2023, the Company would make 24 equal principal payments. The Company incurred $0.2 million in commitment fees from the financial institution to close the refinancing. These commitment fees were recorded as a reduction to the loan balance on the balance sheet.

On June 2, 2020, December 9, 2020 and May 19, 2021, the Company entered into a Third, Fourth and Fifth Amendments, respectively, to the LSA for administrative matters.

All amendments were accounted for as debt modifications.

On July 29, 2021, the Company drew $25.9 million on its new Revolving Credit Facility and used the proceeds to early prepay the $25.0 million LSA. In connection with the transaction, the Company incurred $0.4 million of prepayment costs.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section 50
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-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1I
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
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-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Convertible Preferred Stock and Redeemable Convertible Preferred Stock

12 Months Ended

Dec. 31, 2021

Temporary Equity Disclosure [Abstract]

Convertible Preferred Stock and Redeemable Convertible Preferred Stock

11.

Convertible Preferred Stock and Redeemable Convertible Preferred Stock

Prior to the IPO, the Company issued Series A convertible preferred stock (the Series A Preferred Stock), Series B convertible preferred stock (the Series B Preferred Stock), Series B1-NV convertible preferred stock (the Series B1-NV Preferred Stock), Series B1 convertible preferred stock (the Series B1 Preferred Stock), Series C convertible preferred stock (the Series C Preferred Stock), Series D convertible preferred stock (the Series D Preferred Stock), Series E-1 redeemable convertible preferred stock and Series E-2 redeemable convertible preferred stock (the Series E Preferred Stock). The Series A Preferred Stock, the Series B Preferred Stock, the Series B1-NV Preferred Stock, the Series B1 Preferred Stock, the Series C Preferred Stock, the Series D Preferred Stock, and the Series E Preferred Stock are

collectively referred to as the Preferred Stock. The Series B, B1, and B1-NV are collectively referred to as Senior Preferred Stock.

In February 2020, the Company issued and sold 11,239,920 shares of Series E Preferred Stock at $10.67623 per share for total gross proceeds of $120.0 million. The Company incurred issuance costs in connection with this transaction of $0.2 million. In conjunction with the sale of the Series E Preferred Stock, the Company amended its certificate of incorporation to increase shares authorized for issuance to a total of 78,938,526 shares of Preferred Stock with a par value of $0.0001 per share.

Upon issuance of each class of Preferred Stock, the Company assessed the embedded conversion and liquidation features of the securities and determined that such features did not require the Company to separately account for these features. The Company also concluded that no beneficial conversion feature existed on the issuance date of each class of Preferred Stock.

At December 31, 2020, convertible preferred stock and redeemable convertible preferred stock consisted of the following:


	December 31, 2020
(in thousands, except share data)	Preferred Stock Authorized		Preferred Stock Issued and Outstanding		Carrying Value		Liquidation Preference		Common Stock Issuable Upon Conversion
Series A Preferred Stock		14,475,186		14,475,186	$	14,807	$	14,843		14,475,186
Series B Preferred Stock		9,917,487		9,917,487		9,163		9,199		9,917,487
Series B1-NV Preferred Stock		8,325,933		1,145,526		1,174		1,174		1,145,526
Series B1 Preferred Stock		8,325,933		7,180,407		7,326		7,357		7,180,407
Series C Preferred Stock		15,245,853		14,864,853		28,072		28,143		14,864,853
Series D Preferred Stock		6,625,002		6,625,002		49,859		50,000		6,625,002
Series E-1 Preferred Stock		7,124,862		5,251,542		55,960		70,080		5,251,542
Series E-2 Preferred Stock		8,898,270		5,988,378		63,809		79,920		5,988,378
		78,938,526		65,448,381	$	230,170	$	260,716		65,448,381

Significant rights and preferences of the above convertible preferred stock and redeemable convertible preferred stock prior to its conversion into shares of common stock were as follows:

Voting

The holders of the Preferred Stock were entitled to vote, together with the holders of common stock, on all matters submitted to stockholders for a vote. Each holder of Preferred Stock was entitled to the number of votes equal to the number of whole shares of common stock into which each Preferred Stock was convertible at the time of such vote. The holders of Preferred Stock would vote together with the holders of common stock as a single class, except for the election of the board of directors. For such election, the holders of Preferred Stock would vote exclusively as a separate class to elect three directors. The holders of Class A common stock would vote exclusively to elect one director. The remainder of the directors of the Company would be elected by the holders of common stock and Preferred Stock voting as a single class and were entitled to elect three directors.

Except as may have been otherwise required under Delaware General Corporation Law, holders of the Series B1-NV Preferred Stock and the Series E-2 Preferred Stock would have no right to vote in respect of such shares.

Conversion

Each share of Preferred Stock was convertible, at the option of the holder, at any time after the date of issuance of such share, into such number of fully paid and nonassessable shares of common stock.

The conversion ratio of each series of Preferred Stock was determined by dividing the applicable Original Issue Price of each series by the applicable Conversion Price of each series in effect on the date the certificate was surrendered

for conversion. The Original Issue Price per share was $ 0.6580 for Series A Preferred Stock, $0.6580 for Series B Preferred Stock, $0.7507 for Series B1 Preferred Stock and Series B1 -NV Preferred Stock, $1.480 for Series C Preferred Stock, $7.54717 for Series D Preferred Stock, and $10.67623 for Series E Preferred Stock, each subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization and other adjustments. The Conversion Price per share was $0.6580 for Series A Preferred Stock, $0.6580 for Series B Preferred Stock, $0.7507 for Series B1 Preferred Stock and Series B1-NV Preferred Stock, $1.480 for Series C Preferred Stock, $7.54717 for Series D Preferred Stock, and $10.67623 for Series E Preferred Stock.

Mandatory Conversion

Each share of Preferred Stock would be automatically converted into shares of the Company’s common stock, at the then effective conversion price upon the closing of the sale of shares of common stock at a price to the public of at least $14.9468 per share, subject to appropriate adjustment for stock splits, stock dividends, combinations and other similar recapitalizations affecting such shares, in a firm commitment underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, with net proceeds to the Company of at least $50 million.

Immediately prior to the closing of the IPO, all shares of the Company’s outstanding convertible preferred stock and redeemable convertible preferred stock were converted into shares of common stock.

Liquidation

Series A Preferred Stock

In the event of a voluntary or involuntary liquidation, dissolution, or winding up of the Company (a Liquidation Event), the holders of the Series A Preferred Stock then outstanding would be entitled to be paid out of the assets of the Company available for distribution to its stockholders before any payment was made to the holders of the common stock by reason of their ownership thereof, an amount per share equal to the greater of (i) the Series A Preferred Stock Original Issue Price, plus any dividends accrued but unpaid thereon, whether or not declared, together with any other dividends declared but unpaid thereon or (ii) such amount per share as would have been payable had all shares of Series A Preferred Stock been converted into common stock immediately prior to the Liquidation Event.

If upon any such Liquidation Event, the assets of the Company available for distribution to its stockholders were insufficient to pay in full the holders of shares of Series A Preferred Stock, the holders of shares of Series A Preferred Stock would share ratably in any distribution of the assets available for distribution in proportion to the respective amounts which would otherwise be payable in respect of the shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full.

Senior Preferred Stock (Series B, B1 and B1-NV)

In the event of a Liquidation Event, the holders of the Senior Preferred Stock then outstanding would be entitled to be paid out of the assets of the Company available for distribution to its stockholders before any payment was made to the holders of (i) Series A Preferred Stock or (ii) common stock by reason of their ownership thereof, an amount per share equal to the greater of (i) the applicable Preferred Stock Original Issue Price, plus any dividends accrued but unpaid thereon, whether or not declared, together with any other dividends declared but unpaid thereon or (ii) such amount per share as would have been payable had all shares of Senior Preferred Stock been converted into common stock immediately prior to the Liquidation Event.

If upon any such Liquidation Event, the assets of the Company available for distribution to its stockholders were insufficient to pay in full the holders of shares of Senior Preferred Stock, the holders of shares of Senior Preferred Stock would share ratably in any distribution of the assets available for distribution in proportion to the respective amounts which would otherwise be payable in respect of the shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full.

Series C Preferred Stock

In the event of a Liquidation Event, the holders of the Series C Preferred Stock then outstanding would be entitled to be paid out of the assets of the Company available for distribution to its stockholders before any payment was made to the holders of (i) Senior Preferred Stock (ii) Series A Preferred Stock or (iii) common stock by reason of their ownership thereof, an amount per share equal to the greater of (i) the Series C Preferred Stock Original Issue Price, plus any dividends accrued but unpaid thereon, whether or not declared, together with any other dividends declared but unpaid

thereon or (ii) such amount per share as would have been payable had all shares of Series C Preferred Stock been converted into common stock immediately prior to the Liquidation Event.

If upon any such Liquidation Event, the assets of the Company available for distribution to its stockholders were insufficient to pay in full the holders of shares of Series C Preferred Stock, the holders of shares of Series C Preferred Stock would share ratably in any distribution of the assets available for distribution in proportion to the respective amounts which would otherwise be payable in respect of the shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full.

Series D Preferred Stock

In the event of a Liquidation Event, the holders of the Series D Preferred Stock then outstanding would be entitled to be paid out of the assets of the Company available for distribution to its stockholders before any payment was made to the holders of (i) Series C Preferred Stock (ii) Senior Preferred Stock (iii) Series A Preferred Stock or (iv) common stock by reason of their ownership thereof, an amount per share equal to the greater of (i) the Series D Preferred Stock Original Issue Price, plus any dividends accrued but unpaid thereon, whether or not declared, together with any other dividends declared but unpaid thereon or (ii) such amount per share as would have been payable had all shares of Series D Preferred Stock been converted into common stock immediately prior the Liquidation Event.

If upon any such Liquidation Event, the assets of the Company available for distribution to its stockholders were insufficient to pay in full the holders of shares of Series D Preferred Stock, the holders of shares of Series D Preferred Stock would share ratably in any distribution of the assets available for distribution in proportion to the respective amounts which would otherwise be payable in respect of the shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full.

Series E Preferred Stock (Series E-1 and E-2)

In the event of a Liquidation Event, the holders of the Series E Preferred Stock then outstanding would be entitled to be paid out of the assets of the Company available for distribution to its stockholders before any payment was made to the holders of (i) Series D Preferred Stock, (ii) Series C Preferred Stock, (iii) Senior Preferred Stock, (iv) Series A Preferred Stock, (v) Common Stock, or (vi) any other class or series of capital stock of the Corporation, in each case by reason of their ownership thereof, an amount per share equal to the greater of (a) (i) 125% of the Series E Preferred Stock Original Issue Price, plus any dividends declared but unpaid thereon (if the Liquidation Event or any deemed liquidation event was consummated before the second anniversary of the Series E original issue date) and (ii) Series E Original Issue Price, plus any dividends declared but unpaid (if the Liquidation Event or any deemed liquidation event was consummated on or after the second anniversary of the Series E original issue date) or (b) such amount per share as would have been payable had all shares of Series E Preferred Stock been converted into common stock immediately prior to the Liquidation Event, if the Liquidation Event or any deemed liquidation event was consummated before the second anniversary of the Series E original issue date.

If upon any such Liquidation Event, the assets of the Company available for distribution to its stockholders were insufficient to pay in full the holders of shares of Series E Preferred Stock, the holders of shares of Series E Preferred Stock would share ratably in any distribution of the assets available for distribution in proportion to the respective amounts which would otherwise be payable in respect of the shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full.

Dividends

In July 2018, coinciding with the issuance of Series D Preferred Stock, the certificate of incorporation was amended to eliminate the future accrual of dividends. Holders of Series A Preferred Stock, Senior Preferred Stock and Series C Preferred Stock were entitled to accrue dividends through the Series D Preferred Stock issuance date of July 5, 2018 (the Preferred Stock Dividends) out of any assets legally available therefor, prior and in preference to any declaration or payment of any dividend to shareholders of common stock. The Preferred Stock Dividends were cumulative and accrued, day to day through the Series D Preferred Stock issuance date, at a rate per annum of 8% per share on such shares of Preferred Stock, subject to appropriate adjustment in the event of any stock dividend, stock split, combination, or other similar recapitalization with respect to the Preferred Stock. The holders of Series D Preferred Stock and Series E Preferred Stock were not entitled to accrue dividends. The Preferred Stock Dividends were terminated in connection with the conversion of the Company’s Preferred Stock in its IPO.

Accumulated dividends were as follows (in thousands):


	December 31, 2020
Series A Preferred Stock	$	5,318
Series B Preferred Stock		1,967
Series B1-NV Preferred Stock		314
Series B1 Preferred Stock		2,673
Series C Preferred Stock		6,143
Series D Preferred Stock		—
Series E Preferred Stock		—
		16,415

No dividends were declared or paid by the Company during the years ended December 31, 2021, 2020 and 2019.

Redemption

Series A, B, B1 B1-NV, C and D of Preferred Stock did not contain any date-certain redemption features. At any time on or after the fifteenth anniversary of the Series E Preferred Stock issue date, any holder of Series E Preferred Stock could elect to have all outstanding shares of Series E Preferred Stock redeemed. The redemption price for each share of Series E Preferred Stock would be the original issue price per share, plus any declared but unpaid dividends. All classes of the Company’s Preferred Stock were contingently redeemable upon a deemed liquidation event.

Classification of Convertible Preferred Stock

The Preferred Stock was contingently redeemable upon certain deemed liquidation events outside of the Company’s control such as a dissolution, winding up of the Company, merger or consolidation, or other disposition of all or substantially all the assets of the Company. Accordingly, all shares of convertible preferred stock were presented outside of permanent equity in mezzanine equity on the consolidated balance sheets.

The Company recorded the convertible preferred stock at fair value on the dates of issuance, net of issuance costs. Shares of convertible preferred stock were not redeemable. The Company did not adjust the carrying values of the convertible preferred stock to the deemed liquidation values of such shares since a liquidation event was not probable at the balance sheet date. Subsequent adjustments to increase or decrease the carrying values to the ultimate liquidation values would be made only if, and when, it became probable that such a liquidation event would occur.

Classification and Accretion of Redeemable Convertible Preferred Stock

The Company classified redeemable convertible preferred stock outside of stockholders’ equity (deficit) because the shares contained certain redemption features that were not solely within the control of the Company. Costs incurred in connection with the issuance of each series of redeemable convertible preferred stock were recorded as a reduction of gross proceeds from issuance. The Company recorded periodic accretion to the carrying values of its outstanding redeemable convertible preferred stock such that the carrying value of the redeemable convertible preferred stock would be equal to the original issuance cost at the earliest date of redemption. Adjustments to the carrying values of the redeemable convertible preferred stock to record this accretion at each reporting date were considered a deemed dividend, which adjusted additional paid-in capital and increased or decreased net loss attributable to common stockholders in computing basic and diluted net loss per share.

