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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 418,143	$ 103,609
Restricted cash	6,984	3,048
Short-term deposits	85,132	14,009
Accounts receivable, net	35,477	37,194
Prepaid expenses and other current assets	19,338	5,639
Total current assets	565,074	163,499
Property and equipment, net	16,968	4,640
Deferred contract acquisition costs	11,630	6,983
Other assets, noncurrent	6,962	5,439
Total assets	600,634	180,561
Current liabilities:
Accounts payable	228	1,507
Accrued compensation and benefits	24,748	15,548
Guarantee obligations	12,112	12,445
Provision for chargebacks, net	12,020	10,582
Accrued expenses and other current liabilities	13,306	11,839
Total current liabilities	62,414	51,921
Other liabilities, noncurrent	9,359	12,385
Total liabilities	71,773	64,306
Commitments and Contingencies
Convertible preferred shares, no par value and NIS 0.0008 par value per share as of December 31, 2021 and 2020, respectively; zero and 33,295,097 shares authorized as of December 31, 2021 and 2020, respectively; zero and 29,878,116 shares issued and outstanding as of December 31, 2021 and 2020, respectively; aggregate liquidation preference of zero and $165,558 as of December 31, 2021 and 2020, respectively	0	159,564
Shareholders’ equity (deficit):
Additional paid-in capital	775,249	24,366
Accumulated other comprehensive profit (loss)	176	0
Accumulated deficit	(246,564)	(67,679)
Total shareholders’ equity (deficit)	528,861	(43,309)
Total liabilities, convertible preferred shares, and shareholders’ equity (deficit)	600,634	180,561
Common Class A
Shareholders’ equity (deficit):
Common stock, value, issued	0	4
Common Class B
Shareholders’ equity (deficit):
Common stock, value, issued	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (Parenthetical) $ in Thousands	Dec. 31, 2021 USD ($) shares	Dec. 31, 2021 ₪ / shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2020 ₪ / shares
Convertible preferred shares, par value (in dollars per share) \| ₪ / shares		₪ 0		₪ 0.0008
Convertible preferred shares, shares authorized (in shares)	0		33,295,097
Convertible preferred shares, shares issued (in shares)	0		29,878,116
Convertible preferred shares, shares outstanding (in shares)	0		29,878,116
Convertible preferred shares, liquidation preference \| $	$ 0		$ 165,558
Common Class A
Common stock, par value (in dollars per share) \| ₪ / shares		₪ 0		₪ 0.0008
Common stock, shares authorized (in dollars per share)	900,000,000		91,704,900
Common stock, shares, issued (in shares)	75,909,531		14,310,552
Common stock, shares, outstanding (in shares)	75,909,531		14,310,552
Common Class B
Common stock, shares authorized (in dollars per share)	232,500,000		0
Common stock, shares, issued (in shares)	88,055,520		0
Common stock, shares, outstanding (in shares)	88,055,520		0

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue	$ 229,141	$ 169,740	$ 130,555
Cost of revenue	106,170	76,916	64,867
Gross profit	122,971	92,824	65,688
Operating expenses:
Research and development	55,301	36,642	25,041
Sales and marketing	70,165	41,137	36,587
General and administrative	52,903	21,853	17,935
Total operating expenses	178,369	99,632	79,563
Operating profit (loss)	(55,398)	(6,808)	(13,875)
Interest income (expense), net	591	145	53
Other income (expense), net	(122,520)	(3,609)	122
Profit (loss) before income taxes	(177,327)	(10,272)	(13,700)
Provision for (benefit from) income taxes	1,558	1,075	475
Net profit (loss)	$ (178,885)	$ (11,347)	$ (14,175)
Weighted-average shares used in computing net profit (loss) per share attributable to ordinary shareholders, basic (in shares)	76,459,625
Weighted-average shares used in computing net profit (loss) per share attributable to ordinary shareholders, diluted (in shares)	76,459,625
Common Class A
Operating expenses:
Net profit (loss) per share attributable to ordinary shareholders, basic (in dollars per share)	$ (2.34)	$ (0.81)	$ (1.04)
Net profit (loss) per share attributable to ordinary shareholders, diluted (in dollars per share)	$ (2.34)	$ (0.81)	$ (1.04)
Weighted-average shares used in computing net profit (loss) per share attributable to ordinary shareholders, basic (in shares)	38,757,558	14,022,788	13,597,794
Weighted-average shares used in computing net profit (loss) per share attributable to ordinary shareholders, diluted (in shares)	38,757,558	14,022,788	13,597,794
Common Class B
Operating expenses:
Net profit (loss) per share attributable to ordinary shareholders, basic (in dollars per share)	$ (2.34)	$ (0.81)	$ (1.04)
Net profit (loss) per share attributable to ordinary shareholders, diluted (in dollars per share)	$ (2.34)	$ (0.81)	$ (1.04)
Weighted-average shares used in computing net profit (loss) per share attributable to ordinary shareholders, basic (in shares)	37,702,067	14,022,788	13,597,794
Weighted-average shares used in computing net profit (loss) per share attributable to ordinary shareholders, diluted (in shares)	37,702,067	14,022,788	13,597,794

CONSOLIDATED STATEMENTS OF COMPREHENSIVE PROFIT (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net profit (loss)	$ (178,885)	$ (11,347)	$ (14,175)
Other comprehensive profit (loss), net of tax:
Unrealized gain (loss) on derivative instruments, net	176	0	0
Other comprehensive profit (loss)	176	0	0
Comprehensive profit (loss)	$ (178,709)	$ (11,347)	$ (14,175)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS’ DEFICIT - USD ($) $ in Thousands	Total	Series E-1	Common Class A	Common Class B	Series E	Common Stock Common Class A	Common Stock Common Class B	Additional Paid-in Capital	Accumulated Other Comprehensive Profit (Loss)	Accumulated Deficit	Previously Reported	Previously Reported Common Stock Common Class A	Previously Reported Common Stock Common Class B	Previously Reported Additional Paid-in Capital	Previously Reported Accumulated Other Comprehensive Profit (Loss)	Previously Reported Accumulated Deficit	Revision of Prior Period, Accounting Standards Update, Adjustment	Revision of Prior Period, Accounting Standards Update, Adjustment Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2018	24,496,805										24,496,805
Beginning balance at Dec. 31, 2018	$ 62,974										$ 62,974
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of convertible preferred shares, net of issuance costs (in shares)					2,480,485
Issuance of convertible preferred shares, net of issuance costs					$ 42,380
Ending balance (in shares) at Dec. 31, 2019	26,977,290
Ending balance at Dec. 31, 2019	$ 105,354
Beginning balance (in shares) at Dec. 31, 2018						13,276,756	0					13,276,756	0
Beginning balance at Dec. 31, 2018	(37,922)					$ 4	$ 0	$ 4,231	$ 0	$ (42,157)	$ (39,676)	$ 4	$ 0	$ 4,231	$ 0	$ (43,911)	$ 1,754	$ 1,754
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Elimination of ordinary share par value and issuance of Class B ordinary shares upon Recapitalization	0
Issuance of ordinary shares upon exercise of share options (in shares)						428,102
Issuance of ordinary shares upon exercise of share options	237							237
Share-based compensation expense	11,259							11,259
Other comprehensive profit (loss)	0
Net profit (loss)	(14,175)									(14,175)
Ending balance (in shares) at Dec. 31, 2019						13,704,858	0
Ending balance at Dec. 31, 2019	$ (40,601)					$ 4	$ 0	15,727	0	(56,332)
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of convertible preferred shares, net of issuance costs (in shares)					2,900,826
Issuance of convertible preferred shares, net of issuance costs					$ 54,210
Ending balance (in shares) at Dec. 31, 2020	29,878,116	0			5,381,311
Ending balance at Dec. 31, 2020	$ 159,564	$ 0			$ 96,590
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Elimination of ordinary share par value and issuance of Class B ordinary shares upon Recapitalization	0
Issuance of ordinary shares upon exercise of share options (in shares)						605,694
Issuance of ordinary shares upon exercise of share options	642							642
Share-based compensation expense	7,997							7,997
Other comprehensive profit (loss)	0
Net profit (loss)	(11,347)									(11,347)
Ending balance (in shares) at Dec. 31, 2020			14,310,552	0		14,310,552	0
Ending balance at Dec. 31, 2020	(43,309)					$ 4	$ 0	24,366	0	(67,679)
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of convertible preferred shares, net of issuance costs (in shares)		962,940			1,450,414
Issuance of convertible preferred shares, net of issuance costs		$ 6,489			$ 50,519
Reclassification of convertible preferred share warrants upon IPO	$ 74,724
Conversion of Preferred Shares into Class A Ordinary Shares upon IPO (in shares)	(32,291,470)
Conversion of convertible preferred shares into Class A ordinary shares upon IPO	$ (291,296)
Ending balance (in shares) at Dec. 31, 2021	0
Ending balance at Dec. 31, 2021	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Preferred Shares into Ordinary Shares upon IPO (in shares)						32,291,470
Conversion of Preferred Shares into Ordinary Shares upon IPO	291,296							291,296
Reclassification of convertible preferred share warrants upon IPO	35,778							35,778
Issuance of Class A Ordinary Shares upon IPO, net of underwriting discounts and commissions and other issuance costs (in shares)						19,925,000
Issuance of Class A ordinary shares upon IPO, net of underwriting discounts and commissions and other issuance costs	386,591							386,591
Elimination of ordinary share par value and issuance of Class B ordinary shares upon Recapitalization	$ 4					$ (4)		4
Elimination of ordinary share par value and issuance of Class B ordinary shares upon Recapitalization (in shares)							94,431,636
Issuance of ordinary shares upon exercise of share options (in shares)	3,006,393					2,381,269	625,124
Issuance of ordinary shares upon exercise of share options	$ 2,948							2,948
Exchange of Class B ordinary shares to Class A ordinary shares (in shares)						7,001,240	(7,001,240)
Share-based compensation expense	33,489							33,489
Ordinary share warrants issued to a customer	777							777
Other comprehensive profit (loss)	176								176
Net profit (loss)	(178,885)									(178,885)
Ending balance (in shares) at Dec. 31, 2021			75,909,531	88,055,520		75,909,531	88,055,520
Ending balance at Dec. 31, 2021	$ 528,861					$ 0	$ 0	$ 775,249	$ 176	$ (246,564)

CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS’ DEFICIT (Parenthetical) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 31, 2019	Dec. 31, 2019
Warrant Liabilities
Warrants issued during period		$ 1,771
Tranche Rights
Warrants issued during period	$ 1,300	1,318
Series E
Payments of temporary equity issuance costs	$ 1,700	$ 1,733

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net profit (loss)	$ (178,885)	$ (11,347)	$ (14,175)
Adjustments to reconcile net profit (loss) to net cash provided by (used in) operating activities:
Unrealized loss (gain) on foreign currency	382	186	119
Provision for (benefit from) account receivable allowances	268	12	409
Depreciation and amortization	2,436	1,360	715
Amortization of deferred contract costs	4,122	2,175	906
Gain from insurance proceeds received related to property and equipment	0	0	(379)
Remeasurement of convertible preferred share warrant liabilities	101,413	3,850	654
Remeasurement of convertible preferred share tranche rights	21,260	1,959	(248)
Share-based compensation expense	33,358	7,945	11,237
Other	656	(9)	86
Changes in operating assets and liabilities:
Accounts receivable	1,440	(12,568)	(3,284)
Deferred contract acquisition costs	(7,744)	(6,462)	(2,361)
Prepaid expenses and other assets	(15,079)	(3,235)	(3,132)
Accounts payable	(832)	(3,707)	2,680
Accrued compensation and benefits	8,398	6,500	2,176
Guarantee obligations	(333)	3,308	44
Provision for chargebacks, net	1,438	4,126	4,399
Accrued expenses and other liabilities	7,424	2,787	3,997
Net cash provided by (used in) operating activities	(20,278)	(3,120)	3,843
Cash flows from investing activities:
Purchases of short-term deposits	(110,000)	(14,000)	0
Maturities of short-term deposits	39,063	0	0
Insurance proceeds received related to property and equipment	0	0	379
Purchases of property and equipment	(12,254)	(1,507)	(2,113)
Capitalized software development costs	(1,250)	(1,454)	(419)
Net cash provided by (used in) investing activities	(84,441)	(16,961)	(2,153)
Cash flows from financing activities:
Proceeds from issuance of convertible preferred shares and warrants, net of issuance costs	26,781	53,559	45,569
Proceeds from cash exercise of series E-1 convertible preferred share warrants	6,489	0	0
Proceeds from exercise of share options	2,948	642	237
Proceeds from initial public offering, net of underwriting discounts and commissions	392,273	0	0
Payments of deferred offering costs	(5,302)	(176)	0
Net cash provided by (used in) financing activities	423,189	54,025	45,806
Net increase (decrease) in cash, cash equivalents, and restricted cash	318,470	33,944	47,496
Cash, cash equivalents, and restricted cash—beginning of period	106,657	72,713	25,217
Cash, cash equivalents, and restricted cash—end of period	425,127	106,657	72,713
Supplemental disclosures of cash flow information:
Cash paid for interest	0	4	18
Cash paid for income taxes	647	1,176	0
Supplemental disclosures of noncash investing and financing activities:
Purchases of property and equipment during the period included in accounts payable	2,042	184	194
Share-based compensation capitalized for software development	131	52	22
Software development costs, accrued but not paid	485	172	34
Deferred offering costs accrued but not paid	204	369	0
Series E convertible preferred shares issuance cost accrued but not paid	0	0	100
Conversion of convertible preferred shares into Class A ordinary shares upon IPO	291,296	0	0
Reclassification of convertible preferred share warrants upon IPO	110,502	0	0
Elimination of ordinary share par value and issuance of Class B ordinary shares upon Recapitalization	4	0	0
Reconciliation of cash, cash equivalents, and restricted cash within the consolidated balance sheets to the amounts shown in the consolidated statements of cash flows above:
Cash and cash equivalents	418,143	103,609	69,697
Restricted cash	6,984	3,048	3,016
Total cash, cash equivalents, and restricted cash	425,127	106,657	72,713
Tranche Rights
Supplemental disclosures of noncash investing and financing activities:
Ordinary share warrants issued to a customer	0	0	1,318
Settlement of convertible preferred share tranche rights	$ 23,738	$ 551	$ 0

Organization and Description of Business	12 Months Ended
Organization and Description of Business	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	1. Organization and Description of Business Riskified Ltd., together with its subsidiaries, “Riskified”, “we”, “us”, “our” or the “Company,” was incorporated under the laws of the State of Israel in 2012 and commenced operations in January 2013. We have built a next-generation eCommerce risk management platform that allows our customers—online merchants—to create trusted relationships with their consumers. Our core product, the Chargeback Guarantee, is designed to ensure the legitimacy of our merchants’ online orders by approving or denying these orders with guaranteed performance levels that vary by merchant. We guarantee the outcome of our decisions by assuming the cost of fraud associated with each approval. We drive higher sales and reduce fraud and other operating costs for our merchants and strive to provide superior consumer experiences, as compared to our merchants’ performance prior to onboarding us.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States, or U.S. GAAP, and include the accounts of Riskified Ltd. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain amounts in prior periods have been reclassified to conform to the current period presentation.

Share Split

On June 14, 2020, a 25-for-1 share split of our then-outstanding ordinary shares and convertible preferred shares was effected. All information related to our ordinary shares and their associated par value, convertible preferred shares and their associated par value, share options, restricted share units (“RSUs”), and warrants to purchase convertible preferred shares have been retroactively adjusted to give effect to the 25-for-1 share split for all periods presented.

Initial Public Offering

On August 2, 2021, we completed our initial public offering (“IPO”), in which we issued and sold 19,925,000 shares of our Class A ordinary shares at an offering price of $21.00 per share, including 2,625,000 shares of our Class A ordinary shares pursuant to the exercise in full of the underwriters’ option to purchase additional shares. We received net proceeds of $386.6 million after deducting underwriting discounts and commissions of $26.2 million, and other issuance costs of $5.7 million.

Immediately prior to the closing of the IPO, 962,940 shares of Series E-1 convertible preferred shares were issued upon the exercise of the Series E-1 convertible preferred share warrants. In addition, all convertible preferred shares then outstanding automatically converted into 32,291,470 shares of our Class A ordinary shares.

Prior to the IPO, deferred offering costs, which consist primarily of accounting, legal and other fees related to our IPO, were capitalized within other assets, noncurrent in the consolidated balance sheets. Upon the consummation of the IPO, $5.7 million of deferred offering costs were reclassified into shareholders’ equity as an offset against IPO proceeds. We capitalized $0.5 million of deferred offering costs within other assets, noncurrent in the consolidated balance sheet as of December 31, 2020.

Recapitalization

On July 28, 2021, we adopted new Articles of Association (“AoA”), in which, among other things, we implemented, upon the closing of the IPO:

(i) a dual class ordinary share structure pursuant to which we have two classes of ordinary shares: Class A ordinary shares and Class B ordinary shares. The rights of the holders of our Class A ordinary

shares and Class B ordinary shares are identical, except with respect to voting, conversion and transfer rights. Class A ordinary shareholders are entitled to one vote per share and Class B ordinary shareholders are entitled to ten votes per share. The dual class ordinary share structure concentrates voting power with our pre-IPO shareholders. Holders of Class A ordinary shares and Class B ordinary shares will vote together as a single class on all matters (including the election of directors) submitted to a vote of our shareholders, unless otherwise required by law or our amended and restated articles of association;

(ii) the elimination of the par value per ordinary share; and

(iii) a two-for-one reverse share split of our Class A ordinary shares (the “Reverse Share Split”).

Immediately after the effectiveness of the Reverse Share Split, we issued and distributed Class B ordinary shares to holders of the Class A ordinary shares on a two-for-one ratio, such that each holder of Class A ordinary shares received two Class B ordinary shares for each Class A ordinary share (the “Additional Class B Issuance”).

The historical financial statements have not been retroactively adjusted for the (i) dual class structure, (ii) elimination of par value, and (iii) Additional Class B Issuance. As a result, all information associated with these items related to our ordinary shares and their associated par value, convertible preferred shares and their associated par value, share options, RSUs, and warrants to purchase convertible preferred shares are being presented prospectively.

All information related to our ordinary shares and their associated par value, convertible preferred shares and their associated par value, share options, RSUs, and warrants to purchase convertible preferred shares have been retroactively adjusted to give effect to the Reverse Share Split for all periods presented.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and the accompanying notes. Actual results could differ materially from these estimates. On an ongoing basis, we evaluate our estimates, including those related to the estimated customer life on deferred contract costs, the allowance for doubtful accounts, the fair value of financial assets and liabilities including accounting and fair value of derivatives, the useful lives of property and equipment, capitalization and estimated useful life of internal-use software, share-based compensation including the determination of the fair value of our ordinary shares (prior to IPO), the fair value of indemnification guarantees and the associated systematic and rational amortization method, provisions for chargebacks, the fair value of convertible preferred share warrant liabilities and convertible preferred share tranche rights (prior to IPO), and the valuation of deferred tax assets and uncertain tax positions. We base our estimates on assumptions, both historical and forward looking, trends, and various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities.

The novel coronavirus, or COVID-19, pandemic continues to persist. Although many of the initial restrictions imposed at the onset of the pandemic in the U.S. have been relaxed or lifted, there has been a resurgence of COVID-19 cases fueled by the recently identified, highly transmissible Omicron variant and the continued spread of the Delta variant. The full extent to which the COVID-19 pandemic will directly or indirectly impact the global economy, the lasting social effects, and impact on our business, results of operations, and financial condition will depend on future developments that are highly uncertain and cannot be accurately predicted. As of the date of issuance of these consolidated financial statements, we are not aware of any specific event or circumstance related to COVID-19 that would require us to update our estimates or judgments or adjust the carrying value of our assets or liabilities. As events continue to evolve and additional information becomes available, our estimates and assumptions may change materially in future periods. Please refer to “Operating and Financial Review and Prospects—

Factors Affecting Our Performance” included elsewhere in this Annual Report for more information regarding the impact of COVID-19 on our business.

