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- Rainforest Secures $20 Million Series A Funding Round Led by Matrix Partners
Rainforest Secures $20 Million Series A Funding Round Led by Matrix Partners
Slice of Finance Team
07 Jul
Key Highlights:
Rainforest raises $20M Series A funding round led by Matrix Partners.
Total funding now $31.75M, including participation from Accel, Infinity Ventures, and others.
Funds to advance technology, expand team, and drive new go-to-market initiatives.
Company grew payment volume by 17x since 2023 seed round.
Support for Apple Pay, fraud reduction through 3DS, and optimized interchange fees.
Source (Business Wire)
Notable Quotes:
“Historically, Stripe excelled at helping startups take their very first payment – but they’ve very publicly shifted their focus to large enterprises, leaving mid-market platforms to choose between a DIY Stripe solution built for early stage startups or cobbled-together solutions from a bevy of upstarts.”
“Payments are still surprisingly siloed, inaccessible, and user-unfriendly. However, trillions in payment volume are shifting from old-school solutions to modern software platforms with embedded financial services.”
“While many products in the industry were built for merchants and later retrofitted for platforms, Rainforest’s product was designed and built from the ground up for software platforms. Rainforest has invested in processes and automation to a degree that we don’t usually see at a company of their size."
Our Take:
Rainforest’s $20 million Series A funding, led by Matrix Partners, signifies a strong endorsement of their innovative approach to embedded payment solutions for software platforms. This capital infusion is poised to significantly enhance Rainforest’s technological capabilities, expand their team, and accelerate growth initiatives. With an impressive 17x growth in payment volume since their seed round, Rainforest is well-positioned to capture a larger market share in the rapidly evolving payments landscape. Their focus on streamlining merchant onboarding, reducing fraud, and optimizing fees highlights their commitment to providing a seamless and efficient payment experience for mid-market software platforms.