TLDR:
- PayPal Ventures leads Gynger’s $20 million Series A funding round, with participation from other venture capital firms.
- Gynger aims to transform its embedded financing platform into a full-scale payments solution for technology purchases.
PayPal Ventures has taken the lead in funding Gynger’s $20 million Series A round, with participation from other notable venture capital firms such as Gradient Ventures, Velvet Sea Ventures, BAG Ventures, and Deciens Capital. Gynger, the first embedded financing platform for technology purchases, plans to use the funding to scale its team and operations and accelerate its vision of turning its embedded financing platform into a comprehensive payments solution for buying and selling technology.
Mark Ghermezian, Gynger’s CEO and Founder, expressed excitement about the growth and demand the company has experienced recently. Gynger aims to revolutionize how companies purchase technology by providing a payments solution that meets the needs of both vendors and customers. With the global technology spend estimated to reach $4.7 trillion over the next year, Gynger’s financing platform offers a unique solution for businesses looking to acquire the technology they need through non-dilutive capital.
By offering flexible payment terms for technology purchases, Gynger enables businesses to optimize cash flow and spread payments over terms that align with their budget and growth trajectory. The financing platform has already facilitated payments for leading technology vendors such as Snowflake, Salesforce, and AWS. Gynger’s customer base ranges from early-stage startups to pre-IPO companies across various industries.
Gynger’s automated, seamless, embedded financing platform is designed to simplify and optimize the technology purchasing process. By utilizing advanced AI and data analytics, Gynger can underwrite and approve credit for customers faster than other financing solutions. The company’s vision is to transform the way technology transactions are made by providing a seamless and secure payment platform for both buyers and sellers of technology.
Community Investment Management (CIM) has provided Gynger with a debt facility of up to $100 million, enabling the company to scale its financing of technology spend and meet increasing customer demand. Gynger’s partnership with PayPal Ventures and other investors signifies the potential for growth and innovation in the embedded financing space, particularly within the technology sector.