Foreign Currency

The U.S. dollar is our functional currency. Accordingly, monetary assets and liabilities denominated in currencies other than the U.S. dollar are remeasured into U.S. dollars at exchange rates in effect at the end of each period. Foreign currency transaction gains and losses from these remeasurements are recognized in other income (expense), net, within the consolidated statements of operations. Foreign currency transactions resulted in net gains of $0.2 million, $2.1 million, and $0.3 million for the years ended December 31, 2021, 2020, and 2019, respectively.

Concentration of Risks

Our financial instruments that are exposed to concentrations of credit risk primarily consist of cash and cash equivalents, restricted cash, short-term deposits, accounts receivable and derivative financial instruments. We maintain our cash, cash equivalents, restricted cash, and short-term deposits with high-quality financial institutions mainly in the United States and Israel, the composition of which are regularly monitored by us. We have not experienced any material losses in such accounts. Our derivatives expose us to credit risk to the extent that the counterparties may be unable to meet the terms of the agreement. We seek to mitigate such risk by limiting our counterparties to major financial institutions and by spreading the risk across a number of major financial institutions. In addition, the potential risk of loss with any one counterparty resulting from this type of credit risk is monitored on an ongoing basis.

Our customers are online merchants. For accounts receivable, we are exposed to credit risk in the event of nonpayment by online merchants to the extent the amounts are recorded in the consolidated balance sheets. We extend different levels of credit to online merchants and maintain reserves for potential credit losses based upon the expected collectability of accounts receivable. We manage credit risk related to our merchants by performing periodic evaluations of credit worthiness and consumer indebtedness and applying other credit risk monitoring procedures.

The following tables summarize our merchants that represented 10% or more of Accounts receivable, net and Revenue:


	Accounts receivable, net				Revenue
	As of December 31,				Year Ended December 31,
	2021		2020		2021		2020		2019
Customer A	32	%	37	%	16	%	18	%	21	%
Customer B	*		12	%	*		10	%	*
Customer C	11	%	*		*		*		15	%

________________

*Represents less than 10%

Cash, Cash Equivalents, and Restricted Cash

Cash and cash equivalents consist of cash in banks and bank deposits. We consider all highly liquid investments, with an original maturity of three months or less at the date of purchase, to be cash equivalents. We maintain certain cash amounts restricted as to our withdrawal or use. Our restricted cash primarily consists of cash deposits to back letters of credit related to certain operating leases and cash deposits that are held to secure our hedging activities.

Short-Term Deposits

Short-term deposits consist of deposits with maturities of 12 months or less as of the balance sheet date. Short-term deposits are reported at fair value as of each balance sheet date.

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We measure financial assets and liabilities at fair value for each reporting period using a fair value hierarchy which requires us to maximize the use of observable inputs and minimize the use of unobservable inputs. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs may be used to measure fair value:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Financial instruments consist of cash and cash equivalents, restricted cash, short-term deposits, accounts receivables, derivative financial instruments, accounts payables, accrued liabilities, indemnification guarantees, convertible preferred share warrant liabilities (prior to IPO), and convertible preferred share tranche rights (prior to IPO). Cash, restricted cash, accounts receivable, accounts payable, and accrued liabilities are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date. Cash equivalents, short-term deposits, derivative financial instruments, convertible preferred share warrant liabilities, and convertible preferred share tranche rights are stated at fair value on a recurring basis as disclosed in Note 4 below. Prior to IPO, the fair value measurement of convertible preferred share warrant liabilities and convertible preferred share tranche rights are measured using unobservable inputs that require a high level of judgment to determine fair value, and thus are classified as Level 3 financial instruments. We estimate the fair value of convertible preferred share warrant liabilities and convertible preferred share tranche rights using the Black-Scholes option-pricing model and a combination of the probability-weighted expected return method, or PWERM, and discounted present value model, respectively.

We record indemnification guarantees that we issue upon approving a transaction at fair value when issued using the income approach. To measure this guarantee, we consider the premium that would have been received for the same guarantee if it were issued in a stand-alone transaction. The fair value of these indemnification guarantees is determined based on historical chargeback claims, a risk premium fee that would be required for a third party to assume this liability, and an appropriate discount rate due to time. Historical chargeback guarantee claims are assumptions that are not readily observable in the marketplace and are generally classified as Level 3 inputs. Indemnification guarantees are recorded at fair value when issued and not remeasured to fair value each period. Please refer to Note 7 below for more information regarding indemnification guarantees.

Because of the inherent uncertainty of valuation, the estimated fair value of our financial instruments may differ significantly from the values that would have been used had a ready market for the financial instruments existed, and the differences could be material to our consolidated financial statements.

Accounts Receivable, Net

Accounts receivable are recorded at the invoiced amount, net of an allowance for doubtful accounts. The allowance for doubtful accounts is based on our assessment of the collectability of accounts. We regularly review the adequacy of the allowance for doubtful accounts based on a combination of factors, including an assessment of the current merchant’s credit worthiness, the age of the balance, the nature and size of the merchant, the financial condition of the merchant, and the amount of any receivables in

dispute. Accounts receivable deemed uncollectible are charged against the allowance for doubtful accounts when identified. The allowance for doubtful accounts were $0.6 million for all periods presented.

Derivative Financial Instruments

We enter into foreign currency forward and option contracts with financial institutions to protect against foreign exchange risks largely attributable to our exposure to changes in the exchange rate of the New Israeli Shekel (“NIS”) against the U.S. dollar that are associated with forecasted future cash flows. Our primary objective in entering into these contracts is to reduce the volatility of earnings and cash flows associated with changes in foreign currency exchange rates. We do not use derivative instruments for trading or speculative purposes.

We account for our derivative instruments as either assets or liabilities and carry them at fair value. The accounting for changes in the fair value of a derivative depends on the intended use of the derivative and the resulting designation. Derivative instruments that hedge the exposure to variability in expected future cash flows that are designated as cash flow hedges, are recorded as either prepaid expenses and other current assets or accrued expenses and other current liabilities in the consolidated balance sheets. We record changes in the fair value of these derivatives in accumulated other comprehensive profit (loss) in the consolidated balance sheets, until the forecasted transaction occurs upon which we reclassify the related gain or loss on the derivative to the same financial statement line item in the consolidated statements of operations to which the derivative relates.

Derivative instruments that hedge the exposure to variability in the fair value of assets or liabilities that are not currently designated as hedges for financial reporting purposes, are recorded as either prepaid expenses and other current assets or accrued expenses and other current liabilities in the consolidated balance sheets. We records changes in the fair value of these derivatives in other income (expense), net in the consolidated statements of operations.

Property and Equipment, Net

Property and equipment are stated at cost net of accumulated depreciation and amortization. Depreciation and amortization are calculated using the straight-line method over the estimated useful lives of the respective assets. Expenditures for maintenance and repairs are expensed as incurred.

The estimated useful lives of our property and equipment are as follows:


Computer equipment			3 years
Furniture and office equipment			5 – 7 years
Leasehold improvements			Shorter of remaining lease term or estimated useful life

Capitalized Software Costs

Costs related to software acquired, developed, or modified solely to meet our internal requirements, with no substantive plans to market such software at the time of development are capitalized. Costs incurred during the preliminary project stage and during the post implementation operational stage are expensed as incurred. Eligible costs incurred during the application development stage of the project are capitalized. Capitalized software development costs are recorded as part of Other assets, noncurrent in the consolidated balance sheets. Maintenance costs are expensed as incurred. Capitalized software development costs are amortized on a straight-line basis over the software’s estimated useful life, which is four years and are recorded in cost of revenue in the consolidated statements of operations. As of December 31, 2021 and 2020, we have capitalized $3.5 million net and $2.1 million net, respectively, of qualifying software development costs. Amortization expenses related to capitalized software costs were $0.4 million, $0.0 million, and $0.0 million for the years ended December 31, 2021, 2020, and 2019, respectively.

Cloud Computing Arrangement Implementation Costs

We capitalize certain implementation costs incurred in a cloud computing arrangement during the application development stage pursuant to Accounting Standards Codification, or ASC, 350-40, Internal Use Software. These costs are amortized over the term of the hosting arrangement on a straight-line basis, and are included within operating expenses in the consolidated statements of operations. Costs incurred in the preliminary stages of development are analogous to research and development activities and are expensed as incurred. These capitalized costs are included in Other assets, noncurrent in the consolidated balance sheets. As of all of the periods presented, we have capitalized $0.3 million of qualifying cloud computing arrangement implementation costs. Amortization expenses related to capitalized cloud computing arrangement implementation costs were $0.2 million, $0.1 million, and $0.0 million for the years ended December 31, 2021, 2020, and 2019, respectively.

Leases

Leases are reviewed and classified as either capital or operating leases at their inception. In certain lease agreements, we may receive renewal or expansion options, rent holidays, and other incentives. For operating leases, we recognize lease costs on a straight-line basis once we take control of the space, without regard to deferred payment terms such as rent holidays that defer the commencement date of required payments. Additionally, incentives received are treated as a reduction of costs over the term of the agreement.

Impairment of Long-Lived Assets

We evaluate the recoverability of long-lived assets, including property and equipment, for possible impairment whenever events or circumstances indicate that the carrying amount of such assets may not be fully recoverable. Such events and changes may include significant changes in performance relative to expected operating results, significant changes in asset use, significant negative industry or economic trends, and changes in our business strategy. Recoverability of these assets is measured by comparing the carrying amounts with the future undiscounted cash flows that the assets are expected to generate. If such review indicates that the carrying amount of long-lived assets is not recoverable, the carrying amount of such assets is reduced to fair value. We determined that there were no material events or changes in circumstances that indicated that our long-lived assets were impaired during the periods presented.

Indemnification Guarantees

We provide contractual assurances around the accuracy of our approvals so that our merchants can confidently automate a transaction’s execution. Our contracts obligate us to stand ready to indemnify our merchants for any costs incurred from a chargeback due to fraud (i.e., the “guarantee obligation”). Accordingly, we account for the guarantee obligation as an indemnification under the general provisions of ASC 460, Guarantees, or ASC 460, and recognize a liability at fair value upon approving a transaction at an amount that represents what we would need to pay a third party to relieve ourselves from this obligation. This liability is presented as Guarantee obligations on the consolidated balance sheets and will be released to revenue in the consolidated statements of operations.

We are relieved from our guarantee obligation at the earlier of (a) paying a chargeback or (b) expiration of the guarantee which is generally six months from the date of the transaction. We recognize the guarantee obligation as revenue through a systematic and rational amortization method over a six-month period that is representative of our historical pattern of being released from risk under the guarantee obligation.

While no individual transaction is probable of a chargeback occurring, when we analyze a portfolio of transactions, if we believe a future chargeback is probable and reasonably estimated, we accrue a liability and an associated expense through cost of revenue in accordance with ASC 450, Contingencies, or ASC 450. Inputs and assumptions used by management to calculate this provision are based on the

transactions approved and the features of those transactions as well as historical information about chargebacks. It is possible that the estimate may change in the near term, and the effect of the change could be material. These liabilities are recorded within Provision for chargebacks, net on the consolidated balance sheets and will be reduced by credits issued or cash paid to merchants. Please refer to Note 7 below for additional information.

Convertible Preferred Share Warrants

Prior to IPO, warrants to purchase our Series B/C and E-1 convertible preferred shares were recorded as a liability at fair value on our consolidated balance sheets as the underlying convertible preferred shares were contingently redeemable, upon a deemed liquidation event that is outside of our control, and therefore could have obligated us to transfer assets.

The Series B/C convertible preferred share warrants were remeasured to fair value at the end of each reporting period with changes in fair value recognized as a gain or loss within Other income (expense), net in the consolidated statements of operations until the earlier of the exercise of the warrants, the expiration of the warrants, or upon the completion of a qualified IPO. Upon IPO, the Series B/C convertible preferred share warrants were converted to warrants to purchase ordinary shares, and the then outstanding liability was reclassified to additional paid-in capital in the consolidated balance sheets. The warrants to purchase ordinary shares may be exercised any time prior to, and shall expire upon, the earlier of (a) April 29, 2025 or (b) immediately prior to the consummation of certain deemed liquidation events.

The Series E-1 convertible preferred share warrants were remeasured to fair value at the end of each reporting period with changes in fair value recognized as a gain or loss within Other income (expense), net in the consolidated statements of operations until the earlier of the exercise of the warrants, the expiration of the warrants, or the completion of a deemed liquidation event, including a qualified IPO. Upon IPO, the Series E-1 convertible preferred share warrants were automatically exercised. Please refer to Note 9 below for additional information.

Convertible Preferred Share Tranche Rights

Our Series E convertible preferred share purchase agreement provided the holders the obligation to purchase additional Series E convertible preferred shares at future dates. We determined that the tranche rights met the definition of a freestanding financial instrument as the tranche rights were legally detachable and separately exercisable from the Series E convertible preferred shares. We accounted for the tranche rights to purchase our Series E convertible preferred shares as an asset or liability on our consolidated balance sheets, as the tranche rights required us to transfer equity instruments upon future settlement.

The tranche rights were recorded at fair value upon issuance and were remeasured to fair value upon settlement and at the end of each reporting period, with changes in fair value recognized as a gain or loss within Other income (expense), net in the consolidated statements of operations. Upon settlement and issuance of the additional Series E convertible preferred shares, the convertible preferred share tranche rights were reclassified from being an asset or liability to convertible preferred shares in the consolidated balance sheets. Upon IPO, the convertible preferred shares automatically converted to ordinary shares. Please refer to Note 8 below for additional information.

Revenue Recognition

We primarily generate revenue by granting merchants access to our eCommerce risk management platform and reviewing and approving eCommerce transactions for legitimacy. Revenue is also generated from the issuance of indemnification guarantees as noted above within “Indemnification Guarantees”. For the majority of our revenue, merchants pay us a percentage of every dollar of the gross merchandise volume, or GMV, that we approve and guarantee on their behalf. Our fee, as determined by our risk-based pricing model, in these situations is a percentage of the GMV of our merchants’ orders that we

approve, prior to taxes or other charges. These arrangements do not provide merchants with the right to take possession of our software platform. Rather, merchants are granted continuous access to our software platform under a hosting arrangement over the contractual period.

As noted above within “Indemnification Guarantees”, our contracts with our merchants obligate us to review eCommerce transactions for legitimacy as well as to stand ready to indemnify merchants for costs incurred associated with an approved transaction in the event of a chargeback due to fraud. Our fee is allocated between the consideration owed to us for our fraud review service and the consideration owed to us for issuing indemnification guarantees which are recorded at fair value. Consideration allocated to fraud review is recognized as revenue over the contract period in the month that the transactions are approved while consideration allocated to the indemnification guarantee is recognized as we are released from risk under the guarantee, generally over a six-month period from the date of the transaction.

We present revenue net of cancellations and adjustments for minimum service level agreements.

In accordance with ASC 606, revenue is recognized when a customer obtains control of promised products. The amount of revenue recognized reflects the consideration that we expect to receive in exchange for these products. To achieve the core principle of this standard, we applied the following five steps:

1.Identification of the contract, or contracts, with the merchant

We determine that we have a contract with a merchant when the contract is approved, each party’s rights and obligations regarding the products to be transferred can be identified, the payment terms for the products can be identified, we have determined the merchant has the ability and intent to pay, and the contract has commercial substance. At contract inception, we evaluate whether two or more contracts should be combined and accounted for as a single contract and whether the combined or single contract includes more than one performance obligation. Contracts with our merchants are typically for a period of one year.

2.Identification of the performance obligations in the contract

Performance obligations promised in a contract are identified based on the products that will be transferred to the merchant that are both capable of being distinct, whereby the merchant can benefit from the products either on their own or together with other resources that are readily available from third parties or from us, and are distinct in the context of the contract, whereby the transfer of the products is separately identifiable from other promises in the contract.

For SaaS arrangements, we provide access to our cloud-hosted software platform and reviewing and approving eCommerce transaction for legitimacy, without providing the merchant the right to take possession of our software, which we consider to be a single performance obligation. Revenue generated from the issuance of indemnification guarantees is accounted for under ASC 460. Please refer to “Indemnification Guarantees” above and Note 7 below for additional information.

3.Determination of the transaction price

As our contracts include an unknown quantity of approved transactions at a fixed contractual rate per approved transaction value executed on a monthly basis, the contract price is deemed variable. We allocate the variable consideration to the month in which we have the contractual right to bill under the contract as this represents the amount of consideration to which we expect to be entitled for the transfer of products during that month. Certain of our contracts include additional forms of variable consideration such as service level commitments relating to uptime availability and minimum approval rates as well as provisions that provide for reimbursements should our merchant’s consumer cancel an approved order. If we fail to meet these commitments, merchants are generally permitted to receive a refund in the form of a credit on their invoice. Under certain arrangements, when the merchant’s consumer cancels an order that we have approved, we provide a refund of some or all of the fees owed by our merchant to us generally in

the form of a credit on our merchant’s invoice. The transaction price is reduced to reflect our estimate of the amount of consideration to which we are entitled based on the terms of the contract.

Payment terms and conditions vary by contract type, although terms generally include a requirement to pay within 30 days. In instances where the timing of revenue recognition differs from the timing of invoicing, we have determined that our contracts do not include a significant financing component. The primary purpose of our invoicing terms is to provide our merchants with simplified and predictable ways of purchasing our products; not to receive financing from our merchants or to provide merchants with financing. We applied the practical expedient in ASC 606 and did not evaluate payment terms of one year or less for the existence of a significant financing component. Revenue is recognized net of any taxes collected from merchants (e.g., sales tax and other indirect taxes), which are subsequently remitted to governmental entities. We generally do not offer a right of refund in our contracts.

4.Allocation of the transaction price to the performance obligations in the contract

Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on each performance obligation’s relative standalone selling price. Access to our cloud-hosted software is considered one performance obligation in the context of the contract and accordingly the transaction price is allocated to this single performance obligation.

5.Recognition of the revenue when, or as, a performance obligation is satisfied

Revenue is recognized at the time the related performance obligation is satisfied by transferring control of the promised service to the customer. Revenue is recognized in an amount that reflects the consideration that we expect to receive in exchange for those products. For SaaS arrangements, we have determined that these arrangements meet the variable consideration allocation exception and revenue is recognized over the contract period in the month that the transactions are approved.

Contract Balances

Contract assets consist of unbilled accounts receivable. The terms of our agreements are monthly, annual, or multi-year, and we typically invoice our merchants based on monthly usage. In some arrangements, a right to consideration for our performance under the merchant contract may occur before invoicing to the merchant, resulting in an unbilled accounts receivable. The amount of unbilled accounts receivable included within accounts receivable, net on the consolidated balance sheets was immaterial for the periods presented.

Cost to Obtain a Contract

We capitalize sales commissions and associated payroll taxes paid that are incremental to the acquisition of merchant contracts. These costs are recorded as Deferred contract acquisition costs on the consolidated balance sheets. We determine whether costs should be deferred based on our sales compensation plans and if the commissions are incremental and would not have occurred absent the merchant contract. Determining whether such costs are incremental to obtaining the online merchant contract requires a certain degree of judgment.