Stockholder's Equity (Deficit)

12 Months Ended

Dec. 31, 2021

Stockholders Equity Note [Abstract]

Stockholder's Equity (Deficit)

12.

Stockholders’ Equity (Deficit)

Preferred Stock

In connection with the IPO, the Company’s amended and restated certificate of incorporation became effective, which authorized the issuance of 10,000,000 shares of undesignated preferred stock with a par value of $0.0001 per share with rights and preferences, including voting rights, designated from time to time by the board of directors.

Common Stock

In connection with the IPO, the Company’s current amended and restated certificate of incorporation authorized the issuance of 2,000,000,000 shares of voting common stock with a par value of $0.0001 per share and 10,000,000 shares of non-voting common stock with a par value of $0.0001 per share. The voting and non-voting shares are identical, except that holders of voting common stock are entitled to one vote for each share on each matter properly submitted to the Company’s stockholders for their vote, while holders of non-voting common stock are not entitled to vote on such matters. Holders of voting common stock and non-voting common stock are entitled to receive any dividends as may be declared

from time to time by the board of directors. As of December 31, 2021 and 2020, no cash dividends have been declared or paid.

As of December 31, 2021, the Company had reserved shares of common stock for future issuance as follows:


	Year Ended December 31,
	2021
Issued and outstanding stock options	$	14,855,292
Issued and outstanding restricted stock units and awards		213,121
Available issuance under stock options and restricted stock units		9,420,270
Available issuance under employee stock purchase plan		1,639,810
	$	26,128,493

Warrants to Purchase Convertible Preferred Stock

In connection with the January 2018 LSA, the Company issued warrants to purchase 381,000 shares of Series C Convertible Preferred Stock. Prior to the closing of the IPO, the Company had warrants to purchase 190,500 shares of its convertible preferred stock outstanding. Such warrants were converted immediately prior to the closing of the IPO into warrants to purchase 190,500 shares of the Company’s voting common stock and the associated preferred stock warrant liabilities were remeasured to its fair value of $6.3 million and reclassified to additional paid-in capital.

Warrants to purchase convertible preferred stock were exercised or net settled for voting common stock after the IPO. As of December 31, 2021, there were no preferred stock warrants outstanding. As of December 31, 2020 warrants to purchase the following classes of preferred stock were outstanding:


Series of Preferred Stock	Issuance Date	Number of Preferred Shares Issuable under Warrant		Weight Average Exercise Price		Remaining Contractual Term (In Years)		Fair Value of Warrants (In Thousands)
Series C	January 16, 2018		381,000	$	1.48		4.0	$	1,932

As a result of changes in the fair value of these preferred stock warrants, the Company recorded other expense of $0.6 million and $0.1 million for the years ended December 31, 2020 and 2019, respectively.

The following table provides a roll forward of the aggregate fair value of the Company’s preferred stock warrants for the year ended December 31, 2020 (in thousands):


	Year Ended December 31,
	2020
Balance at beginning of period	$	1,307
Changes in fair value		625
Balance at end of period	$	1,932

Common Stock Warrants

As of December 31, 2021, there were no common stock warrants outstanding. The following table summarizes information about the Company’s outstanding common stock warrants as of December 31, 2020:


	Date		Strike		Total Warrants Outstanding		Exercise		Weighted Average Exercise
	Issued	Expiration	Price		and Exercisable		Price		Price
LSA Warrants	August-12	August-22	$	0.17		75,000	$	0.17	$	0.17
LSA Warrants	May-20	May-30	$	3.95		189,171	$	3.95	$	3.95

On May 18, 2020, in connection with the Company’s refinancing of the LSA, the Company issued warrants to purchase 189,171 shares of common stock at $3.95 per share that were classified as equity. The initial fair value of the

warrants was $0.4 million. The fair value of the warrants was determined using the Black Scholes model on the date of issuance using the assumptions as presented below:


	Year Ended December 31,
	2020
Risk-free interest rate		0.73	%
Expected dividend yield		0	%
Expected volatility		38.5	%
Remaining contractual term (years)		10

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (b)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
-Paragraph 18
-Subparagraph (d)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

13.

Stock-Based Compensation

Equity Incentive Plan

In April 2021, the Company’s board of directors adopted, and in May 2021 its stockholders approved the 2021 Equity Incentive Plan (the 2021 Plan), which became effective in connection with the IPO.

The Company's 2018 Equity Incentive Plan (the 2018 Plan), which was adopted in 2018, was terminated concurrent to the effective date of the 2021 Plan. The Company’s 2009 Equity Incentive Plan, which was adopted in 2009 and amended and restated in 2011 (as amended and restated, the 2009 Plan), was terminated upon the adoption of the 2018 Plan. There were no equity-based awards granted under the 2018 Plan and the 2009 Plan after their termination; however, all outstanding awards under the 2018 Plan and the 2009 Plan continue to remain subject to the terms of the respective Equity Incentive Plan until such awards are exercised or until they terminate or expire by their terms. The 2021 Plan, 2018 Plan and 2009 Plan are collectively referred to as the “Equity Incentive Plans”.

The 2021 Plan provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock units, performance awards and other forms of equity compensation (collectively, equity awards). A total of 9,201,156 shares of the Company’s common stock have been reserved for issuance under the 2021 Plan in addition to (i) any annual automatic evergreen increases in the number of shares of common stock reserved for issuance under the 2021 Plan and (ii) upon the expiration, forfeiture, cancellation, or reacquisition of any stock-based awards granted under the 2009 Plan or 2018 Plan, an equal number of shares of voting common stock will become available under the 2021 Plan.

The total number of shares of voting common stock available for issuance under the Equity Incentive Plans was 11,060,080 shares as of December 31, 2021.

Stock Options

Stock options granted under the 2009 Plan, 2018 Plan and the 2021 Plan generally vest based on continued service over four-year period and expire within ten years from the date of grant. Any options that are canceled or forfeited before expiration become available for future grants.

The following presents a summary of stock option activity since December 31, 2020:


	Number of Shares			Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (In Years)		Aggregate Intrinsic Value (In Thousands)
Outstanding as of December 31, 2020		16,708,803		$	2.02		6.64	$	32,174
Granted		4,434,200			12.59
Exercised		(5,910,974	)		1.23
Cancelled		(376,737	)		5.81
Outstanding as of December 31, 2021		14,855,292		$	5.40		7.06	$	487,264
Exercisable as of December 31, 2021		7,532,727			2.00		5.51	$	271,626
Vested or expected to vest as of December 31, 2021		6,895,301			8.79		8.63	$	203,680

The aggregate intrinsic value was calculated as the difference between exercise price of the underlying awards and the closing price of the Company’s common stock at December 31, 2021. The aggregate intrinsic value of stock options exercised during the years ended December 31, 2021, 2020 and 2019 was $217.7 million, $6.6 million and $1.9 million, respectively.

The weighted average grant-date fair value of stock options granted during the years ended December 31, 2021, 2020 and 2019 was $12.59, $3.95, and $3.30 per share, respectively.

The Company received cash proceeds from the exercise of common stock options of $6.9 million, $0.8 million, and $0.5 million during the years ended December 31, 2021, 2020 and 2019, respectively.

The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model. The table below quantifies the weighted average of the most significant inputs to determine the fair value of stock options granted.


	Year Ended December 31,
	2021			2020			2019
Risk-free interest rate		0.87	%		0.47	%		2.10	%
Expected dividend yield		0	%		0	%		0	%
Expected volatility		42.6	%		42.0	%		39.8	%
Expected terms (in years)		6			6			6

As of December 31, 2021, there was $30.2 million of total unrecognized expense related to unvested stock options, which is expected to be recognized over a weighted-average period of 3.10 years.

Restricted Stock Awards and Restricted Stock Units

During 2018, the Company granted restricted stock awards to employees under the 2018 Plan. The restricted stock awards vest ratably over a four-year period from the date of grant. The fair value of each restricted stock awards on the date of grant is the estimated fair value of the common stock on the date of grant.

During 2021, the Company granted restricted stock units to employees and nonemployee board members under the 2021 Plan. The fair value of the restricted stock units was estimated based upon the market closing price of the Company’s common stock on the date of the grant. The restricted stock units vest over the requisite service period, which range between one and four years from the date of the grant, subject to the continued employment of the employees and services of the nonemployee board members.

The following table summarizes the restricted stock activity for the year ended December 31, 2021:


	Number of Shares			Weighted-Average Grant Date Fair Value		Aggregate Fair Value
						(In Thousands)
Unvested as of December 31, 2020		671,517		$	0.98
Granted		161,470			36.31	$	5,863
Vested		(619,866	)		0.98	$	607
Cancelled		—			—
Unvested as of December 31, 2021		213,121		$	28.00

As of December 31, 2021, there was $5.1 million of total unrecognized compensation expense related to unvested restricted stock awards and restricted stock units, which is expected to be recognized over a weighted-average period of 3.89 years.

Stock Based Compensation Costs

The following table summarizes the stock-based compensation expense for stock options, restricted stock awards and restricted stock units granted to employees and nonemployee board members that was recorded in the Company’s consolidated statements of operations and comprehensive loss (in thousands):


	Year Ended December 31,
	2021		2020		2019
Technology and development		2,510		766		640
Selling and marketing		5,161		1,275		905
General and administrative		11,257		1,803		1,404
Total stock-based compensation expense	$	18,928	$	3,844	$	2,949

During the year ended December 31, 2019, the Company repurchased 90,000 shares of common stock for $0.3 million. The repurchase was approved by the Company's board of directors.

In February 2021, certain of the Company’s existing investors acquired 1,205,118 outstanding shares of common stock from employees of the Company for a purchase price greater than the fair value of the common stock at the time of the transaction. As a result, the Company recorded $8.4 million of stock-based compensation expense during the year ended December 31, 2021. The amount recorded as stock-based compensation represents the difference between the price paid and the estimated fair value at the date of the transaction.

2021 Employee Stock Purchase Plan

In April 2021, the Company’s board of directors adopted, and in May 2021 its stockholders approved, the 2021 Employee Stock Purchase Plan (the 2021 ESPP), which became effective in connection with the IPO. The 2021 ESPP authorizes the issuance of shares of voting common stock pursuant to purchase rights granted to employees. A total of 1,639,810 shares of the Company’s voting common stock have been reserved for future issuance under the 2021 ESPP, in addition to any annual automatic evergreen increases in the number of shares of common stock reserved for future issuance under the 2021 ESPP. The price at which voting common stock is purchased under the 2021 ESPP is equal to 85% of the fair market value of a share of the Company’s voting common stock on the first or last day of the offering period, whichever is lower. Eligible employees can contribute up to 15% of their eligible compensation. Offering periods are generally 6 months long.

The ESPP enrollment period started on December 15, 2021 and ended on December 31, 2021. The first offering period commenced on January 1, 2022 and will end on June 30, 2022.

Net Loss per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Net Loss per Share

14.

Net Loss per Share

Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts):


	Year Ended December 31,
	2021			2020			2019
Numerator:
Net loss	$	(28,085	)	$	(11,107	)	$	(20,116	)
Accretion of preferred stock to redemption value		(13	)		(14	)		—
Net loss attributable to common stockholders - basic and diluted	$	(28,098	)	$	(11,121	)	$	(20,116	)
Denominator:
Weighted average common shares outstanding - basic and diluted		71,168,054			18,389,898			16,067,088
Net loss per share attributable to common stockholders - basic and diluted	$	(0.39	)	$	(0.60	)	$	(1.25	)

For periods in which the Company is in a loss position, basic net loss per share attributable to common stockholders is the same as diluted net loss per share attributable to common stockholders. Outstanding potentially dilutive securities, which were excluded from the diluted net loss per share calculations because they would have been antidilutive were as follows as of the dates presented:


	Year Ended December 31,
	2021		2020		2019
Warrants for the purchase of common stock		—		264,171		75,000
Warrants for the purchase of convertible preferred stock (as converted into common stock)				381,000		381,000
Redeemable convertible preferred stock (as converted into common stock)		—		11,239,920		—
Convertible preferred stock (as converted into common stock)		—		54,208,461		54,208,461
Unvested restricted stock awards		213,121		671,517		1,512,141
Stock options to purchase common stock (as converted to common stock)		14,855,292		16,708,803		16,650,192
		15,068,413		83,473,872		72,826,794

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

15.

Income Taxes

The following table presents the components of loss before provision for income taxes (in thousands):


	Year Ended December 31,
	2021			2020			2019
United States	$	(29,186	)	$	(21,033	)	$	(21,338	)
Foreign		3,259			2,757			1,772
	$	(25,927	)	$	(18,276	)	$	(19,566	)

The following table summarizes the components of the Company’s provision for (benefit from) income taxes (in thousands):


	Year Ended December 31,
	2021		2020			2019
Current
United States:
Federal	$	—	$	—		$	—
State		198		48			—
Foreign		1,814		1,318			561
Total current provision for income taxes	$	2,012	$	1,366		$	561
Deferred
United States:
Federal	$	15	$	(5,104	)	$	23
State		95		(3,243	)		55
Foreign		36		(188	)		(89	)
Total deferred income tax provision (benefit)		146		(8,535	)		(11	)
Total income tax provision (benefit)	$	2,158	$	(7,169	)	$	550

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows:


	Year Ended December 31,
	2021			2020			2019
Federal statutory income tax rate		21.0	%		21.0	%		21.0	%
State income taxes, net of federal benefit		5.0			2.8			5.3
Permanent differences		—			(1.0	)		(0.7	)
Fair value of contingent consideration		(1.8	)		(6.2	)		—
Non-deductible transaction costs		—			(1.7	)		—
Equity-based compensation		10.5			(4.0	)		(2.3	)
Change in fair value of preferred stock warrant liability		(8.7	)		(0.7	)		(0.1	)
Excess executive compensation		(6.7	)		—			—
Change in uncertain tax position		(2.2	)		—			—
Change in valuation allowance		(24.7	)		31.3			(24.1	)
Other		(0.7	)		(2.2	)		(2.1	)
Effective income tax rate	(8.3%)				39.3	%		(3.0	)%

During the year ended December 31, 2021, the Company recorded an income tax provision of $2.2 million, which is primarily attributable to income related to profitable foreign activity and U.S. state taxes.

During the year ended December 31, 2020, the Company recorded an income tax benefit of $7.2 million, which is primarily attributable to a non-recurring benefit of $8.4 million relating to the release of a portion of the Company’s valuation allowance. This release was due to taxable temporary differences recorded as part of the Simplee acquisition which are a source of income to realize certain pre-existing federal and state deferred tax assets.

