Parafin, a San Francisco, CA-based innovator in embedded finance, announced today that it closed a $93M debt facility with Jeffries and Trinity Capital, Inc.
Their investment has the potential to increase to $187M.
The funding will support Parafin’s ability to offer capital to small businesses. Earlier this year, Parafin secured $125M from Silicon Valley Bank and Trinity Capital Inc.
Founded in 2020 by Sahill Poddar, Ralph Furman, and Vineet Goel, Parafin provides platforms such as marketplaces, vertical SaaS, and payment processors with embedded financial services for their small business sellers. The financial infrastructure company uses machine learning to develop their underwriting model that includes over a billion data inputs from every industry vertical. In three years, the company has partnered with Amazon, Walmart, DoorDash, and Worldpay to offer financing to hundreds of thousands of small businesses.
Parafin is backed by Ribbit Capital, Thrive Capital, and GIC.
FinSMEs
28/08/2024