Sales commissions for the renewal of a contract are not considered commensurate with the sales commissions paid for the acquisition of the initial contract given a substantive difference in commission rates in proportion to their respective contract values. Sales commissions paid for the renewal of a contract are amortized over the contractual term of the renewal. Sales commissions paid upon the initial acquisition of a merchant contract are amortized over an estimated period of benefit of four years. We determine the period of benefit for sales commissions paid for the acquisition of the initial merchant contract by taking into consideration the estimated customer life, technological life of our software, and other factors. These factors involved in the determination of the period of benefit include inherent uncertainties and the application of significant judgment.

Sales commissions are amortized on a straight-line basis and are included in sales and marketing expense in the consolidated statements of operations. We periodically review these deferred contract acquisition costs to determine whether events or changes in circumstances have occurred that could impact the period of benefit. There were no impairment losses recorded during the periods presented.

Cost to Fulfill a Contract

We capitalize certain integration services required in order to be able to fulfill the obligation to provide our products to our merchants. Integration services are promises that are not capable of being distinct. These costs are capitalized to the extent they are directly related to a contract, are recoverable, and generate or enhance resources that will be used in delivering our SaaS products. These costs are recorded as deferred contract fulfillment costs in Other assets, noncurrent on the consolidated balance sheets.

Capitalized costs to fulfill a contract are amortized on a straight-line basis over the expected period of benefit of four years and are included in cost of revenue in the consolidated statements of operations. We determine the period of benefit by taking into consideration the estimated customer life, technological life of our software, and other factors. These factors involved in the determination of period of benefit involve inherent uncertainties and the application of significant judgment. We periodically review these deferred contract fulfillment costs to determine whether events or changes in circumstances have occurred that could impact the period of benefit. There were no impairment losses recorded during the periods presented.

Cost of Revenue

Cost of revenue primarily consist of chargeback expenses, net of chargebacks won, and other expenses directly related to providing our products to our merchants. These other expenses include compensation and benefits related costs, including share-based compensation expense associated with teams integral in providing our service, hosting fees and software costs, payment processing fees, amortization of capitalized software development costs and deferred contract fulfillment costs, depreciation expense, and allocated overhead.

Chargeback claims can be disputed and if the decision of the dispute concludes that the order was legitimate and not fraudulent, the chargeback is classified as chargeback won. We present chargeback expenses net of chargebacks won, since such amounts are refunded to us. Amounts for chargebacks won were $14.3 million, $8.2 million, and $6.8 million for the years ended December 31, 2021, 2020, and 2019, respectively.

Research and Development

Research and development costs primarily consist of compensation and benefits related costs, including share-based compensation expense associated with research and development teams that are responsible for the design, development, and testing of our eCommerce risk management platform infrastructure including expenses associated with adding new features, increasing the functionality, and enhancing the usability of our platform. Research and development costs also consist of third-party software hosting fees used by our research and development teams, depreciation expense, and allocated overhead. Research and development costs are expensed as incurred.

Sales and Marketing

Sales and marketing costs primarily consist of compensation and benefits related costs, including share-based compensation expense directly associated with our sales and marketing teams. Sales and marketing costs also consists of costs associated with conferences, events, digital marketing and advertising programs, amortization of deferred contract acquisition costs including commissions, depreciation expense, and allocated overhead. Sales and marketing costs are expensed as incurred.

Digital marketing programs include advertising, promotional events, and brand-building activities. Advertising costs are expensed as incurred and were $5.2 million, $2.1 million, and $4.7 million for the years ended December 31, 2021, 2020, and 2019, respectively.

General and Administrative

General and administrative costs primarily consist of compensation and benefits related costs, including share-based compensation expense associated with our finance, legal, human resources, information technology and administrative functions. General and administrative costs also consist of third-party professional service fees for external legal, accounting and other consulting services, depreciation expense, and allocated overhead. General and administrative costs are expensed as incurred.

Share-Based Compensation

Share-based compensation expense related to share-based awards is recognized based on the fair value of the awards granted. The fair value of each share option award is estimated on the grant date using the Black-Scholes option-pricing model. The Black-Scholes option-pricing model requires the input of highly subjective assumptions, including the fair value of the underlying ordinary shares, the expected term of the share option, the expected volatility of the price of our ordinary shares, risk-free interest rates, and the expected dividend yield of ordinary shares. The assumptions used to determine the fair value of the option awards represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment. The related share-based compensation expense is recognized on a straight-line basis over the requisite service period of the awards, including awards with graded vesting and no additional conditions for vesting other than service conditions. Forfeitures are accounted for as they occur.

We have granted to employees, RSUs, that vest either upon the (a) satisfaction of service-based vesting conditions only and (b) satisfaction of both service-based and performance-based vesting conditions. The fair value of each RSU award is based on the fair value of the underlying ordinary shares as of the grant date. We have also granted to our Chief Executive Officer (“CEO”), RSUs, that vest upon the satisfaction of service-based, performance-based, and market-based vesting conditions. A Monte-Carlo simulation model was used to determine the grant date fair value by simulating a range of scenarios with each outcome resulting in a determined value. The grant date fair value of this award is the average of the values determined by each simulation. The simulation was also used to derive the requisite service period.

For RSU awards with both service-based and performance-based vesting conditions, the service-based vesting condition has varying terms, but is generally satisfied over four to five years. The performance-based vesting condition is satisfied upon the occurrence of a qualifying liquidation event which is defined as the earlier to occur of (i) the six month anniversary of or, if earlier, March 15 of the year following, the occurrence of an IPO or (ii) consummation of a merger and acquisition, or M&A, transaction of the Company. The performance-based vesting condition underlying these awards was satisfied upon our IPO. The market-based condition underlying the CEO RSU is satisfied upon the trading price of our ordinary shares meeting certain thresholds.

RSU awards with service-based vesting conditions only are recognized using the straight-line method. RSU awards with more than just a service-based vesting condition are recognized using the accelerated attribution method once the performance-based vesting condition is probable of occurring.

Income Taxes

We are subject to income taxes in Israel, the United States, and other jurisdictions. These other jurisdictions may have different statutory rates than in Israel. Income taxes are accounted for in accordance with ASC 740, Income Taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statements carrying

amounts of existing assets and liabilities and their respective tax basis as well as operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Valuation allowances are provided when necessary to reduce deferred tax assets to an amount that is more likely than not to be realized.

We recognize income tax benefits from uncertain tax positions only if we believe that it is more likely than not that the tax position will be sustained upon examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such uncertain tax positions are then measured based on the largest benefit that is more likely than not to be realized upon the ultimate settlement.

Net Profit (Loss) Per Share Attributable to Ordinary Shareholders

We compute net profit (loss) per share using the two-class method required for participating securities. The two-class method requires income available to ordinary shareholders for the period to be allocated between ordinary shares and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. Under the two-class method, we allocate earnings proportionately to Class A and B ordinary shares outstanding for the period. Prior to IPO, we considered our convertible preferred shares to be participating securities as the holders of the convertible preferred shares would be entitled to dividends in preference to ordinary shareholders. These participating securities do not contractually require the holders of such shares to participate in our losses. As such, net loss for the periods presented was not allocated to our participating securities.

Our basic net profit (loss) per share is calculated by dividing net profit (loss) attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding for the period, without consideration of potentially dilutive securities. The diluted net profit (loss) per share is calculated by giving effect to all potentially dilutive securities outstanding for the period using the treasury stock method or the if-converted method based on the nature of such securities. Diluted net profit (loss) per share is the same as basic net profit (loss) per share in periods when the effects of potentially dilutive shares of ordinary shares are anti-dilutive.

Segment Information

We operate our business in one operating segment and therefore have one reportable segment. Operating segments are defined as components of an entity that engage in business activities for which discrete financial information is available and regularly reviewed by the chief operating decision maker, who is our CEO, in deciding how to allocate resources and assess performance. Our chief operating decision maker allocates resources and assesses performance based upon discrete financial information at the consolidated level.

Revenue by geographical region can be found in the revenue recognition disclosures in Note 3 below. The following table presents our property and equipment, net of depreciation and amortization, by geographic region:


	As of December 31,
	2021		2020
	(in thousands)
United States	$	1,997	$	2,074
Israel	14,868		2,491
Rest of world	103		75
Total property and equipment, net	$	16,968	$	4,640

Recently Adopted Accounting Pronouncements

As an emerging growth company, or EGC, the Jumpstart Our Business Startups Act, or the JOBS Act, allows us to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The JOBS Act does not preclude an EGC from early adopting new or revised accounting standards. We have elected to use extended transition periods permissible under the JOBS Act while also early adopting certain accounting pronouncements. The adoption dates discussed below reflect these elections.

In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which simplifies the designation and measurement requirements of hedge accounting in certain situations and allows companies to better align their hedge accounting with their risk management activities. The guidance also eases certain hedge effectiveness assessment requirements, expands the eligibility of hedging strategies that may qualify for hedge accounting and modifies certain presentation and disclosure requirements. We adopted ASU 2017-12 as of January 1, 2021 and the adoption did not have a material impact on our consolidated financial statements.

Recently Issued Accounting Pronouncements

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), including subsequent amendments thereafter, which would require lessees to put all leases on their balance sheets, whether operating or financing, while continuing to recognize the expenses on their income statements in a manner similar to current practice. The guidance states that a lessee would recognize a lease liability for the obligation to make lease payments and a right-to-use asset for the right to use the underlying asset for the lease term. In June 2020, the FASB issued ASU No. 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities, which defers the effective date of ASU 2016-02 for non-public entities to fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. The guidance will be effective for us beginning January 1, 2022, and interim periods in fiscal years beginning January 1, 2023.

We will adopt this guidance as of January 1, 2022 and plan to use the modified retrospective method of applying the new standard at the adoption date. Under this approach, we will continue to report comparative periods presented in the period of adoption under ASC 840. We will elect the package of practical expedients permitted under the transition guidance, which allows us to not reassess our historical conclusions relating to lease identification and classification for existing leases upon adoption. As an accounting policy, we will elect to keep leases with an initial term of 12 months or less off of our consolidated balance sheets and will not separate lease and non-lease components by class of underlying asset. We expect the adoption will result in the initial recognition of operating lease right-of-use assets and related operating lease liabilities that were not previously recognized of approximately $37.5 million. The adoption of Topic 842 will not have a material impact to our consolidated statements of operations or cash flows.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, including subsequent amendments thereafter, which replaces the existing incurred loss impairment model with an expected credit loss model and requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected. The guidance will be effective for us beginning January 1, 2023, and interim periods therein. Early adoption is permitted. We are currently evaluating whether to early adopt ASU 2016-13 and the effect that the guidance will have on our consolidated financial statements and related disclosures.

Revenue Recognition

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue Recognition

3. Revenue Recognition

Disaggregation of Revenue

The following tables summarize revenue by region based on the billing address of our merchants:


	Year Ended December 31,
	2021				2020				2019
	Amount		Percentage of Revenue		Amount		Percentage of Revenue		Amount		Percentage of Revenue
	(in thousands, except where indicated)
United States	$	163,681	71	%	$	129,371	76	%	$	81,393	62	%
Netherlands	11,077		5		4,953		3		19,616		15
Israel	2,353		1		879		1		284		*
Rest of world	52,030		23		34,537		20		29,262		23
Total revenue	$	229,141	100	%	$	169,740	100	%	$	130,555	100	%

_________________

*Represents less than 1%

The following tables summarize revenue based on the nature and type of service provided to our merchants:


	Year Ended December 31,
	2021				2020				2019
	Amount		Percentage of Revenue		Amount		Percentage of Revenue		Amount		Percentage of Revenue
	(in thousands, except where indicated)
Fraud review service revenue (ASC 606)	$	132,261	58	%	$	96,774	57	%	$	66,471	51	%
Indemnification guarantee service revenue (ASC 460)	96,880		42		72,966		43		64,084		49
Total revenue	$	229,141	100	%	$	169,740	100	%	$	130,555	100	%

We primarily generate revenue from our chargeback guarantee offering. Revenue generated from other offerings are not material.

Cost to Obtain a Contract

The following table represents a rollforward of deferred contract acquisition costs:


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Beginning balance	$	6,983	$	2,696	$	1,242
Additions to deferred contract acquisition costs	7,744		5,857		2,079
Amortization of deferred contract acquisition costs	(3,097)		(1,570)		(625)
Ending balance	$	11,630	$	6,983	$	2,696

Cost to Fulfill a Contract

The following table represents a rollforward of deferred contract fulfillment costs included within Other assets, noncurrent on the consolidated balance sheets:


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Beginning balance	$	2,166	$	1,213	$	512
Additions to deferred contract fulfillment costs	1,789		1,558		982
Amortization of deferred contract fulfillment costs	(1,025)		(605)		(281)
Ending balance	$	2,930	$	2,166	$	1,213

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

The following tables present information about our financial instruments that are measured at fair value on a recurring basis:


	As of December 31, 2021
	Fair Value		Level 1		Level 2		Level 3
	(in thousands)
Financial Assets:
Bank deposits included in cash and cash equivalents	$	355,260	$	355,260	$	—	$	—
Short-term deposits	85,132		—		85,132		—
Derivative financial instruments included in prepaid expenses and other current assets	244		—		244		—
Total financial assets	$	440,636	$	355,260	$	85,376	$	—

Financial Liabilities:
Derivative financial instruments included in accrued expenses and other current liabilities	$	61	$	—	$	61	$	—
Total financial liabilities	$	61	$	—	$	61	$	—


	As of December 31, 2020
	Fair Value		Level 1		Level 2		Level 3
	(in thousands)
Financial Assets:
Bank deposits included in cash and cash equivalents	$	17,052	$	17,052	$	—	$	—
Short-term deposits	14,009		—		14,009		—
Total financial assets	$	31,061	$	17,052	$	14,009	$	—

Financial Liabilities:
Convertible preferred share tranche rights included in accrued expenses and other current liabilities	$	2,478	$	—	$	—	$	2,478
Convertible preferred share warrant liabilities included in other liabilities, noncurrent	9,089		—		—		9,089
Total financial liabilities	$	11,567	$	—	$	—	$	11,567

The following table presents the summary of the changes in the fair value of our Level 3 financial instruments:


	Convertible Preferred Shares
	Warrant Liabilities		Tranche Rights
	(in thousands)
Balance as of December 31, 2019	$	5,239	$	1,070
Settlement of convertible preferred share tranche rights	—		(551)
Changes in fair value	3,850		1,959
Balance as of December 31, 2020	9,089		2,478
Changes in fair value	101,413		21,260
Settlement of convertible preferred share tranche rights and Series E-1 convertible preferred share warrants	(74,724)		(23,738)
Reclassification of Series B/C convertible preferred share warrant liability to equity	(35,778)		—
Balance as of December 31, 2021	$	—	$	—

We classify our bank deposits within Level 1 of the fair value hierarchy because it is valued based on quoted market prices in active markets. We classify our short-term deposits and derivative financial instruments within Level 2 of the fair value hierarchy because they are valued using inputs other than quoted prices which are directly or indirectly observable in the market, including readily-available pricing sources for the identical underlying security which may not be actively traded. Prior to conversion, we classified our convertible preferred share warrant liabilities within Level 3 of the fair value hierarchy as the fair value measurement is based on significant inputs not observed in the market, such as the fair value of the underlying Series B/C and Series E convertible preferred shares. Prior to settlement, we classified our convertible preferred share tranche rights within Level 3 as the fair value measurement is based on significant inputs not observed in the market, such as the fair value of the underlying Series E convertible preferred shares.

Please refer to Note 7 below for more information regarding the fair value of our indemnification guarantees.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Derivative Instruments and Hedging

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging

5. Derivative Financial Instruments and Hedging

Notional Amount of Foreign Currency Contracts

The gross notional amounts of our foreign currency contracts are NIS denominated. The notional amounts of outstanding foreign currency contracts in U.S. dollar as of the periods presented were as follows:


	As of December 31,
	2021		2020
	(in thousands)
Derivative Designated as Hedging Instruments:
Foreign currency contracts	$	21,865	$	—
Derivatives Not Designated as Hedging Instruments:
Foreign currency contracts	1,286		12,442
Total derivative instruments	$	23,151	$	12,442

Effect of Foreign Currency Contracts on the Consolidated Statements of Operations

The effect of foreign currency contracts on the Consolidated Statements of Operations during the periods presented were as follows:


	Derivatives Not Designated as Hedging Instruments
	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Statement of Operations Location:
Other income (expense), net	$	(59)	$	(231)	$	—
Total gain (loss) recognized in earnings	$	(59)	$	(231)	$	—

Total gain or loss recognized in earnings from derivatives designated as hedging instruments were zero for all periods presented.

Effect of Foreign Currency Contracts on Accumulated Other Comprehensive Profit (Loss)

The following table represents the net unrealized gains of foreign currency contracts designated as hedging instruments, net of tax, that were recorded in accumulated other comprehensive profit (loss) as of December 31, 2021, and their effect on other comprehensive profit (loss) for the year ended December 31, 2021:


	Year Ended December 31, 2021
	(in thousands)
Balance as of December 31, 2020	$	—
Amount of net gains (loss) recorded in accumulated other comprehensive profit (loss)	176
Amount of net gains (loss) reclassified from accumulated other comprehensive profit (loss) to earnings	—
Balance as of December 31, 2021	$	176

There were no foreign currency contracts designated as hedging instruments for the years ended December 31, 2020 and 2019. As of December 31, 2021, net deferred gains totaled $0.2 million and are

expected to be recognized as operating expenses in the same financial statement line item in the Consolidated Statements of Operations to which the derivative relates over the next twelve months.

Consolidated Balance Sheet Components

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Consolidated Balance Sheet Components

6. Consolidated Balance Sheet Components

Property and Equipment, Net

Property and equipment, net consisted of the following:


	As of December 31,
	2021		2020
	(in thousands)
Computer equipment	$	6,104	$	3,016
Furniture and office equipment	2,216		1,287
Leasehold improvements	12,825		2,950
Property and equipment, gross	21,145		7,253
Less: accumulated depreciation and amortization	(4,177)		(2,613)
Property and equipment, net	$	16,968	$	4,640

Depreciation and amortization expenses were $1.8 million, $1.3 million, and $0.7 million for the years ended December 31, 2021, 2020, and 2019, respectively.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	As of December 31,
	2021		2020
	(in thousands)
Customer credits	$	3,462	$	4,377
Accrued expenses	7,557		3,075
Convertible preferred share tranche rights, current	—		2,478
Other	2,287		1,909
Accrued expenses and other current liabilities	$	13,306	$	11,839

Other Liabilities, Noncurrent

Other liabilities, noncurrent consisted of the following:


	As of December 31,
	2021		2020
	(in thousands)
Convertible preferred share warrant liabilities	$	—	$	9,089
Deferred rent	6,580		1,955
Other	2,779		1,341
Other liabilities, noncurrent	$	9,359	$	12,385

Guarantees, Commitments, and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Guarantees, Commitments, and Contingencies

7. Guarantees, Commitments, and Contingencies

Indemnification Guarantees

merchants for any costs incurred from a chargeback due to fraud. Accordingly, we account for the guarantee obligation as an indemnification under the general provisions of ASC 460 and recognize a liability at fair value upon approving a transaction at an amount that represents what we would need to pay a third party to relieve ourselves from this obligation. This liability is presented as Guarantee obligations on the consolidated balance sheets and was $12.1 million and $12.4 million as of December 31, 2021 and 2020, respectively, and will be released to revenue in the consolidated statements of operations.

Our provision for chargebacks includes amounts associated with chargebacks that have been submitted and accepted but not yet paid by us as of the balance sheet date as well as estimates of chargebacks that have not yet been submitted and accepted relating to approved transactions that are accounted for under ASC 450, Contingencies. While no individual transaction is probable of a chargeback occurring, when we analyze a portfolio of transactions, if we believe a future chargeback is probable and reasonably estimated, we accrue a liability and an associated expense through cost of revenue. Inputs and assumptions used by management to calculate the provision are based on the transactions approved and the features of those transactions as well as historical information about chargebacks. It is possible that the estimate may change in the near term, and the effect of the change could be material. Provision for chargebacks, net on the consolidated balance sheets were $12.0 million and $10.6 million as of December 31, 2021 and 2020, respectively, and will be reduced by credits issued or cash paid to merchants.