During the year ended December 31, 2019, the Company recorded an income tax provision of $0.6 million, which is primarily attributable to income related to profitable foreign activity.

The Company’s deferred tax assets and liabilities consisted of the following components (in thousands):


	Year Ended December, 31
	2021			2020
Deferred tax assets:
Net operating loss carryforwards	$	32,722		$	29,598
Property and equipment		428			316
Accrued Expenses		666			254
Equity-based compensation		1,120			134
Interest limitation carryforward		1,978			1,403
Other temporary differences		257			203
Total deferred tax assets		37,171			31,908
Deferred tax asset valuation allowance		(23,864	)		(17,485	)
	$	13,307		$	14,423
Deferred tax liabilities:
Intangible assets		(19,783	)		(13,559	)
Goodwill		(858	)		(626	)
Deferred contract costs		(778	)		(307	)
Other temporary differences		(118	)		(195	)
Total deferred tax liabilities		(21,537	)		(14,687	)
Net deferred tax liabilities	$	(8,230	)	$	(264	)

As of December 31, 2021, the Company had gross federal and state net operating loss (NOL) carryforwards of $123.6 million and $164.9 million, respectively, out of which $58.2 million of federal NOL carryforwards and $161.9 million of state NOL carryforwards begin to expire in 2030 and 2022, respectively. Additionally, $65.4 million of federal NOL carryforwards and $3.0 million of state NOL carryforwards have indefinite lives. The gross federal NOL of $123.6 million has been reduced by $1.4 million, as of December 31, 2021, due to netting of unrecognized tax benefits. As of December 31, 2021, the Company generated gross foreign NOL carryforwards of $0.8 million which begin to expire in 2025. The federal, state and foreign NOL carryforwards may be available to reduce future federal, state and foreign taxable income, respectively. Additionally, as of December 31, 2021, the Company had a gross interest limitation carryforward of $7.4 million.

Ownership changes, as defined under Internal Revenue Code Section 382, and similar state provisions may limit the amount of federal and state NOL carryforwards that can be utilized annually to offset future federal and state taxable income. Generally, an ownership change occurs when the ownership percentage of 5% or greater stockholders increases by more than 50% over a three-year period. Accordingly, the purchase of the Company’s stock in amounts greater than specified levels could limit the Company’s ability to utilize federal and state NOL carryforwards for tax purposes. The Company is in the process of completing a Section 382 study and preliminary indications show there will be no limitations in using federal and state NOL carryforwards.

In assessing the realizability of its deferred tax assets, the Company considered whether it was more likely than not that some portion or all of the deferred tax assets would not be realized. The realization of deferred tax assets depends upon the generation of future taxable income. The Company has evaluated the positive and negative evidence bearing upon the realizability and determined that it is more likely than not that the Company will not realize the benefits of the deferred tax assets, and as a result, a valuation allowance has been established against federal, state and certain foreign deferred tax assets as of December 31, 2021 and 2020.

During the year ended December 31, 2021, the Company recorded an increase in the valuation allowance of $6.4 million, which is primarily related to generating losses in the U.S. As of December 31, 2020, the Company recorded a net decrease in the valuation allowance of $3.1 million related primarily to a valuation allowance release with respect to the Simplee acquisition offset by a valuation allowance increase with respect to NOL carryforwards. During the year ended December 31, 2019, the Company recorded an increase in the valuation allowance of $4.8 million. Changes in the valuation allowance are summarized as follows (in thousands):


	Year Ended December, 31
	2021			2020			2019
Valuation allowance at beginning of year	$	(17,485	)	$	(20,554	)	$	(15,757	)
Change recorded to income tax (provision) benefit as part of operations		(6,379	)		(2,745	)		(4,797	)
Change recorded to income tax (provision) benefit due to acquisition of Simplee		—			8,464			—
Current year (increase)/decrease established through goodwill due to acquisition of Simplee		—			(2,650	)		—
Valuation allowance at end of year	$	(23,864	)	$	(17,485	)	$	(20,554	)

The Company permanently reinvests the earnings of its foreign subsidiaries, and, therefore, does not provide for taxes that could result from the distribution of those earnings to the U.S. As of December 31, 2021, the amount of unrecognized deferred taxes on these earnings are not material.

As of December 31, 2021, 2020 and 2019, the Company accrued $0.9 million, $0 and $0 related to uncertain tax positions, respectively, which includes potential tax benefits of $0.6 million, $0 and $0, respectively, that, when recognized, would impact the effective tax rate. As of December 31, 2021, $0.3 million of the reserve is reflected as a reduction to deferred taxes and the remaining balance is recorded as a component of other liabilities in the consolidated balance sheet.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	Year Ended December, 31
	2021		2020		2019
Balance at beginning of year	$	—	$	—	$	—
Settlements with taxing authorities		—		—		—
Increases related to tax positions taken during prior years		502		—		—
Increases related to tax positions taken during the current year		387		—		—
Balance at end of year	$	889	$	—	$	—

The Company files income tax returns as prescribed by the tax laws of the jurisdiction in which it operates. In the normal course of its business, the Company is subject to examination by federal, state and foreign jurisdictions, where applicable. The Company is open to future tax examinations from 2016 to the present; however, carryforward attributes that were generated prior to 2016 may still be adjusted upon examination by federal, state or local tax authorities to the extent they will be used in a future period. In 2021, the U.S. Internal Revenue Service commenced a corporate income tax audit with respect to the 2018 calendar year, which is still open.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

16.

Commitments and Contingencies

Operating Leases

The Company leases certain real estate for its primary facilities under operating leases that expire at various dates between one and five years. These leases contain renewal options, and require the Company to pay operating costs, including property taxes, insurance, and maintenance. The terms of these lease agreements include free rent periods and annual rent increases. Accordingly, the Company records a deferred rent liability related to the free rent periods and periodic rent increases. Rent expense is recognized on a straight-line basis over the term of the lease.

In March 2021, the Company entered into a lease agreement for 680 square feet of office space in Tel Aviv, Israel. The term of the lease commenced on March 15, 2021 and continues until March 25, 2023. The Company has the option to extend the lease for an additional two-year term at market-based rates. The base rent payments commenced in March 2021. The Company is obligated to pay its portion of building operating and tax expenses.

In May 2021, the Company executed lease extensions on previously rented office space in Cluj, Romania and Singapore. Both extensions commence on May 15, 2021. The Cluj extension continues until March 31, 2024 and the Singapore extension continues until November 14, 2021. The Company is obligated to pay its portion of building operating and tax expenses under both agreements.

In July 2021, the Company extended the Singapore office lease through November 30, 2022.

In connection with the WPM transaction, the Company acquired one lease agreement for an office building. The lease has a contractual term of 5 years beginning on August 1, 2021 and ending on July 31, 2026.

Future minimum lease payments for noncancelable operating leases as of December 31, 2021 are as follows (in thousands):


Years Ending December 31,
2022	$	1,848
2023		1,567
2024		500
2025		73
2026		32
	$	4,020

Rent expense for the years ended December 31, 2021, 2020 and 2019 was $ 2.2 million, $2.3 million and $2.2 million, respectively.

Legal proceedings

The Company is subject to various legal proceedings and claims, the outcomes of which are subject to significant uncertainty. The Company records an accrual for legal contingencies when it has determined that it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. In making such determinations, the Company evaluates, among other things, the degree of probability of an unfavorable outcome and, when it is probable that a liability has been incurred, the ability to make a reasonable estimate of the loss. If the occurrence of liability is probable, the Company will disclose the nature of the contingency, and if estimable, will provide the likely amount of such loss or range of loss.

As of December 31, 2021, the Company was not subject to any currently pending legal matters or claims that could have a material adverse effect on its financial position, results of operations, or cash flows.

Indemnification

In the ordinary course of business, the Company agrees to indemnify certain partners and clients against third party claims asserting infringement of certain intellectual property rights, data privacy breaches, damages caused to property or persons, or other liabilities relating to or arising from the Company’s payment platform or other contractual obligations. In addition, the Company has entered into indemnification agreements with members of its board of directors that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company is not currently aware of any indemnification claims and had not accrued any liabilities related to such obligations in its consolidated financial statements as of December 31, 2021 and 2020.

Employee Benefit Plan	12 Months Ended
Employee Benefit Plan	Dec. 31, 2021
Defined Benefit Plans And Other Postretirement Benefit Plans Disclosures [Abstract]
Employee Benefit Plan	17. Employee Benefit Plan The Company has established a defined contribution savings plan under Section 401(k) of the Internal Revenue Code. This plan covers all employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre-tax basis. Matching contributions to the plan may be made at the discretion of the Company’s board of directors. The Company made contributions of $0.8 million, $0.5 million and 0.4 million to the plan during the years ended December 31, 2021, 2020 and 2019, respectively.

Business Overview and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Initial Public Offering

Stock Split

Basis of Presentation and Principles of Consolidation

Segment Information

Use of Estimates

Impact of COVID-19

Impact of the Conflict between Russia and Ukraine

Out-of-period Adjustment

Concentrations of Credit Risk, Financial Instruments and Significant Clients


	December 31,
	2021			2020
Client A		36	%		19	%
Client B		12	%		10	%


	December 31,
	2021			2020
Partner A	*				24	%
Partner B		14	%		12	%
Partner C		15	%		12	%
Partner D		12	%	*
Partner E		21	%	*

* Less than 10% of total balance.

During the years ended December 31, 2021, 2020 and 2019, no client accounted for 10% or more of revenue.

Cash Equivalents and Restricted Cash

Cash equivalents consist of short-term, highly liquid investments with stated maturities of three months or less from the date of purchase.

Allowance for Doubtful Accounts

Property and Equipment, net

Impairment of Long-Lived Assets

Intangible Assets, Net

Intangible Assets, net

No significant residual value is estimated for intangible assets.

Software Developed for Internal Use

Goodwill

Business Combinations

Transaction costs related to business combinations are expensed as incurred and are included in general and administrative expense in consolidated statements of operations and comprehensive loss.

Asset Acquisition

Fair Value Measurements

Level 1 - Quoted prices in active markets for identical assets or liabilities.

The carrying amounts of the Company’s long-term debt approximates the fair value as it bears interest at a rate approximating a market interest rate (Level 2 inputs)

Preferred Stock Warrant Liability

Common Stock Warrants

Foreign Currency Translation and Transactions

Derivative Instruments and Hedging

Deferred Offering Costs

Revenue Recognition

(i)

Identify the contract(s) with a customer.

(ii)

Identify the performance obligations in the contract.

(iii)

Determine the transaction price.

(iv)

Allocate the transaction price to the performance obligations in the contract.

(v)

Recognize revenue as the entity satisfies a performance obligation.

The Company derives revenue primarily from transactions and platform and usage-based fees.

Performance Obligations

For those arrangements that include fixed consideration, the fixed component is recognized ratably over the service period while variable consideration is recognized in the period earned.

Variable Consideration

Payment Terms

Other Revenue Recognition Policies

Remaining Performance Obligations

See Note 2 - Revenue and Recognition for additional information on revenue recognition.

Payment Processing Services Costs

Technology and Development

Selling and Marketing

General and Administrative

Advertising Costs

Stock-Based Compensation

The exercise price per share of stock options granted may not be less than the fair market value of the Company's common stock at the date of the grant.

Income Taxes

Comprehensive Loss

Net Income (Loss) per Share

Emerging Growth Company Status

Accounting Pronouncements Adopted

During 2021, the Company adopted the following Accounting Standards Updates (ASU) issued by the Financial Accounting Standards Board (FASB):

Accounting Pronouncements Not Yet Adopted

Accounting Pronouncements Not Yet Adopted as of December 31, 2021

Business Overview and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Accounts Receivable And Funds Receivable


	December 31,
	2021			2020
Client A		36	%		19	%
Client B		12	%		10	%


	December 31,
	2021			2020
Partner A	*				24	%
Partner B		14	%		12	%
Partner C		15	%		12	%
Partner D		12	%	*
Partner E		21	%	*

* Less than 10% of total balance.

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2021

Revenue Recognition [Abstract]

Summary of Revenue Disaggregated by Geographical Area


	Year Ended December 31,
	2021		2020		2019
(in thousands)
Primary geographical markets
United States	$	131,675	$	97,768	$	67,896
Canada		27,945		11,956		9,043
United Kingdom		27,735		18,217		15,532
Other countries (1)		13,794		3,842		2,447
Total revenue	$	201,149	$	131,783	$	94,918
Major solutions
Transactions	$	147,994	$	89,607	$	86,580
Platform and usage-based fees		53,155		42,176		8,338
Total revenue	$	201,149	$	131,783	$	94,918

(1)

No single country included in the other countries category generated 10% or more of total revenue.

Summary of Contract with Customer, Contract Asset, Contract Liability, and Receivable

The following table provides information about accounts receivable, unbilled receivables and deferred revenue from contracts with customers (in thousands):


	Year Ended December 31,
	2021		2020
Accounts receivable, net of allowances	$	12,968	$	11,573
Unbilled Receivables		3,340		1,698
Deferred revenue—current		5,488		1,227
Deferred revenue—non-current		185		108

Allowance for Doubtful Accounts (Tables)

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Summary of Allowance For Doubtful Accounts

Changes in the allowance for doubtful accounts for the years ended December 31, 2021, 2020 and 2019 were as follows (in thousands):


	Year Ended December 31,
	2021			2020			2019
Allowance for doubtful accounts at the beginning of the year	$	(481	)	$	(298	)	$	(200	)
Provisions		(165	)		(237	)		(253	)
Write-offs, net of recoveries		540			54			155
Allowance for doubtful accounts at the end of the year	$	(106	)	$	(481	)	$	(298	)

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis

The following tables present the Company’s fair value hierarchy for its financial assets and liabilities that are measured at fair value on a recurring basis (in thousands):


	Fair Value Measurements as of December 31, 2021 Using:
	Level 1		Level 2		Level 3		Total
Financial Assets:
Foreign exchange contracts	$	—	$	—	$	43	$	43
	$	—	$	—	$	43	$	43
Financial Liabilities:
Contingent consideration	$	—	$	—	$	11,309	$	11,309
	$	—	$	—	$	11,309	$	11,309


	Fair Value Measurements as of December 31, 2020 Using:
	Level 1		Level 2		Level 3		Total
Financial Assets:
Foreign exchange contracts	$	—	$	—	$	54	$	54
	$	—	$	—	$	54	$	54
Financial Liabilities:
Preferred stock warrant liability	$	—	$	—	$	1,932	$	1,932
Contingent consideration		—		—		12,500		12,500
	$	—	$	—	$	14,432	$	14,432

Summary of Changes in the Carrying Value of the Contingent Consideration

The following table summarizes the changes in the carrying value of the contingent consideration for the years ended December 31, 2021, 2020 and 2019 (in thousands):


	Year Ended December 31,
	2021			2020		2019
Beginning balance	$	12,500		$	2,000	$	13,763
Additions		3,519			7,100		—
Change in fair value		2,263			5,400		660
Contingent consideration paid		(7,012	)	(2,000)*			(12,423	)
Foreign currency translation adjustment		39			—		—
Ending balance	$	11,309		$	12,500	$	2,000

* Amounts of $0.7 million paid in excess of fair value initially recorded in purchase accounting were classified as operating cash flows in the Consolidated Statements of Cash Flows.

