Rainforest Raises $29 Million Series B to Expand Embedded Payments for Vertical SaaS Platforms

Rainforest has raised $29 million in a Series B funding round to accelerate its growth as an embedded payments provider for vertical SaaS platforms. The oversubscribed round was led by Matrix Partners and Infinity Ventures, with participation from Accel and Tech Square Ventures, bringing the company’s total funding to about $57.5 million.

Since its prior round, Rainforest has grown revenue more than 10× year-over-year, processing billions of dollars in annual payment volume. Its customers span industries such as healthcare, non-profit donation management, youth sports, and professional services, with platforms like Hint Health, Payground, RoadSync, QuoteMachine, d-tools, ProLine, Duesy, and Materio using its technology.

The new capital will be used to expand the team, enter the Canadian market, and further develop product offerings, including tap-to-phone payments, alternate payment methods, and fintech orchestration. Planned enhancements include embeddable chargeback management to help merchants respond effectively, advanced ACH payments with real-time bank validation and balance checks to reduce failures and speed payouts, real-time BIN lookup for compliant surcharging, partial authorizations to improve approval rates—especially for HSA and FSA payments—and a Forward API that allows platforms to share data with trusted third parties without exporting sensitive tokens.

Rainforest positions itself as a purpose-built provider for embedded payments in vertical software, delivering a full stack of technology combined with expert service. Its platform is designed to give software companies greater control over payments, improve adoption and retention, drive payments revenue, and manage risk while ensuring visibility, security, consistency, and merchant portability.