Parafin, a San Francisco, CA-based fintech infrastructure startup for marketplaces, vertical SaaS, and payment processors to launch and embed financial services for their sellers, raised $60m in Series B funding.
The round, which brought total equity funding to $94m, was led by GIC, with participation from new and existing investors, including Thrive Capital and Ribbit Capital.
The company intends to use the funds to continue to launch new, innovative products for small businesses, such as business charge cards, and further establish its market leadership in embedded financial services.
Founded in 2020 by Sahill Poddar, Ralph Furman, and Vineet Goel, Parafin provides a full-stack embedded financial infrastructure that works with the platforms that small businesses already use — such as marketplaces, payment processors, and software providers — to help small businesses bridge their cash flow needs, invest in their growth, and run their business.
Parafin is a vertically integrated, full-stack offering that manages everything from product, underwriting, capital markets, compliance, and marketing for its partners.
Today, Parafin powers the embedded capital offerings of companies with over $100 billion in payments volume, including DoorDash Capital and Mindbody Capital.