Rainforest, an embedded payment provider designed specifically for software platforms, has successfully raised $29 million in an oversubscribed Series B funding round. This round was led by Matrix Partners and Infinity Ventures, with additional contributions from Accel and Tech Square Ventures.
Rainforest emphasizes that its technology stack is tailored for software platforms, setting it apart from competitors like Stripe Connect and Adyen, which were originally developed for merchants before adapting to the SaaS market.
Joshua Silver, founder and CEO of Rainforest, noted, “We’re seeing increasing demand as vertical software companies seek an embedded payments solution that is purpose-built for their specific needs. We have already secured major clients from Stripe with processing volumes in the billions. This new investment will be crucial in enhancing our momentum and enriching our platform as we support our customers in maximizing their payment revenue.”
Since its last funding round, Rainforest has experienced over a tenfold increase in revenue, driven by substantial annual processing volume. The latest funding raises the company’s total to $57.5 million and will support hiring initiatives, expansion into Canada, and product development efforts, including features like tap-to-phone, alternative payment methods, and fintech orchestration.