Atlanta, GA - Sep 09, 2025 (UTC) - Rainforest, a startup that embeds payment processing into other software platforms, has raised $29 million in a Series B funding round. Matrix Partners and Infinity Ventures co-led the financing for the Atlanta-based company, which also included participation from Accel, Tech Square Ventures and The Fintech Fund. All are repeat backers. In total, Rainforest has raised $57.5 million since its 2022 inception.
Rainforest, which is a self-described challenger to fintech giant Stripe, bills itself as a “payments-as-a-service” provider. Put simply, it aims to help vertical software companies enable payment processing for their merchants. CEO and founder Joshua Silver believes that Rainforest stands out from competitors such as Stripe and Adyen in that it was “purpose-built” for vertical software platforms.
“Payment providers who divide their attention between platforms and merchants can never truly prioritize platform-specific needs like residual reporting and merchant management,” Silver said. “In contrast, our entire roadmap is capabilities that help software companies monetize embedded payments.”
Rainforest raised its Series A — a $20 million round — in June 2024. Since then, the company has seen its annual recurring revenue increase by 10x, according to Silver, who declined to reveal hard revenue figures. “In around two years, we’ve grown from hundreds of millions of dollars of committed volume to processing billions of live volume,” Silver said.
That sort of growth is what led investors to double down on their investments in Rainforest. “The numbers speak volumes,” said Matrix partner Matt Brown. “Rainforest has managed to become a differentiated, trusted partner for billion-dollar platforms with a lean team and in record time. While everyone’s chasing AI, I believe we’re witnessing the quiet emergence of a generational fintech company.”
“One of the biggest challenges vertical SaaS companies face is the ability to migrate payment volume to a new provider and some companies struggle for years,” said Jeremy Jonker, managing partner at Infinity Ventures. “This is exactly where Rainforest shines, helping their platform clients move hundreds of millions of dollars in just a few weeks or months.”
Today, Rainforest has nearly 100 clients that have thousands of merchants across their platforms. They include Hint Health, Keap, PayGround, RoadSync, QuoteMachine, D-Tools, Duesy and Materio. Healthcare, nonprofits and home services are the fastest-growing segments of Rainforest’s business, followed by education, local government and professional services.
Looking ahead, Rainforest plans to use its new capital to do more hiring (it currently has more than 40 employees), expand to Canada and continue its product development such as tap-to-phone, which allows merchants to use mobile phones as a terminal, rather than proprietary terminals. The company also plans to add alternate payment methods and fintech orchestration.
Unlike many other startups, the company has implemented AI tools specifically for risk management. “While the tech industry is excited about AI, that same technology is also helping fraudsters evolve faster and evade traditional rule-based fraud detection tools,” Silver said. As such, Rainforest has upgraded its risk management systems to include AI tools that are designed to work with its platform-specific risk models “to stay ahead of fraudsters.”
Another way Rainforest differs from some competitors is that its revenue model is entirely consumption-based, just like cloud services. So rather than charging monthly platform or merchant fees, the company takes a “small” percentage cut of each transaction processed through its platform.
About Rainforest
Founded in 2022 by Joshua Silver in Atlanta, Georgia, Rainforest is a payment provider that helps software platforms build and optimize embedded financial services. The company was purpose-built for vertical software platforms, enabling them to provide best-in-class payments experiences for their end merchants without the risk, compliance, economic and operational burdens of registering as a payment facilitator with card networks. Rainforest provides low-code integration technology, true merchant portability, transparent pricing, flexible contract terms and a no-risk model. Silver previously led healthcare payments company Patientco, which was acquired by Waystar in 2021. The company’s leadership team includes VP of Payments Becky Kopplin, VP of Engineering Chris Church, and VP of Finance Cailey Ryckman.
Learn more at www.rainforestpay.com.
Media Contact:
Whitney Topping
Email: whitney@walkercomms.com
