Rainforest, an embedded payment provider, has raised $29m in Series B funding, bringing total funding to $57.5m. Funds will be used for hiring, Canadian market expansion, and new payment technologies. CEO Joshua Silver is confident in delivering functionality, security, visibility, and reliability to customers, with a focus on revenue maximization.

Rainforest has seen over a tenfold increase in revenue after the previous funding round. New product enhancements aim to increase payment adoption, volume, and revenue for software platforms. These include chargeback management, ACH payments, real-time bank validation, BIN lookup, partial authorizations, and a Forward API for data sharing.

The company aims to help vertical software companies integrate payment systems, addressing issues like rejection of legitimate merchants, lack of onboarding visibility, inconsistent payment data, and lengthy delays. Rainforest’s approach is different from competitors like Stripe Connect and Ayden Platforms, focusing specifically on software platforms’ needs.

Rainforest’s success has attracted major Stripe clients with billions in processing volume. The company’s platform enhancements have been instrumental in driving revenue growth. The goal is to continue building momentum and expanding features to help customers maximize payment revenue.

Read more at Yahoo Finance: Embedded payment provider Rainforest raises $29m in Series B round