Sequence raised $19M in a seed round announced in September 2022, led by Andreessen Horowitz with participation from Salesforce Ventures, Firstminute Capital, Crew Capital, Passion Capital, Dig Ventures, Fin Capital, and 9Yards Capital.

Angel investors in the round included founders of Plaid, Intercom, GoCardless, Monzo, Hopin, and UiPath. The company has disclosed $19M in total funding since its founding.

Sequence is an AI-native quote-to-revenue platform that replaces multiple point solutions in the B2B SaaS billing stack with a single workflow built around three core elements: sales contracts, real-time usage events, and auditable revenue schedules.

The platform starts with contract intake where sales teams can build quotes in the CPQ module or simply forward signed PDF contracts to a dedicated email address. An AI Contract-Intake Agent automatically parses documents, extracts customer and pricing terms, and generates billing schedules ready for approval.

Finance teams configure any combination of subscription, seat-based, tiered usage, percentage-of-GMV, or minimum-commit pricing models through a point-and-click editor without requiring pre-aggregated usage data. Engineers stream raw events through a POST /usage-events API or pipe data from warehouses like Snowflake and BigQuery, with Sequence materializing real-time metrics and maintaining running totals per customer.

When billing periods close, the platform automatically prices usage, applies proration and minimum fees, handles multi-currency invoicing, and syncs bi-directionally with ERPs like NetSuite and CRMs like Salesforce. For revenue recognition, Sequence generates ASC-606 compliant schedules automatically, with an AI RevRec Agent preparing journal entries that finance teams review through Watchtower, a human-in-the-loop audit interface.

The system handles high-volume ingestion with default rate limits of 12,000 events per minute and includes dunning workflows, payment reminders, and a branded customer portal providing line-item visibility into both fixed fees and metered usage.

Sequence operates a B2B SaaS model targeting finance and revenue operations teams at usage-heavy software companies that have outgrown basic billing solutions like Stripe Billing.

The company monetizes through tiered subscription pricing with a Growth plan at $799 monthly and custom enterprise pricing for Core and Scale tiers. This structure allows Sequence to capture value as customers scale from startup to enterprise, with larger clients paying significantly higher annual fees reflecting the complexity of their billing requirements.

The platform's go-to-market approach focuses on companies experiencing billing complexity pain points, particularly those with hybrid pricing models combining subscriptions, usage tiers, and custom contract terms. Sequence positions itself as a replacement for fragmented toolchains that typically include separate CPQ, billing, metering, and revenue recognition solutions.

The business model benefits from high switching costs once implemented, as Sequence becomes the system of record for customer contracts, usage data, and revenue recognition. The AI-native architecture allows the platform to handle increasingly complex billing scenarios without proportional increases in operational overhead, creating favorable unit economics as customers grow.

Revenue expansion occurs through both customer growth and account expansion as existing clients add more complex pricing models, higher transaction volumes, and additional product lines that increase their subscription tier requirements.

Stripe acquired Metronome for $1B in December 2025, adding high-throughput usage metering to complement Stripe Billing and creating an integrated payments-to-billing stack for AI companies processing billions of usage events. The deal signals payment processors moving upstream to capture more of the billing value chain.

Zuora has retrofitted usage capabilities into its subscription-focused platform and acquired metering specialist Togai to compete for AI workloads, though the platform remains heavyweight for implementation. Chargebee launched Better Billing with 200K events per second throughput and AI-driven expansion tools, was named a Gartner Magic Quadrant leader, but with metering capabilities still maturing.

Metronome processes billions of events for OpenAI and NVIDIA but focuses purely on infrastructure without CPQ or revenue recognition capabilities, leaving finance teams to manage contracts and accounting in separate systems. The company raised $50M in Series C funding in February 2025.

Orb raised $25M in Series B funding in September 2024 and offers SQL-like metrics with real-time simulations, though it lacks contract intake and collections functionality. The London-based m3ter describes itself as a pricing operations layer that feeds data to existing CRM and ERP systems rather than replacing them.

Zenskar competes directly with Sequence as an AI-native billing platform built after 2021, targeting similar use cases around complex hybrid pricing models. Persana AI emerged from Y Combinator with $2.3M in seed funding in October 2024, describing itself as a Clay alternative for GTM data orchestration but with some billing workflow overlap.

Traditional quote-to-cash vendors like Salesforce CPQ and Oracle NetSuite provide comprehensive functionality but require extensive customization and integration work to handle modern usage-based pricing scenarios.

The October 2025 launch of Sequence 2.0 expanded the platform from usage billing into a complete quote-to-revenue suite including CPQ and ASC-606 revenue recognition. This positions Sequence to capture the broader $20B+ quote-to-cash software market rather than just the $6-7B billing segment.

Embedded payments represents a natural extension, allowing Sequence to capture interchange fees by processing ACH, open banking, and card payments directly through customer portals. This would move the company into the $38B global B2B payments facilitation market while increasing switching costs.

Predictive pricing and AI cost management tools could help finance teams model margin impact from GPU and LLM cost curves tied to real-time usage meters. With 44% of SaaS companies now charging separately for AI features, this positions Sequence as a pricing strategy operating system rather than just a billing system.

The platform's support for NetSuite integration, multi-currency billing, and complex revenue recognition enables expansion from VC-backed startups to $100M-$1B ARR software vendors. This enterprise push could increase average revenue per customer by 10x from current levels.

Adjacent verticals including AI infrastructure, fintech APIs, and IoT vendors represent natural expansion opportunities as these sectors increasingly adopt consumption-based pricing models. The platform's high-volume event ingestion capabilities align well with data-heavy business models in these markets.

Case studies with companies like Heron Data and Volume demonstrate traction with API-heavy businesses that require sophisticated usage tracking beyond what traditional billing platforms can handle.

While headquartered in London and New York with multi-currency support, Sequence can expand go-to-market operations to North America West Coast, DACH, and APAC regions. Certifying local e-invoicing requirements for markets like Brazil, Mexico, and India would open large markets where hybrid billing adoption is accelerating.

The September 2024 Salesforce connector launch demonstrates the platform's ecosystem integration strategy, with deeper CRM and ERP partnerships enabling expansion into new geographic markets through existing software vendor relationships.

Stripe integration: Stripe's $1B Metronome acquisition creates a vertically integrated competitor able to bundle metering with payment processing, which can make standalone billing platforms less attractive to customers prioritizing simplicity over best-of-breed functionality. Stripe's existing customer base and lower switching costs for payment-adjacent services represent a material competitive risk.

Market consolidation: The billing infrastructure space is undergoing consolidation as incumbents like Zuora acquire specialists like Togai and payment processors move upstream into billing. This trend could pressure independent platforms like Sequence between large integrated players and force difficult decisions around remaining standalone versus seeking acquisition.

AI commoditization: While Sequence's AI agents for contract intake and revenue recognition are a current differentiator, these capabilities may become commoditized as large language models improve and competitors integrate similar functionality. The platform's competitive advantage could shift from AI features back to core billing infrastructure and integrations.