Lago, developer of an open-source billing platform, has raised $22M in funding, led by FirstMark, to solve a bottleneck in modern businesses identified by the founders while working on similar problems at French fintech unicorn Qonto. 

It’s launching today, but it has been in business in closed beta for some time, during which it’s picked up a number of notable startups such as,, and Juni as early customers.

The company’s focus on open source is very intentional, said CEO Anh-Tho Chuong: it’s targeting developers who are looking for solutions to tailor their billing to fit whatever cutting-edge, creative new services they are cooking up, a gap in the market that Lago believes is not being addressed well enough by incumbents, and which Lago is betting might best be addressed through an open-source approach.

“We’re a partner to developers,” she said in an interview. “We honor [their] abstraction, and we use data to meter usage, to help companies handle subscriptions [or other] pricing plans in an easy way.”

“Billing infrastructure has been a vexing issue for generations of software and internet companies, and the problem is only getting worse as the industry transitions from subscription to usage-based billing,” FirstMark Capital’s Matt Turck said.

To learn more, read the full article on TechCrunch or check out Lago’s pitch deck on Business Insider.