Paymentus (PAY) 10-Q 10 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 05, 2021
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Document Quarterly Report	true
Document Transition Report	false
Entity Registrant Name	Paymentus Holdings, Inc.
Entity Central Index Key	0001841156
Entity File Number	001-40429
Entity Tax Identification Number	45-3188251
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	18390 NE
Entity Address Address Line2	68th St.
Entity Address, City or Town	Redmond
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98052
City Area Code	888
Local Phone Number	440-4826
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Trading Symbol	PAY
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock Shares Outstanding		16,536,202
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock Shares Outstanding		103,486,739

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 177,506	$ 46,666
Restricted funds for financial institutions	38,071
Accounts and other receivables, net of allowance of $96 and $100	37,130	28,034
Income tax receivable	1,185	2,011
Prepaid expenses and other current assets	9,737	3,117
Total current assets	263,629	79,828
Property and equipment, net of accumulated depreciation and amortization of $5,479 and $3760	2,295	1,772
Capitalized internal-use software development costs, net	27,687	20,963
Intangible assets, net	52,026	296
Goodwill	120,934	13,205
Operating lease right-of-use assets	8,261	8,322
Deferred tax asset	10	270
Other long-term assets	3,931	218
Total assets	478,773	124,874
Current liabilities
Accounts payable	25,091	16,825
Accrued liabilities	17,381	10,201
Financial institution funds- in transit	38,071
Operating lease liabilities	1,687	3,010
Contract liabilities	1,912	612
Income tax payable		463
Total current liabilities	84,142	31,111
Deferred tax liability	6,455	3,499
Operating leases, net of current portion	6,798	5,476
Contract liabilities, net of current portion	1,888	0
Finance leases and other finance obligations, net of current portion	955	412
Total liabilities	100,238	40,498
Commitments and contingencies (Note 9)
Stockholders’ equity
Preferred Stock Value	0	0
Common Stock Value		517
Treasury stock at cost, zero and 320 Series A preferred shares; and zero and 1,306,412 common shares as of September 30, 2021 and December 31, 2020, respectively	0	(579)
Additional paid-in capital	353,079	29,175
Accumulated other comprehensive income	174	216
Retained earnings	25,270	55,047
Total stockholders’ equity	378,535	84,376
Total liabilities and stockholders' equity	478,773	124,874
Series A Preferred Stock [Member]
Stockholders’ equity
Preferred Stock Value
Class A Common Stock [Member]
Stockholders’ equity
Common Stock Value	1
Class B Common Stock [Member]
Stockholders’ equity
Common Stock Value	$ 11

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Allowance for accounts and other receivables	$ 96	$ 100
Accumulated depreciation and amortization for property and equipment	$ 5,479	$ 3,760
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	5,000,000	0
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.005	$ 0.005
Common stock, shares authorized	0	150,000,000
Common stock, shares issued	0	104,785,651
Common stock, shares outstanding	0	103,479,239
Common Shares [Member]
Treasury stock, shares	0	1,306,412
Series A Preferred Stock [Member]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	0	50,000
Preferred stock, shares issued	0	23,333
Preferred stock, shares outstanding	0	23,013
Treasury stock, shares	0	320
Class A Common Stock [Member]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	883,950,000	0
Common stock, shares issued	16,482,529	0
Common stock, shares outstanding	16,482,529	0
Class B Common Stock [Member]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	111,050,000	0
Common stock, shares issued	103,486,739	0
Common stock, shares outstanding	103,486,739	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Revenue	$ 101,676	$ 78,018	$ 287,393	$ 219,345
Cost of revenue	70,512	55,365	199,754	152,513
Gross profit	31,164	22,653	87,639	66,832
Operating expenses
Research and development	8,818	6,221	24,469	17,970
Sales and marketing	11,314	8,002	29,041	23,246
General and administrative	9,904	4,959	24,067	12,116
Total operating expenses	30,036	19,182	77,577	53,332
Income from operations	1,128	3,471	10,062	13,500
Other income (loss)
Interest income, net	11	3	4	48
Foreign exchange loss	(16)	(19)	(8)	(109)
Income before income taxes	1,123	3,455	10,058	13,439
Provision for income taxes	(701)	(841)	(5,423)	(3,361)
Net income	422	2,614	4,635	10,078
Undeclared dividends on Series A preferred stock	0	(1,319)	(2,258)	(3,834)
Net income attributable to common stock	$ 422	$ 1,295	$ 2,377	$ 6,244
Net income per share attributable to common stock
Basic	$ 0	$ 0.01	$ 0.02	$ 0.06
Diluted	$ 0	$ 0.01	$ 0.02	$ 0.06
Weighted-average number of shares used to compute net income per share attributable to common stock
Basic	118,206,073	103,479,239	110,272,583	103,479,239
Diluted	124,427,777	106,088,898	116,419,674	106,109,507

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 422	$ 2,614	$ 4,635	$ 10,078
Other comprehensive (loss) income, net of tax
Foreign currency translation adjustments, net of tax	6	49	(42)	37
Comprehensive income	$ 428	$ 2,663	$ 4,593	$ 10,115

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	I P O [Member]	Series A Preferred Stock [Member]	Series A Preferred Stock [Member]I P O [Member]	Common Shares [Member]	Common Shares [Member]I P O [Member]	Additional Paid-In-Capital	Additional Paid-In-CapitalI P O [Member]	Treasury Stock	Treasury StockI P O [Member]	Retained Earnings	Retained EarningsI P O [Member]	Accumulated Other Comprehensive Income
Beginning balance at Dec. 31, 2019	$ 68,604				$ 517		$ 27,181		$ (579)		$ 41,336		$ 149
Beginning balance (in shares) at Dec. 31, 2019			23,013		103,479,239
Stock-based compensation	475						475
Other comprehensive income (Loss)	(23)												(23)
Net income	2,779										2,779
Ending balance at Mar. 31, 2020	71,835				$ 517		27,656		(579)		44,115		126
Ending balance (in shares) at Mar. 31, 2020			23,013		103,479,239
Beginning balance at Dec. 31, 2019	68,604				$ 517		27,181		(579)		41,336		149
Beginning balance (in shares) at Dec. 31, 2019			23,013		103,479,239
Net income	10,078
Ending balance at Sep. 30, 2020	80,167				$ 517		28,629		(579)		51,414		186
Ending balance (in shares) at Sep. 30, 2020			23,013		103,479,239
Beginning balance at Mar. 31, 2020	71,835				$ 517		27,656		(579)		44,115		126
Beginning balance (in shares) at Mar. 31, 2020			23,013		103,479,239
Stock-based compensation	462						462
Other comprehensive income (Loss)	11												11
Net income	4,685										4,685
Ending balance at Jun. 30, 2020	76,993				$ 517		28,118		(579)		48,800		137
Ending balance (in shares) at Jun. 30, 2020			23,013		103,479,239
Stock-based compensation	511						511
Other comprehensive income (Loss)	49												49
Net income	2,614										2,614
Ending balance at Sep. 30, 2020	80,167				$ 517		28,629		(579)		51,414		186
Ending balance (in shares) at Sep. 30, 2020			23,013		103,479,239
Beginning balance at Dec. 31, 2020	84,376				$ 517		29,175		(579)		55,047		216
Beginning balance (in shares) at Dec. 31, 2020			23,013		103,479,239
Stock-based compensation	563						563
Repayment of related party loan receivable	813						813
Other comprehensive income (Loss)	21												21
Net income	3,638										3,638
Ending balance at Mar. 31, 2021	89,411				$ 517		30,551		(579)		58,685		237
Ending balance (in shares) at Mar. 31, 2021			23,013		103,479,239
Beginning balance at Dec. 31, 2020	84,376				$ 517		29,175		(579)		55,047		216
Beginning balance (in shares) at Dec. 31, 2020			23,013		103,479,239
Net income	4,635
Ending balance at Sep. 30, 2021	378,535				$ 12		353,079				25,270		174
Ending balance (in shares) at Sep. 30, 2021					119,969,268
Beginning balance at Mar. 31, 2021	89,411				$ 517		30,551		$ (579)		58,685		237
Beginning balance (in shares) at Mar. 31, 2021			23,013		103,479,239
Issuance of shares		$ 272,634				$ 1		$ 272,633
Issuance of shares (in shares)						13,880,950
Conversion of common stock to Class B common stock						$ 506		506
Redemption of Series A preferred stock in connection with initial public offering , Value		(23,013)						(23,013)
Redemption of Series A preferred stock in connection with initial public offering , Share				(23,013)
Payment of dividends on Series A preferred stock in connection with redemption upon initial public offering		(34,412)										$ (34,412)
Issuance of warrant		$ 4,498						4,498
Retirement of treasury stock in connection with initial public offering								(579)		$ 579
Stock-based compensation	568						568
Other comprehensive income (Loss)	(69)												(69)
Net income	575										575
Ending balance at Jun. 30, 2021	310,192				$ 12		285,164				24,848		168
Ending balance (in shares) at Jun. 30, 2021					117,360,189
Issuance of shares	66,857							66,857
Issuance of shares (in shares)		7,500				2,601,579
Change in estimate of warrants expected to vest		$ 304						$ 304
Stock-based compensation	754						754
Other comprehensive income (Loss)	6												6
Net income	422										422
Ending balance at Sep. 30, 2021	$ 378,535				$ 12		$ 353,079				$ 25,270		$ 174
Ending balance (in shares) at Sep. 30, 2021					119,969,268

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Net income	$ 4,635	$ 10,078
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	8,587	6,012
Deferred income taxes	2,691	1,318
Stock-based compensation	1,885	1,448
Non-cash lease expense	2,131	2,008
Amortization of contract asset	423
Change in operating assets and liabilities, net of impact of business combination
Accounts and other receivables	(7,814)	(7,663)
Prepaid expenses and other current and long-term assets	167	16
Accounts payable	7,842	13,667
Accrued liabilities	149	2,127
Operating lease liabilities	(2,071)	(1,976)
Contract liabilities	383	511
Income taxes receivable, net of payable	349	583
Net cash provided by operating activities	19,357	28,129
Cash flows from investing activities
Business combinations, net of cash and restricted cash acquired	(57,120)	(290)
Purchases of property and equipment	(825)	(382)
Capitalized internal-use software development costs	(13,473)	(10,866)
Net cash used in investing activities	(71,418)	(11,538)
Cash flows from financing activities
Proceeds from initial public offering, net of underwriter's discounts and commissions	224,595
Proceeds From Issuance Of Private Placement	50,000
Proceeds from repayment of related party loan	813
Financial Institution fund in transit	6,612
Payments of deferred offering costs	(1,961)
Payments on other financing obligations	(1,482)	(652)
Payments on finance leases	(204)	(257)
Net cash provided by (used in) financing activities	220,948	(909)
Foreign currency effect on cash and cash equivalents	24	23
Net increase in cash and cash equivalents	168,911	15,705
Cash and cash equivalents
Beginning of period	46,666	27,427
End of period	215,577	43,132
Supplemental disclosure of cash flow information:
Cash paid for income taxes, net of refunds	$ 2,308	$ 1,446
Non-cash investing activities:
Fair value of Class A common stock issued for acquisitions	66,857	0
Property and equipment purchases in accounts payable	$ 147	$ 12
Business acquisition liability in accrued liabilities and finance leases and other finance obligations, net of current portion	2,186
Noncash Investing and Financing Items [Abstract]
Prepaid insurance funded through short-term borrowings	5,756	1,389
Issuance of Warrant	4,802	0
Property and equipment acquired through finance lease liabilities		787
Intangibles acquired through other financing obligations		53
Series A Preferred Stock [Member]
Cash flows from financing activities
Redemption of Series A preferred stock	(23,013)
Payment of dividends on Series A preferred stock	(34,412)
Cash and Cash Equivalents [Member]
Cash and cash equivalents
End of period	177,506	$ 43,132
Restricted funds [Member]
Cash and cash equivalents
End of period	$ 38,071

