Lovable says two-thirds of the Fortune 500 use it and revenue hit $600m

Two-thirds of the Fortune 500 are using Lovable, co-founder Fabian Hedin said, often because staff found the tool on their own. Those companies then come to Lovable with thousands of apps and ask what to do, he said.

Hedin, Lovable’s chief technology officer, spoke to Forbes senior editor Iain Martin on Wednesday at HumanX in Amsterdam. Asked for Lovable’s current revenue, he said it was $600m. Martin said revenue stood at about $200m when he visited the Stockholm company last summer. In August, a $400m round valued Lovable at $13.3bn.

“If you look at the Fortune 500, two thirds of them are using Lovable because people within those companies, they kind of just figure out, oh, I can use this tool to solve our problems,” Hedin said.

Thousands of apps, then a call to Lovable

Lovable then helps those companies get insight into the apps and set the right permissions for their data, Hedin said. Deutsche Telekom has built more than 2,000 applications on Lovable for load-bearing uses, he said. He also named Microsoft and Nvidia among the large companies Lovable works with.

Users sit in finance, HR, engineering, product and design, Hedin said. He described a sales leader at Uber Eats who knew the restaurant pitch process end to end. A tool built on Lovable created a pitch customized for each restaurant. A first version takes a few hours or a day, and later changes about 10 minutes, Hedin said. Such changes used to wait months on an engineering backlog.

Companies are also replacing costly internal software that offered little customization, he said. Users own what they build and can take it and run it themselves.

Who should build what

Security teams sometimes worry about all the new code, “rightfully so,” Hedin said. Lovable works with CIOs on who should build what, which data each app can reach and who can edit it, since editors indirectly gain access to that data. No-code tools allowed more deterministic guardrails, he said.

“You’re kind of giving everyone a lot more power to create, which is great. But it comes with this flip side of, okay, but how do you actually make sure that they create things in a safe way?” Hedin said.

AI agents also change security inside large companies, he said.

“I think before, a lot of people have been able to rely on kind of security by obscurity, where like the permission system internally in a large enterprise has not been perfect, but no one knows how to navigate it. Now you can have an agent navigate it,” Hedin said.

Lovable creates more than a million projects a week, too many to review by hand, Hedin said. It uses AI to scan all of them, and it keeps scanning after users stop building. It fixes critical flaws in dependencies and proposes fixes for the rest. Hedin said the tool, free for all users, was the first in its category.

Martin raised a pattern of vibe-coded apps that took off and then leaked user data. Hedin said builders have to assume vulnerabilities will exist, and he pointed to a flaw recently found in the curl command-line tool.

More than 100 models under the hood

Lovable has never offered users a model picker, Hedin said. For a single task, it may use more than 100 models, weighing cost, speed and quality. Martin asked whether that means routing users to a cheaper open-source model rather than the most expensive Anthropic model. Hedin said Lovable can pass the savings on to users, and a cheaper model is often faster.

Customers ask for the routing after the industry’s talk of token maxing turned into bills, he said. Lovable is increasingly tuning its own models to cut cost and raise quality on some tasks.

A product, not code

Martin asked why users would not go straight to Codex or Claude.

“The difference, if you compare that with what Lovable does, is that Lovable does not output code. The output is a product,” Hedin said.

Increasingly, that product is a business, he said. Security is an ongoing job, because an app that is secure today may not be secure in a month. Lovable handles hosting, deployment and scaling. Apps built on Lovable get close to a billion visits a month, an order of magnitude more than Lovable itself, Hedin said.

80% of the ideas users bring to Lovable are about creating a business, he said. Lovable Cloud now adds payments, email, SEO and ads. Hedin gave the example of Rafael, a founder in Brazil who built an AI education platform on Lovable. His 50 employees use Lovable for all internal processes, and the company is on track for about $20m in annual recurring revenue this year, Hedin said.

Agentic coding, built from Europe

Martin noted that many people link Lovable to vibe coding, the term Andrej Karpathy coined more than two years ago. Lovable chief executive Anton Osika said last week that the company is way past vibes.

“Describing the whole thing as a vibe doesn’t feel fully correct. So you know, I prefer the term agentic coding,” Hedin said.

Asked why Lovable stayed in Sweden, Hedin said he and Osika visited San Francisco early on and did their due diligence. Europe gave them competitive advantages, he said, including access to talent. Lovable mixes Y Combinator ways of working with Sweden’s team-first mentality. In June, Osika spoke about Europe’s confidence problem.

“So I don’t look back from building from Europe,” Hedin said.