Superwall Revenue: How Jake Mor Hit $3.6M ARR With 12 People — Then Doubled It

Superwall sells paywall infrastructure to mobile app developers: install the SDK, and the paywall a user sees becomes something you can redesign, test, and price remotely instead of resubmitting to the App Store. When founder and CEO Jake Mor sat down with Nathan Latka in June 2025, the company was at $3.6 million ARR with 12 employees and roughly 3,000 customers, having raised $7.5 million. Ten months later, in April 2026, Mor posted an update on X: revenue had more than doubled to about $8.2 million ARR across 8,771 apps, with roughly $275,000 in profit in the first quarter.

Those are the headline numbers. Below is the dated record behind them, the places where GetLatka's own database and the public record disagree, and how the business actually works.

Superwall revenue, dated and sourced

Every figure in this table comes from a specific place on a specific date. Where the source is Mor himself, we say so; where it is a GetLatka database estimate, we say that too.

Mor's April 2026 post reads "$8,170,00 ARR" — a digit is missing. The multiples he cites in the same post (2.35x revenue, 3.86x apps versus the year before) reconcile exactly against $3,480,600 and 2,273 apps, which puts the 2026 figure at roughly $8.18 million.

Where the numbers disagree

Three things in the record don't line up, and it's worth being explicit about all of them.

First, GetLatka's own Superwall database page, last updated May 22, 2025, shows $3.5M revenue, $6.3M raised, and lists Brian Anglin as CEO. The interview recorded weeks later has Mor stating $3.6M ARR and $7.5M raised, and every public channel — Superwall's site, Mor's LinkedIn, his X account — identifies Jake Mor as founder and CEO. Anglin is a Superwall co-founder, not its chief executive; the database listing looks wrong, and the revenue and funding rows on that page are estimates that ran slightly behind what Mor reported directly.

Second, the pricing math from the interview cannot all be true of the whole customer base at once. Mor told Latka the median customer pays $200–300 a month while the average pays $1,000–1,500 a month. But 3,000 customers at even $1,000 a month would be $36 million a year — ten times the stated ARR. Divide the revenue Mor posts by the app counts he posts and the real blended average comes out near $1,530 per app per year in spring 2025, or about $128 a month. The $1,000–1,500 monthly figure is best read as describing the negotiated growth-plan deals at the top of the base, not the average across every self-serve app.

Third, an earlier version of this article claimed Superwall's paywalls were generating "$50 million of new revenue per month" in one section and "$25–50 million" in another. The figure Mor actually gave is that the platform's customers process $25–50 million in revenue monthly across more than 100 million paywall views — the wider range, describing processed volume, is the one supported by the tape.

The model: two lines of code in, negotiated deals out

The mechanics Mor described to Latka are a deliberately hybrid motion. Integration starts with two lines of code, which gets a developer a working paywall and payment acceptance with almost no friction. Self-serve customers land on a usage-based startup plan in the $200–300-a-month range; as an app scales, usage pricing stops making sense for it, and Superwall graduates the account to a fixed, negotiated growth-plan deal.

The enterprise side runs on service. For a new growth-plan customer's first four weeks, Superwall's own team takes over the paywall program — building variants and running the experiments themselves. By June 2025 the company had built 3,000–4,000 custom paywalls for customers this way, and Mor's pitch to Latka was that the accumulated record of failed experiments is the real asset: Superwall can tell a new customer which tests are unlikely to work before they burn traffic on them.

Two smaller details from the interview explain the 12-person headcount doing all of this. The custom paywall work was handled by two designers. And Mor requires every team member to have a mobile app of their own that they are actively trying to grow — the team uses the product the way customers do.

The newest layer at the time of the interview was AI demand scoring: assigning each paywall viewer a score predicting willingness to pay, then adjusting what they see. Mor claimed lifts of 20–30% for apps in the $5–10 million MRR range. That is a vendor's claim about its own feature, made on tape in June 2025 — we have not seen independent verification of it.

Funding: $7.5 million, mostly unannounced

Mor told Latka in June 2025 that Superwall had raised $7.5 million in total, including a $2 million seed round and money rolled over from his previous company's investors, and that the rounds were simply never announced. GetLatka's database rows show $800K (pre-seed), $2M (seed), and a $3.5M Series A — $6.3 million in tracked rounds. A Founding Journey case study on Superwall's fundraising describes an early ~$700K raised on SAFEs, with half of the FitnessAI investors taking their money back and the other half rolling it into Superwall. The gap between the $6.3M in tracked rounds and Mor's $7.5M total is most plausibly that early SAFE and rollover money, but we cannot fully reconcile it from public records, so treat $7.5M — the founder's own number — as the total.

Before Superwall: an HQ Trivia hack and FitnessAI

Mor's path to Superwall is documented enough to be worth the short version. In the interview he described building a tool that helped players win HQ Trivia — 100,000 people used it and it collected around 200,000 emails, which became the launch audience for his next product. That product was FitnessAI, an AI-generated weightlifting-plan app that went through Y Combinator's Winter 2020 batch; TechCrunch reported in March 2020 that it had passed $1 million ARR, bootstrapped, heading into Demo Day. Mor told Latka he later sold FitnessAI for $3–4 million at a 4x EBITDA multiple when it was around $4 million ARR. The sale terms are his account on tape — we found no independent confirmation of the price — but the YC batch and the $1M ARR milestone check out against the public record.

Where it stands now

The April 2026 update is the most recent verifiable data point: roughly $8.2 million ARR, 8,771 apps, and a profitable first quarter. Two things stand out in it. Revenue grew 2.35x in a year while the app count grew 3.86x, which means average revenue per app fell — from about $1,530 to about $930 a year — exactly what you'd expect when a product-led free-and-cheap tier is pulling in a long tail of small apps faster than the enterprise layer converts them. And Mor was hiring paywall-optimization roles that same month, which suggests the white-glove layer is still where the expansion revenue comes from.

Mor's bet, as he framed it to Latka in 2025, is that AI coding tools multiplying the number of app developers multiplies his market. A year of 2.35x growth is consistent with that thesis, though hardly proof of it. The dated record above is what we can actually stand behind.