Organization and Description of

Organization and Description of Business	9 Months Ended
	Sep. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Description of Business	1. Organization and Description of Business Description of Business Paymentus Holdings, Inc. and its wholly owned subsidiaries (“Paymentus” or “the Company”) provides electronic bill presentment and payment services, enterprise customer communication and self-service revenue management to billers through a Software-as-a-Service, (“SaaS”), secure, omni-channel technology platform. The platform seamlessly integrates into a biller’s core financial and operating systems to provide flexible and secure access to payment processing of credit cards, debit cards, eChecks and digital wallets across a significant number of channels including online, mobile, IVR, call center, chatbot and voice-based assistants. Paymentus was incorporated in the state of Delaware on September 2, 2011 with office locations in Charlotte, North Carolina, Richmond Hill, Ontario (Canada), Blacksburg, Virginia, Cromwell, Connecticut, Redmond, Washington and Delhi and Bangalore (India). The Company was headquartered in Charlotte, North Carolina until 2020 when the Company moved its headquarters to Redmond, Washington. Initial Public Offering and Private Placement In May 2021, the Company completed its initial public offering (“IPO”), in which the Company issued and sold 11,500,000 shares of its Class A common stock at $ 21.00 per share, including 1,500,000 shares issued upon the exercise of the underwriters’ option to purchase additional shares. The Company received net proceeds of $ 224.6 million after deducting underwriting discounts and commissions of $ 16.9 million. The Company incurred direct offering expenses of $ 2.0 million. In connection with the IPO:  all 103,479,239 shares of the Company’s outstanding common stock automatically converted into an equivalent number of shares of Class B common stock on a one-to-one basis; and  entities affiliated with Accel-KKR purchased 2,380,950 shares of the Company’s Class A common stock at $ 21.00 per share in a concurrent private placement that closed immediately subsequent to the closing of the IPO. The Company received aggregate proceeds of $ 50.0 million in this concurrent private placement and did not pay underwriting discounts or commissions with respect to the shares of Class A common stock that were sold in the private placement.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the United States Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. Therefore, these unaudited condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and the related notes included in the Company’s final prospectus dated May 25, 2021 and filed with the SEC pursuant to Rule 424(b)(4) on May 26, 2021 (“Final Prospectus”). These unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position, results of operations, comprehensive income, changes in stockholders' equity and cash flows for the periods presented. The results of operations for the three and nine months ended September 30, 2021 and 2020 are not necessarily indicative of the results to be expected for the full year or any other future interim or annual period. Stock Split On May 10, 2021, the Company effected a 5 -for-1 forward stock split of its common 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 five shares of common stock. The par value per share of common stock was not adjusted. All share, per share and related information presented in the unaudited interim condensed consolidated financial statements and accompanying notes have been retroactively adjusted, where applicable, to reflect the impact of the stock split. Principles of Consolidation The unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and balances have been eliminated upon consolidation. Segment Information Operating segments are defined as components of an enterprise for which separate financial information is available and evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to make operating decisions, allocate resources and assess performance. The Company has three operating segments based on geography. The United States segment represents the vast majority of the Company’s consolidated net sales and gross profit. The additional two operating segments, Canada and India, do not meet the quantitative thresholds for separate reporting, either individually or in the aggregate. None of the operating segments qualified for aggregation. The Company’s CODM is its Chief Executive Officer. The CODM evaluates the performance of the Company’s operating segments based on revenue and gross profit. The Company does not analyze discrete segment balance sheet information related to long-term assets. All other financial information is presented on a consolidated basis. For information regarding the Company’s long-lived assets and revenue by geographic area, see Note 15. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Such estimates include revenue recognition, the allowance for credit losses, the lives of tangible and intangible assets, the valuation of acquired intangible assets and the recoverability or impairment of intangible assets, including goodwill, internal-use software development costs, valuation of stock warrants issued, stock-based compensation, and accounting for income taxes. The Company bases its estimates on historical experience and also on assumptions that management considers reasonable. The Company assesses these estimates on a regular basis; however, actual results could differ from these estimates. In March 2020, the World Health Organization declared the outbreak of the COVID-19 virus a global pandemic. The pandemic is causing major disruptions to businesses and markets worldwide as the virus continues to spread. A number of countries as well as many states and cities within the United States and Canada have in the past and may in the future enact temporary closures of businesses, issue quarantine orders and take other restrictive measures in response to COVID-19. The Company is closely monitoring the effects of the COVID-19 pandemic and implemented a work from home plan early in the pandemic, with limited individuals allowed in the Company’s office locations. The actions taken by governments in North America to encourage social distancing and implement quarantine directives resulted in a delay in certain of the Company’s sales cycles as well as delays in certain of the Company’s customer implementation timelines. However, these delays did not affect the Company’s results in any material fashion. There has been no material deterioration in the Company’s financial results even as the pandemic spread further and the number of countries and localities adopting restrictive measures increased. The Company does not expect the COVID-19 pandemic to have any material effect on the Company’s revenues and financial results, although the magnitude and duration of the ultimate effects of the COVID-19 pandemic will depend on future developments, including the duration, spread and severity of the pandemic, the availability, effectiveness and uptake of vaccines for COVID-19, the emergence of new variants of COVID-19 and whether existing vaccines are effective with respect to such variants, the actions to contain the disease or mitigate its impact, and the duration, timing and severity of the impact on consumer behavior, including any recession resulting from the pandemic, all of which are unpredictable. Custodial Accounts The Company has established a relationship with its merchant processors to act as collection and paying agents, whereby a merchant processor receives funds from customers and forwarding such funds to the respective Paymentus client, based on the instructions received from the Company. These merchant processors act as custodians of the cash received and the Company has no legal ownership rights to the funds held in such custodial accounts and does not control the use of these funds. As the Company does not take ownership of the funds, these custodial accounts are not included in the Company’s consolidated balance sheets. The balance of cash in the custodial accounts held by these merchant processors was $ 32.6 million and $ 20.5 million as of September 30, 2021 and December 31, 2020 , respectively. Restricted Funds Held for Financial Institutions and Financial Institution Funds In-Transit Restricted funds held for financial institutions and the corresponding liability of financial institution funds in-transit represent the timing differences arising between the amounts the Company's sponsor bank receives from the sending financial institutions and the amounts disbursed to the recipient financial institutions. The restricted funds held for financial institutions account is a transaction account maintained at the Company’s sponsor bank for clearing payments from financial institutions (as defined by the U.S. Treasury’s Financial Crimes Enforcement Network) to other financial institutions. Restricted funds held for financial institutions represent restricted cash that, based upon the Company's intent, are restricted solely for satisfying the corresponding obligations to send funds to the various financial institutions. Concentration of Credit Risk Financial instruments that potentially subject the Company to credit risk primarily consist of cash, cash equivalents, and accounts receivable. The Company maintains its cash and cash equivalents with high-quality financial institutions with investment-grade ratings. For accounts receivable, the Company is exposed to credit risk in the event of nonpayment by customers to the extent of the amounts recorded in the consolidated balance sheets. No customer accounted for more than 10 % of revenue for either of the three and nine months ended September 30, 2021 and 2020 . One customer accounted for more than 10 % of accounts receivable as of September 30, 2021 , while no customer accounted for more than 10 % of accounts receivable as of December 31, 2020 . Summary of Significant Accounting Policies The Company’s significant accounting policies are discussed in Note 2, “Basis of Presentation and Summary of Significant Accounting Policies” in the Notes to Consolidated Financial Statements as of December 31, 2020 and 2019 and for the years ended December 31, 2020 and 2019 included in the Final Prospectus. There have been no significant changes to these policies during the nine months ended September 30, 2021 , except as noted below. Deferred Offering Costs Deferred offering costs, which consist of direct incremental legal and accounting fees, relating to the Company’s IPO, were initially capitalized and included in prepaid expenses and other current assets on the condensed consolidated balance sheets. Upon consummation of the IPO in May 2021, the Company reclassified $ 2.0 million of deferred offering costs to additional-paid-in capital offsetting the IPO proceeds. There were no material deferred offering costs recorded as of December 31, 2020. Accounting Pronouncements The Company is provided the option to adopt new or revised accounting guidance as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 either (1) within the same periods as those otherwise applicable to public business entities, or (2) within the same time periods as non-public business entities, including early adoption when permissible. With the exception of standards the Company elected to early adopt, when permissible, the Company has elected to adopt new or revised accounting guidance within the same time period as non-public business entities, as indicated below. Accounting Pronouncements Recently Adopted In December 2019, the Financial Accounting Standards Board, ("FASB") issued Accounting Standards Update ("ASU") 2019-12, Income Taxes (“Topic 740”): Simplifying the Accounting for Income Taxes , which simplifies the accounting for income taxes by eliminating some exceptions to the general approach in ASC 740, Income Taxes in order to reduce cost and complexity of its application. The guidance is effective for financial statements issued for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years, with early adoption permitted. The Company elected to early adopt this standard on January 1, 2021. Adoption of this standard did not have a material impact on its condensed consolidated financial statements. Accounting Pronouncements Not Yet Adopted In October 2021, the FASB issued ASU 2021-08, "Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers" ("ASU 2021-08") . ASU 2021-08 will require companies to apply the definition of a performance obligation under ASU 2014-09 , Revenue from contracts with customers (“Topic 606”) to recognize and measure contract assets and contract liabilities relating to contracts with customers that are acquired in a business combination. Under current U.S. GAAP, an acquirer generally recognizes assets acquired and liabilities assumed in a business combination, including contract assets and contract liabilities arising from revenue contracts with customers, at fair value on the acquisition date. ASU 2021-08 will result in the acquirer recording acquired contract assets and liabilities on the same basis that would have been recorded by the acquiree before the acquisition under ASU Topic 606. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the impact of this ASU on its condensed consolidated financial statements.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2021
Revenue From Contract With Customer [Abstract]
Revenue, Performance Obligations and Contract Balances	3. Revenue, Performance Obligations and Contract Balances Disaggregation of Revenue The following table presents a disaggregation of revenue from contracts with customers (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Payment transaction processing revenue $ 100,384 $ 76,740 $ 284,029 $ 216,484 Other $ 1,292 1,278 $ 3,364 2,861 Total revenue $ 101,676 $ 78,018 $ 287,393 $ 219,345 Remaining Performance Obligations ASU Topic 606 requires disclosure of the aggregate amount of the transaction price allocated to unsatisfied As of September 30, 2021, the aggregate amount of transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied was $ 3.8 million, which the Company expects to recognize over 9 0 % within the next two years . The timing of revenue recognition within the next year is largely dependent upon the go-live dates of the Company's contracts. As of September 30, 2021, the Company has contractual rights under its commercial agreements to receive $ 33.2 million of fixed consideration related to the future minimum guarantees through March 2026. As Contract Balances The Company does no t have any capitalized contract costs as the Company’s sales compensation paid to the sales force is earned based on the margins earned from the contract over the contract term, contingent on continued employment with the Company by the salesperson. Sales commissions tied to key operating metrics other than new sales, are not considered incremental costs of obtaining a customer and are expensed in the same period as they are earned. The Company records commission expense within sales and marketing expense in the condensed consolidated statements of operations. The Company recorded a contract asset in connection with a warrant agreement with a customer that was signed in May 2021. Following the guidance in ASC 606, the Company accounts for consideration payable in the form of warrants to a customer as a reduction of the transaction price and therefore, of revenue. The Company has estimated the transaction price related to the revenue for this customer inclusive of the estimated value of the warrants earned and expected to be earned over the term of the contract. During the period the Company reduced revenue and the related contract asset by $ 0.2 million and $ 0.4 million for the three and nine months ended September 30, 2021, respectively. The contract asset balance at September 30, 2021 was $ 4.4 million of which $ 0.9 million was included in prepaid expenses and other current assets and $ 3.5 million was included in other long-term assets in the condensed consolidated balance sheets. The Company recorded $ 3.8 million and $ 0.6 million of contract liabilities in the condensed consolidated balance sheets as of September 30, 2021 and December 31, 2020 , respectively, of which $ 2.8 million is related to acquisitions during the three months ended September 30, 2021 and the remaining related to legacy contracts obtained from prior acquisitions associated with the Company’s insignificant other revenue stream and other payments the Company received in advance for services. The change in the contract liabilities is primarily the result of a timing difference between payment from the customer and the Company’s satisfaction of each performance obligation. The revenue recognized during the three and nine months ended September 30, 2021 and 2020 that was included in the contract liabilities at the beginning of each respective period was not material.