Simplee [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

Schedule of Unobservable Inputs Incorporated into the Valuation of Contingent Consideration

The following table presents the unobservable inputs incorporated into the valuation of contingent consideration related to Simplee acquisition:


	Year Ended December 31,
	2021			2020
Discount rate		5.7	%		10.0	%
Probability of successful achievement*	0% - 100%			71% - 100%
Performance period	0.25 Years			2 Years

* Probability of successful achievement was set at different targets based on the Company’s best estimates on achieving them.

WPM [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

Schedule of Unobservable Inputs Incorporated into the Valuation of Contingent Consideration

The following table presents the unobservable inputs incorporated into the valuation of contingent consideration related to WPM acquisition:


	Year Ended December 31, 2021
Market price of risk adjustment for revenue		4.2	%
Revenue volatility		21.6	%
Probability of successful achievement*	29% - 100%
Performance period	2.25 Years

* Probability of successful achievement was set at different targets based on the Company’s best estimates on achieving them.

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Payables And Accruals [Abstract]

Schedule of Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following as of the dates presented (in thousands):


	Year Ended December 31,
	2021		2020
Accrued employee compensation and related taxes	$	13,854	$	9,371
Accrued vendor liabilities		1,763		2,542
Accrued income and other non-employee related taxes		2,652		1,027
Accrued professional services		1,307		937
Other accrued expenses and current liabilities		3,150		1,114
	$	22,726	$	14,991

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2021

Property Plant And Equipment [Abstract]

Schedule of Property Plant and Equipment, Net

Property and equipment, net consisted of the following as of the dates presented (dollars in thousands):


	Estimated Useful Life	December 31,
	(Years)	2021			2020
Computer equipment and software	3 - 5	$	2,211		$	1,465
Internal-use software	5		7,414			1,779
Furniture and fixtures	3		953			687
Leasehold improvements	Shorter of lease term or useful life		4,995			3,989
			15,573			7,920
Less: Accumulated depreciation and amortization			(6,131	)		(2,819	)
		$	9,442		$	5,101

Summary of Company Property and Equipment, Net Based on Geography

The following table summarizes the Company’s property and equipment, net based on geography (in thousands):


	December 31,
	2021		2020
Long-lived assets:
U.S.	$	8,232	$	4,485
U.K.		189		220
Other countries		1,021		396
	$	9,442	$	5,101

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2021

WPM [Member]

Business Acquisition [Line Items]

Summary of Purchase Consideration

Pursuant to the terms of the agreement, the Company acquired all outstanding equity of WPM for estimated total purchase consideration of $59.6 million, which consists of (in thousands):


Cash consideration, net of cash acquired	$	56,111
Estimated fair value of contingent consideration		3,499
Total purchase consideration, net of cash acquired	$	59,610

Summary of Fair Value Of the Assets Acquired and Liabilities Assumed

he following table summarizes the allocation of the purchase consideration to the fair value of the assets acquired and liabilities assumed (in thousands):


Cash	$	2,101
Accounts receivable		973
Prepaid expenses and other assets		209
Property and equipment, net		5
Goodwill		40,389
Identifiable intangible assets		31,301
Total assets acquired		74,978
Deferred tax liabilities		7,776
Deferred revenue		4,525
Accounts payable		51
Accrued expenses		915
Total liabilities assumed		13,267
Net assets acquired		61,711
Less: cash acquired		2,101
Net assets, less cash acquired	$	59,610

Schedule of Estimated Fair Value of the Identified Intangible Assets

The following table reflects the estimated fair values of the identified intangible assets of WPM and their respective weighted-average estimated amortization periods.


	Estimated Fair Values		Weighted-Average Estimated Amortization Periods
	(in thousands)		(years)
Developed technology	$	1,400		4
Customer relationships		29,901		15
	$	31,301

Simplificare Inc. [Member]

Business Acquisition [Line Items]

Summary of Purchase Consideration

Pursuant to the terms of the agreement, the Company acquired all outstanding equity of Simplee for estimated total purchase consideration of $86.5 million, which consists of (in thousands):


Cash consideration, net of cash acquired	$	79,401
Estimated fair value of contingent consideration		7,100
Total purchase consideration, net of cash acquired	$	86,501

Summary of Fair Value Of the Assets Acquired and Liabilities Assumed

The following table summarizes the allocation of the purchase consideration to the fair value of the assets acquired and liabilities assumed (in thousands):


Cash	$	2,190
Accounts receivable		8,555
Prepaid expenses and other assets		1,578
Property and equipment, net		107
Deferred tax assets		6,587
Goodwill		31,696
Identifiable intangible assets		58,800
Total assets acquired		109,513
Deferred tax liabilities		15,092
Accounts payable		2,267
Accrued expenses and other liabilities		3,463
Total liabilities assumed		20,822
Net assets acquired		88,691
Less: cash acquired		2,190
Net assets, less cash acquired	$	86,501

Schedule of Estimated Fair Value of the Identified Intangible Assets

The following table reflects the estimated fair values of the identified intangible assets of Simplee and their respective weighted-average estimated amortization periods.


	Estimated Fair Values		Weighted-Average Estimated Amortization Periods
	(in thousands)		(years)
Developed technology	$	10,500		8
Customer relationships		48,300		12
	$	58,800

Summary of Unaudited Pro Forma Financial Information


	Year Ended December 31, 2020						Year Ended December 31, 2019
	Actual			Pro Forma			Actual			Pro Forma
	(in thousands)
Revenue	$	131,783		$	136,269		$	94,918		$	120,516
Net Loss	$	(11,107	)	$	(13,444	)	$	(20,116	)	$	(20,343	)

Goodwill and Acquired Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Summary of Changes in the Carrying Amount of Goodwill

The following table summarizes the changes in the carrying amount of goodwill for the years ended December 31, 2021 and 2020 (in thousands):


	Year Ended December 31,
	2021		2020
Beginning balance	$	44,650	$	12,924
Goodwill related to Simplee acquisition		—		31,696
Goodwill related to WPM acquisition		40,389		—
Foreign currency translation adjustment		802		30
Ending balance	$	85,841	$	44,650

Summary of Acquired Intangible Assets Subject to Amortization

Acquired intangible assets subject to amortization consisted of the following (in thousands):


	December 31, 2021
	Gross Carrying Value*		Accumulated Amortization			Net Carrying Amount		Weighted Average Remaining Life (Years)
Developed Technology	$	26,600	$	(10,635	)	$	15,965		5.11
Customer Relationships		82,887		(5,356	)		77,531		11.89
Trade Name/Trademark		511		(511	)		—		—
Non-Compete Agreement		469		(367	)		102		1.15
	$	110,467	$	(16,869	)	$	93,598

* Includes $0.6 million of foreign currency translation adjustments and $0.1 million in acquired developed technology assets


	December 31, 2020
	Gross Carrying Value*		Accumulated Amortization			Net Carrying Amount		Weighted Average Remaining Life (Years)
Developed Technology	$	25,063	$	(6,595	)	$	18,468		6.13
Customer Relationships		52,312		(2,772	)		49,540		10.88
Trade Name/Trademark		511		(504	)		7		0.04
Non-Compete Agreement		469		(273	)		196		2.05
	$	78,355	$	(10,144	)	$	68,211

* Includes less than $0.1 million of foreign currency translation adjustments

Schedule of Estimated Annual Amortization Expense Of Intangible Assets

As of December 31, 2021, the estimated annual amortization expense of intangible assets for each of the next five years and thereafter is expected to be as follows (in thousands):


	Estimated Amortization Expense
2022	$	8,690
2023		9,478
2024		9,660
2025		9,255
2026		7,443
Thereafter		49,072
	$	93,598

Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Company's Outstanding Debt

The components of the Company’s outstanding debt consisted of the following (in thousands):


	Year Ended December 31,
	2021		2020
Long term debt	$	25,939	$	25,000
Less unamortized debt discount		—		(430	)
Less unamortized debt issuance costs		—		(218	)
Long term debt, net	$	25,939	$	24,352

Convertible Preferred Stock and Redeemable Convertible Preferred Stock (Tables)

12 Months Ended

Dec. 31, 2021

Temporary Equity Disclosure [Abstract]

Schedule of Convertible Preferred Stock and Redeemable Convertible Preferred Stock

At December 31, 2020, convertible preferred stock and redeemable convertible preferred stock consisted of the following:


	December 31, 2020
(in thousands, except share data)	Preferred Stock Authorized		Preferred Stock Issued and Outstanding		Carrying Value		Liquidation Preference		Common Stock Issuable Upon Conversion
Series A Preferred Stock		14,475,186		14,475,186	$	14,807	$	14,843		14,475,186
Series B Preferred Stock		9,917,487		9,917,487		9,163		9,199		9,917,487
Series B1-NV Preferred Stock		8,325,933		1,145,526		1,174		1,174		1,145,526
Series B1 Preferred Stock		8,325,933		7,180,407		7,326		7,357		7,180,407
Series C Preferred Stock		15,245,853		14,864,853		28,072		28,143		14,864,853
Series D Preferred Stock		6,625,002		6,625,002		49,859		50,000		6,625,002
Series E-1 Preferred Stock		7,124,862		5,251,542		55,960		70,080		5,251,542
Series E-2 Preferred Stock		8,898,270		5,988,378		63,809		79,920		5,988,378
		78,938,526		65,448,381	$	230,170	$	260,716		65,448,381

Schedule of Accumulated Dividends

Accumulated dividends were as follows (in thousands):


	December 31, 2020
Series A Preferred Stock	$	5,318
Series B Preferred Stock		1,967
Series B1-NV Preferred Stock		314
Series B1 Preferred Stock		2,673
Series C Preferred Stock		6,143
Series D Preferred Stock		—
Series E Preferred Stock		—
		16,415

Stockholder's Equity (Deficit) (Tables)

12 Months Ended

Dec. 31, 2021

Summary of Reserved Shares of Common Stock

As of December 31, 2021, the Company had reserved shares of common stock for future issuance as follows:


	Year Ended December 31,
	2021
Issued and outstanding stock options	$	14,855,292
Issued and outstanding restricted stock units and awards		213,121
Available issuance under stock options and restricted stock units		9,420,270
Available issuance under employee stock purchase plan		1,639,810
	$	26,128,493

Schedule of Warrants to Purchase the Classes of Preferred Stock

As of December 31, 2021, there were no preferred stock warrants outstanding. As of December 31, 2020 warrants to purchase the following classes of preferred stock were outstanding:


Series of Preferred Stock	Issuance Date	Number of Preferred Shares Issuable under Warrant		Weight Average Exercise Price		Remaining Contractual Term (In Years)		Fair Value of Warrants (In Thousands)
Series C	January 16, 2018		381,000	$	1.48		4.0	$	1,932

Summary of Aggregate Fair Value of Preferred Stock Warrants

The following table provides a roll forward of the aggregate fair value of the Company’s preferred stock warrants for the year ended December 31, 2020 (in thousands):


	Year Ended December 31,
	2020
Balance at beginning of period	$	1,307
Changes in fair value		625
Balance at end of period	$	1,932

Summary of Outstanding Common Stock Warrants

As of December 31, 2021, there were no common stock warrants outstanding. The following table summarizes information about the Company’s outstanding common stock warrants as of December 31, 2020:


	Date		Strike		Total Warrants Outstanding		Exercise		Weighted Average Exercise
	Issued	Expiration	Price		and Exercisable		Price		Price
LSA Warrants	August-12	August-22	$	0.17		75,000	$	0.17	$	0.17
LSA Warrants	May-20	May-30	$	3.95		189,171	$	3.95	$	3.95

Summary of Fair Value of Warrants Using Black Scholes Model


	Year Ended December 31,
	2021			2020			2019
Risk-free interest rate		0.87	%		0.47	%		2.10	%
Expected dividend yield		0	%		0	%		0	%
Expected volatility		42.6	%		42.0	%		39.8	%
Expected terms (in years)		6			6			6

Warrant [Member]

Summary of Fair Value of Warrants Using Black Scholes Model

The fair value of the warrants was determined using the Black Scholes model on the date of issuance using the assumptions as presented below:


	Year Ended December 31,
	2020
Risk-free interest rate		0.73	%
Expected dividend yield		0	%
Expected volatility		38.5	%
Remaining contractual term (years)		10

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock Option Activity

The following presents a summary of stock option activity since December 31, 2020:


	Number of Shares			Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (In Years)		Aggregate Intrinsic Value (In Thousands)
Outstanding as of December 31, 2020		16,708,803		$	2.02		6.64	$	32,174
Granted		4,434,200			12.59
Exercised		(5,910,974	)		1.23
Cancelled		(376,737	)		5.81
Outstanding as of December 31, 2021		14,855,292		$	5.40		7.06	$	487,264
Exercisable as of December 31, 2021		7,532,727			2.00		5.51	$	271,626
Vested or expected to vest as of December 31, 2021		6,895,301			8.79		8.63	$	203,680

Summary of Fair Value of Warrants Using Black Scholes Model


	Year Ended December 31,
	2021			2020			2019
Risk-free interest rate		0.87	%		0.47	%		2.10	%
Expected dividend yield		0	%		0	%		0	%
Expected volatility		42.6	%		42.0	%		39.8	%
Expected terms (in years)		6			6			6

Summary of Restricted Stock Activity

The following table summarizes the restricted stock activity for the year ended December 31, 2021:


	Number of Shares			Weighted-Average Grant Date Fair Value		Aggregate Fair Value
						(In Thousands)
Unvested as of December 31, 2020		671,517		$	0.98
Granted		161,470			36.31	$	5,863
Vested		(619,866	)		0.98	$	607
Cancelled		—			—
Unvested as of December 31, 2021		213,121		$	28.00

Summary of the Stock Based Compensation Expense for Stock Options, RSAs and RSUs Granted to Employees and Nonemployee


	Year Ended December 31,
	2021		2020		2019
Technology and development		2,510		766		640
Selling and marketing		5,161		1,275		905
General and administrative		11,257		1,803		1,404
Total stock-based compensation expense	$	18,928	$	3,844	$	2,949

Net Loss per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Schedule of Earnings Per Share Basic and Diluted Attributable to Common Stockholders

Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts):


