Y Combinator alum Skio sells for $105M cash, only raised $8M, founder says
Subscription billing fintech Skio sold to its competitor Recharge in what was a healthy exit, according to its founder and former CEO.
TL;DR
- Skio, a Y Combinator alum founded by Kennan Frost, has been acquired by competitor Recharge.
- The acquisition price was $105 million in cash, with the company having raised only $8 million from investors.
- Skio focused on building its product with no marketing or sales spend, with the founding team handling sales calls.
- At the time of sale, Skio had $32 million in ARR and had processed $4 billion in payments.
- Founder Kennan Frost is now working on a new startup called Icon.