Business Combinations

Business Combinations	9 Months Ended
	Sep. 30, 2021
Business Combinations [Abstract]
Business Combinations	4. Business Combinations Payveris, LLC On September 1, 2021, the Company completed its acquisition of Payveris, LLC ("Payveris") by acquiring all outstanding equity interests for a total purchase price of approximately $ 145.6 million, comprised of $ 85.2 million in cash and 2,364,270 shares of the Company's Class A common stock with a fair value of approximately $ 60.4 million, of which 56,197 shares of the Company's Class A common stock with an approximate value of $ 1.4 million are subject to final issuance and is currently recorded in accrued liabilities in the condensed consolidated balance sheets. Payveris is a leading payments processing company for financial institutions. The acquisition is expected to increase the addressable market opportunity for the Company's existing solutions while also enhancing Payveris’ platform with real-time capabilities, enhanced electronic bill presentment and additional payment options for banks, credit unions and financial institutions of all sizes. The acquisition was accounted for as a business combination and, accordingly, the total fair value of purchase consideration was allocated to the tangible and intangible assets acquired and liabilities assumed based on their fair values on the acquisition date. The major classes of assets and liabilities to which the Company has allocated the fair value of purchase consideration were as follows (in thousands): Accounts receivable $ 1,026 Prepaid expenses and other current assets 237 Intangible assets 46,740 Property and equipment 326 Goodwill 100,518 Restricted funds held for financial institutions 31,459 Financial institution funds in-transit ( 31,459 ) Accounts payable ( 194 ) Accrued liabilities ( 265 ) Deferred revenue ( 2,805 ) Total $ 145,583 The purchase price allocation is preliminary. The Company continues to collect information with regard to its estimates and assumptions, including potential liabilities and contingencies. The Company will record adjustments to the fair value of the net assets acquired and goodwill within the twelve months measurement period, if necessary. The goodwill recognized was primarily attributed to increased synergies that are expected to be achieved from the integration of Payveris and the assembled workforce. The goodwill is deductible for income tax purposes. The fair values and estimated useful lives of the acquired intangible assets by category were as follows (in thousands, except years): Fair Value Useful Life Customer Relationships $ 26,154 8.0 Trademarks 12,484 3.0 Developed Technology 8,102 4.0 Total $ 46,740 Finovera, Inc. On September 2, 2021, the Company completed its acquisition of Finovera by acquiring all outstanding shares for a total purchase price of approximately $ 12.9 million, net of cash acquired, comprised of $ 5.0 million in cash of which $ 0.8 million is being held back by the Company for a period of twenty-four months following the transaction closing date and is recorded in finance leases and other finance obligations, net of current portion in the condensed consolidated balance sheets, and 293,506 shares of the Company's Class A common stock with a fair value of approximately $ 7.9 million. Finovera is a leading bill aggregation technology provider for financial institutions. The acquisition of Finovera is expected to increase the addressable market opportunity for the Company's biller and financial institution solutions by, among other things, increasing the availability of certain bill data. The acquisition was accounted for as a business combination and, accordingly, the total fair value of purchase consideration was allocated to the tangible and intangible assets acquired and liabilities assumed based on their fair values on the acquisition date. The major classes of assets and liabilities to which the Company has allocated the fair value of purchase consideration were as follows (in thousands): Cash $ 65 Accounts receivable 267 Intangible assets 6,048 Prepaid expenses and other current assets 39 Goodwill 7,211 Accounts payable ( 85 ) Accrued liabilities ( 72 ) Deferred taxes ( 533 ) Total $ 12,940 The purchase price allocation is preliminary. The Company continues to collect information with regard to its estimates and assumptions, including potential liabilities and contingencies. The Company will record adjustments to the fair value of the net assets acquired and goodwill within the twelve months measurement period, if necessary. The goodwill recognized was primarily attributed to increased synergies that are expected to be achieved from the integration of Finovera and the assembled workforce. The goodwill is not deductible for income tax purposes. The fair values and estimated useful lives of the acquired intangible assets by category were as follows (in thousands, except years): Fair Value Useful Life Developed Technology $ 5,155 4.0 Customer Relationships 893 2.0 Total $ 6,048 The revenue and expenses of the acquired businesses have been included in the Company's condensed consolidated financial results since the acquisition date. Revenues and expenses related to these acquisitions and pro forma results of operations have not been presented for the three and nine months ended September 30, 2021 and 2020 because the effects of these acquisitions was not material to the Company's overall operations. The Company incurred costs related to these acquisitions of approximately $ 1.7 million for the three and nine months ended September 30, 2021. All acquisition related costs were expensed as incurred and have been recorded in general and administrative expenses in the condensed consolidated statements of operations.

Property and Equipment, Net

Property and Equipment, Net	9 Months Ended
	Sep. 30, 2021
Property Plant And Equipment [Abstract]
Property and Equipment, Net	5. Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): September 30, December 31, 2021 2020 Computer equipment $ 5,949 $ 4,368 Furniture and fixtures 1,371 976 Leasehold improvements 449 183 Automobile 5 5 Total property and equipment 7,774 5,532 Less: Accumulated depreciation and amortization ( 5,479 ) ( 3,760 ) Property and equipment, net $ 2,295 $ 1,772 Depreciation and amortization expense recorded for property and equipment was $ 0.3 million for each of the three months ended September 30, 2021 and 2020 and $ 0.8 million for each of the nine months ended September 30, 2021 and 2020 .

Goodwill, Internal-use Software

Goodwill, Internal-use Software Development Costs and Intangible Assets	9 Months Ended
	Sep. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill, Internal-use Software Development Costs and Intangible Assets	6. Goodwill, Internal-use Software Development Costs and Intangible Assets Goodwill The changes in the carrying amount of goodwill by reporting unit were as follows (in thousands): United Other Total Balance as of December 31, 2020 $ 12,303 $ 902 $ 13,205 Goodwill acquired (1) 107,729 — 107,729 Foreign currency translation adjustments — — — Balance as of September 30, 2021 $ 120,032 $ 902 $ 120,934 (1) The goodwill acquired in the nine months ended September 30, 2021 is related to the Payveris and Finovera acquisitions. See Note 4. Internal-use Software Development Costs The Company capitalizes qualifying internal-use software development costs related to its platform. The costs consist of personnel costs (including related benefits) that are incurred during the application development stage, as well as implementation costs incurred to fulfill our contracts with customers as they (1) relate directly to the contract, (2) are expected to generate resources that will be used to satisfy the performance obligation under the contract, and (3) are expected to be recovered through revenues generated under the contract. Capitalization of costs begins when two criteria are met: (1) the preliminary project stage is completed, and (2) it is probable that the software will be completed and used for its intended function. Capitalization ceases when the software is substantially complete and ready for its intended use, including the completion of all significant testing. Costs related to preliminary project activities and post-implementation operating activities are expensed as incurred. During the three months ended September 30, 2021 and 2020, the Company capitalized $ 4.8 million and $ 3.7 million in software development costs, respectively and during the nine months ended September 30, 2021 and 2020, the Company capitalized $ 13.5 million and $ 10.9 million in software development costs, respectively. Capitalized costs are amortized over the estimated useful life of the software, which management estimated to be a range of three to five years , and are recorded on a straight-line basis, which represents the manner in which the expected benefit will be derived. Amortization expense is recorded in cost of revenue and operating expenses in the condensed consolidated statement of operations aligned with the internal organizations that are the primary beneficiaries of such assets. During the three months ended September 30, 2021 and 2020, the Company recorded $ 1.3 million and $ 0.9 million of amortization expense in cost of revenue, and $ 1.2 million and $ 0.8 million of amortization expense in operating expenses, respectively. During the nine months ended September 30, 2021 and 2020, the Company recorded $ 3.5 million and $ 2.6 million of amortization expense in cost of revenue, and $ 3.3 million and $ 2.2 million of amortization expense in operating expenses, respectively. Intangible Assets Intangible assets, net consisted of the following (in thousands): September 30, 2021 Gross Accumulated Net Weighted- Technology $ 20,844 $ ( 7,818 ) $ 13,026 4.0 License 2,686 ( 2,686 ) — — Customer relationship 33,839 ( 7,102 ) 26,737 8.0 Software 530 ( 403 ) 127 3.0 Non-compete 334 ( 334 ) — — Trademark 12,683 ( 547 ) 12,136 3.0 Total $ 70,916 $ ( 18,890 ) $ 52,026 December 31, 2020 Gross Accumulated Net Weighted- Technology $ 7,579 $ ( 7,460 ) $ 119 7.0 License 2,652 ( 2,652 ) — — Customer relationship 6,782 ( 6,782 ) — — Software 532 ( 355 ) 177 3.0 Non-compete 330 ( 330 ) — — Trademark 200 ( 200 ) — — Total $ 18,075 $ ( 17,779 ) $ 296 Amortization expense of intangible assets was $ 1.0 million and $ 1.1 million for the three and nine months ended September 30, 2021 and $ 0.1 million and $ 0.5 million for the three and nine months ended September 30, 2020, respectively. As of September 30, 2021, future amortization expense is expected to be as follows (in thousands): Years Ending December 31, 2021 (remaining three months) $ 2,818 2022 11,258 2023 11,079 2024 9,394 2025 5,491 Thereafter 11,986 Total future amortization expense $ 52,026

