US-based embedded payments provider Rainforest has raised $29 million in Series B funding to expand its team and launch operations in Canada. The investment round was co-led by Matrix Partners and Infinity Ventures, with participation from existing investors Accel and Tech Square Ventures.
Building on an $8.5 million seed round in 2023, and a $20 million Series A led by Matrix Partners last year, Rainforest has now secured a total of $57.5 million in funding since being founded by CEO Joshua Silver in 2022.
The Atlanta-headquartered company enables vertical software platforms to integrate payment processing capabilities for merchants, focusing on serving the specific requirements of industry-specific Software-as-a-Service (SaaS) companies.
Now with “billions of dollars in annual processing volume”, according to a company statement, Rainforest plans to use the Series B capital to accelerate hiring across engineering and platform experience teams, develop new capabilities, including tap-to-phone functionality and alternative payment methods, and execute a geographic expansion to Canada. A timeline for this latter development has not been disclosed.
Source: https://www.fintechfutures.com/
