Following this announcement, Rainforest will continue its strategy of offering software providers the possibility to facilitate payments from end customers to their business clients, while being designed specifically for SaaS companies and offering white-glove services at the same time. The funding round drew new investor Matrix Partners as well as returning backers Accel, Infinity Ventures, BoxGroup, The Fintech Fund, Tech Square Ventures, and Ardent Venture Partners.
In addition, the company will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry.
Rainforest’s overall revenue model was developed to be entirely consumption-based, just like cloud solutions, with the firm earning a small percentage of each transaction and payment that is being processed. Over time, the company also expanded into more verticals of the industry, such as field tools and professional solutions. At the same time, Rainforest deepened its expansion into existing verticals, such as retail, nonprofit, and healthcare.
On the product development front, the company also added support from Apple Pay, 3DS, and Plaid, which is believed to optimise the manner in which platforms increase payment adoption while further reducing fraud and online threads.
For future plans, Rainforest is expected to plan to use its new investment in order to double its product portfolio and support. As several companies and institutions in payment volume are shifting to modern and digital software platforms with Embedded Finance services, the funding round is set to give Rainforest the possibility to further accelerate its development process, attract new customers, and contribute to the overall landscape growth.
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