0000950170-21-001282 | 10-Q | XBRL Viewer

Print Document View Excel Document

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2021	Aug. 06, 2021
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
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	No
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		13,880,950
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock Shares Outstanding		103,479,239

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 266,390	$ 46,666
Accounts and other receivables, net of allowance of $95 and $100	32,967	28,034
Income tax receivable	263	2,011
Prepaid expenses and other current assets	7,234	3,117
Total current assets	306,854	79,828
Property and equipment, net of accumulated depreciation and amortization of $4,347 and $3760	2,056	1,772
Capitalized internal-use software development costs, net	25,366	20,963
Intangible assets, net	195	296
Goodwill	13,216	13,205
Operating lease right-of-use assets	9,506	8,322
Deferred tax asset	144	270
Other long-term assets	3,463	218
Total assets	360,800	124,874
Current liabilities
Accounts payable	21,705	16,825
Accrued liabilities	12,185	10,201
Operating lease liabilities	2,311	3,010
Contract liabilities	913	612
Income tax payable	0	463
Total current liabilities	37,114	31,111
Deferred tax liability	5,775	3,499
Operating leases, net of current portion	7,440	5,476
Finance leases and other finance obligations, net of current portion	279	412
Total liabilities	50,608	40,498
Commitments and contingencies (Note 8)
Stockholders’ equity
Preferred stock value	0	0
Common stock value	0	517
Treasury stock at cost, zero and 320 Series A preferred shares; and zero and 1,306,412 common shares as of June 30, 2021 and December 31, 2020, respectively	0	(579)
Additional paid-in capital	285,164	29,175
Accumulated other comprehensive income	168	216
Retained earnings	24,848	55,047
Total stockholders’ equity	310,192	84,376
Total liabilities and stockholders' equity	360,800	124,874
Series A Preferred Stock [Member]
Stockholders’ equity
Preferred stock value	0	0
Class A Common Stock [Member]
Stockholders’ equity
Common stock value	1	0
Class B Common Stock [Member]
Stockholders’ equity
Common stock value	$ 11	$ 0

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Allowance for accounts and other receivables	$ 95	$ 100
Accumulated depreciation and amortization for property and equipment	$ 4,347	$ 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	13,880,950	0
Common stock, shares outstanding	13,880,950	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	103,479,239	0
Common stock, shares outstanding	103,479,239	0

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Revenue	$ 93,495	$ 71,734	$ 185,717	$ 141,327
Cost of revenue	64,567	48,332	129,242	97,148
Gross profit	28,928	23,402	56,475	44,179
Operating expenses
Research and development	7,921	5,981	15,651	11,749
Sales and marketing	9,505	7,632	17,727	15,244
General and administrative	7,421	3,469	14,163	7,157
Total operating expenses	24,847	17,082	47,541	34,150
Income from operations	4,081	6,320	8,934	10,029
Other income (loss)
Interest income (expense), net	(4)	3	(7)	45
Foreign exchange (loss) gain	1	(24)	8	(90)
Income before income taxes	4,076	6,299	8,935	9,984
Provision for income taxes	(3,501)	(1,614)	(4,722)	(2,520)
Net income	575	4,685	4,213	7,464
Undeclared dividends on Series A preferred stock	(898)	(1,273)	(2,258)	(2,515)
Net income (loss) attributable to common stock	$ (323)	$ 3,412	$ 1,955	$ 4,949
Net income (loss) per share attributable to common stock
Basic	$ 0	$ 0.03	$ 0.02	$ 0.05
Diluted	$ 0	$ 0.03	$ 0.02	$ 0.05
Weighted-average number of shares used to compute net income per share attributable to common stock
Basic	108,970,604	103,479,239	106,240,091	103,479,239
Diluted	108,970,604	106,151,678	112,244,054	106,135,251

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 575	$ 4,685	$ 4,213	$ 7,464
Other comprehensive (loss) income, net of tax
Foreign currency translation adjustments, net of tax of $0 and $0	(69)	11	(48)	(12)
Comprehensive income	$ 506	$ 4,696	$ 4,165	$ 7,452

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22595-107794

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669625-108580

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=121586364&loc=d3e3602-108585

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121326447&loc=SL5780133-109256

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794

+ Details

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Foreign currency translation adjustments, net of tax	$ 0	$ 0	$ 0	$ 0

