Founded in 2022 by Joshua Silver, Rainforest specializes in enhancing revenue streams and reducing churn for software platforms by seamlessly integrating payment capabilities. Unlike traditional solutions retrofitted for platforms, Rainforest’s technology was purpose-built from inception, tailored specifically to meet the needs of software companies processing between $50 million and $2 billion in annual payments.
Since its inception, Rainforest has achieved remarkable growth, expanding its payment volume by 17 times within just six months. The company has garnered significant traction across various sectors such as logistics, healthcare, retail, and professional services, underscoring its pivotal role in facilitating secure and efficient financial transactions within the software industry.
“We’re thrilled to partner with Matrix Partners and our other esteemed investors to accelerate our mission of transforming payment experiences for software platforms,” said Joshua Silver, CEO of Rainforest. “This funding will fuel our efforts to further innovate our core technology, expand our platform success team, and launch new go-to-market strategies.”
Rainforest’s proprietary technology offers tailored risk models and precise fraud monitoring, empowering platforms with customized solutions that optimize revenue and enhance user experience. The company’s recent advancements include streamlined merchant onboarding, support for Apple Pay, implementation of 3DS for fraud reduction, and optimization of interchange passthrough fees, providing platforms significant cost savings.
“Rainforest represents a paradigm shift in embedded payments,” commented Matt Brown, Partner at Matrix Partners and newly appointed board member at Rainforest. “Their holistic approach, combining cutting-edge technology with dedicated platform support, sets a new standard in the industry. This funding round will propel Rainforest to further innovate and solidify its leadership in the rapidly evolving landscape of software platform payments.” Rainforest Pay.
Editorial Opinion: Accelerating Growth in Embedded Payments
The $20 million Series A funding secured by Rainforest marks a significant milestone in the evolution of embedded payment solutions within the software industry. With SMBs increasingly shifting towards integrated financial services, Rainforest’s specialized offerings cater precisely to the needs of mid-market platforms, filling a crucial gap left by traditional payment processors. This infusion of capital not only underscores investor confidence but also positions Rainforest to capitalize on the projected growth in SMB payment processing revenue, expected to reach $7 trillion by 2026.
Rainforest’s strategic focus on technology innovation and customer-centricity has enabled it to carve out a niche in a competitive market landscape. By enhancing operational efficiency and reducing compliance burdens for software platforms, Rainforest empowers its clients to focus on core business activities, thereby fostering economic growth and technological advancement.
As the demand for seamless, secure payment solutions continues to surge, Rainforest is well-positioned to lead the charge in setting new industry standards. The Series A funding not only validates Rainforest’s business model but also signifies a robust future ahead, marked by continued innovation and expansion.
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