US fintech start-up Rainforest lands $20m Series A led by Matrix Partners

Rainforest Secures $20 Million Series A Funding: Key Points

1. Funding and Investors:
   • Rainforest, a Payments-as-a-Service (PaaS) provider, secured $20 million in Series A funding.
   • The round was led by Matrix Partners.
   • Other investors included Ardent Venture Partners, Accel, BoxGroup, Infinity Ventures, The Fintech Fund, and Tech Square Ventures, all of whom participated in Rainforest’s $8.5 million seed funding round in 2023.
2. Company Background:
   • Founded in 2022 and based in Atlanta, Georgia.
   • Provides embedded payment processing technology designed for the unique needs of vertical software platforms.
   • Focuses on enabling Software-as-a-Service (SaaS) companies to build and optimize financial services.
3. Growth and Expansion Plans:
   • The funding brings the company’s total raised to $31.75 million.
   • Plans to use the funds to increase staff headcount and drive growth through new market strategies.
   • Intends to further develop its technology and product range.
4. Performance and Impact:
   • Rainforest claims a 17x growth in payment volume over the last six months.
   • Aims to help vertical software companies increase revenue and engagement, and reduce churn.
5. Board Addition:
   • Matt Brown from Matrix Partners has joined Rainforest’s board as part of the new funding round.