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-Capital I P O [Member]	Treasury Stock	Treasury Stock I P O [Member]	Retained Earnings	Retained Earnings I P O [Member]	Accumulated Other Comprehensive Income
Balance at Dec. 31, 2019	$ 68,604				$ 517		$ 27,181		$ (579)		$ 41,336		$ 149
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
Balance at Mar. 31, 2020	71,835				$ 517		27,656		(579)		44,115		126
Balance (in shares) at Mar. 31, 2020			23,013		103,479,239
Balance at Dec. 31, 2019	68,604				$ 517		27,181		(579)		41,336		149
Balance (in shares) at Dec. 31, 2019			23,013		103,479,239
Net income	7,464
Balance at Jun. 30, 2020	76,993				$ 517		28,118		(579)		48,800		137
Balance (in shares) at Jun. 30, 2020			23,013		103,479,239
Balance at Mar. 31, 2020	71,835				$ 517		27,656		(579)		44,115		126
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
Balance at Jun. 30, 2020	76,993				$ 517		28,118		(579)		48,800		137
Balance (in shares) at Jun. 30, 2020			23,013		103,479,239
Balance at Dec. 31, 2020	84,376				$ 517		29,175		(579)		55,047		216
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
Balance at Mar. 31, 2021	89,411				$ 517		30,551		(579)		58,685		237
Balance (in shares) at Mar. 31, 2021			23,013		103,479,239
Balance at Dec. 31, 2020	84,376				$ 517		29,175		(579)		55,047		216
Balance (in shares) at Dec. 31, 2020			23,013		103,479,239
Net income	4,213
Balance at Jun. 30, 2021	310,192				$ 12		285,164				24,848		168
Balance (in shares) at Jun. 30, 2021					117,360,189
Balance at Mar. 31, 2021	89,411				$ 517		30,551		$ (579)		58,685		237
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
Balance at Jun. 30, 2021	$ 310,192				$ 12		$ 285,164				$ 24,848		$ 168
Balance (in shares) at Jun. 30, 2021					117,360,189

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities
Net income	$ 4,213	$ 7,464
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	4,940	4,015
Deferred income taxes	2,413	889
Stock-based compensation	1,131	937
Non-cash lease expense	1,648	1,285
Amortization of contract asset	177
Change in operating assets and liabilities, net of impact of business combination
Accounts and other receivables	(4,944)	(4,269)
Prepaid expenses and other current and long-term assets	(905)	7
Accounts payable	3,541	5,151
Accrued liabilities	543	606
Operating lease liabilities	(1,573)	(1,209)
Contract liabilities	301	356
Income taxes receivable, net of payable	1,272	684
Net cash provided by operating activities	12,757	15,916
Cash flows from investing activities
Purchases of property and equipment	(564)	(309)
Capitalized internal-use software development costs	(8,736)	(7,185)
Net cash used in investing activities	(9,300)	(7,494)
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
Payments of deferred offering costs	(856)
Payments on other financing obligations	(767)	(521)
Payments on finance leases	(136)	(169)
Net cash provided by (used in) financing activities	216,224	(690)
Foreign currency effect on cash and cash equivalents	43	(23)
Net increase in cash and cash equivalents	219,724	7,709
Cash and cash equivalents
Beginning of period	46,666	27,427
End of period	266,390	35,136
Supplemental disclosure of cash flow information:
Cash paid for income taxes, net of refunds	950	941
Non-cash investing activities:
Property and equipment purchases in accounts payable and other payables	202	62
Noncash Investing and Financing Items [Abstract]
Prepaid insurance funded through short-term borrowings	2,135
Issuance of Warrant	4,498
Property and equipment acquired through finance lease liabilities		787
Intangibles acquired through other financing obligations		$ 53
Unpaid deferred offering costs	1,105
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)

Organization and Description of Business

6 Months Ended

Jun. 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, Redmond, Washington and Delhi (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 Summary of Significant Accounting Policies

6 Months Ended

Jun. 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 six months ended June 30, 2021 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, Paymentus Group Inc. (Delaware), Paymentus Canada Corporation, Paymentus Corporation (Delaware), Paymentus Acquisition Corp. (Delaware), Tele-Works Inc. and Paxcom India Private Limited (“Paxcom”). 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 14.

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, internal-use software development costs, goodwill, 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, issued quarantine orders and taken 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 $23.7 million and $20.5 million as of June 30, 2021 and December 31, 2020, respectively.

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 or six months ended June 30, 2021 and 2020. No customer accounted for more than 10% of accounts receivable as of June 30, 2021 or 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 six months ended June 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 FASB issued 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.

Revenue

6 Months Ended

Jun. 30, 2021

Revenue From Contract With Customer [Abstract]

Revenue

3. Revenue

Contract Balances

The Company does not 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 for the three and six months ended June 30, 2021.The contract asset balance at June 30, 2021 was $4.3 million of which $1.1 million was included in prepaid expenses and other current assets and $3.2 million was included in other long-term assets in the condensed consolidated balance sheets.

The Company recorded $0.9 million and $0.6 million of contract liabilities in the condensed consolidated balance sheets as of June 30, 2021 and December 31, 2020, respectively, 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 six months ended June 31, 2021 and 2020 that was included in the contract liabilities at the beginning of each respective period was not material.

Disaggregation of Revenue

The following table presents a disaggregation of revenue from contracts with customers (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Payment transaction processing revenue	$	92,446	$	70,915	$	183,646	$	139,744
Other		1,049		819		2,071		1,583
Total revenue	$	93,495	$	71,734	$	185,717	$	141,327

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Property and Equipment, Net

6 Months Ended

Jun. 30, 2021

Property Plant And Equipment [Abstract]

Property and Equipment, Net

4. Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	June 30,			December 31,
	2021			2020
Computer equipment	$	4,829		$	4,368
Furniture and fixtures		1,386			976
Leasehold improvements		183			183
Automobile		5			5
Total property and equipment		6,403			5,532
Less: Accumulated depreciation and amortization		(4,347	)		(3,760	)
Property and equipment, net	$	2,056		$	1,772

Depreciation and amortization expense recorded for property and equipment was $0.3 million for each of the three months ended June 30, 2021 and 2020 and $0.5 million for each of the six months ended June 30, 2021 and 2020.

