Skio, a 2020 Y Combinator graduate founded by self-identified college dropout Kennan Frost, has been bought by rival Recharge, as announced by the two companies on Thursday.

Both Skio and Recharge provide solutions for managing subscription payments for brands.

Although the official announcement did not reveal the deal’s specifics, Frost (who had previously exited the company) shared on X, LinkedIn, and Instagram that his startup exited with $105 million in cash after only raising $8 million from investors. This represents a significant return on investment.

His updates regarding the acquisition were shared by Skio investors Y Combinator and Nicolas Wittenborn, the founder of the VC firm Adjacent.

According to a LinkedIn update from Skio’s current CEO, Aidan Thibodeaux, who was the startup’s inaugural COO, Frost had not been leading the company for nearly two years. Upon his takeover, he described a rigorous process that involved no expenditure on marketing, advertisements, or a sales team. Instead, the focus was solely on product development. He mentioned that he and the founding CTO, Andrew Chen, handled every sales call by themselves.

Frost’s journey is even more compelling. In his Instagram update, he explained that he single-handedly founded the startup after experiencing a panic attack that led him to quit his engineering job at Pinterest. Two weeks later, the COVID pandemic brought the world to a halt.

Frost entered YC and mentioned in another post that he “completely failed during the batch,” until he shifted to this subscription model. In three years, he grew the company to $10 million in annual recurring revenue (ARR) and claims it became profitable. He credits the development of a “team that came together and transformed this initial traction into a legitimate business.”

His YC mentor, Gustaf Alströmer, verified the sale’s details on X. Alströmer illustrated how the founder faced challenges during his tenure at the accelerator but kept persevering.

Frost stated that at the time of sale, the company achieved $32 million ARR and had processed $4 billion in payments. He is currently focusing on another venture he founded, Icon, which provides a product named AdMaker for creating ads and monitoring ad campaigns.

Frost, Recharge, and Wittenborn could not be contacted immediately for a response.