Permit.io primarily offers a SaaS product, delivering a Fullstack permissions service that allows developers to integrate permissions and access control into their products quickly. This is done through a cloud-based platform, showing that the business model is largely centered on delivering digital products. Their service is further enhanced by their open-source project, OPAL, which complements their primary offering by enabling scale and event-driven use of OPA.

Permit.io follows a freemium model, evident from their product-led growth strategy, which focuses on allowing developers to try their service with little to no initial cost. This strategy minimizes customer acquisition costs and maximizes reach by encouraging easy adoption among developers. As users start integrating and relying on the service, they can be upsold on premium features, which likely contributes to their impressive ARR growth.

Permit.io appears to monetize through a subscription model, given their SaaS product, which generally involves recurring payments. The SaaS offering promises continuous updates, support, and scalability, which are typically structured around ongoing subscription plans. This model aligns with their strategy to maximize value and usage for developers, allowing them seamless and ongoing access to the permission control features.