Goodwill, Internal-use Software Development Costs and Intangible Assets

6 Months Ended

Jun. 30, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill, Internal-use Software Development Costs and Intangible Assets

5. 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 States		Other		Total
Balance as of December 31, 2020	$	12,303	$	902	$	13,205
Foreign currency translation adjustments		—		11		11
Balance as of June 30, 2021	$	12,303	$	913	$	13,216

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 June 30, 2021 and 2020, the Company capitalized $4.4 million and $3.8 million in software development costs, respectively and during the six months ended June 30, 2021 and 2020, the Company capitalized $8.7 million and $7.2 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 June 30, 2021 and 2020, the Company recorded $1.1 million and $0.9 million of amortization expense in cost of revenue, and $1.1 million and $0.8 million of amortization expense in operating expenses,

respectively. During the six months ended June 30, 2021 and 2020, the Company recorded $2.2 million and $1.7 million of amortization expense in cost of revenue, and $2.1 million and $1.5 million of amortization expense in operating expenses, respectively.

Intangible Assets

Intangible assets, net consisted of the following (in thousands):


	June 30, 2021
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted- Average Useful Life (Years)
Technology	$	7,604	$	(7,544	)	$	60		7.0
License		2,758		(2,758	)		—		—
Customer relationship		6,813		(6,813	)		—		—
Software		530		(395	)		135		3.0
Non-compete		343		(343	)		—		—
Trademark		200		(200	)		—		—
Total	$	18,248	$	(18,053	)	$	195


	December 31, 2020
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted- Average Useful Life (Years)
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 $0.1 million for the three and six months ended June 30, 2021 and $0.1 million and $0.4 million for the three and six months ended June 30, 2020, respectively.

As of June 30, 2021, future amortization expense is expected to be as follows (in thousands):


Years Ending December 31,
2021 (remaining six months)	$	44
2022		67
2023		36
2024		36
2025		12
Thereafter		—
Total future amortization expense	$	195

Leases

6 Months Ended

Jun. 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 years, 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 three months ended June 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 June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Operating lease cost	$	931	$	707	$	1,783	$	1,384
Finance lease cost
Depreciation expense		69		97		136		140
Interest on finance lease liabilities		4		4		9		7
Total finance lease cost		73		101		145		147
Short-term lease cost		77		89		168		180
Total lease cost	$	1,081	$	897	$	2,096	$	1,711

Supplemental cash flow information related to leases was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	894	$	702	$	1,690	$	1,210
Operating cash flows for finance leases		4		6		9		9
Financing cash flows for finance leases		68		111		136		169
Right-of-use assets obtained in exchange of operating lease obligations		2,539		—		2,636		2,546

The total remaining lease payments under non-cancelable operating and finance leases as of June 30, 2021 were as follows (in thousands):


Years Ending December 31,	Operating Leases			Finance Leases
2021 (remaining six months)	$	1,675		$	137
2022		1,758			274
2023		876			108
2024		870			—
2025		881			—
Thereafter		4,732			—
Total minimum lease payments including interest	$	10,792		$	519
Less imputed interest		(1,041	)		(14	)
Total lease liabilities	$	9,751		$	505

Accrued Liabilities

6 Months Ended

Jun. 30, 2021

Accrued Liabilities Current [Abstract]

Accrued Liabilities

7. Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	June 30,		December 31,
	2021		2020
Payroll and employee-related expenses	$	7,178	$	6,474
Finance leases and other financing obligations		2,518		1,132
Other accrued liabilities		2,489		2,595
	$	12,185	$	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.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

. 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 June 30, 2021 were as follows (in thousands):


Years Ending December 31,
2021 (remaining six months)	$	1,286
2022		1,972
2023		704
2024		215
2025		16
Thereafter		—
	$	4,193

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 not make any matching contributions to the 401(k) plan for the three and six months ended June 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 six months ended June 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

6 Months Ended

Jun. 30, 2021

Related Party Transactions

. 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 three and six months ended June 30, 2020 and the six months ended June 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

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Equity

10. 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 June 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 ASC 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 Topic 718. The warrant was recorded as additional paid-in capital and as a contract asset included in prepaid expenses and other current assets and other long-term assets in the condensed consolidated balance sheets.

