Forage
Forage is the API-first SNAP EBT payment processing infrastructure layer — the "Stripe for EBT" — enabling grocers, convenience retailers, and delivery apps to accept government food benefits online and in-store through a single, USDA-approved integration.
Forage
Forage is the API-first SNAP EBT payment processing infrastructure layer — the "Stripe for EBT" — enabling grocers, convenience retailers, and delivery apps to accept government food benefits online and in-store through a single, USDA-approved integration.
Executive Summary
Forage is building a real and defensible product in an underserved niche — SNAP EBT payment infrastructure — with genuine regulatory moats (USDA TPP certification), credible enterprise partnerships (Uber Eats, Adyen), and a founding team with direct, hard-to-replicate domain expertise from Instacart and Uber. The core market thesis holds: $96B in annual SNAP redemptions with only ~2% flowing through online channels today is a real structural opportunity, not an invented one. However, Forage's single biggest problem is existential concentration risk: 100% of its business is dependent on one federal program controlled by a politically volatile administration that is actively trying to cut it. The SNAP legislative headwinds of 2025–2026, combined with thin processor take rates, a modest $57.5M total raise over six years, and almost no verifiable company-level traction metrics in the public record, make this a high-conviction story with a deeply uncomfortable risk profile for anyone investing today.
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