	Year Ended December 31,
	2021			2020			2019
Numerator:
Net loss	$	(28,085	)	$	(11,107	)	$	(20,116	)
Accretion of preferred stock to redemption value		(13	)		(14	)		—
Net loss attributable to common stockholders - basic and diluted	$	(28,098	)	$	(11,121	)	$	(20,116	)
Denominator:
Weighted average common shares outstanding - basic and diluted		71,168,054			18,389,898			16,067,088
Net loss per share attributable to common stockholders - basic and diluted	$	(0.39	)	$	(0.60	)	$	(1.25	)

Schedule of Antidilutive Excluded from Computation of Earnings Per Share

Outstanding potentially dilutive securities, which were excluded from the diluted net loss per share calculations because they would have been antidilutive were as follows as of the dates presented:


	Year Ended December 31,
	2021		2020		2019
Warrants for the purchase of common stock		—		264,171		75,000
Warrants for the purchase of convertible preferred stock (as converted into common stock)				381,000		381,000
Redeemable convertible preferred stock (as converted into common stock)		—		11,239,920		—
Convertible preferred stock (as converted into common stock)		—		54,208,461		54,208,461
Unvested restricted stock awards		213,121		671,517		1,512,141
Stock options to purchase common stock (as converted to common stock)		14,855,292		16,708,803		16,650,192
		15,068,413		83,473,872		72,826,794

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Loss Before Provision for Income Taxes

The following table presents the components of loss before provision for income taxes (in thousands):


	Year Ended December 31,
	2021			2020			2019
United States	$	(29,186	)	$	(21,033	)	$	(21,338	)
Foreign		3,259			2,757			1,772
	$	(25,927	)	$	(18,276	)	$	(19,566	)

Schedule of Components of Company's Provision for Income Taxes

The following table summarizes the components of the Company’s provision for (benefit from) income taxes (in thousands):


	Year Ended December 31,
	2021		2020			2019
Current
United States:
Federal	$	—	$	—		$	—
State		198		48			—
Foreign		1,814		1,318			561
Total current provision for income taxes	$	2,012	$	1,366		$	561
Deferred
United States:
Federal	$	15	$	(5,104	)	$	23
State		95		(3,243	)		55
Foreign		36		(188	)		(89	)
Total deferred income tax provision (benefit)		146		(8,535	)		(11	)
Total income tax provision (benefit)	$	2,158	$	(7,169	)	$	550

Schedule of Reconciliation of U.S. Federal Statutory Rate to Effective Rate

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows:


	Year Ended December 31,
	2021			2020			2019
Federal statutory income tax rate		21.0	%		21.0	%		21.0	%
State income taxes, net of federal benefit		5.0			2.8			5.3
Permanent differences		—			(1.0	)		(0.7	)
Fair value of contingent consideration		(1.8	)		(6.2	)		—
Non-deductible transaction costs		—			(1.7	)		—
Equity-based compensation		10.5			(4.0	)		(2.3	)
Change in fair value of preferred stock warrant liability		(8.7	)		(0.7	)		(0.1	)
Excess executive compensation		(6.7	)		—			—
Change in uncertain tax position		(2.2	)		—			—
Change in valuation allowance		(24.7	)		31.3			(24.1	)
Other		(0.7	)		(2.2	)		(2.1	)
Effective income tax rate	(8.3%)				39.3	%		(3.0	)%

Schedule of Company's Deferred Tax Assets and Liabilities

The Company’s deferred tax assets and liabilities consisted of the following components (in thousands):


	Year Ended December, 31
	2021			2020
Deferred tax assets:
Net operating loss carryforwards	$	32,722		$	29,598
Property and equipment		428			316
Accrued Expenses		666			254
Equity-based compensation		1,120			134
Interest limitation carryforward		1,978			1,403
Other temporary differences		257			203
Total deferred tax assets		37,171			31,908
Deferred tax asset valuation allowance		(23,864	)		(17,485	)
	$	13,307		$	14,423
Deferred tax liabilities:
Intangible assets		(19,783	)		(13,559	)
Goodwill		(858	)		(626	)
Deferred contract costs		(778	)		(307	)
Other temporary differences		(118	)		(195	)
Total deferred tax liabilities		(21,537	)		(14,687	)
Net deferred tax liabilities	$	(8,230	)	$	(264	)

Summary of Changes in Valuation Allowance

Changes in the valuation allowance are summarized as follows (in thousands):


	Year Ended December, 31
	2021			2020			2019
Valuation allowance at beginning of year	$	(17,485	)	$	(20,554	)	$	(15,757	)
Change recorded to income tax (provision) benefit as part of operations		(6,379	)		(2,745	)		(4,797	)
Change recorded to income tax (provision) benefit due to acquisition of Simplee		—			8,464			—
Current year (increase)/decrease established through goodwill due to acquisition of Simplee		—			(2,650	)		—
Valuation allowance at end of year	$	(23,864	)	$	(17,485	)	$	(20,554	)

Schedule of changes in our accruals for unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	Year Ended December, 31
	2021		2020		2019
Balance at beginning of year	$	—	$	—	$	—
Settlements with taxing authorities		—		—		—
Increases related to tax positions taken during prior years		502		—		—
Increases related to tax positions taken during the current year		387		—		—
Balance at end of year	$	889	$	—	$	—

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Schedule of Future Minimum Lease Payments for Non cancelable Operating Leases

Future minimum lease payments for noncancelable operating leases as of December 31, 2021 are as follows (in thousands):


Years Ending December 31,
2022	$	1,848
2023		1,567
2024		500
2025		73
2026		32
	$	4,020

Business Overview and Summary of Significant Accounting Policies - Additional Information (Details)		1 Months Ended	12 Months Ended
	May 28, 2021 USD ($) $ / shares shares	May 31, 2021	Dec. 31, 2021 USD ($) Segment $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 USD ($)	Feb. 29, 2020 $ / shares shares
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Common Stock, Shares Authorized			2,000,000,000	146,898,270
Stockholders' Equity Note, Stock Split		3-for-1
Number of Operating Segments \| Segment			1
Number of Reportable Segments \| Segment			1
Common Stock Shares Authorized Non Voting Right			10,000,000
Preferred Stock, Shares Authorized			10,000,000	0		78,938,526
Preferred Stock, Par or Stated Value Per Share \| $ / shares			$ 0.0001	$ 0.0001		$ 0.0001
Issuance of common stock upon exercise of stock options, net of shares withheld, Shares			5,910,974
Proceeds from Issuance Initial Public Offering \| $			$ 268,694,000	$ 0	$ 0
Stock Issued During Period Shares Other	182,467		182,467
Issuance of convertible preferred stock upon net exercise of warrants, shares	182,467		182,467
Class of Warrant or Right, Number of Securities Called by Warrants or Rights			190,500
Adjustments To Additional Paid In Capital Reclassification Of Warrant Liabilities \| $			$ 6,300,000
Cash, FDIC Insured Amount \| $			250,000,000
Restricted cash \| $			4,000,000.0	5,000,000.0
Capitalized computer software \| $			$ 6,500,000	1,700,000
Property Plant And Equipment Estimated Useful Lives			the lesser of the useful life or remaining non-cancelable term of the lease
Deferred Offering Costs \| $			$ 0
Net Loss Increases Amount Upon Error Rectification \| $			1,000,000.0
Unbilled receivables \| $			3,340,000	1,698,000
Capitalized Contract Cost, Amortization \| $			0	0	0
Advertising Expense \| $			3,200,000	$ 1,300,000	$ 2,500,000
Impairment Of Long Lived Assets To Be Disposed Of \| $			$ 0
Preferred stock warrants outstanding			0
Common stock warrants outstanding			0
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]			Other Assets Noncurrent
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]			Other Liabilities Noncurrent
Voting Common Stock
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Stock Issued During Period, Shares, Conversion of Convertible Securities			62,214,406
Conversion of Stock, Shares Issued			62,214,406
Nonvoting Common Stock
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Common Stock Shares Authorized Non Voting Right			10,000,000	0
Stock Issued During Period, Shares, Conversion of Convertible Securities			5,988,378
Conversion of Stock, Shares Issued			5,988,378
Maximum [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Estimated useful life of intangible asset			12 years
Right-of-use asset \| $			$ 5,600,000
Lease liability \| $			$ 6,200,000
Minimum [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Estimated useful life of intangible asset			1 year
Right-of-use asset \| $			$ 5,100,000
Lease liability \| $			$ 5,700,000
Computer Equipment [Member] \| Maximum [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Property Plant And Equipment Useful Life			5 years
Computer Equipment [Member] \| Minimum [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Property Plant And Equipment Useful Life			3 years
Internal-use software [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Capitalized computer software \| $			$ 5,600,000	$ 1,800,000
Estimated useful life of intangible asset			5 years
Property Plant And Equipment Useful Life			5 years
Furniture And Fixtures [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Property Plant And Equipment Useful Life			3 years
Furniture And Fixtures [Member] \| Maximum [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Property Plant And Equipment Useful Life			3 years
Leasehold Improvements [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Property Plant And Equipment Estimated Useful Lives			Shorter of lease termor useful life
Revenue Benchmark
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Percentage of revenue from customers			10.00%	10.00%	10.00%
Revenue Benchmark \| United States (U.S.) [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Percentage of revenue from customers			34.60%	25.70%	28.50%
Revenue Benchmark \| United Kingdom [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Percentage of revenue from customers			13.80%	13.80%	16.40%
Revenue Benchmark \| Canada
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Percentage of revenue from customers			13.90%	9.10%	9.50%
Revenue Benchmark \| No Client [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Percentage of revenue from customers			10.00%	10.00%
IPO
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Common Stock, Shares Authorized	2,000,000,000
Common Stock Shares Authorized Non Voting Right	10,000,000
Preferred Stock, Shares Authorized	10,000,000
Preferred Stock, Par or Stated Value Per Share \| $ / shares	$ 0.0001
Stock shares issued during the period shares	12,006,000
Shares Issued, Price Per Share \| $ / shares	$ 24.00
Proceeds from Issuance Initial Public Offering \| $	$ 263,800,000
Underwriting discount \| $	19,400,000
Other offering costs \| $	$ 4,900,000
Preferred Stock Warrants Conversion To Common Stock Warrants			190,500
Over-Allotment Option
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Issuance of common stock upon exercise of stock options, net of shares withheld, Shares	1,566,000

Business Overview and Summary of Significant Accounting Policies - Schedule of Cost and Operating Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Payment processing services costs	$ 70,191	$ 47,805	$ 36,726
Selling and marketing	51,297	32,612	26,606
General and administrative	61,623	42,680	34,035
Technology and development	31,295	24,501	15,008
Total costs and operating expenses	$ 214,406	$ 147,598	$ 112,375

Business Overview and Summary of Significant Accounting Policies - Schedule of Accounts Receivable and Funds Receivable (Details) - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Funds Receivable \| Partner A
Financial Support For Nonconsolidated Legal Entity [Line Items]
Concentration risk, percentage		24.00%
Funds Receivable \| Partner B
Financial Support For Nonconsolidated Legal Entity [Line Items]
Concentration risk, percentage	14.00%	12.00%
Funds Receivable \| Partner C
Financial Support For Nonconsolidated Legal Entity [Line Items]
Concentration risk, percentage	15.00%	12.00%
Funds Receivable \| Partner D
Financial Support For Nonconsolidated Legal Entity [Line Items]
Concentration risk, percentage	12.00%
Funds Receivable \| Partner E
Financial Support For Nonconsolidated Legal Entity [Line Items]
Concentration risk, percentage	21.00%
Client A \| Accounts Receivable
Financial Support For Nonconsolidated Legal Entity [Line Items]
Concentration risk, percentage	36.00%	19.00%
Client B \| Accounts Receivable
Financial Support For Nonconsolidated Legal Entity [Line Items]
Concentration risk, percentage	12.00%	10.00%

Revenue Recognition - Summary of Revenue From Contract With Customers Disaggregated By Geographical Area And Major Solutions (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Disaggregation Of Revenue [Line Items]

Revenue

$ 201,149

$ 131,783

$ 94,918

Percentage Revenue

10.00%

Transactions [Member]

Disaggregation Of Revenue [Line Items]

Revenue

$ 147,994

89,607

86,580

Platform And Usage-Based Fees [Member]

Disaggregation Of Revenue [Line Items]

Revenue

53,155

42,176

8,338

United States (U.S.) [Member]

Disaggregation Of Revenue [Line Items]

Revenue

131,675

97,768

67,896

CANADA

Disaggregation Of Revenue [Line Items]

Revenue

27,945

11,956

9,043

United Kingdom ("U.K.") [Member]

Disaggregation Of Revenue [Line Items]

Revenue

27,735

18,217

15,532

Other countries [Member]

Disaggregation Of Revenue [Line Items]

Revenue

^[1]

$ 13,794

$ 3,842

$ 2,447

[1]	No single country included in the other countries category generated 10% or more of total revenue.

