US fintech start-up Rainforest lands $20m Series A led by Matrix Partners
Rainforest, a Payments-as-a-Service (PaaS) provider based in Atlanta, Georgia, has secured $20 million in a Series A funding round led by venture capital firm Matrix Partners.
Rainforest bags $20 million Series A funding
The round also included support from Ardent Venture Partners, Accel, BoxGroup, Infinity Ventures, The Fintech Fund, and Tech Square Ventures – all of which participated in Rainforest’s $8.5 million seed funding round completed in 2023.
Founded in 2022, Rainforest provides embedded payment processing technology which it claims has been built specifically to “support the unique needs of vertical software platforms”.
It says Software-as-a-Service (SaaS) companies can utilise its offering to “build and optimise” financial services to tap into what it calls a “growing opportunity for SaaS platforms to capture SMB payment processing revenue”.
The new cash injection, which brings the company’s total funding raised to $31.75 million, will be used to boost its staff headcount and drive its growth through new market strategies. Rainforest also plans to further build out its technology and product range.
The company says it grew its payment volume by 17x in the last six months, “enabling vertical software companies to increase revenue and engagement, and reduce churn”.
With the new funding, Rainforest has also named Matt Brown from Matrix Partners as a new member of its board.
