Rainforest Pay
Also a provider — view Rainforest Pay’s profile →“Can a purpose-built, vertical-SaaS-native payfac-as-a-service out-monetize the Stripe Connect / Adyen for Platforms incumbents by owning its own core processing stack?”
Founded2022
HQBrookhaven, GA, United States
FoundersJoshua Silver
Total raised~$60M+
Latest roundSeries B, 2025
IndustryInfrastructure / Payments
The story
Founded 2022 in Atlanta by Joshua Silver as Emfi Tech, rebranded to Rainforest. Positioned as a payfac-as-a-service built from the ground up for vertical SaaS platforms — deliberately not a wrapper around another processor. Owns its core processing technology and sponsors merchants via bank partners, differentiating on service and platform-friendly contract terms versus incumbents like Stripe Connect and Adyen for Platforms.
Product timeline
2022
Founded (formerly known as Emfi Tech) as a payfac-as-a-service for vertical SaaS platforms· pivot
2024
Raised $20M Series A· banking
2025
Raised $29M Series B led by Matrix Partners and Infinity Ventures; 10x revenue growth since Series A· banking
The stack
5 layers disclosed in Rainforest Pay’s embedded-finance stack
Money movement
in the full report
Card network
in the full report
Lending
in the full report
Open banking
in the full report
Accounting gap: significant
7 more providers across 4 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.