Fenwick represented Rainforest, a payments-as-a-service platform (PaaS) that helps software companies build and optimize embedded financial services, in its $8.5 million seed financing. The financing was led by Accel with participation from Infinity Ventures, BoxGroup, The Fintech Fund, Tech Square Ventures and Ardent Venture Partners, as well as a number of strategic angel investors. Rainforest also secured a $3.25 million venture debt facility from Silicon Valley Bank (SVB), a division of First Citizens Bank.
Rainforest will be using the funds to invest in the company’s product in ways that will help software businesses drive revenue and improve retention while enabling customers to accept and send payments. More information can be found in the new announcement.
The transaction was led by corporate partner Michael Brown and associate Corinne Nhaissi.