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Stockholders' Equity and Stock-Based Compensation (Q3) (Tables)
 9 Months Ended 12 Months Ended
Sep. 30, 2021
Dec. 31, 2020
Equity [Abstract]    
Share-based Payment Arrangement, Option, Activity

Stock option activity for the nine months ended September 30, 2021 is presented below (in thousands, except per share and contractual life amounts):

   
Number of Shares
    
Weighted-Average Exercise Price
  
Weighted-Average Remaining Contractual Life (in Years)
  
Aggregate Intrinsic Value
  
Outstanding at December 31, 2020
    
16,170
    
$
2.69
          
Granted
    
8,511
      
16.56
          
Exercised
    
(3,717
)
    
1.50
          
Forfeited
    
(617
)
    
10.92
          
Outstanding at September 30, 2021
    
20,347
    
$
8.46
      
8.0
    
$
94,017
  
Vested and expected to vest at September 30, 2021
    
17,900
    
$
7.67
      
7.8
    
$
91,212
  
Exercisable at September 30, 2021
    
8,022
    
$
4.71
      
6.6
    
$
55,794
  

A summary of the stock option activity during each period and related options outstanding and exercisable from both the 2003 Plan and 2014 Plan, as retroactively adjusted (refer to Note 1) are as follows:


   
Shares
    
Weighted-
Average
Exercise Price
    
Remaining
Contractual
Life (Years)
  
Options outstanding, December 31, 2018
    
1,742,018
    
$
10.64
      
6.4
  
Retroactive application of reverse recapitalization (Note 1)
    
10,849,752
      
(9.17
)
        
Adjusted options outstanding, December 31, 2018
    
12,591,770
    
$
1.47
      
6.4
  
Granted
    
1,770,289
      
3.32
          
Exercised
    
(1,467,432
)
    
0.77
          
Forfeited
    
(1,241,216
)
    
2.36
          
Options, outstanding, December 31, 2019
    
11,653,411
     $ 1.75      
5.3
  
Granted
    
8,818,051
      
3.36
          
Exercised
    
(1,339,607
)
    
0.98
          
Forfeited
    
(2,961,117
)
    
2.58
          
Options outstanding, December 31, 2020
    
16,170,738
     $ 2.69      
6.9
  
Options vested and expected to vest, December 31, 2020
    
15,222,396
    
$
2.53
      
6.8
  
Options exercisable, December 31, 2020
    
8,226,613
    
$
1.69
      
5.0
  
Share-based Payment Arrangement, Restricted Stock Unit, Activity

Restricted stock unit activity for the nine months ended September 30, 2021 is presented below (in thousands, except per share amounts):
 
   
Number of
Shares
    
Weighted-
Average Grant
Date Fair Value
  
Unvested at December 31, 2020
    
—
    
$
—
  
Granted (1)
    
856
      
16.73
  
Vested
    
(189
)
    
16.64
  
Forfeited (2)
    
(50
)
    
16.80
  
Unvested at September 30, 2021
    
617
    
$
16.75
  
 
(1)
No RSUs were granted prior to the Business Combination. 836,208 of the granted shares represent the Earnout RSUs issued as part of the Business Combination (refer to Note 3 - Business Combination for further discussion).
 
(2)
Includes 29,443 shares of common stock withheld from employees to satisfy the mandatory tax withholding requirements, for which the Company remitted cash of $0.4 million to the appropriate tax authorities.
 
Share-based Compensation Expense

The Company records stock-based compensation expense related to all of the Company’s stock-based awards over the requisite service period of the individual grantee, which is generally equal to the vesting period. Stock-based compensation expense was recorded in the following categories in the Condensed Consolidated Statements of Operations and Comprehensive Loss (in thousands):
 
   
Three Months Ended
September 30,
    
Nine Months Ended
September 30,
  
   
2021
    
2020
    
2021
    
2020
  
Cost of subscription, transaction, and services
  
$
436
    
$
77
    
$
1,284
    
$
166
  
Research and development
    
1,210
      
159
      
3,524
      
396
  
Sales and marketing
    
984
      
117
      
3,276
      
307
  
General and administrative
    
3,284
      
473
      
12,362
      
1,118
  
Total
  
$
5,914
    
$
826
    
$
20,446
    
$
1,987
  

The Company included stock compensation expense related to all of the Company’s stock option awards in various expense categories for the years ended December 31, 2020, 2019 and 2018 as follows:


   
2020
    
2019
    
2018
  
Cost of subscription, transaction and other revenue
  
$
263
    
$
133
    
$
114
  
Research and development
    
697
      
384
      
239
  
Sales and marketing
    
465
      
296
      
347
  
General and administrative
    
1,638
      
1,301
      
1,096
  
   
$
3,063
    
$
2,114
    
$
1,796
  
Stock Option Valuation Assumptions

The fair value of stock options granted was estimated at the date of grant using the Black-Scholes valuation model with the following assumptions:
 
   
Three Months Ended
September 30,
    
Nine Months Ended
September 30,
  
   
2021
    
2020
    
2021
    
2020
  
Risk-free interest rate
    
1.0% - 1.2
%
    
0.4% - 0.5
%
    
0.6% - 1.4
%
    
0.4% - 1.6
%
Expected dividend yield
    
—
%
    
—
%
    
—
%
    
—
%
Expected volatility
    
40% - 41
%
    
44% -45
%
    
40% - 42
%
    
39% - 45
%
Expected life (in years)
    
5.5
      
6.9
      
5.5
      
6.9
  
                                 
Weighted average grant date fair value
  
$
4.62
    
$
1.33
    
$
6.45
    
$
1.16
  

The determination of the fair value of the options was estimated at the date of grant using a Black-Scholes option pricing model with the following assumptions:


   
2020
    
2019
    
2018
  
Risk-free interest rate
    
0.4% - 1.6
%
    
1.7% - 2.6
%
    
2.7% - 3.1
%
Dividend yield
    
0.0
%
    
0.0
%
    
0.0
%
Volatility factor of the expected market price of the Company’s common stock
    
39% - 45
%
    
38% - 40
%
    
34% - 42
%
Expected life of option
  
6.9 years
    
6.9 years
    
7.1 years