ClassPass
“Can a fitness class aggregator become the dominant wellness marketplace by combining consumer subscriptions, corporate wellness benefits, and accurate global studio payouts under one platform?”
Founded in 2013 as Classtivity/DabbleNow, ClassPass pivoted to a subscription credit model allowing consumers to book classes across multiple fitness studios — a marketplace model that disrupted single-studio memberships. After raising $550M and achieving unicorn status, the company was acquired by Mindbody in 2021, merging the consumer marketplace with Mindbody's studio management SaaS under Vista Equity Partners. The embedded finance story centers on ClassPass's need to disburse accurate, timely payouts to tens of thousands of partner studios globally, which led them to build a ledger-based payout infrastructure using Modern Treasury.