Rapid Growth of Fintech Solutions in Atlanta
Since its inception in 2022, the swift adoption of the company’s solutions serves as a testament to how Atlanta-based enterprises consistently identify lucrative niches that often elude consumers, nestled several layers deep within corporate technology infrastructures.
The Technology Association of Georgia reports a thriving ecosystem of over 260 fintech companies in the state, encompassing traditional payment providers and generating employment for more than 42,000 individuals.
The anticipated expansion into Canada not only promises to broaden the market reach for Rainforest but also aims to bolster the growth potential for the companies—both software developers and businesses—energized by its platform, noted Founder and CEO Joshua Silver. Founder and CEO Joshua Silver
Mr. Silver elaborated, “Numerous vertical software platforms possess the capability to support enterprises in both the U.S. and Canada. For instance, a youth sports league management platform could flourish by serving leagues in both nations.”
He conveyed to Global Atlanta via email, “Thus, our Canadian expansion not only uncovers a new market for Rainforest but also empowers our existing clients to extend their service offerings into uncharted territories.”
However, Mr. Silver acknowledged that venturing into the Canadian market presents its own set of challenges, particularly given the existence of fewer than 100 banks, in stark contrast to the over 4,000 FDIC-insured institutions in the U.S., where fintech has emerged as a pivotal growth sector.
“While the obstacles to entry may be elevated,” he added, “the potential rewards are substantial for those willing to navigate local market intricacies and payment tendencies.”
Mr. Silver cautioned, “Numerous American firms attempt to replicate their domestic offerings without necessary adaptations.” Although the U.S. and Canada share several similarities, he emphasized notable distinctions. “For example, many Canadians utilize the national debit rails (Interac), which are virtually nonexistent in the U.S.”
Despite concerns regarding the recent deterioration of relations between the U.S. and Canada, leading to some boycotts of American products and services, Mr. Silver remains untroubled. He asserted, “Throughout the past year, my extensive time in Canada has revealed a consistent enthusiasm among vertical software companies for the introduction of additional fintech services in their marketplace.”
The latest investment round, spearheaded by Matrix Partners and Infinity Ventures, saw participation from Accel and Atlanta-based Tech Square Ventures—all of which were also contributors to the previous $20 million Series A funding round in 2024. Since then, Rainforest has experienced exponential growth, multiplying its presence tenfold.
Matrix partner Matt Brown characterized the investment as a “no-brainer,” given Rainforest’s capability to empower platforms to yield significant payments revenue through the “secret weapon” of embedded payments.
The company collaborates with entities like Roadsync, an Atlanta-based software platform catering to trucking firms, and Keap, a CRM platform for marketers. Mr. Brown noted that such providers often witness their revenues experience a doubling effect upon initiating payment processing services.
Mr. Silver, previously the founder of Atlanta’s Patientco with a decade-long tenure there, frequently cites examples such as Uber or fitness memberships with online platforms to illustrate successful implementation of embedded payments.
“All of these entities require robust payment technology underpinning their operations, necessitating an infrastructure provider,” he articulated in a recent CSTMR podcast interview, elucidating how this revenue enhancement transpires within software platforms.
“That is precisely what we do at Rainforest—we support countless software companies with that vital payments infrastructure.”
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