Leases

Leases	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Leases	. Leases The Company enters into operating and finance leases, primarily related to rental of office space, equipment and data centers. Both operating and finance leases have remaining lease terms which range from less than one year to ten year s, and often include one or more renewal or termination options. These options are not included in the determination of the lease term at commencement unless it is reasonably certain that the Company will exercise the option. During the nine months ended September 30, 2021 , the Company recorded approximately $ 2.5 million for an additional right-of-use asset and related operating lease liability for an office lease that commenced in April 2021 . The components of lease cost were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Operating lease cost $ 893 $ 780 $ 2,329 $ 2,164 Finance lease cost Depreciation expense 68 90 204 230 Interest on finance lease liabilities 4 5 13 12 Total finance lease cost 72 95 217 242 Short-term lease cost 424 81 592 261 Total lease cost $ 1,389 $ 956 $ 3,138 $ 2,667 Supplemental cash flow information related to leases was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 546 $ 713 $ 2,236 $ 1,923 Operating cash flows for finance leases 4 3 13 12 Financing cash flows for finance leases 68 88 204 257 Right-of-use assets obtained in exchange of operating lease obligations -- 5,132 2,638 7,678 The total remaining lease payments under non-cancelable operating and finance leases as of September 30, 2021 were as follows (in thousands): Years Ending December 31, Operating Leases Finance Leases 2021 (remaining three months) $ 533 $ 68 2022 1,736 271 2023 854 106 2024 847 — 2025 858 — Thereafter 4,606 — Total minimum lease payments including interest $ 9,434 $ 445 Less imputed interest ( 949 ) ( 11 ) Total lease liabilities $ 8,485 $ 434

Accrued Liabilities

Accrued Liabilities	9 Months Ended
	Sep. 30, 2021
Accrued Liabilities Current [Abstract]
Accrued Liabilities	. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): September 30, December 31, 2021 2020 Payroll and employee-related expenses $ 7,645 $ 6,474 Finance leases and other financing obligations 5,428 1,132 Other accrued liabilities 4,308 2,595 $ 17,381 $ 10,201 Finance leases and other financing obligations includes the current portion of finance leases related to the acquisition of computer equipment and short-term insurance premium financing arrangements. Other accrued liabilities includes $1.4 million related to Class A common stock issuable for the Payveris acquisition.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies Other Commitments The Company has entered into certain non-cancellable agreements for software and marketing services that specify all significant terms, including fixed or minimum services to be used, pricing provisions and the approximate timing of the transaction. Obligations under contracts that are cancellable or with remaining terms of 12 months or less are not included. Future minimum payments under other non-cancellable agreements as of September 30, 2021 were as follows (in thousands): Years Ending December 31, 2021 (remaining three months) $ 590 2022 2,031 2023 704 2024 215 2025 16 Thereafter — $ 3,556 401(k) Plan The Company sponsors a 401(k) defined contribution plan covering all eligible U.S. employees. Contributions to the 401(k) plan are discretionary. The Company did no t make any matching contributions to the 401(k) plan for the three and nine months ended September 30, 2021 and 2020. Legal Matters The Company is involved from time to time in various claims and legal actions arising in the ordinary course of business. While it is not feasible to predict or determine the ultimate outcome of these matters, the Company believes that none of its current legal proceedings will have a material adverse effect on its financial position, results of operations, or cash flows as of and for the three and nine months ended September 30, 2021. Indemnification The Company enters into indemnification provisions under agreements with other parties in the ordinary course of business, including business partners, investors, contractors, customers, and the Company’s officers, directors, and certain employees. The Company has agreed to indemnify and defend the indemnified party claims and related losses suffered or incurred by the indemnified party from actual or threatened third-party claims due to the Company’s activities or non-compliance with obligations or representations made by the Company. It is not possible to determine the maximum potential loss under these indemnification provisions due to the Company’s limited history of prior indemnification claims and the unique facts and circumstances involved in each particular provision.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	10. Related Party Transactions Transactions involving related parties cannot be presumed to be carried out on an arm’s length basis due to the absence of free market forces that naturally exist in business dealings between two or more unrelated entities. Related party transactions may not always be favorable to the Company’s business and may include terms, conditions and agreements that are not necessarily beneficial to or in the best interest of the Company. On September 6, 2011, the Company issued a loan to the Company’s Chief Executive Officer for $ 0.8 million at an interest rate of 2 % per annum. The Company recorded the principal amount of $ 0.8 million as a reduction to additional paid-in capital in the consolidated statements of stockholders’ equity. The Chief Executive Officer and an entity affiliated with him pledged 805 shares of the Company's Series A preferred shares and 1,788,205 common shares as security for the loan. The loan principal and interest were due and payable on September 6, 2026 . During the nine months ended September 30, 2020 and the nine months ended September 30, 2021, the Company recognized an immaterial amount of interest income relating to the loan. At December 31, 2020, the Company had recorded a receivable for accrued interest of $ 0.2 million, which is included in prepaid expenses and other current assets in the condensed consolidated balance sheets. On March 16, 2021, the Company’s Chief Executive Officer paid in full the loan outstanding in the amount of $ 0.8 million, plus accrued interest of $ 0.2 million for a total payment of $ 1.0 million.

Equity

Equity	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Equity	11. Equity Preferred Stock In connection with the IPO, the Company’s amended and restated certificate of incorporation became effective, which authorized the issuance of 5,000,000 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 The Company has two classes of common stock: Class A common stock and Class B common stock. In connection with the IPO, the Company’s amended and restated certificate of incorporation authorized the issuance of 883,950,000 shares of Class A common stock and 111,050,000 shares of Class B common stock. The shares of Class A common stock and Class B common stock are identical, except with respect to voting and conversion. Each share of Class A common stock is entitled to one vote. Each share of Class B common stock is entitled to ten votes. Class A and Class B common stock have a par value of $ 0.0001 per share, and are referred to as common stock throughout the notes to the condensed consolidated financial statements, unless otherwise noted. Holders of common stock are entitled to receive any dividends as may be declared from time to time by the board of directors. Shares of Class B common stock may be converted to Class A common stock at any time at the option of the stockholder. Shares of Class B common stock automatically convert to Class A common stock upon the following: (i) sale or transfer of such share of Class B common stock; (ii) the death of the Class B common stockholder (or nine months after the date of death if the stockholder is one of the Company’s founders); and (iii) on the first trading day on or after the date on which the outstanding shares of Class B common stock represent less than 10% of the then outstanding Class A and Class B common stock. Following the conversion of all outstanding shares of Class B common stock into Class A common stock, no further shares of Class B common stock will be issued. Series A Preferred Stock Upon completion of the IPO, the Company used approximately $ 57.4 million of the net proceeds to redeem all of the issued and outstanding shares of Series A preferred stock (including accrued dividends of $ 34.4 million). As of September 30, 2021, there were no shares of Series A preferred stock issued and outstanding. Warrant On May 13, 2021, the Company entered into a warrant agreement with an affiliate of J.P. Morgan Securities LLC, an underwriter in the IPO, whereas the Company agreed to issue a warrant to such affiliate for up to 509,370 shares of Class A common stock upon completion of the IPO at an exercise price of $ 18.38 per share. Upon completion of the IPO, 382,027 of the warrant shares had vested and are therefore, exercisable. The vesting of the remaining 127,343 shares of Class A common stock underlying the warrant will be subject to the achievement of certain commercial milestones through December 31, 2025 pursuant to a related commercial agreement. Consistent with classification guidance in ASU Topic 606, the Company accounts for the consideration payable in the form of warrants to a customer as a reduction of the transaction price and, therefore, of revenue as the revenue is earned. The warrant fair value was determined using the Black-Scholes pricing model in accordance with ASC 718, Compensation-Stock Compensation .

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	2. Stock-Based Compensation In May 2021, the Company’s board of directors adopted, and its stockholders approved, the 2021 Equity Incentive Plan (the “2021 Plan”), which became effective in connection with the IPO. The 2021 Plan provides for the grant of incentive stock options, within the meaning of Section 422 of the Internal Revenue Code, to the Company's employees and any of its parent or subsidiary corporations’ employees, and for the grant of nonstatutory stock options, restricted stock, restricted stock units, stock appreciation rights, and performance awards to the Company’s employees, directors and consultants and any of its parent or subsidiary corporations’ employees and consultants. A total of 10,459,000 shares of the Company’s Class A common stock have been reserved for issuance under the 2021 Plan in addition to (i) an annual increase of 4 % of the outstanding shares of the Company's common stock, with Class A and Class B common stock taken together, on the first day of each fiscal year and (ii) upon the expiration, forfeiture, cancellation, or reacquisition of any shares of Class B common stock underlying outstanding stock awards granted under the 2012 Equity Incentive Plan, an equal number of shares of Class A common stock, such number of shares not to exceed 7,563,990 . At September 30, 2021, there were 9,927,811 remaining shares available for the Company to grant under the 2021 Plan. Stock Options A summary of the Company’s option activity during the nine months ended September 30, 2021 was as follows (in thousands, except share and per share amounts): Weighted- Weighted- Average Average Remaining Aggregate Options Exercise Price Contractual Intrinsic Outstanding per Share Life (years) Value Outstanding at December 31, 2020 7,509,210 $ 4.68 5.80 $ 36,580 Options granted 67,397 10.56 Options exercised ( 7,500 ) 0.09 Options forfeited ( 12,750 ) 5.82 Outstanding at September 30, 2021 7,556,357 $ 4.73 5.02 $ 150,419 Exercisable at September 30, 2021 5,380,471 $ 3.14 3.86 $ 115,676 The weighted average grant date fair value of options granted during the nine months ended September 30, 2021, was $ 7.21 . There were no options granted during the three months ended September 30, 2021. The weighted average grant date fair value of options granted during the three and nine months ended September 30, 2020 was $ 3.71 . Aggregate intrinsic value represents the difference between the exercise price of the options and the fair value of the Company’s common stock. The fair value of options granted during the nine months ended September 30, 2021 and the three and nine months ended September 30, 2020 was estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Dividend yield — 0.0 % 0.0 % 0.0 % Risk-free interest rate — 0.3 % - 0.4 % 0.3 % - 0.8 % 0.3 % - 0.4 % Expected term (in years) — 3 - 5 5 3 - 5 Expected volatility — 50.0 % 38.0 % 50.0 % Restricted Stock Units (“RSUs”) In August 2021, the Company began issuing RSUs to certain employees and nonemployees under the 2021 Plan. A summary of the Company’s RSU activity during the nine months ended September 30, 2021 was as follows: Weighted- Average Number of Grant Date RSU's Outstanding Fair Value Awarded and unvested at December 31, 2020 — $ — Awards granted 531,605 25.93 Awards vested — — Awards forfeited ( 3,453 ) 25.75 Awarded and unvested at September 30, 2021 528,152 $ 25.93 The fair value of RSU grants is determined based upon the market closing price of the Company's Class A common stock on the date of grant. RSUs vest over the requisite service period, which ranges between 4 years and 5 years from the date of grant, subject to continued employment for employees and provision of services for nonemployees. No RSUs vested during the three or nine months ended September 30, 2021, respectively. Stock-based compensation expense included in the consolidated statements of operations was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) Cost of revenue $ — $ — $ — $ — Operating expenses Research and development 110 9 141 19 Sales and marketing 56 8 92 23 General and administrative 588 494 1,652 1,406 Total stock-based compensation $ 754 $ 511 $ 1,885 $ 1,448 At September 30, 2021, there was $ 6.1 million of total unrecognized compensation cost related to unvested stock options granted under the 2012 Equity Incentive Plan and the 2021 Plan, which is expected to be recognized over a remaining weighted-average period of 2.8 years. At September 30, 2021, there was $ 13.5 million of total unrecognized compensation cost related to unvested RSUs granted under the 2021 Plan, which is expected to be recognized over a remaining weighted-average period of 4.5 years.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	13. Income Taxes The Company computes its tax provision for interim periods by applying the estimated annual effective tax rate to year-to-date income from recurring operations and adjusting for discrete items arising in that quarter. The Company’s effective tax rate for the three months ended September 30, 2021 and 2020 was 58.0% and 25.3 %, respectively, and 53.9% and 25.2 % for the nine months ended September 30, 2021 and 2020 , respectively. The difference between the Company’s effective tax rate and the U.S. federal statutory rate of 21 % in the above periods was primarily the result of state taxes, foreign income taxed at different rates and permanent and discrete tax adjustments related to nondeductible executive compensation and nondeductible expenses incurred in connection with the IPO.