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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-Section S99
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-Subparagraph (SX 210.5-03(1))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

+ Details

Revenue Recognition - Summary of Contract with Customer, Contract Asset, Contract Liability, and Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Revenue Recognition [Abstract]
Accounts receivable, net of allowances	$ 12,968	$ 11,573
Unbilled receivables	3,340	1,698
Deferred revenue-current	5,488	1,227
Deferred revenue—non-current	$ 185	$ 108

Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Capitalized Contract Cost [Line Items]
Deferred Revenue	$ 700	$ 700	$ 1,300
Capitalized Contract Cost, Amortization	0	0	$ 0
Incremental Contract Costs [Member]
Capitalized Contract Cost [Line Items]
Amortization of Deferred Sales Commissions	400	100
Capitalized Contract Cost, Amortization	$ 100	0
Capitalized Contract Cost, Amortization Period	3 years
Implementation Contract Costs [Member]
Capitalized Contract Cost [Line Items]
Amortization of Deferred Sales Commissions	$ 1,400	1,500
Capitalized Contract Cost, Amortization	$ 200	$ 400
Capitalized Contract Cost, Amortization Period	5 years

Allowance For Doubtful Accounts - Summary of Allowance For Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Receivables [Abstract]
Allowance for doubtful accounts at the beginning of the year	$ (481)	$ (298)	$ (200)
Provisions	(165)	(237)	(253)
Write-offs, net of recoveries	540	54	155
Allowance for doubtful accounts at the end of the year	$ (106)	$ (481)	$ (298)

Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financial Assets:
Financial Assets	$ 43	$ 54
Foreign exchange contracts	43	54
Financial Liabilities:
Preferred stock warrant liability		1,932
Contingent consideration	11,309	12,500
Financial Liabilities	11,309	14,432
Level 3 [Member]
Financial Assets:
Financial Assets	43	54
Foreign exchange contracts	43	54
Financial Liabilities:
Preferred stock warrant liability		1,932
Contingent consideration	11,309	12,500
Financial Liabilities	$ 11,309	$ 14,432

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions		12 Months Ended
	May 28, 2021	Dec. 31, 2021
Fair Value Disclosures Line Items [Line Items]
Issuance of Series E redeemable convertible preferred stock, net of issuance costs of $245	182,467	182,467
Adjustments To Additional Paid In Capital Reclassification Of Warrant Liabilities		$ 6.3
Series C Convertible Preferred Stock [Member]
Fair Value Disclosures Line Items [Line Items]
Issuance of Series E redeemable convertible preferred stock, net of issuance costs of $245	$ 6.4

Fair Value Measurements - Summary of Weighted Average Fair Value the Preferred Stock Warrant Liability (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Risk-free interest rate	0.87%	0.47%	2.10%
Expected dividend yield	0.00%	0.00%	0.00%

Fair Value Measurements - Schedule of Unobservable Inputs Incorporated into the Valuation of Contingent Consideration (Details)

Dec. 31, 2021

Dec. 31, 2020

Discount rate [Member] | Simplee [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

Business Combination, Contingent Consideration, Liability, Measurement Input

0.057

0.100

Probability of successful achievement [Member] | Minimum [Member] | Simplee [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

Business Combination, Contingent Consideration, Liability, Measurement Input

^[1]

0.71

Probability of successful achievement [Member] | Minimum [Member] | WPM [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

Business Combination, Contingent Consideration, Liability, Measurement Input

^[2]

0.29

Probability of successful achievement [Member] | Maximum [Member] | Simplee [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

Business Combination, Contingent Consideration, Liability, Measurement Input

^[1]

Probability of successful achievement [Member] | Maximum [Member] | WPM [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

Business Combination, Contingent Consideration, Liability, Measurement Input

^[2]

Performance period [Member] | Simplee [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

Business Combination, Contingent Consideration, Liability, Measurement Input

0.25

Performance period [Member] | WPM [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

Business Combination, Contingent Consideration, Liability, Measurement Input

2.25

Market price of risk adjustment for revenue [Member] | WPM [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

Business Combination, Contingent Consideration, Liability, Measurement Input

0.042

Revenue volatility [Member] | WPM [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

Business Combination, Contingent Consideration, Liability, Measurement Input

0.216

[1]	* Probability of successful achievement was set at different targets based on the Company’s best estimates on achieving them
[2]	* Probability of successful achievement was set at different targets based on the Company’s best estimates on achieving them

Fair Value Measurements - Summary of Changes in the Carrying Value of the Contingent Consideration (Details) - Contingent Consideration [Member] - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

Beginning balance

$ 12,500

$ 2,000

$ 13,763

Additions

3,519

7,100

Change in fair value

2,263

5,400

660

Contingent consideration paid

(7,012)

(2,000)

^[1]

(12,423)

Foreign currency translation adjustment

Ending balance

$ 11,309

$ 12,500

$ 2,000

[1]	Amounts of $0.7 million paid in excess of fair value initially recorded in purchase accounting were classified as operating cash flows in the Consolidated Statements of Cash Flows.

Fair Value Measurements - Summary of Changes in the Carrying Value of the Contingent Consideration (Parenthetical) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)
Business Combination Contingent Consideration Arrangements Change In Contingent Consideration Liability Fair Value [Abstract]
Amount paid in excess of fair value recorded in purchase accounting classified as operating cash flows	$ 0.7

Derivative Instruments - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) Numbers	Dec. 31, 2020 USD ($) Numbers	Dec. 31, 2019 USD ($)
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Preferred stock warrant liability		$ 1,932
Foreign Exchange Forward [Member]
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Dervative instrument not designated as hedging instrument, Gain Loss	$ 800	$ 500	$ 100
Not Designated as Hedging Instrument [Member] \| Foreign Exchange Forward [Member]
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Number of derivative instruments \| Numbers	8,653	3,647
Derivatives, Notional amount	$ 27,900	$ 11,800
Derivatives, Asset notional amount	$ 100	$ 100

Accrued Expenses and Other Current Liabilities - Schedule of Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Accrued employee compensation and related taxes	$ 13,854	$ 9,371
Accrued vendor liabilities	1,763	2,542
Accrued income and other non-employee related taxes	2,652	1,027
Accrued professional services	1,307	937
Other accrued expenses and current liabilities	3,150	1,114
Accrued Expenses and Other Current Liabilities	$ 22,726	$ 14,991

Property And Equipment, Net - Schedule of Property Plant and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 15,573	$ 7,920
Less: Accumulated depreciation and amortization	(6,131)	(2,819)
Property, Plant and Equipment, Net	$ 9,442	5,101
Estimated Useful Life	the lesser of the useful life or remaining non-cancelable term of the lease
Computer equipment and software [Member]
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 2,211	1,465
Computer equipment and software [Member] \| Minimum [Member]
Property Plant And Equipment [Line Items]
Estimated Useful Life	3 years
Computer equipment and software [Member] \| Maximum [Member]
Property Plant And Equipment [Line Items]
Estimated Useful Life	5 years
Internal-use software [Member]
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 7,414	1,779
Estimated Useful Life	5 years
Furniture and fixtures [Member]
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 953	687
Estimated Useful Life	3 years
Furniture and fixtures [Member] \| Maximum [Member]
Property Plant And Equipment [Line Items]
Estimated Useful Life	3 years
Leasehold improvements [Member]
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 4,995	$ 3,989
Estimated Useful Life	Shorter of lease termor useful life

Property And Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property Plant And Equipment [Line Items]
Depreciation and amortization expense	$ 2,300	$ 1,900	$ 1,200
Proceeds from write offs of property plant and equipment	0
Accumulated depreciation property, plant, and equipment	6,131	2,819
Carrying value of internal use software	6,500	1,700
Amortization expense related to internal use software	$ 800	100	$ 0
Property and Equipment [Member]
Property Plant And Equipment [Line Items]
Proceeds from write offs of property plant and equipment		2,600
Accumulated depreciation property, plant, and equipment		$ 2,500

Property And Equipment, Net - Summary of Company Property and Equipment, Net Based on Geography (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Long-lived assets	$ 9,442	$ 5,101
United States (U.S.) [Member]
Property Plant And Equipment [Line Items]
Long-lived assets	8,232	4,485
United Kingdom [Member]
Property Plant And Equipment [Line Items]
Long-lived assets	189	220
Other countries [Member]
Property Plant And Equipment [Line Items]
Long-lived assets	$ 1,021	$ 396

Business Combinations - Summary of Purchase Consideration (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 15, 2021	Dec. 31, 2021
WPM [Member]
Business Acquisition [Line Items]
Payments to Acquire Businesses		$ 56,111
Estimated fair value of contingent consideration		3,499
Net assets, less cash acquired	$ 59,600	59,610
Simplificare Inc. [Member]
Business Acquisition [Line Items]
Payments to Acquire Businesses		79,401
Estimated fair value of contingent consideration		7,100
Net assets, less cash acquired		$ 86,501

Business Combinations - Additional Information (Details) - USD ($)			12 Months Ended
	Dec. 15, 2021	Feb. 13, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Personnel costs			$ 100,000
Amount of increase (decrease) in the value of a contingent consideration liability, Personnel Costs			2,263,000	$ 5,400,000	$ 660,000
Goodwill			85,841,000	44,650,000	12,924,000
Business Acquisition, Pro Forma Net Income (Loss)					1,900,000
Contingent consideration additional payments			3,590,000	5,760,000
Simplificare Inc [Member]
Business Acquisition [Line Items]
Total purchase consideration		$ 86,500,000	86,501,000
Amount of increase (decrease) in the value of a contingent consideration liability, Personnel Costs			1,400,000	1,100,000
Business acquisition related costs			0	1,500,000	400,000
Business acquisition transaction costs			1,900,000
Business combination integration related costs			2,700,000	3,400,000
Goodwill			31,696,000
Business acquisition goodwill expected tax deductible amount			0
Business combination, pro forma information, revenue of acquiree since acquisition date, actual			34,100,000
Business Acquisition, Pro Forma Net Income (Loss)				$ (13,444,000)	$ (20,343,000)
WPM [Member]
Business Acquisition [Line Items]
Total purchase consideration	$ 59,600,000		59,610,000
Business acquisition contingent consideration liability			$ 5,900,000
Business combination contingent consideration description			Contingent consideration related to minimum payment volume targets is payable at 15 months and 27 months after acquisition date based on the 15 months and subsequent 12 months result. Contingent consideration related to integration targets is payable upon completion, which is expected in the second quarter 2022. The contingent consideration related to continuing employment of certain key employees is payable at the two-year acquisition anniversary date.
Business acquisition transaction costs			$ 600,000
Goodwill			40,400,000
Business acquisition goodwill expected tax deductible amount			0
Business combination, pro forma information, revenue of acquiree since acquisition date, actual			300,000
Contingent consideration additional payments			7,900,000
Revenue And Integration Targets Milestone [Member] \| Simplificare Inc [Member]
Business Acquisition [Line Items]
Business acquisition contingent consideration liability		20,000,000.0
Continuing Employment Of Key Employees [Member] \| Simplificare Inc [Member]
Business Acquisition [Line Items]
Business acquisition contingent consideration liability		$ 2,100,000
Continuing Employment Of Key Employees [Member] \| WPM [Member]
Business Acquisition [Line Items]
Business acquisition contingent consideration liability			$ 2,000,000.0

Business Combinations - Summary of Fair Value Of the Assests Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands		12 Months Ended
	Feb. 13, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill		$ 85,841	$ 44,650	$ 12,924
Simplificare Inc [Member]
Business Acquisition [Line Items]
Cash		2,190
Accounts receivable		8,555
Prepaid expenses and other assets		1,578
Property and equipment, net		107
Deferred tax assets		6,587
Goodwill		31,696
Identifiable intangible assets		58,800
Total assets acquired		109,513
Deferred tax liabilities		15,092
Accounts payable		2,267
Accrued expenses and other liabilities		3,463
Total liabilities assumed		20,822
Net assets acquired		88,691
Less: cash acquired		2,190
Net assets, less cash acquired	$ 86,500	86,501
WPM Group Limited [Member]
Business Acquisition [Line Items]
Cash		2,101
Accounts receivable		973
Prepaid expenses and other assets		209
Property and equipment, net		5
Goodwill		40,389
Identifiable intangible assets		31,301
Total assets acquired		74,978
Deferred tax liabilities		7,776
Deferred revenue		4,525
Accounts payable		51
Accrued expenses and other liabilities		915
Total liabilities assumed		13,267
Net assets acquired		61,711
Less: cash acquired		2,101
Net assets, less cash acquired		$ 59,610

Business Combinations - Schedule of Estimated Fair Value of the Identified Intangible Assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Acquired Finite Lived Intangible Assets [Line Items]
Estimated Fair Values	$ 31,301
Simplificare Inc [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Estimated Fair Values	58,800
Developed Technology [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Estimated Fair Values	$ 1,400
Weighted-Average Estimated Amortization Periods	4 years
Developed Technology [Member] \| Simplificare Inc [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Estimated Fair Values	$ 10,500
Weighted-Average Estimated Amortization Periods	8 years
Customer Relationships [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Estimated Fair Values	$ 29,901
Weighted-Average Estimated Amortization Periods	15 years
Customer Relationships [Member] \| Simplificare Inc [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Estimated Fair Values	$ 48,300
Weighted-Average Estimated Amortization Periods	12 years

Business Combinations - Summary of Unaudited Pro Forma Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue	$ 201,149	$ 131,783	$ 94,918
Net loss	$ (28,085)	(11,107)	(20,116)
Business Acquisition, Pro Forma Net Income (Loss)			1,900
Simplificare Inc [Member]
Revenue		131,783	94,918
Revenue Pro Forma		136,269	120,516
Net loss		(11,107)	(20,116)
Business Acquisition, Pro Forma Net Income (Loss)		$ (13,444)	$ (20,343)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section S99
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Goodwill and Acquired Intangible Assets -Summary of Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Beginning balance	$ 44,650	$ 12,924
Goodwill related to Simplee acquisition		31,696
Goodwill related to WPM acquisition	40,389	0
Foreign currency translation adjustment	802	30
Ending balance	$ 85,841	$ 44,650

Goodwill And Acquired Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill impairment	$ 0	$ 0
Amortization of Intangible Assets	$ 6,700	$ 4,900	$ 2,500

Goodwill and Acquired Intangible Assets - Summary of Acquired Intangible Assets Subject to Amortization (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Finite Lived Intangible Assets [Line Items]

Accumulated Amortization

$ (16,869)

$ (10,144)

Gross Carrying Value*

110,467

^[1]

78,355

^[2]

Net Carrying Amount

93,598

68,211

Developed Technology [Member]

Finite Lived Intangible Assets [Line Items]

Accumulated Amortization

$ (10,635)

$ (6,595)

Weighted Average Remaining Life (Years)

5 years 1 month 9 days

6 years 1 month 17 days

Gross Carrying Value*

$ 26,600

^[1]

$ 25,063

^[2]

Net Carrying Amount

15,965

18,468

Client Relationships [Member]

Finite Lived Intangible Assets [Line Items]

Accumulated Amortization

$ (5,356)

$ (2,772)

Weighted Average Remaining Life (Years)

11 years 10 months 20 days

10 years 10 months 17 days

Gross Carrying Value*

$ 82,887

^[1]

$ 52,312

^[2]

Net Carrying Amount

77,531

49,540

Trade Names [Member]

Finite Lived Intangible Assets [Line Items]

Accumulated Amortization

(511)

$ (504)

Weighted Average Remaining Life (Years)

14 days

Gross Carrying Value*

511

^[1]

$ 511

^[2]

Net Carrying Amount

Noncompete Agreements [Member]

Finite Lived Intangible Assets [Line Items]

Accumulated Amortization

$ (367)

$ (273)

Weighted Average Remaining Life (Years)

1 year 1 month 24 days

2 years 18 days

Gross Carrying Value*

$ 469

^[1]

$ 469

^[2]

Net Carrying Amount

$ 102

$ 196

[1]	* Includes $0.6 million of foreign currency translation adjustments and $0.1 million in acquired developed technology assets
[2]	* Includes less than $0.1 million of foreign currency translation adjustments

Goodwill And Acquired Intangible Assets - Summary of Acquired Intangible Assets Subject to Amortization (Parenthetical) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]
Foreign Currency translation adjustments	$ 0.1
Maximum [Member]
Finite Lived Intangible Assets [Line Items]
Foreign Currency translation adjustments	$ 0.6	$ 0.1

Goodwill and Acquired Intangible Assets - Schedule of Estimated Annual Amortization Expense Of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
2022	$ 8,690
2023	9,478
2024	9,660
2025	9,255
2026	7,443
Thereafter	49,072
Finite Lived Intangible Assets Net	$ 93,598	$ 68,211