As of December 31, 2021, our portfolio of potential chargeback liabilities was diversified across numerous industries, hundreds of merchants, and millions of individual transactions. The maximum potential payment to our merchants for these guarantees at a point in time, if every order we approved was fraudulent, is generally the aggregate approved transaction amount excluding cancelled orders, orders that have expired guarantees, and orders for which guarantees have already been paid. As of December 31, 2021, there was $48.4 billion in outstanding indemnification guarantees.

Historically, we have had to pay approximately 0.1% of guarantees that we have issued and net chargeback expenses for the years ended December 31, 2021, 2020, and 2019, were $85.5 million, $63.1 million, and $54.4 million, respectively, which was in line with our budgets for the associated periods.

Operating Leases

We lease our office facilities under non-cancelable agreements that expire at various dates through 2031. Lease expenses during the years ended December 31, 2021, 2020, and 2019 were $5.9 million, $4.2 million, and $3.4 million, respectively. Sublease income during the years ended December 31, 2021, 2020, and 2019 were $0.1 million, $0.9 million, and $0.8 million, respectively. The minimum rental payments under operating leases as of December 31, 2021 were as follows:


	Amount
	(in thousands)
Year Ending December 31,
2022	$	6,975
2023	6,853
2024	6,648
2025	6,403
2026	6,448
Thereafter	22,631
Total	$	55,958

Excluded from the table above is an unsecured and undated promissory note issued in December 2020 in connection with the execution of a lease agreement for an amount of $3.3 million and $3.2 million as of December 31, 2021 and 2020, respectively. The promissory note may only be withdrawn in the event of a material and fundamental breach of the lease agreement. The promissory note expires three months after the lease termination date. As of December 31, 2021 and 2020, we were in full compliance of the terms and conditions of the promissory note, and the promissory note has not been withdrawn.

Non-Cancelable Purchase Obligations

In the normal course of business, we enter into non-cancelable purchase commitments with various parties primarily for hosting and software services. As of December 31, 2021, we had outstanding non-cancelable purchase obligations with a term of 12 months or longer as follows:


	Amount
	(in thousands)
Year Ending December 31,
2022	$	1,298
2023	524
2024	202
2025	25
Total	$	2,049

Other Indemnifications and Contingencies

In the ordinary course of business, we agree to indemnify certain parties. In our merchant agreements, we have agreed to indemnify, defend, and hold harmless the indemnified party for third-party claims and related losses suffered or incurred by the indemnified party from actual or threatened third-party intellectual property infringement claims. For certain large or strategic merchants, we have agreed to indemnify, defend and hold harmless the indemnified party for non-compliance with certain additional representations and warranties made by us. In addition, we have entered into indemnification agreements with our officers and directors. As we have a limited history of prior indemnification claims and the payments we have made under such agreements have not had a material adverse effect on our results of operations, cash flows, or financial position, we are unable to reasonably estimate the maximum potential amount of future payments related to these indemnification agreements. However, to the extent that valid indemnification claims arise in the future, future payments by us could be significant and could have a material adverse effect on our results of operations or cash flows in a particular period. As of December 31, 2021 and 2020, we did not have any material indemnification claims that were probable or reasonably possible.

Legal Proceedings

Occasionally we may be subject to various proceedings, lawsuits, disputes, or claims. We investigate these claims as they arise and accrue liabilities when losses are probable and reasonable estimated. Although claims are inherently unpredictable, we are currently not aware of any matters that, if determined adversely to us, would individually or taken together, have a material adverse effect on our business, financial position, results of operations, or cash flows.

Convertible Preferred Shares

12 Months Ended

Dec. 31, 2021

Temporary Equity Disclosure [Abstract]

Convertible Preferred Shares

8. Convertible Preferred Shares

The Series E convertible preferred shares financing was structured to close in four separate tranches. In October 2019, we closed the first tranche and issued 2,480,485 shares of Series E convertible preferred shares for $19.02 per share and warrants to purchase an aggregate total of 1,433,142 Series E-1 convertible preferred shares at an exercise price of $25.20 per share for total gross proceeds of $47.2 million, of which $1.8 million was allocated to the Series E-1 convertible preferred share warrants and $1.3 million was allocated to the tranche rights. Total issuance costs were $1.7 million.

In April and October 2020, we closed the second and third tranches and issued a total of 2,900,826 shares of Series E convertible preferred shares for $19.02 per share for total gross proceeds of $55.2 million. Total issuance costs were $1.5 million.

During the second quarter of 2021, we closed the fourth tranche and issued a total of 1,450,414 shares of Series E convertible preferred shares for $19.02 per share for total gross proceeds of $27.6 million. Total issuance costs were $0.8 million.

Upon completion of the IPO during the third quarter of 2021, all outstanding convertible preferred shares, totaling 32,291,470 shares, were automatically converted into an equivalent number of ordinary shares on a one-to-one basis and their carrying value of $291.3 million was reclassified into shareholders’ equity. As of December 31, 2021, there were no shares of convertible preferred shares issued and outstanding. Convertible preferred shares consisted of the following as of December 31, 2020:


	As of December 31, 2020
	Shares Authorized	Shares Issued and Outstanding	Carrying Value		Aggregate Liquidation Preference
	(in thousands, except share data)
Series A	6,228,199	6,228,199	$	1,612	$	1,619
Series B	5,093,025	4,667,700	3,926		3,921
Series C	7,465,072	7,356,972	24,438		24,572
Series D	6,243,934	6,243,934	32,998		33,093
Series E	6,831,725	5,381,311	96,590		102,353
Series E-1	1,433,142	—	—		—
Total convertible preferred shares	33,295,097	29,878,116	$	159,564	$	165,558

Assumptions Used in Determining the Fair Value of Future Tranche Rights

Prior to IPO, we remeasured our outstanding convertible preferred share tranche rights to fair value using a combination of the PWERM and discounted present value model. We selected these models as we believe they are reflective of all significant assumptions that market participants would likely consider in negotiating the transfer of the future tranche rights. Such assumptions include, among other inputs, fair value of underlying preferred shares, time to payments, and risk-free rates. As of December 31, 2021, there were no outstanding convertible preferred share tranche rights. As of December 31, 2020 the key

inputs used in the valuation were as follows:


			As of December 31, 2020
Fair value of Series E convertible preferred shares			$20.74
Time to payments (years)			0.33
Risk-free interest rate			0.09%

9. Convertible Preferred Share Warrants

In conjunction with the issuance of the Series E convertible preferred shares in October 2019, the holders of Series E convertible preferred shares received warrants to purchase an aggregate of 1,433,142 Series E-1 convertible preferred shares at an exercise price of $25.20 per share.

Immediately prior to the closing of the IPO, 962,940 shares of Series E-1 convertible preferred shares were issued upon the exercise of the Series E-1 convertible preferred share warrants. Upon completion of the IPO, the Series E-1 convertible preferred shares were converted in full into 962,940 Class A ordinary shares and 1,925,880 Class B ordinary shares, of which 257,521 Class A ordinary shares and 515,042 Class B ordinary shares were exercised against the payment of $6.5 million in cash and the remainder were exercised on a cashless basis, after giving effect to the Recapitalization.

As of December 31, 2021, the following warrants were issued and outstanding, after giving effect to the Recapitalization:


	As of December 31, 2021
	Issued and Outstanding Share Warrants		Weighted-Average Exercise Price				Expiration Date
	Class A Ordinary Shares	Class B Ordinary Shares	Class A Ordinary Shares		Class B Ordinary Shares
Warrants to purchase ordinary shares	425,325	850,650	$	0.28	$	0.28	April 2025
Total	425,325	850,650

As of December 31, 2020, the following warrants were issued and outstanding:


	As of December 31, 2020
	Issued and Outstanding Share Warrants			Weighted-Average Exercise Price						Expiration Date
	Series B	Series C	Series E-1	Series B		Series C		Series E-1
Series B/C	425,325	108,100	—	$	0.84	$	3.34	—		April 2025
Series E-1	—	—	1,433,142	—		—		$	25.20	November 2022
Total	425,325	108,100	1,433,142

As of December 31, 2020, the shares issuable upon exercise of the Series B/C convertible preferred share warrants were Series B convertible preferred shares or Series C convertible preferred shares. Such election may be made by the holder of the Series B/C convertible preferred share warrant in its sole discretion. On May 4, 2021, the Series B/C convertible preferred share warrant was amended and restated to, among other things, remove the holder's Series B/C convertible preferred share election right. As a result of the amendment, prior to the IPO, the shares issuable upon exercise of the Series B/C convertible preferred share warrant shall solely be Series B convertible preferred shares. All other terms and conditions of the Series B/C convertible preferred share warrant, as shown in the table above, remained unchanged. As discussed in Note 2 above, upon completion of the IPO during the third quarter

of 2021, the Series B/C convertible preferred share warrants automatically converted to warrants to purchase ordinary shares.

Prior to IPO, we remeasured our outstanding convertible preferred share warrant liabilities to fair value using the Black-Scholes option-pricing model. As of December 31, 2021, there were no shares of convertible preferred share warrants issued and outstanding. As of December 31, 2020 the key inputs used in the valuation were as follows:


			As of December 31, 2020
Fair value of Series B convertible preferred shares			$13.32
Fair value of Series E convertible preferred shares			$20.74
Expected term (years)			0.75-1.75
Expected volatility			70.00%
Risk-free interest rate			0.10%-0.12%
Expected dividend yield			0.00%

Estimates of expected term were based on the remaining contractual period of the warrants. Estimates of the volatility for the Black-Scholes option-pricing model were based on the volatility of the respective convertible preferred shares. The risk-free interest rates were based on the U.S. Treasury yield for a term consistent with the estimated expected terms. We have never declared or paid any cash dividends and do not presently plan to pay cash dividends in the foreseeable future. As a result, an expected dividend yield of zero percent was used.

Convertible Preferred Shares Warrants

12 Months Ended

Dec. 31, 2021

Temporary Equity Disclosure [Abstract]

Convertible Preferred Shares Warrants

8. Convertible Preferred Shares


	As of December 31, 2020
	Shares Authorized	Shares Issued and Outstanding	Carrying Value		Aggregate Liquidation Preference
	(in thousands, except share data)
Series A	6,228,199	6,228,199	$	1,612	$	1,619
Series B	5,093,025	4,667,700	3,926		3,921
Series C	7,465,072	7,356,972	24,438		24,572
Series D	6,243,934	6,243,934	32,998		33,093
Series E	6,831,725	5,381,311	96,590		102,353
Series E-1	1,433,142	—	—		—
Total convertible preferred shares	33,295,097	29,878,116	$	159,564	$	165,558

Assumptions Used in Determining the Fair Value of Future Tranche Rights

inputs used in the valuation were as follows:


			As of December 31, 2020
Fair value of Series E convertible preferred shares			$20.74
Time to payments (years)			0.33
Risk-free interest rate			0.09%

9. Convertible Preferred Share Warrants

Immediately prior to the closing of the IPO, 962,940 shares of Series E-1 convertible preferred shares were issued upon the exercise of the Series E-1 convertible preferred share warrants. Upon completion of the IPO, the Series E-1 convertible preferred shares were converted in full into 962,940 Class A ordinary shares and 1,925,880 Class B ordinary shares, of which 257,521 Class A ordinary shares and 515,042 Class B ordinary shares were exercised against the payment of $6.5 million in cash and the remainder were exercised on a cashless basis, after giving effect to the Recapitalization.

As of December 31, 2021, the following warrants were issued and outstanding, after giving effect to the Recapitalization:


	As of December 31, 2021
	Issued and Outstanding Share Warrants		Weighted-Average Exercise Price				Expiration Date
	Class A Ordinary Shares	Class B Ordinary Shares	Class A Ordinary Shares		Class B Ordinary Shares
Warrants to purchase ordinary shares	425,325	850,650	$	0.28	$	0.28	April 2025
Total	425,325	850,650

As of December 31, 2020, the following warrants were issued and outstanding:


	As of December 31, 2020
	Issued and Outstanding Share Warrants			Weighted-Average Exercise Price						Expiration Date
	Series B	Series C	Series E-1	Series B		Series C		Series E-1
Series B/C	425,325	108,100	—	$	0.84	$	3.34	—		April 2025
Series E-1	—	—	1,433,142	—		—		$	25.20	November 2022
Total	425,325	108,100	1,433,142

of 2021, the Series B/C convertible preferred share warrants automatically converted to warrants to purchase ordinary shares.


			As of December 31, 2020
Fair value of Series B convertible preferred shares			$13.32
Fair value of Series E convertible preferred shares			$20.74
Expected term (years)			0.75-1.75
Expected volatility			70.00%
Risk-free interest rate			0.10%-0.12%
Expected dividend yield			0.00%

Ordinary Shares and Equity Incentive Plan

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Ordinary Shares and Equity Incentive Plan

10. Ordinary Shares and Equity Incentive Plan

Ordinary Shares

Upon the completion of the IPO, our amended and restated AoA became effective, which authorized the issuance of up to 900,000,000 Class A ordinary shares with no par value and 232,500,000 Class B ordinary shares with no par value, respectively.

We have the following ordinary shares reserved for future issuance:


	As of December 31,
	2021	2020
Conversion of convertible preferred shares	—	29,878,116
Warrants to purchase convertible preferred shares(1)	—	1,858,467
Warrants to purchase ordinary shares(2)	1,775,475	—
Share options and RSUs issued and outstanding under the 2013 Plan	26,460,287	5,934,521
Remaining shares available for future issuance under the 2013 Plan	—	2,129,796
Share options and RSUs issued and outstanding under the 2021 Plan	803,556	—
Remaining shares available for future issuance under the 2021 Plan	13,474,214	—
Total ordinary shares reserved	42,513,532	39,800,900

_________________

(1)Includes the Series E-1 convertible preferred share warrant and the Series B/C convertible preferred share warrant. Prior to May 4, 2021, assumes the Series B/C convertible preferred share warrants are exercised into Series B convertible preferred shares. If the holder had elected to exercise into Series C convertible preferred shares, total ordinary shares reserved for future issuance would be 39,483,675 as of December 31, 2020. On May 4, 2021, the Series B/C convertible preferred share warrant was amended and restated to, among other things, remove the holder's Series B/C convertible preferred share election right. As a result of the amendment, the shares issuable upon exercise of the Series B/C convertible preferred share warrant shall solely be Series B convertible preferred shares. Upon completion of the IPO, the Series B/C convertible preferred share warrants automatically converted to warrants to purchase ordinary shares.

(2)Includes the warrants to purchase ordinary shares as a result of the conversion of Series B/C convertible preferred share warrants discussed in (1) above, and warrants issued to customers.

Equity Incentive Plan

The 2013 Equity Incentive Plan, or the 2013 Plan, was adopted by our board of directors on July 13, 2013 and amended and restated on February 23, 2021. The U.S. Sub-Plan to the 2013 Plan, or the U.S. Sub-Plan, was adopted by our board of directors on May 10, 2015 and amended and restated on February 23, 2021. The 2013 Plan and U.S. Sub-Plan provide for the grant of equity-based incentive awards to our employees, directors, office holders, and consultants in order to incentivize them to increase their efforts on behalf of us and to promote the success of our business.

Immediately prior to the completion of the IPO, we adopted the 2021 Share Incentive Plan, or the 2021 Plan. Following the effectiveness of the 2021 Plan, we no longer grant any awards under the 2013 Plan, though previously granted share-based awards under the 2013 Plan remain outstanding and governed by the 2013 Plan. The 2021 Plan provides for the grant of stock options (including incentive stock options and non-qualified stock options), Class A ordinary shares, restricted shares, RSUs, stock appreciation rights and other share-based awards. The maximum number of Class A ordinary shares available for issuance under the 2021 Plan is equal to the sum of (i) 13,951,037 Class A ordinary shares, (ii) any shares subject to awards under the 2013 Plan which have expired, or were cancelled, terminated, forfeited or settled in cash in lieu of issuance of shares or became unexercisable without having been exercised and (iii) an annual increase on the first day of each year beginning in 2022 and on January 1st of each calendar year thereafter during the term of the 2021 Plan, equal to the lesser of (A) 5% of the outstanding Class A ordinary shares of the Company on the last day of the immediately preceding calendar year, on a fully diluted, as converted basis; and (B) such amount as determined by our board of directors if so determined prior to January 1 of a calendar year, provided that no more than 13,951,037 Class A ordinary shares may be issued upon the exercise of incentive share options.

Share Options and Shares Available for Grant

Share options generally vest over four years and expire ten years after the date of grant. We issue Class A ordinary shares upon exercise of share options. A summary of share options under our equity incentive plan and related information is as follows:


	Share Options Outstanding
	Outstanding Share Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
	(in thousands, except share, life and per share data)
Balance as of December 31, 2020	5,934,521	$	3.31	6.5	$	48,479
Options granted	2,244,856	$	11.17
Bonus issuance upon Recapitalization(1)	14,269,379
Options exercised	(3,006,393)	$	0.99
Options forfeited	(607,623)	$	5.13
Balance as of December 31, 2021	18,834,740	$	2.05	7.0	$	109,397
Exercisable as of December 31, 2021	10,181,218	$	0.91	5.7	$	70,767

_________________

(1)As of December 31, 2021, these shares options are to be settled in Class A ordinary shares upon exercise.

The weighted-average grant date fair value of share options granted during the years ended December 31, 2021, 2020, and 2019 were $16.63, $4.40, and $4.30, respectively. The aggregate grant date fair value of share options vested during the years ended December 31, 2021, 2020, and 2019 were $3.2 million, $2.6 million, and $0.7 million, respectively. The total intrinsic value of share options exercised during the years ended December 31, 2021, 2020, and 2019 were $68.6 million, $4.3 million, and $2.7 million, respectively. As of December 31, 2021, unrecognized share-based compensation cost related to unvested share options was $27.4 million, which is expected to be recognized over a weighted-average period of 3.1 years.

The Black-Scholes assumptions used to value the employee share options at the grant dates are as follows:


	Year Ended December 31,
	2021	2020	2019
Expected term (years)	5.44 - 6.60	5.75 - 6.11	5.20 - 6.11
Expected volatility	67.26% - 68.52%	55.00% - 65.00%	55.00% - 62.61%
Risk-free interest rate	0.99% - 1.12%	0.52% - 1.73%	1.66% - 2.50%
Expected dividend yield	0.00%	0.00%	0.00%

These assumptions and estimates were determined as follows:

•Fair Value of Ordinary Shares - Prior to IPO, the fair value was determined by our board of directors, with input from management and valuation reports prepared by third-party valuation specialists. Post IPO, the fair value of each ordinary share was based on the closing price of our publicly traded ordinary shares as reported on the date of the grant.

•Expected Term - The expected term represents the period that the share options are expected to be outstanding. For share option grants that are considered to be “plain vanilla,” we determine the expected term using the simplified method. The simplified method deems the term to be the average of the time-to-vesting and the contractual life of the share options.

•Expected Volatility - As we have a short trading history for our ordinary shares, the expected volatility is derived from the average historical share volatilities of several unrelated public companies within our industry that we consider to be comparable to our own business over a period equivalent to the option’s expected term.

•Risk-Free Interest Rate - The risk-free rate for the expected term of the share options are based on the yields of U.S. Treasury securities with maturities appropriate for the expected term of employee share option awards.

•Expected Dividend Yield. - We have never declared or paid any cash dividends and do not presently plan to pay cash dividends in the foreseeable future. As a result, an expected dividend yield of zero percent was used.