Stock-Based Compensation

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

11. 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 June 30, 2021, there were 10,453,048 remaining shares available for the Company to grant under the 2021 Plan

A summary of the Company’s option activity during the six months ended June 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		—
Options forfeited		(9,835	)		4.97
Outstanding at June 30, 2021		7,566,772		$	4.73		5.34	$	232,825
Exercisable at June 30, 2021		5,122,975		$	2.85		3.99	$	167,248

The weighted average grant date fair value of options granted during the three and six months ended June 30, 2021, was $7.21 and $3.39, respectively. The weighted average grant date fair value of options granted during the three and six months ended June 30, 2020 was $3.72. 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 three and six months ended June 30, 2021 was estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions for the 2021 Plan:


	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Dividend yield		0.0	%		0.0	%		0.0	%		0.0	%
Risk-free interest rate		0.8	%	0.3 % - 0.4%			0.3 % - 0.8%			0.3 % - 0.4%
Expected term (in years)		5		3 - 5				5		3 - 5
Expected volatility		38.0	%		50.0	%		38.0	%		50.0	%

Stock-based compensation expense included in the consolidated statements of operations was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(in thousands)
Cost of revenue	$	—	$	—	$	—	$	—
Operating expenses
Research and development		15		6		31		10
Sales and marketing		19		7		36		15
General and administrative		534		449		1,064		912
Total stock-based compensation	$	568	$	462	$	1,131	$	937

At June 30, 2021, there was $6.6 million of total unrecognized compensation cost related to unvested stock options granted under the 2021 Plan, which is expected to be recognized over a remaining weighted-average period of 3.0 years.

Income Taxes

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

12. 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 June 30, 2021 and 2020 was 85.9% and 25.4%, respectively, and 52.8% and 25.2% for the six months ended June 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.

- Definition

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

+ References + Details

Net Income (Loss) Per Share Attributable to Common Stock

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Net Income (Loss) Per Share Attributable to Common Stock

13. Net Income (Loss) Per Share Attributable to Common Stock

Basic net income (loss) per share attributable to common stockholders is computed by deducting the undeclared dividends on the Series A preferred shares from net income to arrive at net income (loss) attributable to common stock and dividing the net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period.

Diluted net income (loss) 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 and warrants is reflected in diluted net income (loss) per share attributable to common stock by application of the treasury stock method. The calculation of diluted net income (loss) 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 (loss) 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 (loss) per share attributable to common stock (in thousands except share and per share data):


	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Numerator:
Net income	$	575		$	4,685		$	4,213		$	7,464
Undeclared dividends on Series A preferred stock		(898	)		(1,273	)		(2,258	)		(2,515	)
Net income (loss) attributable to common stock	$	(323	)	$	3,412		$	1,955		$	4,949
Denominator:
Weighted-average shares of common stock - basic		108,970,604			103,479,239			106,240,091			103,479,239
Dilutive effect of stock options to purchase common stock		—			2,672,439			5,973,878			2,656,012
Dilutive effect of warrants		—			—			30,085			—
Weighted-average shares of common stock - diluted		108,970,604			106,151,678			112,244,054			106,135,251
Net income (loss) per share attributable to common stock
Basic	$	—		$	0.03		$	0.02		$	0.05
Diluted	$	—		$	0.03			0.02			0.05

Common stock equivalents excluded from income (loss) per diluted share because their effect would have been anti-dilutive:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020

Stock options to purchase common stock		7,564,643		—		1,480		—
Warrants		151,132		—		—		—

Geographic Information

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Geographic Information

14. Geographic Information

Revenue by geographic area, based on the location of the Company’s users, was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
United States	$	91,458	$	70,404	$	181,765	$	138,527
Other		2,037		1,330		3,952		2,800
Total	$	93,495	$	71,734	$	185,717	$	141,327

Long-lived assets, comprising property and equipment assets, by geographic area were as follows (in thousands):


	June 30,		December 31,
	2021		2020
United States	$	624	$	717
Other		1,432		1,055
Total	$	2,056	$	1,772

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Subsequent Events

6 Months Ended

Jun. 30, 2021

Subsequent Events [Abstract]

Subsequent Events

15. Subsequent Events

On August 9, 2021, the Company entered into a definitive agreement to acquire Payveris LLC (“Payveris”), a leading payments processing company for financial institutions. Pursuant to the terms of, and subject to the conditions set forth in the definitive agreement, including customary purchase price adjustments, the Company will pay an aggregate consideration of approximately $152.2 million in exchange for all of the outstanding equity interests of Payveris, with approximately $85.7 million payable in cash, subject to adjustment, and the remainder issuable in shares of the Company’s Class A common stock, (“Share Consideration”). The Share Consideration will be calculated based on a fixed value per share, which will represent the average daily volume-weighted average price per share of the Company’s Class A common stock for each of the thirty consecutive trading days ending two business days prior to closing of the transaction.

In addition, on August 9, 2021, the Company entered into a definitive agreement to acquire Finovera, Inc. ("Finovera"), a leading bill aggregation technology provider for financial institutions. Pursuant to the terms of, and subject to the conditions set forth in the definitive agreement, including customary purchase price adjustments, the Company will pay an aggregate consideration of approximately $13.5 million, subject to adjustment, in exchange for all of the outstanding equity interests of Finovera, with approximately $5.0 million payable in cash and the remainder consists of an estimated 293,611 shares of the Company’s Class A common stock.

