US embedded finance fintech Parafin secures $100m in Series C funding round
Parafin, a San Francisco-headquartered embedded finance start-up, has bagged $100 million in a Series C funding round at a $750 million valuation.
Parafin lands $100 million Series C
The financing round, coming just months after the fintech secured a $125 million warehouse facility, was led by California-based VC Notable Capital with additional participation from Redpoint Ventures and existing backers GIC, Ribbit Capital, and Thrive Capital.
Founded in 2020 by former Robinhood employees Sahill Poddar, Ralph Furman, and Vineet Goel, Parafin offers full-stack embedded financial infrastructure solutions for companies such as payment processors, SaaS platforms, and marketplaces, enabling these businesses to provide their SME partners with a suite of financial services – including capital, expense management, and savings tools – through a single integration.
Since the company’s launch, Parafin claims it has funded “nearly $1 billion annually” for “tens of thousands of small businesses” across the US and Canada.
Moreover, following its $60 million Series B round in 2022, the fintech has reported a 400% increase in transaction volumes and predicts reaching profitability “within six months”.
Sahill Poddar, CEO and co-founder of Parafin, states the firm’s latest cash injection will “allow us to scale existing products, ship new products, expand into new geographies, and deepen our partnerships with platforms that support the global small business economy”.
