Rainforest, a payment provider purpose-built for software platforms, has announced it has raised an oversubscribed $20m Series A funding round led by Matrix Partners. Additional participating investors include Accel, Infinity Ventures, BoxGroup, The Fintech Fund, Tech Square Ventures, Ardent Venture Partners, all of whom participated in the company’s seed round announced in 2023.
The fresh capital brings Rainforest’s total funding to $31.75m and will be used to advance the company’s core technology and product offerings, expand its platform success team, and accelerate its growth via new go-to-market initiatives.
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Rainforest helps software platforms grow revenue by embedding payments into their products, without introducing any risk or compliance complexities. The company has achieved a stronghold amongst software companies processing $50m-$2bn in annual payments, a previously underserved segment. Rainforest provides a data-driven customised risk model for each platform, creating vertical-specific merchant scoring and precise fraud monitoring.
Since Rainforest’s seed round last year, the company grew its payment volume by 17x. It has signed dozens of platforms representing billions in processing volume across a variety of industries, including trucking and logistics, healthcare, specialty retail, professional services, field services, donation management, and more.
The company has also advanced its product in ways that help software platforms grow payments revenue and reduce fraud
Joshua Silver, founder and CEO of Rainforest, said: “Historically, Stripe excelled at helping startups take their very first payment, but they’ve very publicly shifted their focus to large enterprises, leaving mid-market platforms to choose between a DIY Stripe solution built for early stage startups or cobbled-together solutions from a bevy of upstarts. These mid-market platforms tell us that, prior to Rainforest, it was impossible to find a payment provider that offers a full package of modern technology, platform-friendly commercials, and high-touch support.”
“With Rainforest, software companies don’t have to sacrifice or choose between robust technology, excellent support, and attractive contract terms. By providing embedded payments via white glove service that’s risk-adjusted and customised for software platforms, we’re empowering more companies to focus on what they do best: building software that improves economies and experiences for everyone.”
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