Buzzwords = Bing Cards - $596k SDE - $2.6m Asking

Listing Type (?): Solid but overpriced.

They’ve got all the buzzwords in the headline… but they just sell custom bingo cards!

Education and Event Subscription-Based Platform | $97K MRR | 241% Revenue and 291% SDE Growth | Over 5K Members | Custom-Built SaaS Platform

SDE: ~$596k

Asking: $2.68m

The good…

Real cash flow. ~$600k in SDE on ~$850k revenue with ~78% gross margins is legit for a tool this simple.

Subscription mechanics actually work. $2.95 trials converting at ~47% into $20/month subscriptions is strong, especially for something that feels transactional.

SEO doing the heavy lifting. A 14-year-old domain driving 70–80% of purchases is a real asset and explains how they scaled traffic without paid ads.

Low owner involvement. ~15 hours per week puts this squarely in “holdable” territory for the right buyer.

The cynical side…

Is this really SaaS? The core product is bingo card generation + printing. The “custom-built platform” helps, but defensibility still feels thin.

Valuation stretch. 4.6x SDE for a simple tool with limited switching costs feels aggressive, even with good margins and growth.

Massive fast growth. 241% revenue growth and 291% SDE growth year-over-year looks great on paper, but it would be hard to sustain.

Usage is episodic. Bingo is inherently event-driven. Monthly subscriptions here feel more like billing convenience than true recurring demand.

Feature creep risk. Spotify bingo, social casino concepts, and education partnerships sound exciting—but also far from the core value prop.

Competitive ceiling. Barriers to entry aren’t high. Better UX helps, but this isn’t deep workflow software embedded in a business.

Bottom line

Once you cut through the buzzwords, this businesses seems like an ecommerce business with a nice UI for customers as opposed to saas. I’d also bet they they use forecasted growth, which is unsustainable for the buyer (in my opinion) to arrive at this asking price. There’s a nice business here, but not at 4.5x. 3.5 is on the upper end of what I see this worth.

Hopefully next time I have something fairly valued!

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