Net Income Per Share Attributab

Net Income Per Share Attributable to Common Stock	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Net Income Per Share Attributable to Common Stock	14. Net Income Per Share Attributable to Common Stock Basic net income per share attributable to common stockholders is computed by deducting the undeclared dividends on the Series A preferred stock from net income to arrive at net income attributable to common stock and dividing the net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share attributable to common stock is computed by giving effect to all potentially dilutive common stock equivalents to the extent they are dilutive. The dilutive effect of outstanding options, RSUs and warrants is reflected in diluted net income per share attributable to common stock by application of the treasury stock method. The calculation of diluted net income per share attributable to common stock excludes all anti-dilutive common shares. The rights of the holders of Class A and Class B common stock are identical, except with respect to voting and conversion. 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 income per share attributable to common stockholders are, therefore, the same for both Class A and Class B common stock on both an individual and combined basis. The following table sets forth the computation of basic and diluted net income per share attributable to common stock (in thousands except share and per share data): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Numerator: Net income $ 422 $ 2,614 $ 4,635 $ 10,078 Undeclared dividends on Series A preferred stock — ( 1,319 ) ( 2,258 ) ( 3,834 ) Net income attributable to common stock $ 422 $ 1,295 $ 2,377 $ 6,244 Denominator: Weighted-average shares of common stock - basic 118,206,073 103,479,239 110,272,583 103,479,239 Dilutive effect of stock options to purchase common stock 6,076,424 2,609,659 6,077,748 2,630,268 Dilutive effect of RSUs 11,180 — 4,398 — Dilutive effect of warrants 134,100 — 64,945 — Weighted-average shares of common stock - diluted 124,427,777 106,088,898 116,419,674 106,109,507 Net income per share attributable to common stock Basic $ — $ 0.01 $ 0.02 $ 0.06 Diluted $ — $ 0.01 0.02 0.06 The Company did no t have any securities that were excluded from the computation of diluted net income per share attributable to common stock calculations for the periods presented as all options, RSUs and warrants outstanding were considered to be dilutive.

Geographic Information

Geographic Information	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Geographic Information	15. Geographic Information Revenue by geographic area, based on the location of the Company’s users, was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 United States $ 99,544 $ 76,582 $ 281,309 $ 215,109 Other 2,132 1,436 6,084 4,236 Total $ 101,676 $ 78,018 $ 287,393 $ 219,345 Long-lived assets, comprising property and equipment assets, by geographic area were as follows (in thousands): September 30, December 31, 2021 2020 United States $ 859 $ 717 Other 1,436 1,055 Total $ 2,295 $ 1,772

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the United States Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. Therefore, these unaudited condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and the related notes included in the Company’s final prospectus dated May 25, 2021 and filed with the SEC pursuant to Rule 424(b)(4) on May 26, 2021 (“Final Prospectus”). These unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position, results of operations, comprehensive income, changes in stockholders' equity and cash flows for the periods presented. The results of operations for the three and nine months ended September 30, 2021 and 2020 are not necessarily indicative of the results to be expected for the full year or any other future interim or annual period.
Stock Split	Stock Split On May 10, 2021, the Company effected a 5 -for-1 forward stock split of its common 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 five shares of common stock. The par value per share of common stock was not adjusted. All share, per share and related information presented in the unaudited interim condensed consolidated financial statements and accompanying notes have been retroactively adjusted, where applicable, to reflect the impact of the stock split.
Principles of Consolidation	Principles of Consolidation The unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and balances have been eliminated upon consolidation.
Segment Information	Segment Information Operating segments are defined as components of an enterprise for which separate financial information is available and evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to make operating decisions, allocate resources and assess performance. The Company has three operating segments based on geography. The United States segment represents the vast majority of the Company’s consolidated net sales and gross profit. The additional two operating segments, Canada and India, do not meet the quantitative thresholds for separate reporting, either individually or in the aggregate. None of the operating segments qualified for aggregation. The Company’s CODM is its Chief Executive Officer. The CODM evaluates the performance of the Company’s operating segments based on revenue and gross profit. The Company does not analyze discrete segment balance sheet information related to long-term assets. All other financial information is presented on a consolidated basis. For information regarding the Company’s long-lived assets and revenue by geographic area, see Note 15.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Such estimates include revenue recognition, the allowance for credit losses, the lives of tangible and intangible assets, the valuation of acquired intangible assets and the recoverability or impairment of intangible assets, including goodwill, internal-use software development costs, valuation of stock warrants issued, stock-based compensation, and accounting for income taxes. The Company bases its estimates on historical experience and also on assumptions that management considers reasonable. The Company assesses these estimates on a regular basis; however, actual results could differ from these estimates. In March 2020, the World Health Organization declared the outbreak of the COVID-19 virus a global pandemic. The pandemic is causing major disruptions to businesses and markets worldwide as the virus continues to spread. A number of countries as well as many states and cities within the United States and Canada have in the past and may in the future enact temporary closures of businesses, issue quarantine orders and take other restrictive measures in response to COVID-19. The Company is closely monitoring the effects of the COVID-19 pandemic and implemented a work from home plan early in the pandemic, with limited individuals allowed in the Company’s office locations. The actions taken by governments in North America to encourage social distancing and implement quarantine directives resulted in a delay in certain of the Company’s sales cycles as well as delays in certain of the Company’s customer implementation timelines. However, these delays did not affect the Company’s results in any material fashion. There has been no material deterioration in the Company’s financial results even as the pandemic spread further and the number of countries and localities adopting restrictive measures increased. The Company does not expect the COVID-19 pandemic to have any material effect on the Company’s revenues and financial results, although the magnitude and duration of the ultimate effects of the COVID-19 pandemic will depend on future developments, including the duration, spread and severity of the pandemic, the availability, effectiveness and uptake of vaccines for COVID-19, the emergence of new variants of COVID-19 and whether existing vaccines are effective with respect to such variants, the actions to contain the disease or mitigate its impact, and the duration, timing and severity of the impact on consumer behavior, including any recession resulting from the pandemic, all of which are unpredictable.
Custodial Accounts	Custodial Accounts The Company has established a relationship with its merchant processors to act as collection and paying agents, whereby a merchant processor receives funds from customers and forwarding such funds to the respective Paymentus client, based on the instructions received from the Company. These merchant processors act as custodians of the cash received and the Company has no legal ownership rights to the funds held in such custodial accounts and does not control the use of these funds. As the Company does not take ownership of the funds, these custodial accounts are not included in the Company’s consolidated balance sheets. The balance of cash in the custodial accounts held by these merchant processors was $ 32.6 million and $ 20.5 million as of September 30, 2021 and December 31, 2020 , respectively.
Restricted funds held for financial institutions and financial institution funds-in transit	Restricted Funds Held for Financial Institutions and Financial Institution Funds In-Transit Restricted funds held for financial institutions and the corresponding liability of financial institution funds in-transit represent the timing differences arising between the amounts the Company's sponsor bank receives from the sending financial institutions and the amounts disbursed to the recipient financial institutions. The restricted funds held for financial institutions account is a transaction account maintained at the Company’s sponsor bank for clearing payments from financial institutions (as defined by the U.S. Treasury’s Financial Crimes Enforcement Network) to other financial institutions. Restricted funds held for financial institutions represent restricted cash that, based upon the Company's intent, are restricted solely for satisfying the corresponding obligations to send funds to the various financial institutions.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to credit risk primarily consist of cash, cash equivalents, and accounts receivable. The Company maintains its cash and cash equivalents with high-quality financial institutions with investment-grade ratings. For accounts receivable, the Company is exposed to credit risk in the event of nonpayment by customers to the extent of the amounts recorded in the consolidated balance sheets. No customer accounted for more than 10 % of revenue for either of the three and nine months ended September 30, 2021 and 2020 . One customer accounted for more than 10 % of accounts receivable as of September 30, 2021 , while no customer accounted for more than 10 % of accounts receivable as of December 31, 2020 .
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The Company’s significant accounting policies are discussed in Note 2, “Basis of Presentation and Summary of Significant Accounting Policies” in the Notes to Consolidated Financial Statements as of December 31, 2020 and 2019 and for the years ended December 31, 2020 and 2019 included in the Final Prospectus. There have been no significant changes to these policies during the nine months ended September 30, 2021 , except as noted below.
Deferred Offering Costs	Deferred Offering Costs Deferred offering costs, which consist of direct incremental legal and accounting fees, relating to the Company’s IPO, were initially capitalized and included in prepaid expenses and other current assets on the condensed consolidated balance sheets. Upon consummation of the IPO in May 2021, the Company reclassified $ 2.0 million of deferred offering costs to additional-paid-in capital offsetting the IPO proceeds. There were no material deferred offering costs recorded as of December 31, 2020.
Accounting Pronouncements	Accounting Pronouncements The Company is provided the option to adopt new or revised accounting guidance as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 either (1) within the same periods as those otherwise applicable to public business entities, or (2) within the same time periods as non-public business entities, including early adoption when permissible. With the exception of standards the Company elected to early adopt, when permissible, the Company has elected to adopt new or revised accounting guidance within the same time period as non-public business entities, as indicated below. Accounting Pronouncements Recently Adopted In December 2019, the Financial Accounting Standards Board, ("FASB") issued Accounting Standards Update ("ASU") 2019-12, Income Taxes (“Topic 740”): Simplifying the Accounting for Income Taxes , which simplifies the accounting for income taxes by eliminating some exceptions to the general approach in ASC 740, Income Taxes in order to reduce cost and complexity of its application. The guidance is effective for financial statements issued for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years, with early adoption permitted. The Company elected to early adopt this standard on January 1, 2021. Adoption of this standard did not have a material impact on its condensed consolidated financial statements. Accounting Pronouncements Not Yet Adopted In October 2021, the FASB issued ASU 2021-08, "Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers" ("ASU 2021-08") . ASU 2021-08 will require companies to apply the definition of a performance obligation under ASU 2014-09 , Revenue from contracts with customers (“Topic 606”) to recognize and measure contract assets and contract liabilities relating to contracts with customers that are acquired in a business combination. Under current U.S. GAAP, an acquirer generally recognizes assets acquired and liabilities assumed in a business combination, including contract assets and contract liabilities arising from revenue contracts with customers, at fair value on the acquisition date. ASU 2021-08 will result in the acquirer recording acquired contract assets and liabilities on the same basis that would have been recorded by the acquiree before the acquisition under ASU Topic 606. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the impact of this ASU on its condensed consolidated financial statements.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2021
Revenue From Contract With Customer [Abstract]
Summary of Disaggregation of Revenue	The following table presents a disaggregation of revenue from contracts with customers (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Payment transaction processing revenue $ 100,384 $ 76,740 $ 284,029 $ 216,484 Other $ 1,292 1,278 $ 3,364 2,861 Total revenue $ 101,676 $ 78,018 $ 287,393 $ 219,345

