A few highlights:
- 10x revenue growth (with similar growth in processing volume)
- We closed a $20M Series A led by Matrix Partners’ Matt Brown and $6M venture debt facility, bringing our total raised to nearly $35M
- Signed dozens of new software platforms – representing billions of dollars in additional processing volume
- Featured by FinMed Partners, FT Partners, and Payments Consulting Network
- Won The Information’s Top 50 Most Promising Startups of 2024 and Technology Association of Georgia’s Top 10 Most Innovative Companies in Georgia
- Most importantly, we tripled-down on providing the absolute best service in the industry.
Here are a few of the wins our platform clients achieved this year:
- Three separate platforms completed their implementation and went live in less than 14 days each. You can read more about one of those platforms, Decoda Health, here.
- One large, high-volume platform increased their gross margin on payments from 9 basis points to 55 basis points by moving from a referral-based payments provider to Rainforest.
- Another established platform reduced interchange passthrough by 24 basis points by implementing Level 2/3 data, enrolling eligible merchants in Visa SMB, and leveraging American Express OptBlue with guidance from Rainforest’s Platform Success team.
- One B2B2C platform achieved a 16% increase in processing volume by optimizing their checkout flow UI based on Rainforest’s recommendations
- A platform for ecommerce merchants who sells HSA/FSA eligible goods increased their auth rates from <30% to >90% by upgrading from their previous provider to Rainforest
We’ve also released several features to deliver an even better merchant experience and help our platform clients drive payments adoption, volume, and revenue. Here are just some of this past year’s most exciting releases:
- Implemented 3DS to protect merchants and reduce fraud
- Added Apple Pay in the embeddable payments component to reduce checkout friction and help platforms grow payment volume
- Launched a suite of enhancements to our merchant onboarding component, including Plaid bank verification and merchant self-service options
- Added support for partial authorizations to increase auth rates, especially in the case of HSA/FSA payments
- Made pre-built helpdesk articles available to all platform clients so they can launch faster and confidently support their merchants
- Launched an embeddable chargeback management component that guides merchants through the chargeback response
As we move into 2025, we’re excited to continue this growth, deliver on an impactful product roadmap to drive even more volume for our platform clients, and provide the best merchant experience and support in the industry.