Restricted Share Units

Our RSUs outstanding generally vest either upon the satisfaction of service-based vesting conditions only, the satisfaction of both service-based and performance-based vesting conditions or the satisfaction of service-based, performance-based and market-based vesting conditions. Please refer to Note 2 above for more information regarding the vesting conditions of our RSUs. RSUs can only vest prior to the expiration date of the award which is seven years from the date of grant. Shareholders are able to retain RSUs vested with respect to the satisfaction of the service-based vesting condition upon termination of employment or service, and such RSUs remain subject to the performance-based vesting condition. Any RSUs that have not vested will automatically terminate on their expiration date.

For awards with both service-based and performance-based vesting conditions, the performance-based vesting condition was deemed probable of being achieved upon the closing of our IPO, upon which we recorded a cumulative catch-up of share-based compensation expense of $2.6 million using the accelerated attribution method.

A summary of RSU activity, including activity under our equity incentive plan, and related information is as follows:


	Number of Shares	Weighted-Average Grant-Date Fair Value Per Share
Unvested as of December 31, 2020	—	$	—
Granted	3,253,008	$	38.94
Bonus issuance upon Recapitalization(1)	5,183,698
Vested	—	$	—
Forfeited	(7,603)	$	19.49
Unvested as of December 31, 2021	8,429,103	$	15.01

_________________

(1)As of December 31, 2021, these RSUs are to be settled in 437,870 Class A Ordinary Shares and 4,745,828 Class B Ordinary Shares upon vesting.

As of December 31, 2021, total unrecognized share-based compensation expense related to unvested RSUs was approximately $103.0 million, which is expected to be recognized over a weighted-average period of 5.58 years.

2021 Employee Share Purchase Plan

We adopted the 2021 Employee Share Purchase Plan, or ESPP, immediately prior to our IPO. A total of 3,742,961 Class A ordinary shares are available for sale under the ESPP, subject to adjustment as provided for in the ESPP. In addition, on the first day of each fiscal year beginning on January 1, 2022

and ending on and including January 1, 2031, such pool of Class A ordinary shares shall be increased by that number of our Class A ordinary shares equal to the lesser of: (i) 1% of the outstanding Class A ordinary shares as of the last day of the immediately preceding fiscal year, determined on a fully diluted as-converted basis; or (ii) such other amount as our board of directors may determine.

Generally, all of our employees are eligible to participate if they are employed by us. However, an employee may not be granted rights to purchase our ordinary shares under the ESPP if such employee (i) immediately after the grant would own capital shares or hold outstanding share options to purchase such shares possessing 5% or more of the total combined voting power or value of all classes of our shares or any of our subsidiaries.

As of December 31, 2021, we have not effected any offering under the ESPP.

Secondary Transactions

2019 Secondary Transaction: In December 2019, in conjunction with the Series E convertible preferred share financing, our founders sold 1,012,572 ordinary shares to existing investors at a per share price of $18.08. As the purchases were made by economic interest holders in our acquired shares from our founders, we assessed the impact of this transaction at a price in excess of fair value of such shares. Accordingly, we recognized $9.6 million of such excess value as share-based compensation expense during the year ended December 31, 2019.

2020 Secondary Transaction: In April 2020, in conjunction with the Series E convertible preferred shares financing, certain of our employees and shareholders sold 1,120,809 ordinary shares, of which 521,473 shares were sold by our employees to existing investors at a per share price of $18.08. As the purchases were made by economic interest holders in our acquired shares from our employees, we assessed the impact of this transaction at a price in excess of fair value of such shares. Accordingly, we recognized $5.5 million of such excess value as share-based compensation expense during the year ended December 31, 2020.

Share-Based Compensation

Share-based compensation expense by line item in the consolidated statements of operations is summarized as follows:


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Cost of revenue	$	216	$	38	$	12
Research and development	4,246		3,621		465
Sales and marketing	10,710		2,814		5,534
General and administrative	18,186		1,472		5,226
Total share-based compensation expense	$	33,358	$	7,945	$	11,237

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

11. Income Taxes

Ordinary taxable income in Israel is subject to a corporate tax rate of 23%. However, the effective tax rate payable by a company that derives income from a Preferred Technological Enterprise (as discussed below) may be considerably less. Capital gains (which are not ‘Inflationary Surplus’, as described below) derived by an Israeli company are generally subject to the prevailing corporate tax rate.

Law for the Encouragement of Capital Investments, 1959

The Law for the Encouragement of Capital Investments, 1959, generally referred to as the Investment Law, provides certain incentives for capital investments in production facilities (or other eligible assets).

The Investment Law was significantly amended effective on April 1, 2005, January 1, 2011, and on January 1, 2017, or the 2017 Amendment. The 2017 Amendment introduces new benefits for Technological Enterprises, alongside the existing tax benefits.

The 2017 Amendment was enacted as part of the Economic Efficiency Law that was published on December 29, 2016, and is effective as of January 1, 2017. The 2017 Amendment included new tax benefits for “Technological Enterprises,” as described below, and is in addition to the other existing tax beneficial programs under the Investment Law.

The 2017 Amendment provides that a technology company satisfying certain conditions should qualify as a “Preferred Technology Enterprises,” or PTE, granting a 12% tax rate in central Israel on income deriving from Benefited Intangible Assets, subject to a number of conditions being fulfilled, including a minimal amount or ratio of annual R&D expenditure and R&D employees, as well as having at least 25% of annual income derived from exports to large markets. PTE is defined as an enterprise which meets the aforementioned conditions and for which total consolidated revenues of its parent company and all subsidiaries are less than NIS 10 billion.

We have not adopted the PTE status currently, but believe we are eligible for the PTE status in future tax years and have tax-effected our Israel deferred tax assets and liabilities at the appropriate PTE rates. Our subsidiaries are separately taxed under the domestic tax laws of the jurisdiction of incorporation of each entity.

Profit (loss) before the provision for income taxes consisted of the following for the years ended December 31, 2021, 2020, and 2019:


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Israel	$	(154,339)	$	(13,479)	$	(8,302)
International	(22,988)		3,207		(5,398)
Total	$	(177,327)	$	(10,272)	$	(13,700)

The provision for income taxes was as follows:


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Current:
Israel	$	4	$	4	$	212
International	121		32		45
Total current income tax expense	125		36		257
Deferred:
Israel	—		—		—
International	1,433		1,039		218
Total deferred income tax expense	1,433		1,039		218
Total provision for income taxes	$	1,558	$	1,075	$	475

A reconciliation of our statutory income tax expense to our effective income tax provision is as follows:


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Israel tax benefit at statutory rate	$	(40,784)	$	(2,362)	$	(3,151)
Preferred enterprise	3,052		169		750
Foreign rate differential	912		332		2,376
Share-based compensation	1,753		1,328		245
Warrant revaluation	23,325		1,336		100
Tranche right revaluation	4,890		—		—
Prior period adjustments	84
Permanent differences	98		83		(138)
ASC 606			—		133
Uncertain tax position	3,784		5		234
Change in valuation allowance	4,444		184		(74)
Total	$	1,558	$	1,075	$	475

Our effective tax rate was (0.88)% for the year ended December 31, 2021, compared to an effective tax rate of (10)% for the year ended December 31, 2020 and (3)% for the year ended December 31, 2019. The effective tax rates for the periods presented are primarily comprised of Israel statutory taxes, warrant revaluation, share-based compensation expense, foreign taxes, and change in valuation allowance position. The difference in the effective tax rate of (0.88)% for the year ended December 31, 2021 as compared to the effective tax rate of (10)% for the year ended December 31, 2020 and (3)% for the year ended December 31, 2019 was related to movement of warrant revaluation and non-deductible share-based compensation in Israel and in our U.S. subsidiary which was included as part of the foreign rate differential.

The provision for income taxes was $1.6 million, $1.1 million, and $0.5 million for the years ended December 31, 2021, 2020, and 2019, respectively. The provision for income taxes for the year ended December 31, 2021 consisted primarily of income taxes related to the United States and other foreign jurisdictions in which we conduct business.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.

The following table presents the significant components of our deferred tax assets and liabilities:


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Deferred tax assets:
Research and development expenses	$	1,436	$	1,742	$	2,619
Stat to GAAP adjustments	—		1,493		1,096
Net operating loss	5,212		941		739
Deferred Compensation	1,009
Vacation and convalescence	799		364		165
Bad debts	93		100		106
Other	466		374		169
Gross deferred tax assets	9,015		5,014		4,894
Valuation allowance	(8,699)		(4,255)		(4,071)
Total deferred tax assets	316		759		823
Deferred tax liabilities:
Deferred contract acquisition costs	(2,324)		(1,543)		(633)
Property and equipment	(283)		(439)		(404)
Capitalized Software	(397)
Other	—		(34)		(4)
Gross deferred tax liabilities	(3,004)		(2,016)		(1,041)
Net deferred tax liabilities	$	(2,688)	$	(1,257)	$	(218)

As of December 31, 2021 and 2020, we had Israel net operating loss, or NOL, carryforwards of approximately $37.4 million and $5.1 million, respectively, which do not expire. As of December 31, 2021 and 2020, we had U.S. federal NOL carryforwards of approximately $9.8 million and $0.1 million, respectively, which expire in 2041 and 2027 respectively. As of December 31, 2021, we had U.S. state NOL carryforwards of approximately 27.4 million, of which 26.3 million expires between 2027 and 2041, and the remaining 1.1 million do not expire. As of December 31, 2020, we had U.S. state NOL carryforwards of approximately $4.8 million, of which $1.5 million expires in 2027, $0.5 million expires in 2029, $2.3 million expires in 2030, and the remaining $0.5 million do not expire.

During the years ended December 31, 2021, 2020, and 2019 the net change in the valuation allowance against deferred tax assets amounted to an increase of $4.4 million, an increase of $0.2 million, and a decrease of $0.1 million, respectively. The increase in the valuation allowance during the year ended December 31, 2021, was largely attributable to the generation of Israel, and certain US state net operating loss carryforwards and the establishment of a valuation allowance against certain US state deferred tax assets. The increase in the valuation allowance during the year ended December 31, 2020, was largely attributable to the generation of Israel NOLs. The decrease in the valuation allowance during the year ended December 31, 2019, was largely attributable to the release of the valuation allowance on the U.S. federal net deferred tax assets.

In establishing deferred income tax assets and liabilities, management makes judgments based on the enacted tax laws and published tax guidance applicable to us as well as the amount and jurisdiction of future taxable income. Deferred tax assets and liabilities are recorded and the need for valuation allowances is evaluated to reduce the deferred tax assets to amounts expected to be realized. As of

December 31, 2021 and 2020, we maintained a full valuation allowance on Israel net deferred tax assets as we believe, after weighing both the positive and negative evidence, that it is more likely than not that these deferred tax assets will not be realized.

The Internal Revenue Code of 1986, as amended, imposes restrictions on the utilization of NOLs in the event of an “ownership change” of a corporation. Accordingly, a company’s ability to use NOLs may be limited as prescribed under Internal Revenue Code Section 382, or IRC Section 382. Events which may cause limitations in the amount of the NOLs that we may use in any one year include, but are not limited to, a cumulative ownership change of more than 50% over a three-year period. Utilization of the U.S. federal and state NOLs may be subject to substantial annual limitation due to the ownership change limitations provided by the IRC Section 382 and similar state provisions. We have completed our evaluation of NOL utilization limitations under Internal Revenue Code, as amended, or the Code, Section 382, change of ownership rules, and have found that the NOLs would not be limited as to the amount that could be used in the current tax year.

We have identified unrecognized tax benefits or uncertain tax positions. There has been a liability on uncertain tax positions recorded on our audited consolidated financial statements as of December 31, 2021 and 2020,. We do not expect that our assessment regarding unrecognized tax benefits and uncertain tax positions will materially change over the following 12 months.

A reconciliation of the beginning and ending balance of total unrecognized tax position is as follows:


	Unrecognized Tax Benefits
	(in thousands)
Balance – January 1, 2019	$	—
Additions based on tax positions related to current year	234
Reductions for tax positions of prior years	—
Balance – December 31, 2019	234
Additions based on tax positions related to current year	—
Reductions for tax positions of prior years	—
Balance – December 31, 2020	234
Additions based on tax positions related to current year	3,885
Reductions for tax positions of prior years	—
Balance – December 31, 2021	$	4,119

As of December 31, 2021 and 2020, the total amount of gross unrecognized tax benefits was $4.1 million, and $0.2 million, respectively, which, if recognized, would affect our effective tax rate. We have elected to include interest and penalties as a component of tax expense. As of December 31, 2021 and 2020, we have accumulated $10 thousand, and $5 thousand, respectively, in both interest and penalties associated with uncertain tax positions. We do not expect unrecognized tax benefits to change significantly within the next twelve months.

We are not currently under audit for income taxes. As of December 31, 2021, tax years beginning with the year ended December 31, 2016 remain subject to examination by the Israel tax authorities and tax years beginning with the year ended December 31, 2017 remain subject to examination by the Internal Revenue Service and certain U.S. state jurisdictions.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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-Section 50
-Paragraph 21
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
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-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Net Profit (Loss) Per Share Attributable to Ordinary Shareholders

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Net Profit (Loss) Per Share Attributable to Ordinary Shareholders

12. Net Profit (Loss) Per Share Attributable to Ordinary Shareholders

The following table sets forth the computation of basic and diluted net profit (loss) per share attributable to ordinary shareholders for the periods presented:


	Year Ended December 31,
	2021				2020		2019
	Class A		Class B		Ordinary Shares		Ordinary Shares
	(in thousands, except share and per share data)
Numerator:
Net profit (loss) attributable to ordinary shareholders, basic and diluted	$	(90,677)	$	(88,208)	$	(11,347)	$	(14,175)

Denominator:
Weighted-average shares used in computing net profit (loss) per share attributable to ordinary shareholders, basic and diluted	38,757,558		37,702,067		14,022,788		13,597,794
Net profit (loss) per share attributable to ordinary shareholders, basic and diluted	$	(2.34)	$	(2.34)	$	(0.81)	$	(1.04)

Basic and diluted net profit (loss) per share attributable to ordinary shareholders are the same for each class of ordinary shares as they are entitled to the same liquidation and dividend rights. The weighted-average potential ordinary shares that were excluded from the computation of diluted net profit (loss) per share attributable to ordinary shareholders for the periods presented because including them would have been anti-dilutive are as follows:


	Year Ended December 31,
	2021		2020	2019
	Class A	Class B	Ordinary Shares	Ordinary Shares
Convertible preferred shares	17,817,201	35,634,404	28,217,680	24,912,627
Warrants to purchase share-based awards(1)(2)	1,488,819	354,243	1,858,467	680,542
Outstanding share options	12,239,441	—	5,985,236	5,687,851
Unvested RSUs	1,562,388	1,965,604	—	—
Total	33,107,849	37,954,251	36,061,383	31,281,020

_________________

(1)Prior to IPO, assumes the Series B/C convertible preferred share warrants are exercised into Series B convertible preferred shares. Prior to May 4, 2021, should the holder elect to exercise into Series C convertible preferred shares, total weighted-average potential ordinary shares that were excluded from the computation of diluted net profit (loss) per share attributable to ordinary shareholders were 70,110,425, 35,744,158, and 30,963,795, for the years ended December 31, 2021, 2020, and 2019, respectively. On May 4, 2021, the Series B/C convertible preferred share warrants were amended and restated to, among other things, remove the holder's Series B/C convertible preferred share election right. As a result of the amendment, the shares issuable upon exercise of the Series B/C convertible preferred share warrant shall solely be Series B convertible preferred shares. Upon completion of the IPO during the third quarter of 2021, the Series B/C convertible preferred share warrants automatically converted to warrants to purchase ordinary shares.

(2)Includes the warrants to purchase ordinary shares as a result of the conversion of Series B/C convertible preferred share warrants discussed in (1) above, and warrants issued to customers.

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2021
Retirement Benefits [Abstract]
Employee Benefit Plans	13. Employee Benefit Plans We have a defined-contribution plan in the United States intended to qualify under Section 401 of the Internal Revenue Code, or the 401(k) Plan. The 401(k) Plan covers substantially all employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre-tax basis. We offer a safe harbor matching contribution in an amount equal to 100% of participating employee contributions to the plan up to 4% of the employee’s eligible compensation. During the years ended December 31, 2021, 2020, and 2019, we recorded $0.8 million, $0.6 million, and $0.3 million, respectively, of expenses related to the 401(k) plan. Israeli Severance Pay Pursuant to Israel’s Severance Pay Law, Israeli employees are entitled to severance pay equal to one month’s salary for each year of employment, or a portion thereof. We have elected to include our employees in Israel under Section 14 of the Severance Pay Law, under which these employees are entitled only to monthly deposits made in their name with insurance companies, at a rate of 8.33% of their monthly salary. These payments release us from any future obligation under the Israeli Severance Pay Law to make severance payments in respect of those employees; therefore, any liability for severance pay due to these employees, and the deposits under Section 14 are not recorded as an asset in the consolidated balance sheets. During the years ended December 31, 2021, 2020, and 2019, we recorded $3.8 million, $2.7 million and $1.9 million, respectively, in severance expenses related to these employees.

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	14. Related Party Transactions For a description of related party transactions, please refer to Note 10 “Ordinary Shares and Equity Incentive Plan—Secondary Transactions.”

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	15. Subsequent Events We have evaluated subsequent events from the balance sheet date through February 25, 2022, the date at which the consolidated financial statements were available to be issued, noting no additional items which need to be disclosed within the accompanying notes to the consolidated financial statements other than those disclosed above.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Basis of Presentation

Basis of PresentationThe accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States, or U.S. GAAP, and include the accounts of Riskified Ltd. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain amounts in prior periods have been reclassified to conform to the current period presentation.

Use of Estimates

Factors Affecting Our Performance” included elsewhere in this Annual Report for more information regarding the impact of COVID-19 on our business.

Foreign Currency

Concentration of Risks

The following tables summarize our merchants that represented 10% or more of Accounts receivable, net and Revenue:


	Accounts receivable, net				Revenue
	As of December 31,				Year Ended December 31,
	2021		2020		2021		2020		2019
Customer A	32	%	37	%	16	%	18	%	21	%
Customer B	*		12	%	*		10	%	*
Customer C	11	%	*		*		*		15	%

________________

*Represents less than 10%

Cash, Cash Equivalents, and Restricted Cash

Short-Term Deposits

Short-term deposits consist of deposits with maturities of 12 months or less as of the balance sheet date. Short-term deposits are reported at fair value as of each balance sheet date.

Fair Value Measurements

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Accounts Receivable, Net

dispute. Accounts receivable deemed uncollectible are charged against the allowance for doubtful accounts when identified.

Derivative Financial Instruments

Property and Equipment, Net

The estimated useful lives of our property and equipment are as follows:


Computer equipment			3 years
Furniture and office equipment			5 – 7 years
Leasehold improvements			Shorter of remaining lease term or estimated useful life

Capitalized Software Costs and Cloud Computing Arrangement Implementation Costs

Capitalized Software CostsCosts related to software acquired, developed, or modified solely to meet our internal requirements, with no substantive plans to market such software at the time of development are capitalized. Costs incurred during the preliminary project stage and during the post implementation operational stage are expensed as incurred. Eligible costs incurred during the application development stage of the project are capitalized. Capitalized software development costs are recorded as part of Other assets, noncurrent in the consolidated balance sheets. Maintenance costs are expensed as incurred. Capitalized software development costs are amortized on a straight-line basis over the software’s estimated useful life, which is four years and are recorded in cost of revenue in the consolidated statements of operations.Cloud Computing Arrangement Implementation CostsWe capitalize certain implementation costs incurred in a cloud computing arrangement during the application development stage pursuant to Accounting Standards Codification, or ASC, 350-40, Internal Use Software. These costs are amortized over the term of the hosting arrangement on a straight-line basis, and are included within operating expenses in the consolidated statements of operations. Costs incurred in the preliminary stages of development are analogous to research and development activities and are expensed as incurred. These capitalized costs are included in Other assets, noncurrent in the consolidated balance sheets.