Business Combinations (Tables)

Business Combinations (Tables)	9 Months Ended
	Sep. 30, 2021
Payveris L L C [Member]
Restructuring Cost and Reserve [Line Items]
Schedule of Assets Acquired and Liabilities Assumed	The major classes of assets and liabilities to which the Company has allocated the fair value of purchase consideration were as follows (in thousands): Accounts receivable $ 1,026 Prepaid expenses and other current assets 237 Intangible assets 46,740 Property and equipment 326 Goodwill 100,518 Restricted funds held for financial institutions 31,459 Financial institution funds in-transit ( 31,459 ) Accounts payable ( 194 ) Accrued liabilities ( 265 ) Deferred revenue ( 2,805 ) Total $ 145,583
Schedule of Fair Value of Identified Intangible Assets and Useful Lives	The fair values and estimated useful lives of the acquired intangible assets by category were as follows (in thousands, except years): Fair Value Useful Life Customer Relationships $ 26,154 8.0 Trademarks 12,484 3.0 Developed Technology 8,102 4.0 Total $ 46,740
Finovera Inc [Member]
Restructuring Cost and Reserve [Line Items]
Schedule of Assets Acquired and Liabilities Assumed	The major classes of assets and liabilities to which the Company has allocated the fair value of purchase consideration were as follows (in thousands): Cash $ 65 Accounts receivable 267 Intangible assets 6,048 Prepaid expenses and other current assets 39 Goodwill 7,211 Accounts payable ( 85 ) Accrued liabilities ( 72 ) Deferred taxes ( 533 ) Total $ 12,940
Schedule of Fair Value of Identified Intangible Assets and Useful Lives	The fair values and estimated useful lives of the acquired intangible assets by category were as follows (in thousands, except years): Fair Value Useful Life Developed Technology $ 5,155 4.0 Customer Relationships 893 2.0 Total $ 6,048

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	9 Months Ended
	Sep. 30, 2021
Property Plant And Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): September 30, December 31, 2021 2020 Computer equipment $ 5,949 $ 4,368 Furniture and fixtures 1,371 976 Leasehold improvements 449 183 Automobile 5 5 Total property and equipment 7,774 5,532 Less: Accumulated depreciation and amortization ( 5,479 ) ( 3,760 ) Property and equipment, net $ 2,295 $ 1,772

Goodwill, Internal-use Softwa_2

Goodwill, Internal-use Software Development Costs and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Goodwill by Reporting Unit	The changes in the carrying amount of goodwill by reporting unit were as follows (in thousands): United Other Total Balance as of December 31, 2020 $ 12,303 $ 902 $ 13,205 Goodwill acquired (1) 107,729 — 107,729 Foreign currency translation adjustments — — — Balance as of September 30, 2021 $ 120,032 $ 902 $ 120,934 (1) The goodwill acquired in the nine months ended September 30, 2021 is related to the Payveris and Finovera acquisitions. See Note 4.
Summary of Intangible Assets	Intangible assets, net consisted of the following (in thousands): September 30, 2021 Gross Accumulated Net Weighted- Technology $ 20,844 $ ( 7,818 ) $ 13,026 4.0 License 2,686 ( 2,686 ) — — Customer relationship 33,839 ( 7,102 ) 26,737 8.0 Software 530 ( 403 ) 127 3.0 Non-compete 334 ( 334 ) — — Trademark 12,683 ( 547 ) 12,136 3.0 Total $ 70,916 $ ( 18,890 ) $ 52,026 December 31, 2020 Gross Accumulated Net Weighted- Technology $ 7,579 $ ( 7,460 ) $ 119 7.0 License 2,652 ( 2,652 ) — — Customer relationship 6,782 ( 6,782 ) — — Software 532 ( 355 ) 177 3.0 Non-compete 330 ( 330 ) — — Trademark 200 ( 200 ) — — Total $ 18,075 $ ( 17,779 ) $ 296
Schedule of Expected Future Amortization Expense	As of September 30, 2021, future amortization expense is expected to be as follows (in thousands): Years Ending December 31, 2021 (remaining three months) $ 2,818 2022 11,258 2023 11,079 2024 9,394 2025 5,491 Thereafter 11,986 Total future amortization expense $ 52,026

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Schedule of Components of Lease Cost	The components of lease cost were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Operating lease cost $ 893 $ 780 $ 2,329 $ 2,164 Finance lease cost Depreciation expense 68 90 204 230 Interest on finance lease liabilities 4 5 13 12 Total finance lease cost 72 95 217 242 Short-term lease cost 424 81 592 261 Total lease cost $ 1,389 $ 956 $ 3,138 $ 2,667
Summary of Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 546 $ 713 $ 2,236 $ 1,923 Operating cash flows for finance leases 4 3 13 12 Financing cash flows for finance leases 68 88 204 257 Right-of-use assets obtained in exchange of operating lease obligations -- 5,132 2,638 7,678
Summary of Remaining Lease Payments under Non-Cancelable Operating and Finance Leases	The total remaining lease payments under non-cancelable operating and finance leases as of September 30, 2021 were as follows (in thousands): Years Ending December 31, Operating Leases Finance Leases 2021 (remaining three months) $ 533 $ 68 2022 1,736 271 2023 854 106 2024 847 — 2025 858 — Thereafter 4,606 — Total minimum lease payments including interest $ 9,434 $ 445 Less imputed interest ( 949 ) ( 11 ) Total lease liabilities $ 8,485 $ 434

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2021
Accrued Liabilities Current [Abstract]
Summary of Accrued Liabilities	Accrued liabilities consisted of the following (in thousands): September 30, December 31, 2021 2020 Payroll and employee-related expenses $ 7,645 $ 6,474 Finance leases and other financing obligations 5,428 1,132 Other accrued liabilities 4,308 2,595 $ 17,381 $ 10,201

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Schedule of Future Minimum Payments for Non Cancellable Agreements	Future minimum payments under other non-cancellable agreements as of September 30, 2021 were as follows (in thousands): Years Ending December 31, 2021 (remaining three months) $ 590 2022 2,031 2023 704 2024 215 2025 16 Thereafter — $ 3,556

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Stock Option Activity	A summary of the Company’s option activity during the nine months ended September 30, 2021 was as follows (in thousands, except share and per share amounts): Weighted- Weighted- Average Average Remaining Aggregate Options Exercise Price Contractual Intrinsic Outstanding per Share Life (years) Value Outstanding at December 31, 2020 7,509,210 $ 4.68 5.80 $ 36,580 Options granted 67,397 10.56 Options exercised ( 7,500 ) 0.09 Options forfeited ( 12,750 ) 5.82 Outstanding at September 30, 2021 7,556,357 $ 4.73 5.02 $ 150,419 Exercisable at September 30, 2021 5,380,471 $ 3.14 3.86 $ 115,676
Schedule of Stock Option Grant Using Black-Scholes Option Pricing Model With Assumptions	The fair value of options granted during the nine months ended September 30, 2021 and the three and nine months ended September 30, 2020 was estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Dividend yield — 0.0 % 0.0 % 0.0 % Risk-free interest rate — 0.3 % - 0.4 % 0.3 % - 0.8 % 0.3 % - 0.4 % Expected term (in years) — 3 - 5 5 3 - 5 Expected volatility — 50.0 % 38.0 % 50.0 %
Summary of RSU Activity	A summary of the Company’s RSU activity during the nine months ended September 30, 2021 was as follows: Weighted- Average Number of Grant Date RSU's Outstanding Fair Value Awarded and unvested at December 31, 2020 — $ — Awards granted 531,605 25.93 Awards vested — — Awards forfeited ( 3,453 ) 25.75 Awarded and unvested at September 30, 2021 528,152 $ 25.93
Summary of Stock Based Compensation Expense	Stock-based compensation expense included in the consolidated statements of operations was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) Cost of revenue $ — $ — $ — $ — Operating expenses Research and development 110 9 141 19 Sales and marketing 56 8 92 23 General and administrative 588 494 1,652 1,406 Total stock-based compensation $ 754 $ 511 $ 1,885 $ 1,448

Net Income Per Share Attribut_2

Net Income Per Share Attributable to Common Stock (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Net Income Per Share Attributable to Common Stock	The following table sets forth the computation of basic and diluted net income per share attributable to common stock (in thousands except share and per share data): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Numerator: Net income $ 422 $ 2,614 $ 4,635 $ 10,078 Undeclared dividends on Series A preferred stock — ( 1,319 ) ( 2,258 ) ( 3,834 ) Net income attributable to common stock $ 422 $ 1,295 $ 2,377 $ 6,244 Denominator: Weighted-average shares of common stock - basic 118,206,073 103,479,239 110,272,583 103,479,239 Dilutive effect of stock options to purchase common stock 6,076,424 2,609,659 6,077,748 2,630,268 Dilutive effect of RSUs 11,180 — 4,398 — Dilutive effect of warrants 134,100 — 64,945 — Weighted-average shares of common stock - diluted 124,427,777 106,088,898 116,419,674 106,109,507 Net income per share attributable to common stock Basic $ — $ 0.01 $ 0.02 $ 0.06 Diluted $ — $ 0.01 0.02 0.06 The Company did no t have any securities that were excluded from the computation of diluted net income per share attributable to common stock calculations for the periods presented as all options, RSUs and warrants outstanding were considered to be dilutive.

Geographic Information (Tables)

Geographic Information (Tables)	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Summary of Revenue by Geographic Area	Revenue by geographic area, based on the location of the Company’s users, was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 United States $ 99,544 $ 76,582 $ 281,309 $ 215,109 Other 2,132 1,436 6,084 4,236 Total $ 101,676 $ 78,018 $ 287,393 $ 219,345
Long-lived Assets by Geographic Areas	Long-lived assets, comprising property and equipment assets, by geographic area were as follows (in thousands): September 30, December 31, 2021 2020 United States $ 859 $ 717 Other 1,436 1,055 Total $ 2,295 $ 1,772

Organization and Description _2

Organization and Description of Business (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	May 31, 2021	Sep. 30, 2021	Sep. 30, 2021	Dec. 31, 2020
Subsidiary Sale Of Stock [Line Items]
Common stock, shares issued		0	0	104,785,651
Proceeds from initial public offering, net of underwriter's discounts and commissions			$ 224,595
Common stock, shares outstanding		0	0	103,479,239
Proceeds from issuance of private placement			$ 50,000
IPO [Member]
Subsidiary Sale Of Stock [Line Items]
Issuance of shares (in shares)		7,500
Class A Common Stock [Member]
Subsidiary Sale Of Stock [Line Items]
Common stock, shares issued		16,482,529	16,482,529	0
Common stock, shares outstanding		16,482,529	16,482,529	0
Class A Common Stock [Member] | IPO [Member]
Subsidiary Sale Of Stock [Line Items]
Common stock, shares issued	11,500,000
Shares issued, price per share	$ 21
Proceeds from initial public offering, net of underwriter's discounts and commissions	$ 224,600
Underwriting discounts and commissions	16,900
Direct offering expenses	$ 2,000
Class A Common Stock [Member] | Over-Allotment Option [Member]
Subsidiary Sale Of Stock [Line Items]
Issuance of shares (in shares)	1,500,000
Class A Common Stock [Member] | Private Placement [Member]
Subsidiary Sale Of Stock [Line Items]
Common stock, shares issued	2,380,950
Sale of stock, price per share	$ 21
Proceeds from issuance of private placement	$ 50,000
Class B Common Stock [Member]
Subsidiary Sale Of Stock [Line Items]
Common stock, shares issued		103,486,739	103,486,739	0
Common stock, shares outstanding		103,486,739	103,486,739	0
Class B Common Stock [Member] | IPO [Member]
Subsidiary Sale Of Stock [Line Items]
Common stock, shares outstanding	103,479,239

