Parafin collects $60m Series B funding round

Parafin, a FinTech infrastructure platform, has collected $60m in its Series B funding round, which was led by GIC.

Contributions to the round also came from Thrive Capital and Rabbit Capital.

With the funds, Parafin plans to launch new products for small businesses, such as business change cards. It also plans to establish its market leadership in embedded financial services.

Parafin is a full-stack embedded financial infrastructure that serves small businesses, and helps marketplaces, payment processors and software providers bridge their cash flow needs, invest in their growth and run their business.

It claims to power embedded capital offerings of companies with over $100bn in payments volume, including DoorDash Capital and Mindbody Capital. Companies that use Parafin serve a combined total of 700,000 small and medium-sized businesses around the world.

Parafin claims its quarterly run-rate revenue and total financing volume grew by 87% and 77%, respectively.

Parafin co-founder Vineet Goel said, “Small businesses have a huge, unmet need for capital and are poorly served by the status quo.

“We make it simple, seamless, and fast for any Platform that serves a small business to offer financial products that accelerate their small business’ growth and increase their loyalty and lifetime value.”

With the close of the round, the company has raised a total of $94m in funding.

Earlier in the week, Savana closed its Series A funding round on $45m, which was led by Georgian.

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