Debt - Additional Information (Details) - USD ($) $ in Thousands						12 Months Ended
	Jul. 29, 2021	May 18, 2020	Aug. 31, 2019	Jan. 31, 2018	Jan. 16, 2018	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Debt Prepayment Cost	$ 400
Debt Issuance Costs, Net	300					$ 0	$ 218
Interest Expense						2,021	2,533	$ 2,459
Proceeds from issuance of long-term debt						25,939	4,167	10,000
Amortization of Debt Issuance Costs and Discounts						$ 300	$ 200	$ 300
Loan And Security Agreement [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount					$ 25,000
Debt Instrument, Interest Rate, Stated Percentage					8.50%
Proceeds from issuance of long-term debt			$ 5,000	$ 15,000
Debt Instrument, Maturity Date					Jan. 22, 2022	May 01, 2025
Unamortized Debt Issuance Expense					$ 200
Joinder And Second Amendment To Loan And Security Agreement [Member]
Debt Instrument [Line Items]
Unamortized Debt Issuance Expense		$ 200
Debt Instrument Refinanced Amount		$ 4,200
Debt instrument, interest rate description		floating per annum rate equal to the greater of (i) 5.25% above the prime rate; or (ii) 8.50%
Term Loan
Debt Instrument [Line Items]
Repayments of Debt	25,000
Minimum [Member] \| Joinder And Second Amendment To Loan And Security Agreement [Member]
Debt Instrument [Line Items]
Interest rate		5.25%
Maximum [Member] \| Joinder And Second Amendment To Loan And Security Agreement [Member]
Debt Instrument [Line Items]
Interest rate		8.50%
Revolving Credit Facility
Debt Instrument [Line Items]
Secured revolving credit, total commitment	50,000
Letter Of Credit Sub Facility Included In Borrowings	5,000
Swingline Sub Facility Included In Borrowing	5,000
Line of Credit Facility, Interest Rate Description						The Revolving Credit Facility consists of Alternate Base Rate (ABR) loans or Eurodollar Borrowings, at the Company’s option. ABR loans bear interest at the ABR plus the applicable rate. Eurodollar Borrowings bear interest at the Adjusted LIBO Rate plus the applicable rate. The ABR rate is based on the greatest of (a) the Prime Rate (b) the Federal Funds Effective Rate plus 1/2 of 1% and (c) the Adjusted LIBO Rate for a one-month Interest Period plus 1%. The adjusted LIBO rate is based on (a) the LIBO Rate multiplied by (b) the Statutory Reserve Rate. The applicable rate is based upon the Company’s liquidity as of the most recent consolidated financial information and ranges from 0.75% to 2.25%. The Revolving Credit Facility incurs a commitment fee ranging from 0.25% to 0.35% based upon the Company’s liquidity as of the most recent consolidated financial information assessed on the average undrawn portion of the available commitment.
Amount Withdrawn On Revolving Credit Facility	$ 25,900
Line of Credit Facility, Average Outstanding Amount						$ 25,900
Revolving Credit Facility \| Minimum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.25%
Line of Credit Facility, Interest Rate During Period	0.75%
Revolving Credit Facility \| Maximum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.35%
Line of Credit Facility, Interest Rate During Period	2.25%

Debt - Schedule of Company's Outstanding Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jul. 29, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Long term debt	$ 25,939		$ 25,000
Less unamortized debt discount	0		(430)
Less unamortized debt issuance costs	0	$ (300)	(218)
Long term debt, net	$ 25,939		$ 24,352

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Convertible Preferred Stock and Redeemable Convertible Preferred Stock - Additional Information (Details) - USD ($)	1 Months Ended			12 Months Ended
	Feb. 29, 2020	Feb. 28, 2020	Jul. 31, 2018	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	May 28, 2021
Temporary Equity [Line Items]
Preferred Stock, Shares Issued				0	0
Preferred Stock, Par or Stated Value Per Share	$ 0.0001			$ 0.0001	$ 0.0001
Payments of Stock Issuance Costs				$ 4,860,000	$ 0	$ 0
Preferred Stock, Shares Authorized	78,938,526			10,000,000	0
Convertible Preferred Stock, Nonredeemable or Redeemable, Issuer Option, Value				$ 0
Preferred stock dividend rate			8.00%
Dividends declared or paid					$ 16,415,000
Dividend Declared or Paid [Member]
Temporary Equity [Line Items]
Dividends declared or paid				$ 0	$ 0	$ 0
Minimum [Member]
Temporary Equity [Line Items]
Conversion price per share				$ 14.9468
Net proceeds from preferred stock conversion				$ 50,000,000
Series A Preferred Stock [Member]
Temporary Equity [Line Items]
Preferred Stock, Par or Stated Value Per Share				$ 0.6580
Preferred Stock, Shares Authorized					14,475,186
Conversion price per share				0.6580
Dividends declared or paid					$ 5,318,000
Series B Preferred Stock [Member]
Temporary Equity [Line Items]
Preferred Stock, Par or Stated Value Per Share				0.6580
Preferred Stock, Shares Authorized					9,917,487
Conversion price per share				0.6580
Dividends declared or paid					$ 1,967,000
Series B1-NV Preferred Stock [Member]
Temporary Equity [Line Items]
Preferred Stock, Par or Stated Value Per Share				0.7507
Preferred Stock, Shares Authorized					8,325,933
Conversion price per share				0.7507
Dividends declared or paid					$ 314,000
Series B1 Preferred Stock [Member]
Temporary Equity [Line Items]
Preferred Stock, Par or Stated Value Per Share				0.7507
Preferred Stock, Shares Authorized					8,325,933
Conversion price per share				0.7507
Dividends declared or paid					$ 2,673,000
Series C Preferred Stock [Member]
Temporary Equity [Line Items]
Preferred Stock, Par or Stated Value Per Share				1.480
Preferred Stock, Shares Authorized					15,245,853
Conversion price per share				1.480
Dividends declared or paid					$ 6,143,000
Series D Preferred Stock [Member]
Temporary Equity [Line Items]
Preferred Stock, Par or Stated Value Per Share				7.54717
Preferred Stock, Shares Authorized					6,625,002
Conversion price per share				7.54717
Dividends declared or paid					$ 0
Series E Preferred Stock [Member]
Temporary Equity [Line Items]
Preferred Stock, Shares Issued	11,239,920
Preferred Stock, Par or Stated Value Per Share	$ 10.67623			10.67623
Gross Proceeds from Preferred Stock		$ 120,000,000.0
Payments of Stock Issuance Costs	$ 200,000
Conversion price per share				$ 10.67623
Dividends declared or paid					$ 0
Convertible and Redeemable Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
Preferred Stock, Shares Authorized					78,938,526
IPO
Temporary Equity [Line Items]
Preferred Stock, Shares Issued				182,467
Preferred Stock, Par or Stated Value Per Share							$ 0.0001
Preferred Stock, Shares Authorized							10,000,000
Convertible Preferred Stock, Shares Issued upon Conversion				68,202,784

Convertible Preferred Stock and Redeemable Convertible Preferred Stock - Schedule of Convertible Preferred Stock and Redeemable Convertible Preferred Stock (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021	Feb. 29, 2020
Temporary Equity [Line Items]
Preferred Stock, Shares Authorized	0	10,000,000	78,938,526
Preferred Stock Issued and Outstanding	65,448,381
Redeemable convertible preferred stock (Series E-1, E-2, F1 and F-2), $0.0001 par value; 0 and 16,023,132 shares authorized at December 31, 2021 and 2020, respectively.	$ 230,170
Liquidation Preference	$ 260,716
Common Stock Issuable Upon Conversion	65,448,381
Series A Preferred Stock [Member]
Temporary Equity [Line Items]
Preferred Stock, Shares Authorized	14,475,186
Preferred Stock Issued and Outstanding	14,475,186
Redeemable convertible preferred stock (Series E-1, E-2, F1 and F-2), $0.0001 par value; 0 and 16,023,132 shares authorized at December 31, 2021 and 2020, respectively.	$ 14,807
Liquidation Preference	$ 14,843
Common Stock Issuable Upon Conversion	14,475,186
Series B Preferred Stock [Member]
Temporary Equity [Line Items]
Preferred Stock, Shares Authorized	9,917,487
Preferred Stock Issued and Outstanding	9,917,487
Redeemable convertible preferred stock (Series E-1, E-2, F1 and F-2), $0.0001 par value; 0 and 16,023,132 shares authorized at December 31, 2021 and 2020, respectively.	$ 9,163
Liquidation Preference	$ 9,199
Common Stock Issuable Upon Conversion	9,917,487
Series B1-NV Preferred Stock [Member]
Temporary Equity [Line Items]
Preferred Stock, Shares Authorized	8,325,933
Preferred Stock Issued and Outstanding	1,145,526
Redeemable convertible preferred stock (Series E-1, E-2, F1 and F-2), $0.0001 par value; 0 and 16,023,132 shares authorized at December 31, 2021 and 2020, respectively.	$ 1,174
Liquidation Preference	$ 1,174
Common Stock Issuable Upon Conversion	1,145,526
Series B1 Preferred Stock [Member]
Temporary Equity [Line Items]
Preferred Stock, Shares Authorized	8,325,933
Preferred Stock Issued and Outstanding	7,180,407
Redeemable convertible preferred stock (Series E-1, E-2, F1 and F-2), $0.0001 par value; 0 and 16,023,132 shares authorized at December 31, 2021 and 2020, respectively.	$ 7,326
Liquidation Preference	$ 7,357
Common Stock Issuable Upon Conversion	7,180,407
Series C Preferred Stock [Member]
Temporary Equity [Line Items]
Preferred Stock, Shares Authorized	15,245,853
Preferred Stock Issued and Outstanding	14,864,853
Redeemable convertible preferred stock (Series E-1, E-2, F1 and F-2), $0.0001 par value; 0 and 16,023,132 shares authorized at December 31, 2021 and 2020, respectively.	$ 28,072
Liquidation Preference	$ 28,143
Common Stock Issuable Upon Conversion	14,864,853
Series D Preferred Stock [Member]
Temporary Equity [Line Items]
Preferred Stock, Shares Authorized	6,625,002
Preferred Stock Issued and Outstanding	6,625,002
Redeemable convertible preferred stock (Series E-1, E-2, F1 and F-2), $0.0001 par value; 0 and 16,023,132 shares authorized at December 31, 2021 and 2020, respectively.	$ 49,859
Liquidation Preference	$ 50,000
Common Stock Issuable Upon Conversion	6,625,002
Series E-1 Preferred Stock [Member]
Temporary Equity [Line Items]
Preferred Stock, Shares Authorized	7,124,862
Preferred Stock Issued and Outstanding	5,251,542
Redeemable convertible preferred stock (Series E-1, E-2, F1 and F-2), $0.0001 par value; 0 and 16,023,132 shares authorized at December 31, 2021 and 2020, respectively.	$ 55,960
Liquidation Preference	$ 70,080
Common Stock Issuable Upon Conversion	5,251,542
Series E-2 Preferred Stock [Member]
Temporary Equity [Line Items]
Preferred Stock, Shares Authorized	8,898,270
Preferred Stock Issued and Outstanding	5,988,378
Redeemable convertible preferred stock (Series E-1, E-2, F1 and F-2), $0.0001 par value; 0 and 16,023,132 shares authorized at December 31, 2021 and 2020, respectively.	$ 63,809
Liquidation Preference	$ 79,920
Common Stock Issuable Upon Conversion	5,988,378
Convertible and Redeemable Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
Preferred Stock, Shares Authorized	78,938,526

Convertible Preferred Stock and Redeemable Convertible Preferred Stock - Schedule of Accumulated Dividends (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Temporary Equity [Line Items]
Accumulated dividends	$ 16,415
Series A Preferred Stock [Member]
Temporary Equity [Line Items]
Accumulated dividends	5,318
Series B Preferred Stock [Member]
Temporary Equity [Line Items]
Accumulated dividends	1,967
Series B1-NV Preferred Stock [Member]
Temporary Equity [Line Items]
Accumulated dividends	314
Series B1 Preferred Stock [Member]
Temporary Equity [Line Items]
Accumulated dividends	2,673
Series C Preferred Stock [Member]
Temporary Equity [Line Items]
Accumulated dividends	6,143
Series D Preferred Stock [Member]
Temporary Equity [Line Items]
Accumulated dividends	0
Series E Preferred Stock [Member]
Temporary Equity [Line Items]
Accumulated dividends	$ 0

Stockholder's Equity (Deficit) - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	May 18, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Feb. 29, 2020
Disclosure Stockholder S Equity Deficit Additional Information Details [Line Items]
Preferred Stock, Shares Authorized		10,000,000	0		78,938,526
Preferred Stock, Par or Stated Value Per Share		$ 0.0001	$ 0.0001		$ 0.0001
Common Stock, Shares Authorized		2,000,000,000	146,898,270
Common Stock, Par or Stated Value Per Share		$ 0.0001	$ 0.0001
Common Stock Shares Authorized Non Voting Right		10,000,000
Common Stock Par Or Stated Value Per Share Non Voting Right		$ 0.0001
Cash Dividend		$ 0	$ 0
Other Expenses			600	$ 100
Class Of Warrant Or Right Outstanding		0
Warrant Issued	189,171
Warrants To Purchase		190,500
Fair Value Adjustment Of Warrants	$ 400	$ 10,758	$ 625	$ 127
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 3.95
Convertible Preferred Stock [Member]
Disclosure Stockholder S Equity Deficit Additional Information Details [Line Items]
Number of Preferred Shares Issuable under Warrant		0	54,208,461
Warrants To Purchase		190,500
Fair Value Adjustment Of Warrants		$ 6,300
Series C Preferred Stock [Member]
Disclosure Stockholder S Equity Deficit Additional Information Details [Line Items]
Preferred Stock, Shares Authorized			15,245,853
Number of Preferred Shares Issuable under Warrant		381,000
Preferred Stock, Par or Stated Value Per Share		$ 1.480
Fair Value Adjustment Of Warrants		$ 1,932

Stockholder's Equity (Deficit) -Summary of Reserved Shares of Common Stock (Details)	Dec. 31, 2021 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issued and outstanding stock options	26,128,493
Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issued and outstanding stock options	14,855,292
Restricted Stock Units (RSUs) and Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issued and outstanding stock options	213,121
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issued and outstanding stock options	9,420,270
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issued and outstanding stock options	1,639,810

