No, I actually was referring to their native vector AI image generator, not their vectorizer - although the vectorizer was better than any other we found, and that's why we were using it to convert the Midjourney PNG dropcaps into SVGs

(The editing quality of the vectorized ones were not great, but it is hard to see how they could be good given their raster-style appearance. I can't speak to the editing quality of the native-generated ones, either in the old obsolete Recraft models or the newer ones, because the old ones were too ugly to want to use, and I haven't done much with the new one yet.)

I was under the impression that their AI Vector generator generates a PNG and vectorizes under the hood.

Hm... I was definitely under the impression that it is generating SVGs natively, and that was consistent with its output and its recent upgrades like good text rendering, and I'm fairly sure I've said as much to the CEO and not been corrected... But I don't offhand recollect a specific reference where they say unambiguously that it's a SVG generator rather than vectorizer(raster), so maybe I'm wrong about that.

For me its based on that vector generation is much harder than raster, recraft has raised just over $10M (not that much in this space), and their api has no direct vector generation.