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.
- 2021
Foundation
The company is founded as an advisory practice. A small team helping merchants navigate corporate finance, capital strategy, and growth.
- 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.
Launch of Waterglass
A platform for acquiring niche B2B SaaS, with AI applied to streamline operations and product.
Acquisition of Pxl
Waterglass closes its first acquisition in May: Pxl.to, a privacy-friendly QR codes and microsites platform with deep marketing tooling.
- 2025
Acquisition of Notehouse
Waterglass adds a HIPAA-compliant case-management SaaS for nonprofits, social workers, and counselors.
- 2026
Acquisition of CatalystPay
Payments becomes a group pillar. A registered PSP/ISO with 30+ acquirers and 150+ currencies.
Launch of TrafficRush
TrafficRush launches. An affiliate network built to supply merchants with quality growth opportunities.