Leases

Impairment of Long-Lived Assets

Indemnifications Guarantees

Indemnification Guarantees

Convertible Preferred Share Warrants and Convertible Preferred Share Tranche Rights

Convertible Preferred Share Warrants

Convertible Preferred Share Tranche Rights

Revenue Recognition

We present revenue net of cancellations and adjustments for minimum service level agreements.

1.Identification of the contract, or contracts, with the merchant

2.Identification of the performance obligations in the contract

3.Determination of the transaction price

the form of a credit on our merchant’s invoice. The transaction price is reduced to reflect our estimate of the amount of consideration to which we are entitled based on the terms of the contract.

4.Allocation of the transaction price to the performance obligations in the contract

5.Recognition of the revenue when, or as, a performance obligation is satisfied

Contract Balances

Cost to Obtain a Contract

Cost to Fulfill a Contract

Cost of Revenue

Research and Development

Sales and Marketing

General and Administrative

Share-Based Compensation

Income Taxes

Net Profit (Loss) Per Share Attributable to Ordinary Shareholders

Segment Information


	As of December 31,
	2021		2020
	(in thousands)
United States	$	1,997	$	2,074
Israel	14,868		2,491
Rest of world	103		75
Total property and equipment, net	$	16,968	$	4,640

Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedules of Concentration of Risk, by Risk Factor

The following tables summarize our merchants that represented 10% or more of Accounts receivable, net and Revenue:


	Accounts receivable, net				Revenue
	As of December 31,				Year Ended December 31,
	2021		2020		2021		2020		2019
Customer A	32	%	37	%	16	%	18	%	21	%
Customer B	*		12	%	*		10	%	*
Customer C	11	%	*		*		*		15	%

________________

*Represents less than 10%

Property, Plant and Equipment

The estimated useful lives of our property and equipment are as follows:


Computer equipment			3 years
Furniture and office equipment			5 – 7 years
Leasehold improvements			Shorter of remaining lease term or estimated useful life

The following table presents our property and equipment, net of depreciation and amortization, by geographic region:


	As of December 31,
	2021		2020
	(in thousands)
United States	$	1,997	$	2,074
Israel	14,868		2,491
Rest of world	103		75
Total property and equipment, net	$	16,968	$	4,640

Property and Equipment, Net

Property and equipment, net consisted of the following:


	As of December 31,
	2021		2020
	(in thousands)
Computer equipment	$	6,104	$	3,016
Furniture and office equipment	2,216		1,287
Leasehold improvements	12,825		2,950
Property and equipment, gross	21,145		7,253
Less: accumulated depreciation and amortization	(4,177)		(2,613)
Property and equipment, net	$	16,968	$	4,640

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue from External Customers by Geographic Areas

The following tables summarize revenue by region based on the billing address of our merchants:


	Year Ended December 31,
	2021				2020				2019
	Amount		Percentage of Revenue		Amount		Percentage of Revenue		Amount		Percentage of Revenue
	(in thousands, except where indicated)
United States	$	163,681	71	%	$	129,371	76	%	$	81,393	62	%
Netherlands	11,077		5		4,953		3		19,616		15
Israel	2,353		1		879		1		284		*
Rest of world	52,030		23		34,537		20		29,262		23
Total revenue	$	229,141	100	%	$	169,740	100	%	$	130,555	100	%

_________________

*Represents less than 1%

Disaggregation of Revenue

The following tables summarize revenue based on the nature and type of service provided to our merchants:


	Year Ended December 31,
	2021				2020				2019
	Amount		Percentage of Revenue		Amount		Percentage of Revenue		Amount		Percentage of Revenue
	(in thousands, except where indicated)
Fraud review service revenue (ASC 606)	$	132,261	58	%	$	96,774	57	%	$	66,471	51	%
Indemnification guarantee service revenue (ASC 460)	96,880		42		72,966		43		64,084		49
Total revenue	$	229,141	100	%	$	169,740	100	%	$	130,555	100	%

Deferred Policy Acquisition Costs

The following table represents a rollforward of deferred contract acquisition costs:


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Beginning balance	$	6,983	$	2,696	$	1,242
Additions to deferred contract acquisition costs	7,744		5,857		2,079
Amortization of deferred contract acquisition costs	(3,097)		(1,570)		(625)
Ending balance	$	11,630	$	6,983	$	2,696

Deferred Contract Fulfillment Costs

The following table represents a rollforward of deferred contract fulfillment costs included within Other assets, noncurrent on the consolidated balance sheets:


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Beginning balance	$	2,166	$	1,213	$	512
Additions to deferred contract fulfillment costs	1,789		1,558		982
Amortization of deferred contract fulfillment costs	(1,025)		(605)		(281)
Ending balance	$	2,930	$	2,166	$	1,213

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present information about our financial instruments that are measured at fair value on a recurring basis:


	As of December 31, 2021
	Fair Value		Level 1		Level 2		Level 3
	(in thousands)
Financial Assets:
Bank deposits included in cash and cash equivalents	$	355,260	$	355,260	$	—	$	—
Short-term deposits	85,132		—		85,132		—
Derivative financial instruments included in prepaid expenses and other current assets	244		—		244		—
Total financial assets	$	440,636	$	355,260	$	85,376	$	—

Financial Liabilities:
Derivative financial instruments included in accrued expenses and other current liabilities	$	61	$	—	$	61	$	—
Total financial liabilities	$	61	$	—	$	61	$	—


	As of December 31, 2020
	Fair Value		Level 1		Level 2		Level 3
	(in thousands)
Financial Assets:
Bank deposits included in cash and cash equivalents	$	17,052	$	17,052	$	—	$	—
Short-term deposits	14,009		—		14,009		—
Total financial assets	$	31,061	$	17,052	$	14,009	$	—

Financial Liabilities:
Convertible preferred share tranche rights included in accrued expenses and other current liabilities	$	2,478	$	—	$	—	$	2,478
Convertible preferred share warrant liabilities included in other liabilities, noncurrent	9,089		—		—		9,089
Total financial liabilities	$	11,567	$	—	$	—	$	11,567

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents the summary of the changes in the fair value of our Level 3 financial instruments:


	Convertible Preferred Shares
	Warrant Liabilities		Tranche Rights
	(in thousands)
Balance as of December 31, 2019	$	5,239	$	1,070
Settlement of convertible preferred share tranche rights	—		(551)
Changes in fair value	3,850		1,959
Balance as of December 31, 2020	9,089		2,478
Changes in fair value	101,413		21,260
Settlement of convertible preferred share tranche rights and Series E-1 convertible preferred share warrants	(74,724)		(23,738)
Reclassification of Series B/C convertible preferred share warrant liability to equity	(35,778)		—
Balance as of December 31, 2021	$	—	$	—

Derivative Instruments and Hedging (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments


	As of December 31,
	2021		2020
	(in thousands)
Derivative Designated as Hedging Instruments:
Foreign currency contracts	$	21,865	$	—
Derivatives Not Designated as Hedging Instruments:
Foreign currency contracts	1,286		12,442
Total derivative instruments	$	23,151	$	12,442

Derivative Instruments, Gain (Loss)

The effect of foreign currency contracts on the Consolidated Statements of Operations during the periods presented were as follows:


	Derivatives Not Designated as Hedging Instruments
	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Statement of Operations Location:
Other income (expense), net	$	(59)	$	(231)	$	—
Total gain (loss) recognized in earnings	$	(59)	$	(231)	$	—

Schedule of Accumulated Other Comprehensive Income (Loss)


	Year Ended December 31, 2021
	(in thousands)
Balance as of December 31, 2020	$	—
Amount of net gains (loss) recorded in accumulated other comprehensive profit (loss)	176
Amount of net gains (loss) reclassified from accumulated other comprehensive profit (loss) to earnings	—
Balance as of December 31, 2021	$	176

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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+ Details

Consolidated Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Property, Plant and Equipment

The estimated useful lives of our property and equipment are as follows:


Computer equipment			3 years
Furniture and office equipment			5 – 7 years
Leasehold improvements			Shorter of remaining lease term or estimated useful life

The following table presents our property and equipment, net of depreciation and amortization, by geographic region:


	As of December 31,
	2021		2020
	(in thousands)
United States	$	1,997	$	2,074
Israel	14,868		2,491
Rest of world	103		75
Total property and equipment, net	$	16,968	$	4,640

Property and Equipment, Net

Property and equipment, net consisted of the following:


	As of December 31,
	2021		2020
	(in thousands)
Computer equipment	$	6,104	$	3,016
Furniture and office equipment	2,216		1,287
Leasehold improvements	12,825		2,950
Property and equipment, gross	21,145		7,253
Less: accumulated depreciation and amortization	(4,177)		(2,613)
Property and equipment, net	$	16,968	$	4,640

Schedule of Accrued Liabilities

Accrued expenses and other current liabilities consisted of the following:


	As of December 31,
	2021		2020
	(in thousands)
Customer credits	$	3,462	$	4,377
Accrued expenses	7,557		3,075
Convertible preferred share tranche rights, current	—		2,478
Other	2,287		1,909
Accrued expenses and other current liabilities	$	13,306	$	11,839

Other Noncurrent Liabilities

Other liabilities, noncurrent consisted of the following:


	As of December 31,
	2021		2020
	(in thousands)
Convertible preferred share warrant liabilities	$	—	$	9,089
Deferred rent	6,580		1,955
Other	2,779		1,341
Other liabilities, noncurrent	$	9,359	$	12,385

Guarantees, Commitments, and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases

The minimum rental payments under operating leases as of December 31, 2021 were as follows:


	Amount
	(in thousands)
Year Ending December 31,
2022	$	6,975
2023	6,853
2024	6,648
2025	6,403
2026	6,448
Thereafter	22,631
Total	$	55,958

Recorded Unconditional Purchase Obligations

As of December 31, 2021, we had outstanding non-cancelable purchase obligations with a term of 12 months or longer as follows:


	Amount
	(in thousands)
Year Ending December 31,
2022	$	1,298
2023	524
2024	202
2025	25
Total	$	2,049

Convertible Preferred Shares (Tables)

12 Months Ended

Dec. 31, 2021

Temporary Equity Disclosure [Abstract]

Temporary Equity

Convertible preferred shares consisted of the following as of December 31, 2020:


	As of December 31, 2020
	Shares Authorized	Shares Issued and Outstanding	Carrying Value		Aggregate Liquidation Preference
	(in thousands, except share data)
Series A	6,228,199	6,228,199	$	1,612	$	1,619
Series B	5,093,025	4,667,700	3,926		3,921
Series C	7,465,072	7,356,972	24,438		24,572
Series D	6,243,934	6,243,934	32,998		33,093
Series E	6,831,725	5,381,311	96,590		102,353
Series E-1	1,433,142	—	—		—
Total convertible preferred shares	33,295,097	29,878,116	$	159,564	$	165,558

Fair Value Measurement Inputs and Valuation Techniques

As of December 31, 2020 the key inputs used in the valuation were as follows:


			As of December 31, 2020
Fair value of Series E convertible preferred shares			$20.74
Time to payments (years)			0.33
Risk-free interest rate			0.09%

As of December 31, 2020 the key inputs used in the valuation were as follows:


			As of December 31, 2020
Fair value of Series B convertible preferred shares			$13.32
Fair value of Series E convertible preferred shares			$20.74
Expected term (years)			0.75-1.75
Expected volatility			70.00%
Risk-free interest rate			0.10%-0.12%
Expected dividend yield			0.00%

The Black-Scholes assumptions used to value the employee share options at the grant dates are as follows:


	Year Ended December 31,
	2021	2020	2019
Expected term (years)	5.44 - 6.60	5.75 - 6.11	5.20 - 6.11
Expected volatility	67.26% - 68.52%	55.00% - 65.00%	55.00% - 62.61%
Risk-free interest rate	0.99% - 1.12%	0.52% - 1.73%	1.66% - 2.50%
Expected dividend yield	0.00%	0.00%	0.00%

Convertible Preferred Shares Warrants (Tables)

12 Months Ended

Dec. 31, 2021

Temporary Equity Disclosure [Abstract]

Schedule of Stockholders' Equity Note, Warrants or Rights

As of December 31, 2021, the following warrants were issued and outstanding, after giving effect to the Recapitalization:


	As of December 31, 2021
	Issued and Outstanding Share Warrants		Weighted-Average Exercise Price				Expiration Date
	Class A Ordinary Shares	Class B Ordinary Shares	Class A Ordinary Shares		Class B Ordinary Shares
Warrants to purchase ordinary shares	425,325	850,650	$	0.28	$	0.28	April 2025
Total	425,325	850,650

As of December 31, 2020, the following warrants were issued and outstanding:


	As of December 31, 2020
	Issued and Outstanding Share Warrants			Weighted-Average Exercise Price						Expiration Date
	Series B	Series C	Series E-1	Series B		Series C		Series E-1
Series B/C	425,325	108,100	—	$	0.84	$	3.34	—		April 2025
Series E-1	—	—	1,433,142	—		—		$	25.20	November 2022
Total	425,325	108,100	1,433,142

Fair Value Measurement Inputs and Valuation Techniques

As of December 31, 2020 the key inputs used in the valuation were as follows:


			As of December 31, 2020
Fair value of Series E convertible preferred shares			$20.74
Time to payments (years)			0.33
Risk-free interest rate			0.09%

As of December 31, 2020 the key inputs used in the valuation were as follows:


			As of December 31, 2020
Fair value of Series B convertible preferred shares			$13.32
Fair value of Series E convertible preferred shares			$20.74
Expected term (years)			0.75-1.75
Expected volatility			70.00%
Risk-free interest rate			0.10%-0.12%
Expected dividend yield			0.00%

The Black-Scholes assumptions used to value the employee share options at the grant dates are as follows:


	Year Ended December 31,
	2021	2020	2019
Expected term (years)	5.44 - 6.60	5.75 - 6.11	5.20 - 6.11
Expected volatility	67.26% - 68.52%	55.00% - 65.00%	55.00% - 62.61%
Risk-free interest rate	0.99% - 1.12%	0.52% - 1.73%	1.66% - 2.50%
Expected dividend yield	0.00%	0.00%	0.00%

Ordinary Shares and Equity Incentive Plan (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Stock by Class

We have the following ordinary shares reserved for future issuance:


	As of December 31,
	2021	2020
Conversion of convertible preferred shares	—	29,878,116
Warrants to purchase convertible preferred shares(1)	—	1,858,467
Warrants to purchase ordinary shares(2)	1,775,475	—
Share options and RSUs issued and outstanding under the 2013 Plan	26,460,287	5,934,521
Remaining shares available for future issuance under the 2013 Plan	—	2,129,796
Share options and RSUs issued and outstanding under the 2021 Plan	803,556	—
Remaining shares available for future issuance under the 2021 Plan	13,474,214	—
Total ordinary shares reserved	42,513,532	39,800,900

_________________

(2)Includes the warrants to purchase ordinary shares as a result of the conversion of Series B/C convertible preferred share warrants discussed in (1) above, and warrants issued to customers.

Share-based Payment Arrangement, Option, Activity

A summary of share options under our equity incentive plan and related information is as follows:


	Share Options Outstanding
	Outstanding Share Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
	(in thousands, except share, life and per share data)
Balance as of December 31, 2020	5,934,521	$	3.31	6.5	$	48,479
Options granted	2,244,856	$	11.17
Bonus issuance upon Recapitalization(1)	14,269,379
Options exercised	(3,006,393)	$	0.99
Options forfeited	(607,623)	$	5.13
Balance as of December 31, 2021	18,834,740	$	2.05	7.0	$	109,397
Exercisable as of December 31, 2021	10,181,218	$	0.91	5.7	$	70,767

_________________

(1)As of December 31, 2021, these shares options are to be settled in Class A ordinary shares upon exercise.

Fair Value Measurement Inputs and Valuation Techniques

As of December 31, 2020 the key inputs used in the valuation were as follows:


			As of December 31, 2020
Fair value of Series E convertible preferred shares			$20.74
Time to payments (years)			0.33
Risk-free interest rate			0.09%

As of December 31, 2020 the key inputs used in the valuation were as follows:


			As of December 31, 2020
Fair value of Series B convertible preferred shares			$13.32
Fair value of Series E convertible preferred shares			$20.74
Expected term (years)			0.75-1.75
Expected volatility			70.00%
Risk-free interest rate			0.10%-0.12%
Expected dividend yield			0.00%

The Black-Scholes assumptions used to value the employee share options at the grant dates are as follows:


	Year Ended December 31,
	2021	2020	2019
Expected term (years)	5.44 - 6.60	5.75 - 6.11	5.20 - 6.11
Expected volatility	67.26% - 68.52%	55.00% - 65.00%	55.00% - 62.61%
Risk-free interest rate	0.99% - 1.12%	0.52% - 1.73%	1.66% - 2.50%
Expected dividend yield	0.00%	0.00%	0.00%

Schedule of Unvested Restricted Stock Units Roll Forward

A summary of RSU activity, including activity under our equity incentive plan, and related information is as follows:


	Number of Shares	Weighted-Average Grant-Date Fair Value Per Share
Unvested as of December 31, 2020	—	$	—
Granted	3,253,008	$	38.94
Bonus issuance upon Recapitalization(1)	5,183,698
Vested	—	$	—
Forfeited	(7,603)	$	19.49
Unvested as of December 31, 2021	8,429,103	$	15.01

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award

Share-based compensation expense by line item in the consolidated statements of operations is summarized as follows:


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Cost of revenue	$	216	$	38	$	12
Research and development	4,246		3,621		465
Sales and marketing	10,710		2,814		5,534
General and administrative	18,186		1,472		5,226
Total share-based compensation expense	$	33,358	$	7,945	$	11,237

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Profit (loss) before the provision for income taxes consisted of the following for the years ended December 31, 2021, 2020, and 2019:


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Israel	$	(154,339)	$	(13,479)	$	(8,302)
International	(22,988)		3,207		(5,398)
Total	$	(177,327)	$	(10,272)	$	(13,700)

Schedule of Components of Income Tax Expense (Benefit)

The provision for income taxes was as follows:


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Current:
Israel	$	4	$	4	$	212
International	121		32		45
Total current income tax expense	125		36		257
Deferred:
Israel	—		—		—
International	1,433		1,039		218
Total deferred income tax expense	1,433		1,039		218
Total provision for income taxes	$	1,558	$	1,075	$	475

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of our statutory income tax expense to our effective income tax provision is as follows:


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Israel tax benefit at statutory rate	$	(40,784)	$	(2,362)	$	(3,151)
Preferred enterprise	3,052		169		750
Foreign rate differential	912		332		2,376
Share-based compensation	1,753		1,328		245
Warrant revaluation	23,325		1,336		100
Tranche right revaluation	4,890		—		—
Prior period adjustments	84
Permanent differences	98		83		(138)
ASC 606			—		133
Uncertain tax position	3,784		5		234
Change in valuation allowance	4,444		184		(74)
Total	$	1,558	$	1,075	$	475

Schedule of Deferred Tax Assets and Liabilities

The following table presents the significant components of our deferred tax assets and liabilities:


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Deferred tax assets:
Research and development expenses	$	1,436	$	1,742	$	2,619
Stat to GAAP adjustments	—		1,493		1,096
Net operating loss	5,212		941		739
Deferred Compensation	1,009
Vacation and convalescence	799		364		165
Bad debts	93		100		106
Other	466		374		169
Gross deferred tax assets	9,015		5,014		4,894
Valuation allowance	(8,699)		(4,255)		(4,071)
Total deferred tax assets	316		759		823
Deferred tax liabilities:
Deferred contract acquisition costs	(2,324)		(1,543)		(633)
Property and equipment	(283)		(439)		(404)
Capitalized Software	(397)
Other	—		(34)		(4)
Gross deferred tax liabilities	(3,004)		(2,016)		(1,041)
Net deferred tax liabilities	$	(2,688)	$	(1,257)	$	(218)

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending balance of total unrecognized tax position is as follows:


	Unrecognized Tax Benefits
	(in thousands)
Balance – January 1, 2019	$	—
Additions based on tax positions related to current year	234
Reductions for tax positions of prior years	—
Balance – December 31, 2019	234
Additions based on tax positions related to current year	—
Reductions for tax positions of prior years	—
Balance – December 31, 2020	234
Additions based on tax positions related to current year	3,885
Reductions for tax positions of prior years	—
Balance – December 31, 2021	$	4,119

Net Profit (Loss) Per Share Attributable to Ordinary Shareholders (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of basic and diluted net profit (loss) per share attributable to ordinary shareholders for the periods presented:


	Year Ended December 31,
	2021				2020		2019
	Class A		Class B		Ordinary Shares		Ordinary Shares
	(in thousands, except share and per share data)
Numerator:
Net profit (loss) attributable to ordinary shareholders, basic and diluted	$	(90,677)	$	(88,208)	$	(11,347)	$	(14,175)

Denominator:
Weighted-average shares used in computing net profit (loss) per share attributable to ordinary shareholders, basic and diluted	38,757,558		37,702,067		14,022,788		13,597,794
Net profit (loss) per share attributable to ordinary shareholders, basic and diluted	$	(2.34)	$	(2.34)	$	(0.81)	$	(1.04)

Schedule of Weighted Average Number of Shares

The weighted-average potential ordinary shares that were excluded from the computation of diluted net profit (loss) per share attributable to ordinary shareholders for the periods presented because including them would have been anti-dilutive are as follows:


	Year Ended December 31,
	2021		2020	2019
	Class A	Class B	Ordinary Shares	Ordinary Shares
Convertible preferred shares	17,817,201	35,634,404	28,217,680	24,912,627
Warrants to purchase share-based awards(1)(2)	1,488,819	354,243	1,858,467	680,542
Outstanding share options	12,239,441	—	5,985,236	5,687,851
Unvested RSUs	1,562,388	1,965,604	—	—
Total	33,107,849	37,954,251	36,061,383	31,281,020

_________________

(2)Includes the warrants to purchase ordinary shares as a result of the conversion of Series B/C convertible preferred share warrants discussed in (1) above, and warrants issued to customers.

