Rainforest, an Atlanta, GA-based payment provider for software platforms, raised $20M in funding.
The round was led by Matrix Partners. Additional participating investors included Accel, Infinity Ventures, BoxGroup, The Fintech Fund, Tech Square Ventures, and Ardent Venture Partners.
The company intends to use the funds to advance its core technology and product offerings, expand its platform success team, and accelerate its growth via new go-to-market initiatives.
Led by CEO and Founder Joshua Silver, Rainforest is a payment provider that helps software platforms build and optimize embedded financial services. With it, software platforms can offer a payments experience for their end merchants without the risk, compliance, economic and operational burdens of registering as a payment facilitator with card networks. Rainforest provides a data-driven customized risk model for each platform, creating vertical-specific merchant scoring and precise fraud monitoring.
The company has achieved a stronghold amongst software companies processing $50 million – $2 billion in annual payments, a previously underserved segment.
FinSMEs
26/06/2024