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Rainforest Raises $20 Million to Double Down on Product and Support
Fintech startup Rainforest has raised $20 million in funding, which it plans to use to double down on product and support. The company, which provides embedded financial services for mid-market vertical SaaS platforms, has already seen significant growth since its founding.
The Market Opportunity
The market for embedded financial services is massive, with financial services accounting for $2.6 trillion of total U.S. financial transactions in 2021. By 2026, this number is expected to surpass $7 trillion. Rainforest’s CEO believes that there are thousands of mid-market vertical SaaS platforms in the U.S. alone, and that a significant portion of this market is still untapped.
The Company’s Plan
Rainforest plans to use its new capital to accelerate product development and support for its customers. The company currently has about two dozen employees, but it expects to grow rapidly over the next few years as it scales its business.
Competitors
Rainforest is not alone in this market. Other companies, such as Forward and Gynger, are also providing embedded financial services to SaaS platforms. However, Rainforest’s CEO believes that his company has a unique approach that sets it apart from the competition.
Funding Round
The funding round was led by Matrix Partners, with participation from other investors. Matt Brown, partner at Matrix Partners, said that he believes "trillions" of payment volume are shifting from old-school solutions to modern software platforms with embedded financial services.
Quote
"We’ve built our core tech, not just a wrapper around others," said Rainforest’s CEO. "We’re experts not just in payments, but in SaaS, platform growth, risk, and the many other areas you need to pull this off."
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