The Company expects both of these acquisitions to close in the third quarter of 2021.

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 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 six months ended June 30, 2021 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, Paymentus Group Inc. (Delaware), Paymentus Canada Corporation, Paymentus Corporation (Delaware), Paymentus Acquisition Corp. (Delaware), Tele-Works Inc. and Paxcom India Private Limited (“Paxcom”). 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 14.
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, internal-use software development costs, goodwill, 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, issued quarantine orders and taken 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 $23.7 million and $20.5 million as of June 30, 2021 and December 31, 2020, respectively.
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 or six months ended June 30, 2021 and 2020. No customer accounted for more than 10% of accounts receivable as of June 30, 2021 or 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 six months ended June 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 FASB issued 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.

Revenue (Tables)

6 Months Ended

Jun. 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 June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Payment transaction processing revenue	$	92,446	$	70,915	$	183,646	$	139,744
Other		1,049		819		2,071		1,583
Total revenue	$	93,495	$	71,734	$	185,717	$	141,327

Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2021

Property Plant And Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	June 30,			December 31,
	2021			2020
Computer equipment	$	4,829		$	4,368
Furniture and fixtures		1,386			976
Leasehold improvements		183			183
Automobile		5			5
Total property and equipment		6,403			5,532
Less: Accumulated depreciation and amortization		(4,347	)		(3,760	)
Property and equipment, net	$	2,056		$	1,772

Goodwill, Internal-use Software Development Costs and Intangible Assets (Tables)

6 Months Ended

Jun. 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 States		Other		Total
Balance as of December 31, 2020	$	12,303	$	902	$	13,205
Foreign currency translation adjustments		—		11		11
Balance as of June 30, 2021	$	12,303	$	913	$	13,216

Summary of Intangible Assets

Intangible assets, net consisted of the following (in thousands):


	June 30, 2021
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted- Average Useful Life (Years)
Technology	$	7,604	$	(7,544	)	$	60		7.0
License		2,758		(2,758	)		—		—
Customer relationship		6,813		(6,813	)		—		—
Software		530		(395	)		135		3.0
Non-compete		343		(343	)		—		—
Trademark		200		(200	)		—		—
Total	$	18,248	$	(18,053	)	$	195


	December 31, 2020
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted- Average Useful Life (Years)
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 June 30, 2021, future amortization expense is expected to be as follows (in thousands):


Years Ending December 31,
2021 (remaining six months)	$	44
2022		67
2023		36
2024		36
2025		12
Thereafter		—
Total future amortization expense	$	195

Leases (Tables)

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Schedule of Components of Lease Cost

The components of lease cost were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Operating lease cost	$	931	$	707	$	1,783	$	1,384
Finance lease cost
Depreciation expense		69		97		136		140
Interest on finance lease liabilities		4		4		9		7
Total finance lease cost		73		101		145		147
Short-term lease cost		77		89		168		180
Total lease cost	$	1,081	$	897	$	2,096	$	1,711

Summary of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	894	$	702	$	1,690	$	1,210
Operating cash flows for finance leases		4		6		9		9
Financing cash flows for finance leases		68		111		136		169
Right-of-use assets obtained in exchange of operating lease obligations		2,539		—		2,636		2,546

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 June 30, 2021 were as follows (in thousands):


Years Ending December 31,	Operating Leases			Finance Leases
2021 (remaining six months)	$	1,675		$	137
2022		1,758			274
2023		876			108
2024		870			—
2025		881			—
Thereafter		4,732			—
Total minimum lease payments including interest	$	10,792		$	519
Less imputed interest		(1,041	)		(14	)
Total lease liabilities	$	9,751		$	505

Accrued Liabilities (Tables)

6 Months Ended

Jun. 30, 2021

Accrued Liabilities Current [Abstract]

Summary of Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	June 30,		December 31,
	2021		2020
Payroll and employee-related expenses	$	7,178	$	6,474
Finance leases and other financing obligations		2,518		1,132
Other accrued liabilities		2,489		2,595
	$	12,185	$	10,201

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 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 June 30, 2021 were as follows (in thousands):


Years Ending December 31,
2021 (remaining six months)	$	1,286
2022		1,972
2023		704
2024		215
2025		16
Thereafter		—
	$	4,193

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 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 six months ended June 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		—
Options forfeited		(9,835	)		4.97
Outstanding at June 30, 2021		7,566,772		$	4.73		5.34	$	232,825
Exercisable at June 30, 2021		5,122,975		$	2.85		3.99	$	167,248

The weighted average grant date fair value of options granted during the three and six months ended June 30, 2021

Schedule of Stock Option Grant Using Black-Scholes Option Pricing Model With Assumptions


	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Dividend yield		0.0	%		0.0	%		0.0	%		0.0	%
Risk-free interest rate		0.8	%	0.3 % - 0.4%			0.3 % - 0.8%			0.3 % - 0.4%
Expected term (in years)		5		3 - 5				5		3 - 5
Expected volatility		38.0	%		50.0	%		38.0	%		50.0	%