Summary of Significant Accounting Policies - Narrative (Details)			1 Months Ended	3 Months Ended	12 Months Ended
	Jul. 28, 2021 USD ($) $ / shares shares	Jun. 14, 2020	Oct. 31, 2019 shares	Sep. 30, 2021 shares	Dec. 31, 2021 USD ($) vote segment shares	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Jan. 01, 2022 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stock split conversion ratio	0.5	25
Sale of stock, consideration received on transaction	$ 386,600,000
Payments of stock issuance costs					$ 5,302,000	$ 176,000	$ 0
Payments of other stock issuance costs	$ 5,700,000
Deferred offering costs						500,000
Foreign currency transaction gain (loss)					200,000	2,100,000	300,000
Accounts receivable, allowance for credit loss					$ 600,000	600,000	600,000
Guarantee obligations, term					six
Accumulated deficit					$ 246,564,000	67,679,000
Contract term with merchant					1 year
Capitalized contract cost, amortization period					4 years
Capitalized contract cost, impairment loss					$ 0	0	0
Chargeback expense					14,300,000	8,200,000	6,800,000
Advertising expense					5,200,000	2,100,000	4,700,000
Total share-based compensation expense					$ 33,358,000	7,945,000	11,237,000
Number of operating segments \| segment					1
Number of reportable segments \| segment					1
Accounting Standards Update 2016-02 \| Subsequent Event
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease, right-of-use asset								$ 37,500,000
Operating lease liability								$ 37,500,000
Series E-1
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Issuance of convertible preferred stock (in shares) \| shares			1,433,142	962,940	962,940
Common Class A
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stock issued, conversion of convertible securities (in shares) \| shares				962,940
Votes per common share \| vote					1
Common Class B
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stock issued, conversion of convertible securities (in shares) \| shares				1,925,880
Votes per common share \| vote					10
Software Development
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Capitalized software costs					$ 3,500,000	2,100,000
Amortization of intangible assets					400,000	0	0
Cloud Computing Arrangement Implementation Costs
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Capitalized software costs					300,000	300,000
Amortization of intangible assets					$ 200,000	$ 100,000	$ 0
Software and Software Development Costs
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property and equipment, useful life					4 years
IPO
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Sale of stock, number of shares issued in transaction (in shares) \| shares	19,925,000
Sale of stock, price per share (in dollars per share) \| $ / shares	$ 21.00
Payments of stock issuance costs	$ 26,200,000
Stock issued, conversion of convertible securities (in shares) \| shares	32,291,470
Over-Allotment Option
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Sale of stock, number of shares issued in transaction (in shares) \| shares	2,625,000
Restricted Stock Units (RSUs) \| Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Award vesting period					4 years
Restricted Stock Units (RSUs) \| Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Award vesting period					5 years
Restricted Stock Units (RSUs) \| Share-based Payment Arrangement, Tranche Two
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Award vesting period					6 months

Summary of Significant Accounting Policies - Schedule of Concentration Risks (Details) - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts receivable, net \| Customer A
Concentration Risk [Line Items]
Concentration risk, percentage	32.00%	37.00%
Accounts receivable, net \| Customer B
Concentration Risk [Line Items]
Concentration risk, percentage		12.00%
Accounts receivable, net \| Customer C
Concentration Risk [Line Items]
Concentration risk, percentage	11.00%
Revenue \| Customer A
Concentration Risk [Line Items]
Concentration risk, percentage	16.00%	18.00%	21.00%
Revenue \| Customer B
Concentration Risk [Line Items]
Concentration risk, percentage		10.00%
Revenue \| Customer C
Concentration Risk [Line Items]
Concentration risk, percentage			15.00%

Summary of Significant Accounting Policies - Schedule of Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2021
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Furniture and office equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	5 years
Furniture and office equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	7 years

Summary of Significant Accounting Policies - Schedule of Property and Equipment By Geographic Region (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 16,968	$ 4,640
United States
Property, Plant and Equipment [Line Items]
Property and equipment, net	1,997	2,074
Israel
Property, Plant and Equipment [Line Items]
Property and equipment, net	14,868	2,491
Rest of world
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 103	$ 75

Revenue Recognition - Revenue by Geographic Areas (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Total revenue	$ 229,141	$ 169,740	$ 130,555
Revenue \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	100.00%	100.00%	100.00%
United States
Disaggregation of Revenue [Line Items]
Total revenue	$ 163,681	$ 129,371	$ 81,393
United States \| Revenue \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	71.00%	76.00%	62.00%
Netherlands
Disaggregation of Revenue [Line Items]
Total revenue	$ 11,077	$ 4,953	$ 19,616
Netherlands \| Revenue \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	5.00%	3.00%	15.00%
Israel
Disaggregation of Revenue [Line Items]
Total revenue	$ 2,353	$ 879	$ 284
Israel \| Revenue \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	1.00%	1.00%
Rest of world
Disaggregation of Revenue [Line Items]
Total revenue	$ 52,030	$ 34,537	$ 29,262
Rest of world \| Revenue \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	23.00%	20.00%	23.00%

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Total revenue	$ 229,141	$ 169,740	$ 130,555
Fraud Service Revenue
Disaggregation of Revenue [Line Items]
Fraud review service revenue (ASC 606)	132,261	96,774	66,471
Indemnification Service Revenue
Disaggregation of Revenue [Line Items]
Indemnification guarantee service revenue (ASC 460)	$ 96,880	$ 72,966	$ 64,084
Revenue \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	100.00%	100.00%	100.00%
Revenue \| Product Concentration Risk \| Fraud Service Revenue
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	58.00%	57.00%	51.00%
Revenue \| Product Concentration Risk \| Indemnification Service Revenue
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	42.00%	43.00%	49.00%

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

Revenue Recognition - Deferred Contract Acquisition Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Movement In Deferred Contract Acquisition Costs [Roll Forward]
Beginning balance	$ 6,983	$ 2,696	$ 1,242
Additions to deferred contract acquisition costs	7,744	5,857	2,079
Amortization of deferred contract acquisition costs	(3,097)	(1,570)	(625)
Ending balance	$ 11,630	$ 6,983	$ 2,696

Revenue Recognition - Deferred Contract Fulfillment Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Movement In Deferred Contract Fulfillment Costs [Roll Forward]
Beginning balance	$ 2,166	$ 1,213	$ 512
Additions to deferred contract fulfillment costs	1,789	1,558	982
Amortization of deferred contract fulfillment costs	(1,025)	(605)	(281)
Ending balance	$ 2,930	$ 2,166	$ 1,213

Fair Value Measurements - Schedule of Financial Instruments (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financial Assets:
Derivative financial instruments included in prepaid expenses and other current assets	$ 244
Total financial assets	440,636	$ 31,061
Financial Liabilities:
Derivative financial instruments included in accrued expenses and other current liabilities	61
Total financial liabilities	61	11,567
Fair Value, Inputs, Level 1
Financial Assets:
Derivative financial instruments included in prepaid expenses and other current assets	0
Total financial assets	355,260	17,052
Financial Liabilities:
Derivative financial instruments included in accrued expenses and other current liabilities	0
Total financial liabilities	0	0
Fair Value, Inputs, Level 2
Financial Assets:
Derivative financial instruments included in prepaid expenses and other current assets	244
Total financial assets	85,376	14,009
Financial Liabilities:
Derivative financial instruments included in accrued expenses and other current liabilities	61
Total financial liabilities	61	0
Fair Value, Inputs, Level 3
Financial Assets:
Derivative financial instruments included in prepaid expenses and other current assets	0
Total financial assets	0	0
Financial Liabilities:
Derivative financial instruments included in accrued expenses and other current liabilities	0
Total financial liabilities	0	11,567
Convertible preferred share tranche rights included in accrued expenses and other current liabilities
Financial Liabilities:
Convertible preferred share tranche rights and warrant liabilities		2,478
Convertible preferred share tranche rights included in accrued expenses and other current liabilities \| Fair Value, Inputs, Level 1
Financial Liabilities:
Convertible preferred share tranche rights and warrant liabilities		0
Convertible preferred share tranche rights included in accrued expenses and other current liabilities \| Fair Value, Inputs, Level 2
Financial Liabilities:
Convertible preferred share tranche rights and warrant liabilities		0
Convertible preferred share tranche rights included in accrued expenses and other current liabilities \| Fair Value, Inputs, Level 3
Financial Liabilities:
Convertible preferred share tranche rights and warrant liabilities		2,478
Convertible preferred share warrant liabilities included in other liabilities, noncurrent
Financial Liabilities:
Convertible preferred share tranche rights and warrant liabilities		9,089
Convertible preferred share warrant liabilities included in other liabilities, noncurrent \| Fair Value, Inputs, Level 1
Financial Liabilities:
Convertible preferred share tranche rights and warrant liabilities		0
Convertible preferred share warrant liabilities included in other liabilities, noncurrent \| Fair Value, Inputs, Level 2
Financial Liabilities:
Convertible preferred share tranche rights and warrant liabilities		0
Convertible preferred share warrant liabilities included in other liabilities, noncurrent \| Fair Value, Inputs, Level 3
Financial Liabilities:
Convertible preferred share tranche rights and warrant liabilities		9,089
Bank deposits included in cash and cash equivalents
Financial Assets:
Cash and cash equivalents	355,260	17,052
Bank deposits included in cash and cash equivalents \| Fair Value, Inputs, Level 1
Financial Assets:
Cash and cash equivalents	355,260	17,052
Bank deposits included in cash and cash equivalents \| Fair Value, Inputs, Level 2
Financial Assets:
Cash and cash equivalents	0	0
Bank deposits included in cash and cash equivalents \| Fair Value, Inputs, Level 3
Financial Assets:
Cash and cash equivalents	0	0
Short-term deposits
Financial Assets:
Cash and cash equivalents	85,132	14,009
Short-term deposits \| Fair Value, Inputs, Level 1
Financial Assets:
Cash and cash equivalents	0	0
Short-term deposits \| Fair Value, Inputs, Level 2
Financial Assets:
Cash and cash equivalents	85,132	14,009
Short-term deposits \| Fair Value, Inputs, Level 3
Financial Assets:
Cash and cash equivalents	$ 0	$ 0

Fair Value Measurements - Level 3 Financial Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Warrant Liabilities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 9,089	$ 5,239
Changes in fair value	101,413	3,850
Settlement of convertible preferred share	74,724
Reclassification of Series B/C convertible preferred share warrant liability to equity	(35,778)
Ending balance	0	9,089
Tranche Rights
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	2,478	1,070
Changes in fair value	21,260	1,959
Settlement of convertible preferred share	(23,738)	(551)
Reclassification of Series B/C convertible preferred share warrant liability to equity	0
Ending balance	$ 0	$ 2,478

Derivative Instruments and Hedging - Derivative Instruments (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total derivative instruments	$ 23,151,000	$ 12,442,000
Foreign Exchange Forward \| Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total derivative instruments	21,865,000	0	$ 0
Foreign Exchange Forward \| Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total derivative instruments	$ 1,286,000	$ 12,442,000

Derivative Instruments and Hedging - Effect of Foreign Currency Contracts on the Consolidated Statement of Operations (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total gain (loss) recognized in earnings	$ (59,000)	$ (231,000)	$ 0
Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total gain (loss) recognized in earnings	0	0	0
Not Designated as Hedging Instrument \| Other income (expense), net
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total gain (loss) recognized in earnings	$ (59,000)	$ (231,000)	$ 0

Derivative Instruments and Hedging - Effect of Foreign Currency Contracts on Accumulated Other Comprehensive Income (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Derivatives used in Net Investment Hedge, Net of Tax [Roll Forward]
Beginning balance	$ (43,309)
Ending balance	528,861
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
Derivatives used in Net Investment Hedge, Net of Tax [Roll Forward]
Beginning balance	0
Amount of net gains (loss) recorded in accumulated other comprehensive profit (loss)	176
Amount of net gains (loss) reclassified from accumulated other comprehensive profit (loss) to earnings	0
Ending balance	$ 176

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
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-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-URI http://asc.fasb.org/extlink&oid=122038336&loc=d3e74512-122707

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Consolidated Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 21,145	$ 7,253
Less: accumulated depreciation and amortization	(4,177)	(2,613)
Property and equipment, net	16,968	4,640
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	6,104	3,016
Furniture and office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,216	1,287
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 12,825	$ 2,950

Consolidated Balance Sheet Components - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation	$ 1.8	$ 1.3	$ 0.7

Consolidated Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Customer credits	$ 3,462	$ 4,377
Accrued expenses	7,557	3,075
Convertible preferred share tranche rights, current	0	2,478
Other	2,287	1,909
Accrued expenses and other current liabilities	$ 13,306	$ 11,839

Consolidated Balance Sheet Components - Other Liabilities, Noncurrent (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Convertible preferred share warrant liabilities	$ 0	$ 9,089
Deferred rent	6,580	1,955
Other	2,779	1,341
Other liabilities, noncurrent	$ 9,359	$ 12,385

Guarantees, Commitments, and Contingencies - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Guarantee obligations	$ 12,112	$ 12,445
Guarantee obligations, term	six
Provision for chargebacks, net	$ 12,020	$ 10,582
Percentage of guarantees paid	100.00%	100.00%	100.00%
Chargeback expense	$ 85,500	$ 63,100	$ 54,400
Lease cost	5,900	4,200	3,400
Sublease income	100	900	$ 800
Contractual obligation	$ 3,300	$ 3,200
Contractual obligation, term	3 months
Indemnification Agreement
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Guarantor obligations, maximum exposure	$ 48,400,000

Guarantees, Commitments, and Contingencies - Operating Leases Maturity Schedule (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2022	$ 6,975
2023	6,853
2024	6,648
2025	6,403
2026	6,448
Thereafter	22,631
Total	$ 55,958

Guarantees, Commitments, and Contingencies - Non-Cancelable Purchase Obligations Maturity Schedule (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2022	$ 1,298
2023	524
2024	202
2025	25
Total	$ 2,049

Convertible Preferred Shares - Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		7 Months Ended	12 Months Ended
	Oct. 31, 2019 USD ($) $ / shares shares	Sep. 30, 2021 USD ($) shares	Jun. 30, 2021 USD ($) $ / shares shares	Oct. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) tranche shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($) shares
Temporary Equity [Line Items]
Number of tranches \| tranche					4
Conversion of Preferred Shares into Class A Ordinary Shares upon IPO (in shares) \| shares		32,291,470			(32,291,470)
Conversion of convertible preferred shares into Class A ordinary shares upon IPO \| $		$ 291,300			$ (291,296)
Series E
Temporary Equity [Line Items]
Issuance of convertible preferred stock (in shares) \| shares	2,480,485		1,450,414	2,900,826	1,450,414	2,900,826	2,480,485
Shares issued, price per share (in dollars per share) \| $ / shares	$ 19.02		$ 19.02	$ 19.02
Proceeds from issuance of equity \| $	$ 47,200			$ 55,200
Proceeds from stock issued \| $			$ 27,600		$ 50,519	$ 54,210	$ 42,380
Payments of temporary equity issuance costs \| $	$ 1,700		$ 800	$ 1,500	$ 819	$ 1,540	$ 1,733
Series E-1
Temporary Equity [Line Items]
Issuance of convertible preferred stock (in shares) \| shares	1,433,142	962,940			962,940
Shares issued, price per share (in dollars per share) \| $ / shares	$ 25.20
Proceeds from stock issued \| $	$ 1,800				$ 6,489
Common Class A
Temporary Equity [Line Items]
Stock issued, conversion of convertible securities (in shares) \| shares		962,940
Common Class B
Temporary Equity [Line Items]
Stock issued, conversion of convertible securities (in shares) \| shares		1,925,880

Convertible Preferred Shares - Schedule of Convertible Preferred Shares (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Temporary Equity [Line Items]
Convertible preferred shares, shares authorized (in shares)	0	33,295,097
Convertible preferred shares, shares issued (in shares)	0	29,878,116
Convertible preferred shares, shares outstanding (in shares)	0	29,878,116	26,977,290	24,496,805
Carrying Value	$ 0	$ 159,564	$ 105,354	$ 62,974
Aggregate Liquidation Preference	$ 0	$ 165,558
Series A
Temporary Equity [Line Items]
Convertible preferred shares, shares authorized (in shares)		6,228,199
Convertible preferred shares, shares issued (in shares)		6,228,199
Convertible preferred shares, shares outstanding (in shares)		6,228,199
Carrying Value		$ 1,612
Aggregate Liquidation Preference		$ 1,619
Series B
Temporary Equity [Line Items]
Convertible preferred shares, shares authorized (in shares)		5,093,025
Convertible preferred shares, shares issued (in shares)		4,667,700
Convertible preferred shares, shares outstanding (in shares)		4,667,700
Carrying Value		$ 3,926
Aggregate Liquidation Preference		$ 3,921
Series C
Temporary Equity [Line Items]
Convertible preferred shares, shares authorized (in shares)		7,465,072
Convertible preferred shares, shares issued (in shares)		7,356,972
Convertible preferred shares, shares outstanding (in shares)		7,356,972
Carrying Value		$ 24,438
Aggregate Liquidation Preference		$ 24,572
Series D
Temporary Equity [Line Items]
Convertible preferred shares, shares authorized (in shares)		6,243,934
Convertible preferred shares, shares issued (in shares)		6,243,934
Convertible preferred shares, shares outstanding (in shares)		6,243,934
Carrying Value		$ 32,998
Aggregate Liquidation Preference		$ 33,093
Series E
Temporary Equity [Line Items]
Convertible preferred shares, shares authorized (in shares)		6,831,725
Convertible preferred shares, shares issued (in shares)		5,381,311
Convertible preferred shares, shares outstanding (in shares)		5,381,311
Carrying Value		$ 96,590
Aggregate Liquidation Preference		$ 102,353
Series E-1
Temporary Equity [Line Items]
Convertible preferred shares, shares authorized (in shares)		1,433,142
Convertible preferred shares, shares issued (in shares)		0
Convertible preferred shares, shares outstanding (in shares)		0
Carrying Value		$ 0
Aggregate Liquidation Preference		$ 0

