Rainforest Secures $20 Million Series A Funding: Key Points
- Funding and Investors:
- Rainforest, a Payments-as-a-Service (PaaS) provider, secured $20 million in Series A funding.
- The round was led by Matrix Partners.
- Other investors included Ardent Venture Partners, Accel, BoxGroup, Infinity Ventures, The Fintech Fund, and Tech Square Ventures, all of whom participated in Rainforest’s $8.5 million seed funding round in 2023.
- Company Background:
- Founded in 2022 and based in Atlanta, Georgia.
- Provides embedded payment processing technology designed for the unique needs of vertical software platforms.
- Focuses on enabling Software-as-a-Service (SaaS) companies to build and optimize financial services.
- Growth and Expansion Plans:
- The funding brings the company’s total raised to $31.75 million.
- Plans to use the funds to increase staff headcount and drive growth through new market strategies.
- Intends to further develop its technology and product range.
- Performance and Impact:
- Rainforest claims a 17x growth in payment volume over the last six months.
- Aims to help vertical software companies increase revenue and engagement, and reduce churn.
- Board Addition:
- Matt Brown from Matrix Partners has joined Rainforest’s board as part of the new funding round.