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 June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(in thousands)
Cost of revenue	$	—	$	—	$	—	$	—
Operating expenses
Research and development		15		6		31		10
Sales and marketing		19		7		36		15
General and administrative		534		449		1,064		912
Total stock-based compensation	$	568	$	462	$	1,131	$	937

Net Income (Loss) Per Share Attributable to Common Stock (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Income (Loss) Per Share Attributable to Common Stock

The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stock (in thousands except share and per share data):


	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Numerator:
Net income	$	575		$	4,685		$	4,213		$	7,464
Undeclared dividends on Series A preferred stock		(898	)		(1,273	)		(2,258	)		(2,515	)
Net income (loss) attributable to common stock	$	(323	)	$	3,412		$	1,955		$	4,949
Denominator:
Weighted-average shares of common stock - basic		108,970,604			103,479,239			106,240,091			103,479,239
Dilutive effect of stock options to purchase common stock		—			2,672,439			5,973,878			2,656,012
Dilutive effect of warrants		—			—			30,085			—
Weighted-average shares of common stock - diluted		108,970,604			106,151,678			112,244,054			106,135,251
Net income (loss) per share attributable to common stock
Basic	$	—		$	0.03		$	0.02		$	0.05
Diluted	$	—		$	0.03			0.02			0.05

Schedule of Common Stock Equivalents Excluded from Income (Loss) Per Diluted Share

Common stock equivalents excluded from income (loss) per diluted share because their effect would have been anti-dilutive:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020

Stock options to purchase common stock		7,564,643		—		1,480		—
Warrants		151,132		—		—		—

Geographic Information (Tables)

6 Months Ended

Jun. 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 June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
United States	$	91,458	$	70,404	$	181,765	$	138,527
Other		2,037		1,330		3,952		2,800
Total	$	93,495	$	71,734	$	185,717	$	141,327

Long-lived Assets by Geographic Areas

Long-lived assets, comprising property and equipment assets, by geographic area were as follows (in thousands):


	June 30,		December 31,
	2021		2020
United States	$	624	$	717
Other		1,432		1,055
Total	$	2,056	$	1,772

Organization and Description of Business (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	6 Months Ended
	May 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Subsidiary Sale Of Stock [Line Items]
Common stock, shares issued		0	104,785,651
Proceeds from initial public offering, net of underwriter's discounts and commissions		$ 224,595
Common stock, shares outstanding		0	103,479,239
Proceeds from issuance of private placement		$ 50,000
Class A Common Stock [Member]
Subsidiary Sale Of Stock [Line Items]
Common stock, shares issued		13,880,950	0
Common stock, shares outstanding		13,880,950	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	$ 21.00
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	$ 21.00
Proceeds from issuance of private placement	$ 50,000
Class B Common Stock [Member]
Subsidiary Sale Of Stock [Line Items]
Common stock, shares issued		103,479,239	0
Common stock, shares outstanding		103,479,239	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 Summary of Significant Accounting Policies - Additional Information (Details) $ in Millions		3 Months Ended		6 Months Ended		12 Months Ended
	May 10, 2021	Jun. 30, 2021 USD ($)	Jun. 30, 2020	Jun. 30, 2021 USD ($) Segment	Jun. 30, 2020	Dec. 31, 2020 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Stock split ratio	5
Number of operating segment \| Segment				3
Cash in custodial account		$ 23.7		$ 23.7		$ 20.5
Deferred offering costs related to additional-paid-in capital				$ 2.0
Revenue [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage		10.00%	10.00%	10.00%	10.00%
Accounts Receivable [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage				10.00%		10.00%

Revenue - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Disaggregation Of Revenue [Line Items]
Capitalized contract cost	$ 0	$ 0
Reduction in revenue and related contract asset	(200)	(200)
Contract asset balance	4,300	4,300
Contract liabilities	913	913	$ 612
Prepaid Expenses and Other Current Assets [Member]
Disaggregation Of Revenue [Line Items]
Contract asset balance	1,100	1,100
Other Long-Term Assets [Member]
Disaggregation Of Revenue [Line Items]
Contract asset balance	$ 3,200	$ 3,200

Revenue - Summary of Disaggregation of Revenue from Contracts with Customer (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation Of Revenue [Line Items]
Revenue	$ 93,495	$ 71,734	$ 185,717	$ 141,327
Payment Transaction Processing Revenue [Member]
Disaggregation Of Revenue [Line Items]
Revenue	92,446	70,915	183,646	139,744
Other [Member]
Disaggregation Of Revenue [Line Items]
Revenue	$ 1,049	$ 819	$ 2,071	$ 1,583

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Total property and equipment	$ 6,403	$ 5,532
Less: Accumulated depreciation and amortization	(4,347)	(3,760)
Property and equipment, net	2,056	1,772
Computer Equipment [Member]
Property Plant And Equipment [Line Items]
Total property and equipment	4,829	4,368
Furniture And Fixtures [Member]
Property Plant And Equipment [Line Items]
Total property and equipment	1,386	976
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Total property and equipment	183	183
Automobiles [Member]
Property Plant And Equipment [Line Items]
Total property and equipment	$ 5	$ 5