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) $ in Millions	May 10, 2021	Sep. 30, 2021USD ($)	Sep. 30, 2020	Sep. 30, 2021USD ($)Segment	Sep. 30, 2020	Dec. 31, 2020USD ($)
Summary Of Significant Accounting Policies [Line Items]
Stock split ratio	5
Number of operating segment | Segment				3
Cash in custodial account		$ 32.6		$ 32.6		$ 20.5
Deferred offering costs related to additional-paid-in capital				$ 2
Revenue [Member] | Customer Concentration Risk [Member] | Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage		10.00%	10.00%	10.00%	10.00%
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage				10.00%		10.00%

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Dec. 31, 2020
Disaggregation Of Revenue [Line Items]
Capitalized contract cost	$ 0	$ 0
Reduction in revenue and related contract asset	(200,000)	(400,000)
Contract asset balance	4,400,000	4,400,000
Contract Liabilities	3,800,000	3,800,000	$ 600,000
Contract liabilities	1,912,000	1,912,000	$ 612,000
Remaining Performance Obligation, aggregate amount of transaction price	$ 3,800,000	$ 3,800,000
Remaining Performance Obligation, percentage	0.00%	0.00%
Expected revenue period		2 years
Fixed consideration related to the future minimum guarantees, contract amount	$ 33,200,000	$ 33,200,000
Acquisitions [Member]
Disaggregation Of Revenue [Line Items]
Contract liabilities	2,800,000	2,800,000
Prepaid Expenses and Other Current Assets [Member]
Disaggregation Of Revenue [Line Items]
Contract asset balance	900,000	900,000
Other Long-Term Assets [Member]
Disaggregation Of Revenue [Line Items]
Contract asset balance	$ 3,500,000	$ 3,500,000

Revenue - Summary of Disaggrega

Revenue - Summary of Disaggregation of Revenue from Contracts with Customer (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation Of Revenue [Line Items]
Revenue	$ 101,676	$ 78,018	$ 287,393	$ 219,345
Payment Transaction Processing Revenue [Member]
Disaggregation Of Revenue [Line Items]
Revenue	100,384	76,740	284,029	216,484
Other [Member]
Disaggregation Of Revenue [Line Items]
Revenue	$ 1,292	$ 1,278	$ 3,364	$ 2,861

Business Combinations - Additio

Business Combinations - Additional Information (Details) - USD ($) $ in Thousands	Sep. 02, 2021	Sep. 01, 2021	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020
Restructuring Cost and Reserve [Line Items]
Cash purchase price				$ 57,120	$ 290
Value of shares in acquisition			$ 66,857
Payveris L L C [Member]
Restructuring Cost and Reserve [Line Items]
Purchase price of acquisition		$ 145,600
Cash purchase price		$ 85,200
Payveris L L C [Member] | Common Class A [Member]
Restructuring Cost and Reserve [Line Items]
Issuance of shares (in shares)		56,197
Number of shares issued for business acquisition		2,364,270
Common stock fair value		$ 60,400
Payveris L L C [Member] | Accrued Liabilities [Member] | Common Class A [Member]
Restructuring Cost and Reserve [Line Items]
Value of shares in acquisition		$ 1,400
Finovera Inc [Member]
Restructuring Cost and Reserve [Line Items]
Cash	$ 5,000		65	65
Cash purchase price	12,900
Common stock fair value	$ 7,900
Acquisition cost incurred			$ 1,700	$ 1,700
Finovera Inc [Member] | Common Class A [Member]
Restructuring Cost and Reserve [Line Items]
Number of shares issued for business acquisition	293,506
Finovera Inc [Member] | Accrued Liabilities [Member]
Restructuring Cost and Reserve [Line Items]
Cash held back for acquisition closing	$ 800

Business Combinations - Schedul

Business Combinations - Schedule Of Assets Acquired And Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 02, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 120,934		$ 13,205
Payveris L L C [Member]
Business Acquisition [Line Items]
Accounts receivable	1,026
Prepaid expenses and other current assets	237
Intangible assets	46,740
Property and equipment	326
Goodwill	100,518
Restricted funds held for financial institutions	31,459
Financial institution funds in -transit	(31,459)
Accounts payable	194
Accrued liabilities	(265)
Deferred revenue	2,805
Business combination, recognized identifiable assets acquired and liabilities assumed, Net	145,583
Finovera Inc [Member]
Business Acquisition [Line Items]
Cash	65	$ 5,000
Accounts receivable	267
Prepaid expenses and other current assets	39
Intangible assets	6,048
Goodwill	7,211
Accounts payable	85
Accrued liabilities	(72)
Deferred taxes	(533)
Business combination, recognized identifiable assets acquired and liabilities assumed, Net	$ 12,940

Business Combinations - Sched_2

Business Combinations - Schedule Of Fair Values And Estimated Useful Lives Of Intangible Assets (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Payveris L L C [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Fair value	$ 46,740
Finovera Inc [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Fair value	$ 6,048
Customer Relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated useful life	8 years
Customer Relationships [Member] | Payveris L L C [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Fair value	$ 26,154
Estimated useful life	8 years
Customer Relationships [Member] | Finovera Inc [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Fair value	$ 893
Estimated useful life	2 years
Trademarks [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated useful life	3 years
Trademarks [Member] | Payveris L L C [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Fair value	$ 12,484
Estimated useful life	3 years
Developed Technology Rights [Member] | Payveris L L C [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Fair value	$ 8,102
Estimated useful life	4 years
Developed Technology Rights [Member] | Finovera Inc [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Fair value	$ 5,155
Estimated useful life	4 years

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Total property and equipment	$ 7,774	$ 5,532
Less: Accumulated depreciation and amortization	(5,479)	(3,760)
Property and equipment, net	2,295	1,772
Computer Equipment [Member]
Property Plant And Equipment [Line Items]
Total property and equipment	5,949	4,368
Furniture And Fixtures [Member]
Property Plant And Equipment [Line Items]
Total property and equipment	1,371	976
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Total property and equipment	449	183
Automobiles [Member]
Property Plant And Equipment [Line Items]
Total property and equipment	$ 5	$ 5

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Property Plant And Equipment [Abstract]
Depreciation, Depletion and Amortization	$ 0.3	$ 0.3	$ 0.8	$ 0.8

Goodwill, Internal-use Softwa_3

Goodwill, Internal-use Software Development Costs and Intangible Assets - Summary of Goodwill by Reporting Units (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Goodwill [Line Items]
Beginning Balance	$ 13,205
Goodwill acquired	107,729	[1]
Foreign currency translation adjustments	0
Ending Balance	120,934
United States [Member]
Goodwill [Line Items]
Beginning Balance	12,303
Goodwill acquired	107,729	[1]
Foreign currency translation adjustments	0
Ending Balance	120,032
Other [Member]
Goodwill [Line Items]
Beginning Balance	902
Goodwill acquired	0	[1]
Foreign currency translation adjustments	0
Ending Balance	$ 902
[1]	The goodwill acquired in the nine months ended September 30, 2021 is related to the Payveris and Finovera acquisitions. See Note 4.

Goodwill, Internal-use Softwa_4

Goodwill, Internal-use Software Development Costs and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Goodwill [Line Items]
Capitalized internal-use software development costs	$ (4,800)	$ (3,700)	$ (13,473)	$ (10,866)
Amortization of Intangible Assets	1,000	100	1,100	500
Cost Of Revenue [Member]
Goodwill [Line Items]
Amortizaion expense of capitalized software costs	1,300	900	3,500	2,600
Operating Expense [Member]
Goodwill [Line Items]
Amortizaion expense of capitalized software costs	$ 1,200	$ 800	$ 3,300	$ 2,200
Minimum [Member] | Computer Software Intangible Asset [Member]
Goodwill [Line Items]
Capitalized cost amortization estimated useful life			3 years
Maximum [Member] | Computer Software Intangible Asset [Member]
Goodwill [Line Items]
Capitalized cost amortization estimated useful life			5 years

Goodwill, Internal-use Softwa_5

Goodwill, Internal-use Software Development Costs and Intangible Assets - Summary of Intagible Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 70,916	$ 18,075
Accumulated Amortization	(18,890)	(17,779)
Net Carrying Amount	52,026	296
Technology [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	20,844	7,579
Accumulated Amortization	(7,818)	(7,460)
Net Carrying Amount	$ 13,026	$ 119
Weighted-Average Useful Life (Years)	4 years	7 years
License [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 2,686	$ 2,652
Accumulated Amortization	(2,686)	(2,652)
Net Carrying Amount	0	0
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	33,839	6,782
Accumulated Amortization	(7,102)	(6,782)
Net Carrying Amount	$ 26,737	0
Weighted-Average Useful Life (Years)	8 years
Software [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 530	532
Accumulated Amortization	(403)	(355)
Net Carrying Amount	$ 127	$ 177
Weighted-Average Useful Life (Years)	3 years	3 years
Non-Compete [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 334	$ 330
Accumulated Amortization	(334)	(330)
Net Carrying Amount	0	0
Trademark [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	12,683	200
Accumulated Amortization	(547)	(200)
Net Carrying Amount	$ 12,136	$ 0
Weighted-Average Useful Life (Years)	3 years

Goodwill, Internal-use Softwa_6

Goodwill, Internal-use Software Development Costs and Intangible Assets - Schedule of Expected Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
2021 (remaining three months)	$ 2,818
2022	11,258
2023	11,079
2024	9,394
2025	5,491
Thereafter	11,986
Net Carrying Amount	$ 52,026	$ 296

Leases - Additional Information

Leases - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
Lessee Lease Description [Line Items]
Operating lease commencement year	2021
Additional operating lease, right-of-use asset	$ 2.5
Minimum [Member]
Lessee Lease Description [Line Items]
Operating lease, remaining lease term	1 year
Finance lease, remaining lease term	1 year
Maximum [Member]
Lessee Lease Description [Line Items]
Operating lease, remaining lease term	10 years
Finance lease, remaining lease term	10 years

Leases - Schedule of Components

Leases - Schedule of Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Operating lease cost	$ 893	$ 780	$ 2,329	$ 2,164
Depreciation expense	68	90	204	230
Interest on finance lease liabilities	4	5	13	12
Total finance lease cost	72	95	217	242
Short-term lease cost	424	81	592	261
Total lease cost	$ 1,389	$ 956	$ 3,138	$ 2,667

Leases - Summary of Supplementa

Leases - Summary of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$ 546	$ 713	$ 2,236	$ 1,923
Operating cash flows for finance lease	4	3	13	12
Financing cash flows for finance leases	$ 68	88	204	257
Right-of-use assets obtained in exchange of operating lease obligations		$ 5,132	$ 2,638	$ 7,678

