James Sagan, whose firm bought 16% of OnlyFans this May, gave his first interview about the deal last week and discussed the platform’s finances, a possible stock market listing, and a much-needed plan to build banking services for creators.
The chat —the first substantial public interview about the OnlyFans investment with Sagan, the founder and chief executive of Architect Capital— was conducted by The Information‘s editor-in-chief Jessica Lessin. Here are the key points creators need to know.
Is OnlyFans Going Public?
Just weeks after the death of founder Leonid Radvinsky in March, his widow, Yekaterina Chudnovsk (who leads the family trust that still holds majority control) joined forces with Architect Capital, who paid $535 million for roughly 16% of Fenix International, OnlyFans’ parent, valuing it at about $3.15 billion. Architect raised the money from wealthy individuals and family offices, including the Australian businessman James Packer and the US investor Sam Lessin.
Reported financials show a gross revenue of about $7.22 billion for the year in 2024, up 9%, with net revenue of about $1.41 billion, up 8%. About $5.8 billion of that year’s takings went to creators. The company says it has paid creators roughly $25 billion since 2016. At the time of the deal, OF had about 4 million creator accounts and 377 million fan accounts.
Architect has told investors it also sees a path to OnlyFans going public as early as 2028, according to an investor presentation reported by the Wall Street Journal.
Will Creator Banking Finally be a Reality?
Sagan’s pitch to investors reportedly includes seeking a banking licence so creators can get more reliable payouts and keep more of what they earn. OnlyFans would ideally draw on Architect’s financial services experience for creators “who are often underserved by traditional financial institutions and products”.
As Wet Ink has covered extensively, debanking and discrimination against adult creators and performers is a persistent problem in the industry. Many have spoken about wanting to establish their own financial institutions, but Architect has the resources to potentially make it a reality.
Adult creators are routinely refused accounts, frozen or dropped by banks and processors, which is why OnlyFans pays out the way it does. An owner who controls a bank could simplify the process and insure creators get their earnings in a secure way. It would also make the company more attractive to public market investors, since the payments issue is a big part of why OnlyFans is not yet listed. The fix for a real creator problem is also an asset for investors so everyone would benefit.
OnlyFans hopes to use Architect Capital’s “experience in the financial services sector” as the company told Mediaweek, to grow its offerings to creators “who are often underserved by traditional financial institutions and products.”
The exclusive interview was behind a paywall, but it can now be seen on The Information’s YouTube channel.
