Rainforest, an Atlanta, Georgia-based payment provider purpose-built for software platforms, raised $20 million in Series A funding, bringing its total funding to $31.75 million.
Investors
The round was led by Matrix Partners, with participation from investors including Accel, Infinity Ventures, BoxGroup, The Fintech Fund, Tech Square Ventures, and Ardent Venture Partners, all of whom previously invested in the company's seed round in 2023.
Matrix Partners is a private equity investment firm focusing on venture capital investments. The firm invests in seed and early-stage companies in the United States and India. Founded in 1977, it is based in San Francisco, California.
Rainforest Use of Funds
The company will use the funds to enhance its core technology and product offerings, expand its platform success team, and accelerate growth through new go-to-market strategies.
About Rainforest
Founded in 2022 by Joshua Silver, Rainforest is a Payments-as-a-Service (PaaS) provider that helps software platforms build and optimize embedded financial services. With Rainforest, software platforms can provide a best-in-class payment experience for their end merchants without the risk, compliance, economic, and operational burdens of registering as a payment facilitator with card networks. Rainforest provides low-code integration technology, true merchant portability, transparent pricing, flexible contract terms, and a no-risk model. In September 2023, Venture Atlanta named Rainforest Emerging Startup of the Year.
Funding Details
Company: Rainforest Pay, Inc.
Raised: $20.0M
Round: Series A
Funding Month: June 2024
Lead Investors: Matrix Partners
Additional Investors: Accel, Infinity Ventures, BoxGroup, The Fintech Fund, Tech Square Ventures, Ardent Venture Partners
Company Website: https://www.rainforestpay.com/
Software Category: Payments Processing
Source: https://www.businesswire.com/news/home/20240626839878/en/