Stockholder's Equity (Deficit) - Schedule of Warrants to Purchase the Classes of Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	May 18, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted- Average Remaining Contractual Term (In Years), Vested or expected to vest		8 years 7 months 17 days
Fair Value of Warrants	$ 400	$ 10,758	$ 625	$ 127
Series C Preferred Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance Date		Jan. 16, 2018
Number of Preferred Shares Issuable under Warrant		381,000
Weight Average Exercise Price		$ 1.48
Weighted- Average Remaining Contractual Term (In Years), Vested or expected to vest		4 years
Fair Value of Warrants		$ 1,932

Stockholder's Equity (Deficit) - Summary of Aggregate Fair Value of Preferred Stock Warrants (Details) - USD ($) $ in Thousands		12 Months Ended
	May 18, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stockholders Equity Note [Abstract]
Balance at beginning of period		$ 1,932	$ 1,307
Fair Value of Warrants	$ 400	$ 10,758	625	$ 127
Balance			$ 1,932	$ 1,307

Stockholder's Equity (Deficit) - Summary of Outstanding Common Stock Warrants (Details)	12 Months Ended
	Dec. 31, 2020 $ / shares shares	Dec. 31, 2021 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
common stock Warrants Outstanding and Exercisable \| shares		0
LSA Warrants [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Warrants Issued Date	--08-12
Warrants Expiration Date	--08-22
Strike Price	0.17
common stock Warrants Outstanding and Exercisable \| shares	75,000
Exercise Price	$ 0.17
Weighted Average Exercise Price	$ 0.17
LSA Warrants 2 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Warrants Issued Date	--05-20
Warrants Expiration Date	--05-30
Strike Price	3.95
common stock Warrants Outstanding and Exercisable \| shares	189,171
Exercise Price	$ 3.95
Weighted Average Exercise Price	$ 3.95

Stockholder's Equity (Deficit) - Summary of Fair Value of Warrants Using Black Scholes Model (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Risk-free interest rate	0.87%	0.47%	2.10%
Expected dividend yield	0.00%	0.00%	0.00%
Expected volatility	42.60%	42.00%	39.80%
Remaining contractual term (years)	6 years	6 years	6 years
Warrant [Member]
Risk-free interest rate		0.73%
Expected dividend yield		0.00%
Expected volatility		38.50%
Remaining contractual term (years)		10 years

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	Feb. 28, 2021	Apr. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Granted			4,434,200
Issued and outstanding stock options			26,128,493
Share based compensation arrangement by share based payment award options, Aggregate instrinsic value of stock options exercised			$ 217,700	$ 6,600	$ 1,900
Share based compensation arrangement by share based payment award options, Weighted average grant date fair value of stock options granted			$ 12.59	$ 3.95	$ 3.30
Gross proceeds from stock options exercised			$ 6,900	$ 800	$ 500
Unrecognised compensation expense related to unvested RSUs and RSAs			$ 30,200
Unrecognised compensation expense,expected to be recognised over a weighted average period			3 years 1 month 6 days
Repurchase of common stock, Shares					90,000
Repurchase of common stock					$ 295
Number of outstanding common stock shares from employees acquired by existing investors	1,205,118
Stock based compensation expense			$ 8,400
Restricted Stock Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognised compensation expense related to unvested RSUs and RSAs			$ 5,100
Unrecognised compensation expense,expected to be recognised over a weighted average period			3 years 10 months 20 days
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issued and outstanding stock options			213,121
Restricted Stock Units (RSUs) [Member] \| Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock option granted under plan,Vesting period			1 year
Restricted Stock Units (RSUs) [Member] \| Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock option granted under plan,Vesting period			4 years
2018 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock option granted under plan,Vesting period			4 years
Stock option granted under plan,Expiration period			10 years
2009 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock option granted under plan,Vesting period			4 years
Stock option granted under plan,Expiration period			10 years
2021 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issued and outstanding stock options			9,201,156
Stock option granted under plan,Vesting period			4 years
Stock option granted under plan,Expiration period			10 years
Two Thousand and Twenty One Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issued and outstanding stock options			11,060,080
2021 Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issued and outstanding stock options		1,639,810
Share based compensation arrangement by share based payment award price at which common stock is purchased,Percent		85.00%
Share based compensation arrangement by share based payment award employee contribution, Percent		15.00%

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Shares, Outstanding, Beginning balance	16,708,803
Number of Shares, Granted	4,434,200
Number of Shares , Exercised	(5,910,974)
Number of Shares, Cancelled	(376,737)
Number of Shares, Outstanding, Ending balance	14,855,292	16,708,803
Number of Shares, Exercisable	7,532,727
Number of Shares, Vested or expected to vest	6,895,301
Weighted- Average Exercise Price Per Share, Outstanding, Beginning balance	$ 2.02
Weighted- Average Exercise Price Per Share, Granted	12.59
Weighted- Average Exercise Price Per Share, Exercised	1.23
Weighted- Average Exercise Price Per Share, Cancelled	5.81
Weighted- Average Exercise Price Per Share, Oustanding, Ending balance	5.40	$ 2.02
Weighted- Average Exercise Price Per Share, Exercisable	2.00
Weighted- Average Exercise Price Per Share, Vested or expected to vest	$ 8.79
Weighted Average Remaining Contractual Term (In Years), Outstanding	7 years 21 days	6 years 7 months 20 days
Weighted- Average Remaining Contractual Term (In Years), Exercisable	5 years 6 months 3 days
Weighted- Average Remaining Contractual Term (In Years), Vested or expected to vest	8 years 7 months 17 days
Aggregate Intrinsic Value, Outstanding	$ 487,264	$ 32,174
Aggregate Intrinsic Value, Exercisable	271,626
Aggregate Intrinsic Value, Vested or expected to vest	$ 203,680

Stock-Based Compensation - Summary of Significant Inputs to Determine Fair Value of Stock Options Granted (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Risk-free interest rate	0.87%	0.47%	2.10%
Expected dividend yield	0.00%	0.00%	0.00%
Expected volatility	42.60%	42.00%	39.80%
Remaining contractual term (years)	6 years	6 years	6 years

Stock-Based Compensation - Summary of Restricted Stock Activity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Shares, Unvested, Beginning balance \| shares	671,517
Number of Shares, Granted \| shares	161,470
Number of Shares, Vested \| shares	(619,866)
Number of Shares, Unvested, Ending balance \| shares	213,121
Weighted-Average Grant Date Fair Value, Unvested, Beginning balance \| $ / shares	$ 0.98
Weighted-Average Grant Date Fair Value, Granted \| $ / shares	36.31
Weighted-Average Grant Date Fair Value, Vested \| $ / shares	0.98
Weighted-Average Grant Date Fair Value, Unvested, Ending balance \| $ / shares	$ 28.00
Aggregate Fair Value, Unvested \| $	$ 5,863
Aggregate Fair Value, Vested \| $	$ 607

Stock-Based Compensation - Summary of the Stock Based Compensation Expense for Stock Options, RSAs and RSUs Granted to Employees and Nonemployee (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based Payment Arrangement, Expense	$ 18,928	$ 3,844	$ 2,949
Research and Development Expense [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based Payment Arrangement, Expense	2,510	766	640
Selling and Marketing Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based Payment Arrangement, Expense	5,161	1,275	905
General and Administrative Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based Payment Arrangement, Expense	$ 11,257	$ 1,803	$ 1,404

Net Loss per Share - Schedule of Earnings Per Share Basic and Diluted Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Net loss	$ (28,085)	$ (11,107)	$ (20,116)
Accretion of preferred stock to redemption value	(13)	(14)
Net loss attributable to common stockholders - basic and diluted	$ (28,098)	$ (11,121)	$ (20,116)
Denominator:
Weighted average common shares outstanding—basic and diluted	71,168,054	18,389,898	16,067,088
Net loss per share attributable to common stockholders - basic and diluted	$ (0.39)	$ (0.60)	$ (1.25)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Net Loss Per Share - Schedule of Antidilutive Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	15,068,413	83,473,872	72,826,794
Warrants for the Purchase of Common Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	264,171	75,000
Warrants for the purchase of convertible preferred stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		381,000	381,000
Redeemable Convertible Preferred Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		11,239,920
Convertible Preferred Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	54,208,461	54,208,461
Unvested restricted Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	213,121	671,517	1,512,141
Stock Options [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	14,855,292	16,708,803	16,650,192

Income Taxes - Schedule of Components of Loss Before Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
United States	$ (29,186)	$ (21,033)	$ (21,338)
Foreign	3,259	2,757	1,772
Loss before provision for (benefit from) income taxes	$ (25,927)	$ (18,276)	$ (19,566)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (b)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Name Accounting Standards Codification
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+ Details

Income Taxes - Schedule of Components of Company's Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current
Federal	$ 0	$ 0	$ 0
State	198	48
Foreign	1,814	1,318	561
Total current provision for income taxes	2,012	1,366	561
Deferred
Federal	15	(5,104)	23
State	95	(3,243)	55
Foreign	36	(188)	(89)
Total deferred income tax provision (benefit)	146	(8,535)	(11)
Total income tax provision (benefit)	$ 2,158	$ (7,169)	$ 550

Income Taxes - Schedule of Reconciliation of U.S. Federal Statutory Rate to Effective Rate (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	21.00%	21.00%	21.00%
State income taxes, net of federal benefit	5.00%	2.80%	5.30%
Permanent differences	(0.00%)	(1.00%)	(0.70%)
Fair value of contingent consideration	(1.80%)	(6.20%)	0.00%
Non-deductible transaction costs	(0.00%)	(1.70%)	0.00%
Equity-based compensation	10.50%	(4.00%)	(2.30%)
Change in fair value of preferred stock warrant liability	(8.70%)	(0.70%)	(0.10%)
Excess executive compensation	(6.70%)	0.00%	0.00%
Change in uncertain tax position	(2.20%)	0.00%	0.00%
Change in valuation allowance	(24.70%)	31.30%	(24.10%)
Other	(0.70%)	(2.20%)	(2.10%)
Effective Income Tax Rate Reconciliation, Percent, Total	(8.30%)	39.30%	(3.00%)

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Contingency [Line Items]
Provision for (benefit from) income taxes	$ 2,158	$ (7,169)	$ 550
Non Recurring Benefit		8,400
Operating Loss Carryforwards	$ 123,600
Net Operating Loss Carry Forwards Ownership Percentage	5.00%
Interest limitation carryforward	$ 1,978	1,403
Net Operating Loss Carry Forwards Ownership Percentage Increase	50.00%
Net Operating Loss Carry Forwards Ownership Maturity	3 years
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$ 6,400	3,100	4,800
Potential tax benefits	600	0	0
(Increase Decrease) in deferred taxes	300
Uncertain Tax Positions	889	0	0	$ 0
Federal NOL Carryforwards
Income Tax Contingency [Line Items]
Operating Loss Carryforwards	123,600
NOL carryforwards begin to expire	58,200
Reduction in Federal NOL	$ 1,400
Date Expiring Net Operating Loss Carry Forwards	2030
Additional Net Operating Loss Carry Forwards	$ 65,400
State NOL Carryforwards
Income Tax Contingency [Line Items]
Operating Loss Carryforwards	164,900
NOL carryforwards begin to expire	$ 161,900
Date Expiring Net Operating Loss Carry Forwards	2022
Additional Net Operating Loss Carry Forwards	$ 3,000
Foreign NOL Carryforwards
Income Tax Contingency [Line Items]
Net Operating Loss Carry Forwards	$ 800
Date Expiring Net Operating Loss Carry Forwards	2025
Provision For Income Tax
Income Tax Contingency [Line Items]
Provision for (benefit from) income taxes	$ 2,200	$ 7,200	$ 600
Interest limitation carryforward	$ 7,400

Income Taxes - Schedule of Company's Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Net operating loss carryforwards	$ 32,722	$ 29,598
Property and equipment	428	316
Accrued expenses	666	254
Equity-based compensation	1,120	134
Interest limitation carryforward	1,978	1,403
Other temporary differences	257	203
Total deferred tax assets	37,171	31,908
Deferred tax asset valuation allowance	(23,864)	(17,485)	$ (20,554)	$ (15,757)
Deferred Tax Assets, Net of Valuation Allowance	13,307	14,423
Deferred tax liabilities:
Intangible assets	(19,783)	(13,559)
Goodwill	(858)	(626)
Deferred contract costs	778	307
Other temporary differences	(118)	(195)
Total deferred tax liabilities	(21,537)	(14,687)
Net deferred tax liabilities	$ (8,230)	$ (264)

Income Taxes - Summary of Changes in Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Valuation allowance at beginning of year	$ (17,485)	$ (20,554)	$ (15,757)
Change recorded to income tax (provision) benefit as part of operations	(6,379)	(2,745)	(4,797)
Change recorded to income tax (provision) benefit due to acquisition of Simplee	0	8,464	0
Current year (increase)/decrease established through goodwill due to acquisition of Simplee	0	(2,650)	0
Valuation allowance at end of year	$ (23,864)	$ (17,485)	$ (20,554)

Income Taxes - Schedule of changes in our accruals for unrecognized tax benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Unrecognized Tax Benefits, Beginning Balance	$ 0	$ 0	$ 0
Settlements with taxing authorities	0	0	0
Increases related to tax positions taken during prior years	502	0	0
Increases related to tax positions taken during the current year	387	0	0
Unrecognized Tax Benefits, Ending Balance	$ 889	$ 0	$ 0

Commitments and Contingencies - Additional Information (Details) $ in Millions				12 Months Ended
	Jul. 31, 2021	May 31, 2021	Mar. 31, 2021 ft²	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Commitments And Contingencies Disclosure [Line Items]
Area of land \| ft²			680
Term of contract Commence date			Mar. 15, 2021
Term of contract End date			Mar. 25, 2023
Option to extend the lease			two-year
Rent expense \| $				$ 2.2	$ 2.3	$ 2.2
WPM
Commitments And Contingencies Disclosure [Line Items]
Term of contract Commence date				Aug. 01, 2021
Term of contract End date				Jul. 31, 2026
Contractual term				5 years
SINGAPORE
Commitments And Contingencies Disclosure [Line Items]
Term of contract End date	Nov. 30, 2022	Nov. 14, 2021
Lease extension, date		May 15, 2021
ROMANIA
Commitments And Contingencies Disclosure [Line Items]
Term of contract End date		Mar. 31, 2024

Commitments and Contingencies - Schedule of Future Minimum Lease Payments for Non cancelable Operating Leases (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Commitments And Contingencies Disclosure [Abstract]
2022	$ 1,848
2023	1,567
2024	500
2025	73
2026	32
Operating Leases, Future Minimum Payments Due, Total	$ 4,020

Employee Benefit Plan - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plans And Other Postretirement Benefit Plans Disclosures [Abstract]
Defined contribution saving plans, matching contributions during the period	$ 0.8	$ 0.5	$ 0.4

Label	Element	Value
Sale of Stock, Price Per Share	us-gaap_SaleOfStockPricePerShare	$ 36.74