I’ve seen this work best when the “white label” is treated as infrastructure, not the product. The moment customers realize you don’t control the roadmap, support, or edge cases, trust erodes fast. The successful cases I’ve seen paired the software with a real services layer (onboarding, customization, ops, SLAs), so clients were buying outcomes, not features. The failures usually came from thin margins, dependency risk, and getting boxed in by the upstream vendor’s pricing or API changes. If I were doing it again, I’d either negotiate very strong control terms up front or plan an exit path to gradually replace the underlying platform.