Parafin, a San Francisco, CA-based fintech infrastructure startup, raised $125M warehouse facility from Silicon Valley Bank and Trinity Capital (Nasdaq: TRIN).
The company intends to use the funds to provide capital to businesses on premier platforms such as DoorDash and Amazon.
Founded in 2020 by Sahill Poddar, Ralph Furman, and Vineet Goel, Parafin is a full-stack embedded financial services company that enables platforms to provide financing to businesses by abstracting away the complexity of capital markets, underwriting, originations, servicing, compliance, and customer support. In less than 3 years, the company has partnered with Amazon, DoorDash, and more platforms to serve businesses and extended $5 Billion in offers. By empowering the financial services of marketplaces and payment processors, sellers are able to manage and scale their businesses in evolving economic conditions.
Commenting on the news, Sahill Poddar said: “Small businesses often face barriers to financing. Parafin’s goal is to help them overcome those challenges, and get them the capital they need. We’re thrilled to partner with SVB and Trinity, which will expand our financial service offerings and capacity to supply sellers with fast and flexible financing to scale their businesses“
FinSMEs
10/04/2024