It is almost certainly the latter. Their fees are 15%, so the revenue run-rate would actually be closer to $150k.
That being said, my guess is the service partially operates as an eBay proxy, thus they are buying some of the stuff. If that is the case, then the revenue run-rate could be close to the processing amount, as they would be the merchant of record for anything sold on eBay.
For the purposes of TC (and most likely FOBO's PR), the run-rate does make this a "million dollar business in 2 months" - yes that's what most people will think after reading this.
For anyone curious about some of the terminology here:
1) A run-rate is typically determined by using some financial figure and extrapolating it over a year. Typically this is used in seasonal businesses, where a Q4 might be strong (take Apple for example) and you can thereby project what the revenues will be for the next 4 quarters. Trying to establish a run-rate after 2 months of business is not only extremely rare, it's deceptive and almost downright lying. No respected financial person would ever use this terminology in this context.
2) It's not clear (purposefully so) what figure is being measured to calculate a run-rate. Gross sales? Revenue? Profit? Most likely it's gross sales. Again, an extremely rare case for using the term run-rate, as it's mostly used for the annualized revenue amount.
Lastly, awesome job by FOBO and can't wait to see how a whole year pans out for them! Unfortunately this is a case of appalling journalism by TC (no surprise). Subsequently it means we'll have a whole lot less educated entrepreneurs who think they can fumble around with telling investors that their app that is doing $5,000 in revenue in it's first month, is now all of a sudden the next million dollar success. (EDIT - I'm not saying that FOBO is one of them, in fact quite the opposite)
That being said, my guess is the service partially operates as an eBay proxy, thus they are buying some of the stuff. If that is the case, then the revenue run-rate could be close to the processing amount, as they would be the merchant of record for anything sold on eBay.