Rainforest helps software companies embed financial products into their solutions.
In brief:
- Payments-as-a-service platform Rainforest has raised $11.75 million in seed funding.
- The round was led by Accel, and included a $3.25 million venture debt facility courtesy of Silicon Valley Bank (SVB).
- The company is able to help software platforms deal with both the risk management and compliance issues that accompany payments, while enabling them to take advantage of the growing opportunity to embed and monetise payments.
What does this mean?
Rainforest’s embedded components enable companies to build payment rails to facilitate payments from providers such as Visa and Mastercard, as well as same-day ACH and Plaid verification. Rainforest supports next-day payouts, and the company anticipates adding same-day options like RTP and push-to-card soon.
