Parafin
Also a provider — view Parafin’s profile →“Can a full-stack embedded lending infrastructure company become the default financial services operating system for SMB-focused platforms—owning capital, spend, and BNPL in a single integration?”
Founded in 2020 by ex-Robinhood engineers, Parafin launched as a pure-play embedded capital provider—handling underwriting, compliance, capital markets, and servicing on behalf of platform partners (marketplaces, vertical SaaS, payment processors) so they could offer white-labeled SMB financing without building it themselves. After establishing Capital (working capital loans and revenue-based financing) as the flagship product, Parafin expanded into Spend (corporate cards with credit and rewards) and Pay Over Time (B2B BNPL at checkout and invoices) between 2024 and 2026, evolving from a single-product lending orchestrator into a multi-product embedded finance infrastructure provider. The $750M Series C valuation signals the market's recognition of Parafin as a platform-level fintech infrastructure company rather than a point lending solution.