Rainforest raises $29m Series B for embedded payments

September 8, 2025

Rainforest, an embedded payments provider serving vertical software platforms, has closed a $29m Series B funding round.

The round was led by Matrix Partners and Infinity Ventures, with additional backing from Accel and Tech Square Ventures.

Rainforest specialises in embedded payments technology designed for vertical software platforms, aiming to simplify payment adoption while offering strong client support.

The company intends to use the latest funding to accelerate product development, expand its customer service operations, and roll out new services for Canadian merchants. Planned innovations include tap-to-phone functionality, alternative payment methods, and orchestration tools to support scalable payment adoption.

Rainforest has experienced rapid growth since its $20m Series A funding round in 2024, with the company reporting over 10x revenue growth, fuelled by billions in live processing volume.

Its product suite has expanded to include embeddable chargeback management, advanced ACH payments with real-time verification, partial authorisations, and a forward API for secure data sharing.

Matrix partner and Rainforest board member Matt Brown said, “Doubling down on our commitment to Rainforest was a no-brainer. They delivered even more growth than expected in the year following their Series A. Joshua Silver is a remarkable founder-leader who, along with his team, has been laser-focused on delivering superior service and modern embedded payments from day one. Embedded payments are the secret weapon of the best vertical software companies, like Shopify and Toast.

“It’s not uncommon to see 2-5x increases in revenue, retention, and other metrics once a platform successfully embeds payments. It’s easier than ever to add payments to a vertical SaaS product, but it’s harder than ever to succeed with payments because revenue depends on adoption. Rainforest provides the technology, service, and proven playbook to help their platform clients maximize adoption and drive real payments revenue.”