Rainforest, a payments-as-a-service platform, has raised USD 20 million in Series A funding led by Matrix Partners, with participation from Accel, Infinity Ventures, BoxGroup, and others. Rainforest's total funding now stands at USD 31.8 million.

The funding will enhance Rainforest's core technology and product offerings, expand its platform success team, and launch new go-to-market initiatives.

Rainforest reported a 17x growth in payment volume since its seed funding last October and has onboarded software platforms, mostly with USD 50 million–2 billion in annual payments, across various industries, including trucking and logistics, healthcare, specialty retail, professional services, field services, donation management, and others.

Analyst QuickTake: Over the past six months, several payments and subscriptions management platforms across geographies have raised funding, including US-based Verituity raising USD 18.8 million (last week), Singapore-based Nium securing USD 50 million (this month) and London-based Navro securing USD 14 million (February 2024).