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Operators First, Investors Second

How we work

Our playbook.

The same loop, whether we build or acquire.

Step 01

Acquire or build.

We scout commerce markets through an operator's lens, blending industry signals with what we've learned running businesses ourselves.

Step 02

Integrate.

Every company joins a connected group. Shared infrastructure, systems, and operating know-how compound across the network.

Step 03

Operate

We sit alongside each team as an embedded operating partner. Capital, strategic counsel, shared infrastructure, and access to the group's network and relationships when and where needed.

The operating platform

Built once. Applied everywhere.

The operating platform is what makes our group more than the sum of its companies.

Pillar 01

Payment Orchestration

A single payments layer across the group, multi-gateway routing, reconciliation, dispute handling, and payouts.

  • Multi-PSP routing with automatic failover
  • Shared reconciliation and settlement pipeline
  • Unified fraud and chargeback tooling

Pillar 02

AI & Engineering

Shared engineering team and AI workflows, agents, support copilots, internal back-office tools, and shared product vision.

  • Shared model evals and prompt infrastructure
  • Internal agent framework reused across portfolio
  • Group-wide data lake for training and analytics

Pillar 03

Compliance & Security

KYC, AML, PCI DSS and data protection handled centrally. One compliance posture across the group means faster time-to-revenue on acquisitions and lower ongoing audit cost.

  • Group-level PCI DSS scope
  • Shared KYC/AML vendors and policies
  • Centralized security review for every launch

Pillar 04

Data & Analytics

One data platform, one warehouse, one analytics stack. Insights you only see when you can merge context from different angles.

  • Shared warehouse and transformation layer
  • Cross-portfolio cohort and LTV models
  • Self-serve dashboards for every operator

Pillar 05

Operational Playbooks

Pricing, growth loops, hiring, integration, PMI, refined on one company and reused on the next.

  • Standard 100-day post-close integration plan
  • Pricing and packaging frameworks
  • Repeatable hiring loops for key roles

Pillar 06

Talent & Back Office

A single bench of operators, engineers, and strategists, plus the finance, legal, HR, and admin functions every company needs, all shared across the portfolio.

  • Shared pool of senior operators
  • Group accounting, treasury, legal, and FP&A
  • Payroll, benefits, and HR operations

Sectors we are active in

Payment Orchestration

Routing engines, retry & rescue tooling, billing platforms, network tokenization

Acquiring & PSP

Gateways, acquirers, merchant accounts, alternative-payment rails

Subscriptions & Recurring Revenue

Subscription commerce, billing infrastructure, churn-recovery tooling

Performance Marketing

Affiliate networks, media-buying operators, attribution platforms, CRO & conversion tooling

Vertical B2B SaaS

Niche, founder-led SaaS in commerce, payments, and fintech with durable margins

Agentic Commerce

AI applied to checkout, support, and operating playbooks

History

A few chapters. Many more to write.

A short history of how we got here.

  1. 2021

    Foundation

    The company is founded as an advisory practice. A small team helping merchants navigate corporate finance, capital strategy, and growth.

  2. 2024

    Launch of Waverunner

    First company out of the garage. A payment orchestration and subscription billing platform, and the starting point of a full-circle commerce platform helping merchants manage payments and growth.

  3. Launch of Waterglass

    A platform for acquiring niche B2B SaaS, with AI applied to streamline operations and product.

  4. Acquisition of Pxl

    Waterglass closes its first acquisition in May: Pxl.to, a privacy-friendly QR codes and microsites platform with deep marketing tooling.

  5. 2025

    Acquisition of Notehouse

    Waterglass adds a HIPAA-compliant case-management SaaS for nonprofits, social workers, and counselors.

  6. 2026

    Acquisition of CatalystPay

    Payments becomes a group pillar. A registered PSP/ISO with 30+ acquirers and 150+ currencies.

  7. Launch of TrafficRush

    TrafficRush launches. An affiliate network built to supply merchants with quality growth opportunities.

Work with us on what comes next.