Convertible Preferred Shares - Valuation Inputs (Details)	12 Months Ended
	Dec. 31, 2020 $ / shares
Temporary Equity Disclosure [Abstract]
Fair value of Series E convertible preferred shares (in dollars per share)	$ 20.74
Time to payments (years)	3 months 29 days
Risk-free interest rate	9.00%

Convertible Preferred Shares Warrants - Narrative (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Oct. 31, 2019 $ / shares shares	Sep. 30, 2021 USD ($) shares	Dec. 31, 2021 shares	Dec. 31, 2020 shares	Dec. 31, 2020	Dec. 31, 2020 year
Temporary Equity [Line Items]
Payments of convertible securities \| $		$ 6.5
Convertible preferred share warrant liabilities included in other liabilities, noncurrent
Temporary Equity [Line Items]
Issued and Outstanding Share Warrants (in shares)			0
Expected dividend yield
Temporary Equity [Line Items]
Warrants measurement inputs					0	0
Common Class A
Temporary Equity [Line Items]
Stock issued, conversion of convertible securities (in shares)		962,940
Issued and Outstanding Share Warrants (in shares)			425,325
Common Class A \| Cash Exercise Basis
Temporary Equity [Line Items]
Stock issued, conversion of convertible securities (in shares)		257,521
Common Class B
Temporary Equity [Line Items]
Stock issued, conversion of convertible securities (in shares)		1,925,880
Issued and Outstanding Share Warrants (in shares)			850,650
Common Class B \| Cash Exercise Basis
Temporary Equity [Line Items]
Stock issued, conversion of convertible securities (in shares)		515,042
Series E-1
Temporary Equity [Line Items]
Issuance of convertible preferred stock (in shares)	1,433,142	962,940	962,940
Shares issued, price per share (in dollars per share) \| $ / shares	$ 25.20
Issued and Outstanding Share Warrants (in shares)				1,433,142

Convertible Preferred Shares Warrants - Schedule of Warrants (Details) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Series B
Temporary Equity [Line Items]
Issued and Outstanding Share Warrants (in shares)		425,325
Series C
Temporary Equity [Line Items]
Issued and Outstanding Share Warrants (in shares)		108,100
Series E-1
Temporary Equity [Line Items]
Issued and Outstanding Share Warrants (in shares)		1,433,142
Common Class A
Temporary Equity [Line Items]
Issued and Outstanding Share Warrants (in shares)	425,325
Common Class B
Temporary Equity [Line Items]
Issued and Outstanding Share Warrants (in shares)	850,650
Warrant \| Common Class A
Temporary Equity [Line Items]
Issued and Outstanding Share Warrants (in shares)	425,325
Weighted-Average Exercise Price (in dollars per share)	$ 0.28
Warrant \| Common Class B
Temporary Equity [Line Items]
Issued and Outstanding Share Warrants (in shares)	850,650
Weighted-Average Exercise Price (in dollars per share)	$ 0.28
Series B/C \| Series B
Temporary Equity [Line Items]
Issued and Outstanding Share Warrants (in shares)		425,325
Weighted-Average Exercise Price (in dollars per share)		$ 0.84
Series B/C \| Series C
Temporary Equity [Line Items]
Issued and Outstanding Share Warrants (in shares)		108,100
Weighted-Average Exercise Price (in dollars per share)		$ 3.34
Series B/C \| Series E-1
Temporary Equity [Line Items]
Issued and Outstanding Share Warrants (in shares)		0
Weighted-Average Exercise Price (in dollars per share)		$ 0
Series E-1 \| Series B
Temporary Equity [Line Items]
Issued and Outstanding Share Warrants (in shares)		0
Weighted-Average Exercise Price (in dollars per share)		$ 0
Series E-1 \| Series C
Temporary Equity [Line Items]
Issued and Outstanding Share Warrants (in shares)		0
Weighted-Average Exercise Price (in dollars per share)		$ 0
Series E-1 \| Series E-1
Temporary Equity [Line Items]
Issued and Outstanding Share Warrants (in shares)		1,433,142
Weighted-Average Exercise Price (in dollars per share)		$ 25.20

Convertible Preferred Shares Warrants - Valuation Inputs (Details) - Dec. 31, 2020	Total	Total	year
Share price (in dollars per share) \| Series B
Class of Warrant or Right [Line Items]
Warrants measurement inputs			13.32
Share price (in dollars per share) \| Series E
Class of Warrant or Right [Line Items]
Warrants measurement inputs			20.74
Expected term (years) \| Minimum
Class of Warrant or Right [Line Items]
Expected term (years)	9 months
Expected term (years) \| Maximum
Class of Warrant or Right [Line Items]
Expected term (years)	1 year 9 months
Expected volatility
Class of Warrant or Right [Line Items]
Warrants measurement inputs			0.7000
Risk-free interest rate \| Minimum
Class of Warrant or Right [Line Items]
Warrants measurement inputs		0.0010
Risk-free interest rate \| Maximum
Class of Warrant or Right [Line Items]
Warrants measurement inputs		0.0012
Expected dividend yield
Class of Warrant or Right [Line Items]
Warrants measurement inputs		0	0

Ordinary Shares and Equity Incentive Plan - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended		12 Months Ended
	Aug. 02, 2021	Apr. 30, 2020	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jul. 31, 2021	Jul. 27, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total ordinary shares reserved (in shares)				42,513,532	39,800,900
Granted (in shares)				3,253,008
Total share-based compensation expense				$ 33,358	$ 7,945	$ 11,237
2021 Employee Share Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total ordinary shares reserved (in shares)								3,742,961
Ordinary shares reserved for future issuance, annual increase percentage								1.00%
Maximum ownership of shares								5.00%
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized (in dollars per share)				900,000,000	91,704,900		900,000,000
Common Class B
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized (in dollars per share)				232,500,000	0		232,500,000
Public Stock Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense					$ 5,500
Sale of stock, number of shares issued in transaction (in shares)		1,120,809
Public Stock Offering - Shares From Existing Shareholders
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense						$ 9,600
Sale of stock, number of shares issued in transaction (in shares)		521,473	1,012,572
Sale of stock, price per share (in dollars per share)		$ 18.08	$ 18.08			$ 18.08
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cumulative share-based compensation expense, accelerated	$ 2,600
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition				5 years 6 months 29 days
Share-based compensation expense not yet recognized				$ 103,000
Restricted Stock Units (RSUs) \| Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				6 months
Restricted Stock Units (RSUs) \| Share-based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				7 years
Share-based Payment Arrangement, Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				4 years
Award expiration period				10 years
Weighted average grant date fair value of options granted in period (in dollars per share)				$ 16.63	$ 4.40	$ 4.30
Aggregate grant date fair value of options vested during the period				$ 3,200	$ 2,600	$ 700
Share-based payment arrangement, nonvested award, cost not yet recognized amount				$ 27,400
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition				3 years 1 month 6 days
Expected dividend yield				0.00%	0.00%	0.00%
2013 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total ordinary shares reserved (in shares)				0	2,129,796
2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total ordinary shares reserved (in shares)				13,474,214	0		13,951,037
Ordinary shares reserved for future issuance, annual increase percentage							5.00%

Ordinary Shares and Equity Incentive Plan - Schedule of Ordinary Shares Reserved for Issuance (Details) - shares	Dec. 31, 2021	Jul. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total ordinary shares reserved (in shares)	42,513,532		39,800,900
2013 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total ordinary shares reserved (in shares)	0		2,129,796
2013 Equity Incentive Plan \| Options and RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total ordinary shares reserved (in shares)	26,460,287		5,934,521
2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total ordinary shares reserved (in shares)	13,474,214	13,951,037	0
2021 Equity Incentive Plan \| Options and RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total ordinary shares reserved (in shares)	803,556		0
Conversion of convertible preferred shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total ordinary shares reserved (in shares)	0		29,878,116
Warrants to purchase convertible preferred shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total ordinary shares reserved (in shares)	0		1,858,467
Warrants To Purchase Ordinary Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total ordinary shares reserved (in shares)	1,775,475		0
Series C
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total ordinary shares reserved (in shares)			39,483,675

Ordinary Shares and Equity Incentive Plan - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Outstanding Share Options
Outstanding Share Options, beginning balance (in shares)	5,934,521
Outstanding Share Options, Options granted (in shares)	2,244,856
Outstanding Share Options, Bonus issuance upon Recapitalization (in shares)	14,269,379
Outstanding Share Options, Options exercised (in shares)	(3,006,393)
Outstanding Share Options, Options forfeited (in shares)	(607,623)
Outstanding Share Options, ending balance (in shares)	18,834,740	5,934,521
Weighted-Average Exercise Price
Weighted-Average Exercise Price, beginning balance (in dollars per share)	$ 3.31
Weighted-Average Exercise Price, Options granted (in dollars per share)	11.17
Weighted-Average Exercise Price, Options exercised (in dollars per share)	0.99
Weighted-Average Exercise Price, Options forfeited (in dollars per share)	5.13
Weighted-Average Exercise Price, ending balance (in dollars per share)	$ 2.05	$ 3.31
Stock Options Additional Disclosures
Weighted-Average Remaining Contractual Life, Options outstanding	7 years	6 years 6 months
Aggregate Intrinsic Value, Options outstanding	$ 109,397	$ 48,479
Aggregate Intrinsic Value, Options exercised	$ 68,600	$ 4,300	$ 2,700
Outstanding Share Options, Options exercisable (in shares)	10,181,218
Weighted-Average Exercise Price, Options exercisable (in dollars per share)	$ 0.91
Weighted-Average Remaining Contractual Life, Options exercisable	5 years 8 months 12 days
Aggregate Intrinsic Value, Options exercisable	$ 70,767

Ordinary Shares and Equity Incentive Plan - Black-Scholes Assumptions (Details) - Share-based Payment Arrangement, Option	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	67.26%
Expected dividend yield	0.00%	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	5 years 5 months 8 days	5 years 9 months	5 years 2 months 12 days
Expected volatility		55.00%	55.00%
Risk-free interest rate	0.99%	0.52%	1.66%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	6 years 7 months 6 days	6 years 1 month 9 days	6 years 1 month 9 days
Expected volatility	68.52%	65.00%	62.61%
Risk-free interest rate	1.12%	1.73%	2.50%

Ordinary Shares and Equity Incentive Plan - RSU Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Number of Shares
Unvested as of December 31, 2020 (in shares)	0
Granted (in shares)	3,253,008
Bonus issuance upon Recapitalization (in shares)	5,183,698
Vested (in shares)	0
Forfeited (in shares)	(7,603)
Unvested as of December 31, 2021 (in shares)	8,429,103	0
Weighted-Average Grant-Date Fair Value Per Share
Unvested beginning balance, Weighted-Average Grant-Date Fair Value Per Share (in dollars per share)	$ 0
Granted, Weighted-Average Grant-Date Fair Value Per Share (in dollars per share)		$ 38.94
Vested, Weighted-Average Grant-Date Fair Value Per Share (in dollars per share)		0
Forfeited, Weighted-Average Grant-Date Fair Value Per Share (in dollars per share)		19.49
Unvested ending balance, Weighted-Average Grant-Date Fair Value Per Share (in dollars per share)	$ 15.01	$ 0

Ordinary Shares and Equity Incentive Plan - Share-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 33,358	$ 7,945	$ 11,237
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	216	38	12
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	4,246	3,621	465
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	10,710	2,814	5,534
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 18,186	$ 1,472	$ 5,226

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Contingency [Line Items]
Effective tax rate	(0.88%)	(10.00%)	(3.00%)
Provision for (benefit from) income taxes	$ 1,558	$ 1,075	$ 475
Increase (decrease) in valuation allowance for deferred tax asset	4,400	200	(100)
Unrecognized tax benefits	4,119	234	$ 234	$ 0
Unrecognized tax benefits, income tax penalties and interest expense	10	5
Domestic Tax Authority
Income Tax Contingency [Line Items]
Operating loss carryforwards	37,400	5,100
Foreign Tax Authority
Income Tax Contingency [Line Items]
Operating loss carryforwards	9,800	100
State and Local Jurisdiction
Income Tax Contingency [Line Items]
Operating loss carryforwards	27,400	4,800
State and Local Jurisdiction \| Tax Year 2027
Income Tax Contingency [Line Items]
Operating loss carryforwards	26,300	1,500
State and Local Jurisdiction \| Tax Year 2029
Income Tax Contingency [Line Items]
Operating loss carryforwards		500
State and Local Jurisdiction \| Tax Year 2030
Income Tax Contingency [Line Items]
Operating loss carryforwards		2,300
State and Local Jurisdiction \| Latest Tax Year
Income Tax Contingency [Line Items]
Operating loss carryforwards	1,100	$ 500
State and Local Jurisdiction \| Tax Year 2041
Income Tax Contingency [Line Items]
Operating loss carryforwards	$ 26,300

Income Taxes - Schedule of Profit (Loss) before Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Contingency [Line Items]
Total profit (loss) before income taxes	$ (177,327)	$ (10,272)	$ (13,700)
Israel
Income Tax Contingency [Line Items]
Total profit (loss) before income taxes	(154,339)	(13,479)	(8,302)
International
Income Tax Contingency [Line Items]
Total profit (loss) before income taxes	$ (22,988)	$ 3,207	$ (5,398)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
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+ Details

Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Examination [Line Items]
Total current income tax expense	$ 125	$ 36	$ 257
Total deferred income tax expense	1,433	1,039	218
Total provision for income taxes	1,558	1,075	475
Israel
Income Tax Examination [Line Items]
Total current income tax expense	4	4	212
Total deferred income tax expense	0	0	0
International
Income Tax Examination [Line Items]
Total current income tax expense	121	32	45
Total deferred income tax expense	$ 1,433	$ 1,039	$ 218

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Reconciliation of Effective Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Contingency [Line Items]
Israel tax benefit at statutory rate	$ (40,784)	$ (2,362)	$ (3,151)
Preferred enterprise	3,052	169	750
Foreign rate differential	912	332	2,376
Share-based compensation	1,753	1,328	245
Prior period adjustments	84
Permanent differences	98	83	(138)
ASC 606		0	133
Uncertain tax position	3,784	5	234
Change in valuation allowance	4,444	184	(74)
Total provision for income taxes	1,558	1,075	475
Warrant
Income Tax Contingency [Line Items]
Warrant revaluation	23,325	1,336	100
Tranche Rights
Income Tax Contingency [Line Items]
Warrant revaluation	$ 4,890	$ 0	$ 0

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Research and development expenses	$ 1,436	$ 1,742	$ 2,619
Stat to GAAP adjustments	0	1,493	1,096
Net operating loss	5,212	941	739
Deferred Compensation	1,009
Vacation and convalescence	799	364	165
Bad debts	93	100	106
Other	466	374	169
Gross deferred tax assets	9,015	5,014	4,894
Valuation allowance	(8,699)	(4,255)	(4,071)
Total deferred tax assets	316	759	823
Deferred tax liabilities:
Deferred contract acquisition costs	(2,324)	(1,543)	(633)
Property and equipment	(283)	(439)	(404)
Capitalized Software	(397)
Other	0	(34)	(4)
Gross deferred tax liabilities	(3,004)	(2,016)	(1,041)
Net deferred tax liabilities	$ (2,688)	$ (1,257)	$ (218)

Income Taxes - Reconciliation of Unrecognized Tax Position (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 234	$ 234	$ 0
Additions based on tax positions related to current year	3,885	0	234
Reductions for tax positions of prior years	0	0	0
Ending balance	$ 4,119	$ 234	$ 234

Net Profit (Loss) Per Share Attributable to Ordinary Shareholders - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted-average shares used in computing net profit (loss) per share attributable to ordinary shareholders, basic (in shares)	76,459,625
Weighted-average shares used in computing net profit (loss) per share attributable to ordinary shareholders, diluted (in shares)	76,459,625
Common Class A
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net profit (loss) attributable to ordinary shareholders, basic	$ (90,677)	$ (11,347)	$ (14,175)
Net profit (loss) attributable to ordinary shareholders, diluted	$ (90,677)	$ (11,347)	$ (14,175)
Weighted-average shares used in computing net profit (loss) per share attributable to ordinary shareholders, basic (in shares)	38,757,558	14,022,788	13,597,794
Weighted-average shares used in computing net profit (loss) per share attributable to ordinary shareholders, diluted (in shares)	38,757,558	14,022,788	13,597,794
Net profit (loss) per share attributable to ordinary shareholders, basic (in dollars per share)	$ (2.34)	$ (0.81)	$ (1.04)
Net profit (loss) per share attributable to ordinary shareholders, diluted (in dollars per share)	$ (2.34)	$ (0.81)	$ (1.04)
Common Class B
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net profit (loss) attributable to ordinary shareholders, basic	$ (88,208)
Net profit (loss) attributable to ordinary shareholders, diluted	$ (88,208)
Weighted-average shares used in computing net profit (loss) per share attributable to ordinary shareholders, basic (in shares)	37,702,067	14,022,788	13,597,794
Weighted-average shares used in computing net profit (loss) per share attributable to ordinary shareholders, diluted (in shares)	37,702,067	14,022,788	13,597,794
Net profit (loss) per share attributable to ordinary shareholders, basic (in dollars per share)	$ (2.34)	$ (0.81)	$ (1.04)
Net profit (loss) per share attributable to ordinary shareholders, diluted (in dollars per share)	$ (2.34)	$ (0.81)	$ (1.04)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Net Profit (Loss) Per Share Attributable to Ordinary Shareholders - Schedule of Anti-Dilutive Securities (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Common Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	33,107,849	36,061,383	31,281,020
Common Class B
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	37,954,251
Convertible Preferred Stock \| Common Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	17,817,201	28,217,680	24,912,627
Convertible Preferred Stock \| Common Class B
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	35,634,404
Warrant \| Common Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,488,819	1,858,467	680,542
Warrant \| Common Class B
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	354,243
Warrant \| Series C
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	70,110,425	35,744,158	30,963,795
Share-based Payment Arrangement \| Common Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	12,239,441	5,985,236	5,687,851
Share-based Payment Arrangement \| Common Class B
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0
Restricted Stock Units (RSUs) \| Common Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,562,388	0	0
Restricted Stock Units (RSUs) \| Common Class B
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,965,604

Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Retirement Benefits [Abstract]
Employer matching contribution, percent of match	100.00%
Employer matching contribution, percent of employees' pay	4.00%
Defined contribution plan, cost	$ 0.8	$ 0.6	$ 0.3
Severance pay rate	8330.00%
Severance costs	$ 3.8	$ 2.7	$ 1.9

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2014-09 [Member]

- Definition

Indicates amendment to accounting standards.

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+ Details