B2B SaaS for Subscription and Rental Commerce, €1M Revenue, 85% Recurring

The company offers one core product: a B2B SaaS platform that lets brands and retailers offer physical products on a subscription, rental or leasing basis. The platform sits behind the customer's existing online shop and payment providers and replaces what would otherwise be a combination of billing system, customer database, asset register, logistics tool and collections agency.

Platform capabilities

Subscription lifecycle management: creating, changing, extending, swapping, pausing and cancelling contracts, including customer buyout of the product, with support for multiple currencies and tax regimes and a self service portal for end customers.

Credit risk assessment: identity verification and credit scoring at checkout through credit bureaus, so a customer can approve or decline an application before a high value item ships.

Asset tracking: every physical unit is tracked through delivery, active rental, return, inspection, refurbishment and the next rental, showing utilization and revenue per asset.

Payment reminders and debt collection: automated reminder sequences that escalate into collection through an integrated European collections partner, protecting both the revenue and the physical asset.

Returns management: shipping, inspection and decision on what happens to each returned asset.

Integrations: native connections to the major ecommerce platforms and the leading payment providers, plus an API for fully custom implementations.

Localization and compliance: tax handling for multiple countries, local payment methods and languages, and GDPR compliance, which allows a customer to expand across borders from a single deployment.

In 2026 the company added a self service version of the platform as an app on a leading ecommerce platform. It targets smaller brands that onboard themselves without a sales process and can upgrade to the full platform as they grow.

Revenue model

Customers pay a monthly license fee plus a commission on the subscription volume processed through the platform, most commonly around 1%. Most customers also pay a fixed onboarding fee for configuration and integration, which makes up the large majority of service revenue. A small share of revenue comes from commissions paid by ecosystem partners.

The company serves 53 active customers as of June 2026. All are businesses that sell or finance physical products and want to offer them on a subscription, rental or leasing basis. They range from young direct to consumer brands to enterprise retailers operating dozens of stores.

Geography: customers are located in 15 countries. Approximately 90% are in Europe, with Germany the largest market, followed by the Netherlands, the United Kingdom, Switzerland, Sweden, Belgium, France, Spain, Italy, Denmark, Norway and Slovenia. Approximately 5% are in Australia and approximately 5% in the United States and Canada.

Industries: mobility, meaning electric bikes, electric scooters and related products, is the largest category by number of customers and by sales pipeline. Other categories include optical retail, musical instruments, baby and children's products, health and wellness, consumer electronics and device refurbishment, furniture and home, coffee and consumer goods, sporting goods and industrial tools. The base includes regulated categories such as optical and health.

Contract size and terms: annual contract values for the full platform typically range from approximately €5,000 to more than €25,000, with larger enterprise agreements above that. Minimum contract terms are most commonly 12 to 24 months, and several enterprise agreements run 36, 48 or 60 months. Because part of the fee is a commission on subscription volume, revenue from a customer rises as that customer's own subscription business grows.

Concentration: based on recurring revenue for January to June 2026, the largest customer accounts for approximately 6% of recurring revenue, the top 5 for approximately 27%, the top 10 for approximately 47% and the top 20 for approximately 71%.

How customers are won: the majority have historically come through inbound enquiries, partner referrals and word of mouth, with modest paid marketing spend. Current enterprise pipeline includes several large European optical retail chains in late stage discussions and a phased rollout across multiple countries with an enterprise musical instruments brand that is already underway.

Customer names and contracts are available in the data room after signing an NDA.

The company operates where two long term shifts meet: the spread of subscription models from digital services into physical goods, and the move toward a circular economy in which products are reused across several customers.

Demand side: consumers and businesses increasingly prefer paying for access to a product over buying it outright, driven by affordability, sustainability awareness and generational change. For a brand, renting or subscribing out a product turns a single sale into a continuing customer relationship with predictable recurring revenue and the ability to refurbish and place the same asset again.

Regulation: European rules are pushing in the same direction. The EU Circular Economy Action Plan, extended producer responsibility rules and mandatory sustainability reporting give brands a reason to build product lifecycle and reuse models. As a result, subscription and rental offers are moving from optional sustainability projects toward regular sales channels.

Who can use the product: any brand or retailer selling physical products with a high enough unit value to support a monthly fee. Examples include electric bikes and other mobility products, optical, musical instruments, baby and children's equipment, furniture, medical and health devices, consumer electronics and industrial tools.

State of the market: subscription software for digital products is mature and served by large established vendors. Software built specifically for subscriptions on physical products is still an emerging category, and no single platform dominates it. The physical product case needs functions that digital billing tools do not provide, including credit checks before shipping, tracking of individual assets, returns and refurbishment, and recovery of payments and goods when a customer defaults.

No formal market sizing study has been commissioned, so this description is qualitative and does not state a total addressable market figure.

The company faces three kinds of competition.

General subscription billing platforms. The large, established billing vendors were designed for software, media and digital service subscriptions. They handle billing, invoicing and payments well, but they do not cover what a physical product requires: a credit check before an expensive item ships, tracking of each asset across rental cycles, returns and refurbishment, and integrated debt collection. In most cases these tools are complementary to the company's platform, not direct competitors. In price sensitive deals where the customer does not need the full set of physical product functions, one of these vendors has occasionally won the business.

Direct specialist competitors. A small number of European companies compete directly in subscriptions for physical products. Management views the most established of them as having a narrower range of functions, and over the past 12 to 18 months the company has won competitive deals against it more consistently, particularly with enterprise customers. A newer entrant focused on the bicycle category competes actively on price and has both won and lost deals against the company. There are also smaller and adjacent providers, including a model financed by a bank that works differently and is not a direct like for like platform competitor.

Building it internally. According to management, the single most common reason a deal does not close is that the prospect decides to build its own subscription infrastructure. Brands frequently underestimate the work involved in credit assessment, integration with several shop and payment systems, and recovery after a customer defaults. They then either abandon the project or take years to deliver it. The company's sales process sets out the cost and time saved compared with an internal build, and the self service app launched in 2026 gives smaller, price sensitive prospects an alternative to building a lighter version themselves.

How the company differentiates itself. No patents have been filed. The advantage is operational: the depth of integrations, the credit, collections and regulatory processes already in place for multiple European countries, and the implementation experience gained across dozens of live customer deployments over five years. Once a customer's contracts, assets and payment flows run on the platform, moving to another system is costly, which supports retention.