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Today: July 21, 2024
July 1, 2024
1 min read

Rainforest Secures $20M Funding to Revolutionize Embedded Payments



TLDR:

  • Rainforest, a startup helping software companies add built-in payment services, raised $20 million in a Series A funding round led by Matrix Partners.
  • The funding will be used to advance core technology, expand platform success team, and accelerate growth.

Rainforest, a startup that enables software companies to incorporate embedded payment services, recently closed a $20 million Series A funding round led by Matrix Partners. Other investors in this funding round include BoxGroup, The Fintech Fund, Ardent Venture Partners, Tech Square Ventures, Accel, and Infinity Ventures. This brings the total funding raised by Rainforest to $31.8 million, with Matrix Partners’ partner Matt Brown joining the board post-funding.

Founded by Joshua Silver, Rainforest aims to offer white glove service for embedded payments, allowing companies to focus on software development while providing seamless payment solutions. The startup targets software firms processing between $50 million and $2 billion annually, bridging a critical gap in the market not served by existing fintech solutions like Stripe.

Since the seed round in 2023, Rainforest has experienced a 17-fold increase in payment volume, catering to industries such as trucking and logistics, healthcare, retail, professional services, and more. With features like data protection and fraud prevention, the startup has garnered praise for its innovative approach to embedded payments.

Following the latest funding round, Rainforest plans to enhance its core technology, expand the platform success team, and drive growth within the market. With a team of seasoned executives and an award for Emerging Startup of the Year from Venture Atlanta, Rainforest is poised for further success in the embedded payments sector.


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