Faire
👤 Max Rhodes, Marcelo Cortes, Daniele Perito, Jeffrey Kolovson (Rhodes and his co-founders built Square Capital — small-business underwriting was their craft before it became Faire's moat.)🌐 siteLinkedIn
Four Square Capital alumni rebuilt wholesale on one idea: let a shop try inventory risk-free and finance the gap.
Will it work? · our read
Durable liquidity. Real GMV and revenue — but the same underwriting that wins retailers also lost money fast: a $12.6B valuation is now $5.2B. Liquidity is durable; margin is the question.
01How the money moves
Indie brand lists its wholesale catalog on Faire
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Local shop orders — free returns, pay in 60 days
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Faire pays the brand, keeps 15-25% plus ad fees
02The numbers
$500M+Estimateannualized revenue, 2025
2025 (Q3 run-rate)
GMV is what shops paid brands, not Faire's cut; Faire keeps 15-25% of it plus ads. DC360
Faire keeps about 15-25% of each order; on about $3B of 2025 GMV that annualizes past $500M.
🔒
You have the verdict. Members get the work behind it.
- The CENTS scorecard — where it's strong, where it's soft
- The founder's key move, and the counter-move
- How it could die — the evidence, and how sure we are
- The case against our own call
- A 🚀 launchpad prompt — the case, as a plan for your business
We rate our own confidence — and argue against ourselves. Nobody else in this category does.
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See a full teardown, free → ImportYetiSourcesSources last checked 22 September 2026
Digital Commerce 360 — Faire at $5.2B: CEO states about $3B GMV, $500M+ annualized revenue (Dec 2025)Contrary Research — Faire founding story, ex-Square founders, funding, 15% take rate, 700K retailersFaire Help Center — how 60-day payment terms work (Faire fronts the cost)CNBC — Faire CEO: growing too fast nearly sank the company (2026)Y Combinator — Learnings of a CEO: Max Rhodes, Faire
Revenue is CEO Max Rhodes' Dec 2025 statement to Digital Commerce 360 that Faire is 'annualizing at more than $500M in revenue' (a Q3 2025 run-rate, +40% YoY) — first-party but unaudited and a run-rate, so sourced STATED. GMV of about $3B (2025) is also Rhodes-stated and is transaction volume, NOT Faire's revenue: Faire keeps roughly 15-25% (25% new-customer, 15% repeat; effective about 17%, which reconciles $500M against $3B). The $5.2B valuation is the Nov/Dec 2025 WCM-led secondary tender, down about 59% from a $12.6B May 2022 peak — a documented markdown, not a new raise. Take rate and the 700K-retailer figure (June 2023) are from Contrary Research; the near-death 'grew too fast' account is Rhodes via CNBC. Rival bars are our rough read of reach, not revenue, and the Ankorstore anchor is directional. Private company — all figures are first-party disclosures relayed by press, not regulatory filings. We never score you.