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Property Plant And Equipment [Abstract]
Depreciation, Depletion and Amortization	$ 0.3	$ 0.3	$ 0.5	$ 0.5

Goodwill, Internal-use Software Development Costs and Intangible Assets - Summary of Goodwill by Reporting Units (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($)
Goodwill [Line Items]
Beginning Balance	$ 13,205
Foreign currency translation adjustments	11
Ending Balance	13,216
United States [Member]
Goodwill [Line Items]
Beginning Balance	12,303
Foreign currency translation adjustments	0
Ending Balance	12,303
Other [Member]
Goodwill [Line Items]
Beginning Balance	902
Foreign currency translation adjustments	11
Ending Balance	$ 913

Goodwill, Internal-use Software Development Costs and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Goodwill [Line Items]
Capitalized internal-use software development costs	$ (4,400)	$ (3,800)	$ (8,736)	$ (7,185)
Amortization of Intangible Assets	100	100	100	400
Cost Of Revenue [Member]
Goodwill [Line Items]
Amortizaion expense of capitalized software costs	1,100	900	2,200	1,700
Operating Expense [Member]
Goodwill [Line Items]
Amortizaion expense of capitalized software costs	$ 1,100	$ 800	$ 2,100	$ 1,500
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 Software Development Costs and Intangible Assets - Summary of Intagible Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 18,248	$ 18,075
Accumulated Amortization	(18,053)	(17,779)
Net Carrying Amount	195	296
Technology [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	7,604	7,579
Accumulated Amortization	(7,544)	(7,460)
Net Carrying Amount	$ 60	$ 119
Weighted-Average Useful Life (Years)	7 years	7 years
License [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 2,758	$ 2,652
Accumulated Amortization	(2,758)	(2,652)
Net Carrying Amount	0	0
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	6,813	6,782
Accumulated Amortization	(6,813)	(6,782)
Net Carrying Amount	0	0
Software [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	530	532
Accumulated Amortization	(395)	(355)
Net Carrying Amount	$ 135	$ 177
Weighted-Average Useful Life (Years)	3 years	3 years
Non-Compete [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 343	$ 330
Accumulated Amortization	(343)	(330)
Net Carrying Amount	0	0
Trademark [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	200	200
Accumulated Amortization	(200)	(200)
Net Carrying Amount	$ 0	$ 0

Goodwill, Internal-use Software Development Costs and Intangible Assets - Schedule of Expected Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
2021 (remaining six months)	$ 44
2022	67
2023	36
2024	36
2025	12
Thereafter	0
Net Carrying Amount	$ 195	$ 296

Leases - Additional Information (Details) $ in Millions	3 Months Ended	6 Months Ended
Leases - Additional Information (Details) $ in Millions	Jun. 30, 2021 USD ($)	Jun. 30, 2021
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	1 year
Finance lease, remaining lease term	1 year	1 year
Maximum [Member]
Lessee Lease Description [Line Items]
Operating lease, remaining lease term	10 years	10 years
Finance lease, remaining lease term	10 years	10 years

Leases - Schedule of Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Operating lease cost	$ 931	$ 707	$ 1,783	$ 1,384
Depreciation expense	69	97	136	140
Interest on finance lease liabilities	4	4	9	7
Total finance lease cost	73	101	145
Short-term lease cost	77	89	168	180
Total lease cost	$ 1,081	$ 897	$ 2,096	$ 1,711

Leases - Summary of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$ 894	$ 702	$ 1,690	$ 1,210
Operating cash flows for finance lease	4	6	9	9
Financing cash flows for finance leases	68	111	136	169
Right-of-use assets obtained in exchange of operating lease obligations	$ 2,539	$ 0	$ 2,636	$ 2,546

Leases - Summary of Remaining Lease Payments under Non-Cancelable Operating and Finance Leases (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Operating Leases:
2021 (remaining six months)	$ 1,675
2022	1,758
2023	876
2024	870
2025	881
Thereafter	4,732
Total minimum lease payments including interest	10,792
Less imputed interest	(1,041)
Total lease liabilities	9,751
Finance Leases:
2021 (remaining six months)	137
2022	274
2023	108
2024	0
2025	0
Thereafter	0
Total minimum lease payments including interest	519
Less imputed interest	(14)
Total lease liabilities	$ 505

Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Accrued Liabilities Current [Abstract]
Payroll and employee-related expenses	$ 7,178	$ 6,474
Finance leases and other financing obligations	2,518	1,132
Other accrued liabilities	2,489	2,595
Accrued liabilities	$ 12,185	$ 10,201

Commitments and Contingencies - Additional Information (Details)	6 Months Ended
	Jun. 30, 2021 USD ($)
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

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References + Details

Commitments and Contingencies - Schedule of Future Minimum Payments for Non Cancellable Agreements (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Commitments And Contingencies Disclosure [Abstract]
2021 (remaining six months)	$ 1,286
2022	1,972
2023	704
2024	215
2025	16
Thereafter	0
Other commitment	$ 4,193

Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	Sep. 06, 2011	Jun. 30, 2021	Mar. 16, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Loan Principal and Interest Due and Payable Date		Sep. 06, 2026
Payment of loan			$ 1.0
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 (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 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 value	$ 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	13,880,950			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	103,479,239			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 value	$ 0			$ 0
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 value	$ 57,400

Stock-Based compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares reserved for issuance		10,453,048		10,453,048
Weighted average grant date fair value of options granted		$ 7.21	$ 3.72	$ 3.39	$ 3.72
Options granted in period				67,397
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%
Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total unrecognized compensation cost		$ 6.6		$ 6.6
Total unrecognized compensation cost, recognition period				3 years
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 - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Options Outstanding, Beginning	7,509,210
Options granted	67,397
Options exercised	0
Options forfeited	(9,835)
Options Outstanding, Ending	7,566,772	7,509,210
Options Outstanding, Exercisable	5,122,975
Weighted average exercise price, Beginning	$ 4.68
Options granted	10.56
Options forfeited	4.97
Weighted average exercise price, Ending	4.73	$ 4.68
Weighted average exercise price, Exercisable	$ 2.85
Weighted average remaining contractual term (years)	5 years 6 months 29 days	5 years 9 months 18 days
Weighted average remaining contractual term (years), Exercisable	4 years 29 days
Aggregate Intrinsic Value, Beginning	$ 36,580
Aggregate Intrinsic Value, Ending	232,825	$ 36,580
Aggregate Intrinsic Value, Exercisable	$ 167,248

Stock-Based compensation - Schedule of Stock Option Grant Using Black-Scholes Option Pricing Model With Assumptions (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 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	0.80%
Expected term (in years)	5 years		5 years
Expected volatility, maximum	38.00%	50.00%	38.00%	50.00%
Minimum
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 - Summary of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 568	$ 462	$ 1,131	$ 937
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	15	6	31	10
Sales and Marketing [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	19	7	36	15
General and Administrative [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 534	$ 449	$ 1,064	$ 912

Income Taxes - Additional Information (Details)	3 Months Ended		6 Months Ended
Income Taxes - Additional Information (Details)	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Effective tax rate	85.90%	25.40%	52.80%	25.20%
Difference between effective tax rate and federal statutory rate			21.00%

Net Income (Loss) Per Share Attributable to Common Stock - Schedule of Computation of Basic and Diluted Net Income (Loss) Per Share Attributable to Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net income	$ 575	$ 3,638	$ 4,685	$ 2,779	$ 4,213	$ 7,464
Undeclared dividends on Series A preferred stock	(898)		(1,273)		(2,258)	(2,515)
Net income (loss) attributable to common stock	$ (323)		$ 3,412		$ 1,955	$ 4,949
Denominator:
Weighter-average shares of common stock - basic	108,970,604		103,479,239		106,240,091	103,479,239
Dilutive effect of stock options to purchase common stock	0		2,672,439		5,973,878	2,656,012
Dilutive effect of warrants	0		0		30,085	0
Weighter-average shares of common stock - diluted	108,970,604		106,151,678		112,244,054	106,135,251
Net income (loss) per share attributable to common stock
Basic	$ 0		$ 0.03		$ 0.02	$ 0.05
Diluted	$ 0		$ 0.03		$ 0.02	$ 0.05

Net Income (Loss) Per Share Attributable to Common Stock - Schedule of Common Stock Equivalents Excluded from Income (Loss) Per Diluted Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Stock Options to Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	7,564,643	0	1,480	0
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	151,132	0	0	0

Geographic Information - Summary of Revenue by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues From External Customers And Long Lived Assets [Line Items]
Revenue	$ 93,495	$ 71,734	$ 185,717	$ 141,327
United States [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Revenue	91,458	70,404	181,765	138,527
Other [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Revenue	$ 2,037	$ 1,330	$ 3,952	$ 2,800

- Definition

+ References

+ Details

Geographic Information - Summary of Long-lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Revenues From External Customers And Long Lived Assets [Line Items]
Long-lived assets, comprising property and equipment assets	$ 2,056	$ 1,772
United States [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Long-lived assets, comprising property and equipment assets	624	717
Other [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Long-lived assets, comprising property and equipment assets	$ 1,432	$ 1,055

Subsequent Events - Additional Information (Details) - Subsequent Event [Member] $ in Millions	Aug. 09, 2021 USD ($) shares
Payveris LLC [Member]
Subsequent Event [Line Items]
Date of acquisition agreement	Aug. 09, 2021
Name of acquired entity	Payveris LLC (“Payveris”)
Aggregate consideration	$ 152.2
Cash payment to acquire business, gross	$ 85.7
Finovera, Inc. [Member]
Subsequent Event [Line Items]
Date of acquisition agreement	Aug. 09, 2021
Name of acquired entity	Finovera, Inc. ("Finovera")
Aggregate consideration	$ 13.5
Cash payment to acquire business, gross	$ 5.0
Finovera, Inc. [Member] \| Common Class A [Member]
Subsequent Event [Line Items]
Issuance of shares (in shares) \| shares	293,611