Gynger, a NYC-based embedded financing platform for technology purchases, raised $20m in Series A funding.
The round was led by PayPal Ventures, with participation from Gradient Ventures, Velvet Sea Ventures, BAG Ventures and Deciens Capital. In addition, Gynger secured a debt facility from CIM (Community Investment Management) with an agreement to fund up to $100MM.
The company intends to use the funds to scale its team and operations. The new facility will enable Gynger to scale its financing of technology spend to meet increasing customer demand.
Led by Mark Ghermezian, CEO and Founder, Gynger provides an embedded financing platform built for buyers & sellers of technology. The platform enables businesses to pay, finance, and manage all of their technology expenses from one dashboard. For tech vendors, they provide an opportunity to extend flexible payment options to their customers while still getting paid upfront. The financing platform has already facilitated payments for hundreds of technology vendors including Snowflake, Salesforce, AWS, Cisco, ZoomInfo, and Datadog.
Gynger utilizes advanced AI and data analytics to underwrite and approve credit for customers. It automatically detects technology spend to recommend financing opportunities to best fit the needs of both buyers and sellers. By facilitating the transactions through its secured payment platform, Gynger completes the end-to-end purchasing process.
Gynger was incubated out of m]x[v Capital and founded in 2021.
FinSMEs
20/06/2024