Rainforest, an embedded payment provider purpose-built for software platforms, has raised an oversubscribed $29 million Series B funding round led by Matrix Partners and Infinity Ventures with participation from Accel and Tech Square Ventures.
Rainforest says it technology stack was was built specifically for software platforms, distinguishing it from competitors like Stripe Connect and Ayden Platforms, which were initially built for merchants and then retrofitted for the SaaS market.
Joshua Silver, founder and CEO of Rainforest, says: “We’re seeing an increase in demand because vertical software companies want an embedded payments product that’s purpose-built for their use case and a provider who is focused on their needs. We’ve already signed major Stripe clients with billions in processing volume. This new investment will be instrumental in building on our momentum and making our platform even more feature-rich as we help our customers maximize their payment revenue.”
Since Rainforest’s last funding round, the company has grown revenue by more than 10x fueled by billions of dollars in annual processing volume.
The new capital brings the company’s total funding to date to $57.5 million and will fuel hiring, geographic expansion to Canada, and product development including tap-to-phone, alternate payment methods and fintech orchestration.