Leases - Summary of Remaining L

Leases - Summary of Remaining Lease Payments under Non-Cancelable Operating and Finance Leases (Details) $ in Thousands	Sep. 30, 2021USD ($)
Operating Leases:
2021 (remaining six months)	$ 533
2022	1,736
2023	854
2024	847
2025	858
Thereafter	4,606
Total minimum lease payments including interest	9,434
Less imputed interest	(949)
Total lease liabilities	8,485
Finance Leases:
2021 (remaining six months)	68
2022	271
2023	106
2024	0
2025	0
Thereafter	0
Total minimum lease payments including interest	445
Less imputed interest	(11)
Total lease liabilities	$ 434

Accrued Liabilities - Summary o

Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Accrued Liabilities Current [Abstract]
Payroll and employee-related expenses	$ 7,645	$ 6,474
Finance leases and other financing obligations	5,428	1,132
Other accrued liabilities	4,308	2,595
Accrued liabilities	$ 17,381	$ 10,201

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Other commitments, description			The Company has entered into certain non-cancellable agreements for software and marketing services that specify all significant terms, including fixed or minimum services to be used, pricing provisions and the approximate timing of the transaction. Obligations under contracts that are cancellable or with remaining terms of 12 months or less are not included.
Contributions under plan	$ 0	$ 0	$ 0	$ 0

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Future Minimum Payments for Non Cancellable Agreements (Details) $ in Thousands	Sep. 30, 2021USD ($)
Commitments And Contingencies Disclosure [Abstract]
2021 (remaining three months)	$ 590
2022	2,031
2023	704
2024	215
2025	16
Thereafter	0
Other commitment	$ 3,556

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Sep. 06, 2011	Sep. 30, 2021	Mar. 16, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Loan Principal and Interest Due and Payable Date		Sep. 6, 2026
Payment of loan			$ 1
Accrued interest				$ 0.2
Series A Preferred Stock [Member]
Related Party Transaction [Line Items]
Number of shares pledged as security for loan	805
Common Shares [Member]
Related Party Transaction [Line Items]
Principal amount of loan as reduction to additional paid-in capital	$ (0.8)
Number of shares pledged as security for loan	1,788,205
Chief Executive Officer [Member]
Related Party Transaction [Line Items]
Issued a loan to related party	$ 0.8
Loan Interest Rate	2.00%
Payment of loan			0.8
Accrued interest			$ 0.2

Equity - Additional Information

Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2021	May 31, 2021	May 13, 2021	Dec. 31, 2020
Class Of Stock [Line Items]
Preferred stock, shares authorized	5,000,000			0
Preferred stock, par value	$ 0.0001			$ 0.0001
Common stock, shares authorized	0			150,000,000
Common stock, par value	$ 0.005		$ 18.38	$ 0.005
Common Stock, Terms of Conversion	Shares of Class B common stock may be converted to Class A common stock at any time at the option of the stockholder. Shares of Class B common stock automatically convert to Class A common stock upon the following: (i) sale or transfer of such share of Class B common stock; (ii) the death of the Class B common stockholder (or nine months after the date of death if the stockholder is one of the Company’s founders); and (iii) on the first trading day on or after the date on which the outstanding shares of Class B common stock represent less than 10% of the then outstanding Class A and Class B common stock. Following the conversion of all outstanding shares of Class B common stock into Class A common stock, no further shares of Class B common stock will be issued.
Common stock, shares issued	0			104,785,651
Preferred stock, $0.0001 par value per share, 5,000,000 and zero shares authorized at September 30, 2021 and December 31, 2020, respectively, none issued and outstanding at September 30, 2021 and December 31, 2020, respectively	$ 0			$ 0
Preferred stock, shares issued	0			0
Preferred stock, shares outstanding	0			0
Warrant Issue			509,370
Fully Vested			382,027
Vesting of the Remaining Shares of the Warrant			127,343
Class A Common Stock [Member]
Class Of Stock [Line Items]
Common stock, shares authorized	883,950,000			0
Common Stock, Voting Rights	one
Common stock, par value	$ 0.0001			$ 0.0001
Common stock, shares issued	16,482,529			0
Class A Common Stock [Member] | IPO [Member]
Class Of Stock [Line Items]
Common stock, shares issued		11,500,000
Class B Common Stock [Member]
Class Of Stock [Line Items]
Common stock, shares authorized	111,050,000			0
Common Stock, Voting Rights	one
Common stock, par value	$ 0.0001			$ 0.0001
Common stock, shares issued	103,486,739			0
Series A Preferred Stock [Member]
Class Of Stock [Line Items]
Preferred stock, shares authorized	0			50,000
Preferred stock, par value	$ 0.01			$ 0.01
Preferred stock, $0.0001 par value per share, 5,000,000 and zero shares authorized at September 30, 2021 and December 31, 2020, respectively, none issued and outstanding at September 30, 2021 and December 31, 2020, respectively
Dividends, Preferred Stock	$ 34,400
Preferred stock, shares issued	0			23,333
Preferred stock, shares outstanding	0			23,013
Series A Preferred Stock [Member] | IPO [Member]
Class Of Stock [Line Items]
Preferred stock, $0.0001 par value per share, 5,000,000 and zero shares authorized at September 30, 2021 and December 31, 2020, respectively, none issued and outstanding at September 30, 2021 and December 31, 2020, respectively	$ 57,400

Stock-Based compensation - Addi

Stock-Based compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	May 31, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares reserved for issuance		9,927,811		9,927,811
Weighted average grant date fair value of options granted			$ 3.71	$ 7.21	$ 3.71
Options granted in period		0		67,397
Total unrecognized compensation cost, recognition period				4 years 6 months
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total unrecognized compensation cost		$ 13.5		$ 13.5
RSUs vested		0		0
Class A & Class B Common Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of annual increase of outstanding shares		4.00%		4.00%
Maximum [Member] | Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs vest over the requisite service period				5 years
Minimum [Member] | Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs vest over the requisite service period				4 years
Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total unrecognized compensation cost		$ 6.1		$ 6.1
Total unrecognized compensation cost, recognition period				2 years 9 months 18 days
Equity Incentive Plan [Member] | Class A Common Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares reserved for issuance	10,459,000
Options granted in period	7,563,990

Stock-Based compensation - Sche

Stock-Based compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Options Outstanding, Beginning		7,509,210
Options granted	0	67,397
Options exercised		7,500
Options forfeited		(12,750)
Options Outstanding, Ending	7,556,357	7,556,357	7,509,210
Options Outstanding, Exercisable	5,380,471	5,380,471
Weighted Average Exercise Price, Beginning		$ 4.68
Weighted Average Exercise Price, Granted		10.56
Weighted Average Exercise Price, Exercised		0.09
Weighted Average Exercise Price, Forfeited		5.82
Weighted Average Exercise Price, Ending	$ 4.73	4.73	$ 4.68
Weighted Average Exercise Price, Exercisable	$ 3.14	$ 3.14
Weighted Average Remaining Contractual Term (years)		5 years 7 days	5 years 9 months 18 days
Weighted Average Remaining Contractual Term (years), Exercisable		3 years 10 months 9 days
Aggregate Intrinsic Value, Beginning		$ 36,580
Aggregate Intrinsic Value, Ending	$ 150,419	150,419	$ 36,580
Aggregate Intrinsic Value, Exercisable	$ 115,676	$ 115,676

Stock-Based compensation - Sc_2

Stock-Based compensation - Schedule of Stock Option Grant Using Black-Scholes Option Pricing Model With Assumptions (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend yield	0.00%	0.00%	0.00%	0.00%
Risk-free interest rate	0.00%
Expected term (in years)			5 years
Expected volatility, maximum	0.00%	50.00%	38.00%	50.00%
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate, minimum		0.30%	0.30%	0.30%
Expected term (in years)		3 years		3 years
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate, maximum		0.40%	0.80%	0.40%
Expected term (in years)		5 years		5 years

Stock Based Compensation - Summ

Stock Based Compensation - Summary of RSU Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awarded and unvested, Beginning Balance | shares		0
Awards, Granted | shares		531,605
Awards, Vested | shares	0	0
Awards,Forfeited | shares		(3,453)
Awarded and unvested, Ending Balance | shares	528,152	528,152
Weighted Average Grant-Date Fair Value, Unvested, Beginning Balance | $ / shares		$ 0
Weighted Average Grant-Date Fair Value, Granted | $ / shares		25.93
Weighted Average Grant-Date Fair Value, Vested | $ / shares		0
Weighted Average Grant-Date Fair Value, Forfeited | $ / shares		25.75
Weighted Average Grant-Date Fair Value, Unvested, Ending Balance | $ / shares	$ 25.93	$ 25.93

Stock-Based compensation - Summ

Stock-Based compensation - Summary of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 754	$ 511	$ 1,885	$ 1,448
Cost Of Revenue
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	0	0	0	0
Research and Development [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	110	9	141	19
Sales and Marketing [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	56	8	92	23
General and Administrative [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 588	$ 494	$ 1,652	$ 1,406

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Effective tax rate	25.30%		25.20%
Difference between effective tax rate and federal statutory rate		21.00%

Net Income Per Share Attribut_3

Net Income Per Share Attributable to Common Stock - Schedule of Computation of Basic and Diluted Net Income Per Share Attributable to Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net income	$ 422	$ 575	$ 3,638	$ 2,614	$ 4,685	$ 2,779	$ 4,635	$ 10,078
Undeclared dividends on Series A preferred stock	0			(1,319)			(2,258)	(3,834)
Net income attributable to common stock	$ 422			$ 1,295			$ 2,377	$ 6,244
Denominator:
Weighter-average shares of common stock - basic	118,206,073			103,479,239			110,272,583	103,479,239
Dilutive effect of stock options to purchase common stock	6,076,424			2,609,659			6,077,748	2,630,268
Dilutive effect of RSUs	11,180			0			4,398	0
Dilutive effect of warrants	134,100						64,945	0
Weighter-average shares of common stock - diluted	124,427,777			106,088,898			116,419,674	106,109,507
Net income (loss) per share attributable to common stock
Basic	$ 0			$ 0.01			$ 0.02	$ 0.06
Diluted	$ 0			$ 0.01			$ 0.02	$ 0.06

Net Income Per Share Attribut_4

Net Income Per Share Attributable to Common Stock - Additional Information (Details)	9 Months Ended
	Sep. 30, 2021shares
Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	0
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	0
RSU [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	0

Geographic Information - Summar

Geographic Information - Summary of Revenue by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues From External Customers And Long Lived Assets [Line Items]
Revenue	$ 101,676	$ 78,018	$ 287,393	$ 219,345
United States [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Revenue	99,544	76,582	281,309	215,109
Other [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Revenue	$ 2,132	$ 1,436	$ 6,084	$ 4,236

Geographic Information - Summ_2

Geographic Information - Summary of Long-lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Revenues From External Customers And Long Lived Assets [Line Items]
Long-lived assets, comprising property and equipment assets	$ 2,295	$ 1,772
United States [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Long-lived assets, comprising property and equipment assets	859	717
Other [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Long-lived assets, comprising property and equipment assets	$ 1,436	$ 1,055

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Payveris LLC [Member] $ in Millions	Sep. 01, 2021USD ($)shares
Subsequent Event [Line Items]
Cash payment to acquire business, gross | $	$ 145.6
Common Class A [Member]
Subsequent Event [Line Items]
Issuance of shares (in shares) | shares	56,197