Parafin has announced the conclusion of a $60 million funding round led by the investor GIC.

The San Francisco-based FinTech infrastructure start-up has now brought its total equity funding to $94 million from the Series B round, which also included participation from previous investors Thrive Capital and Ribbit Capital.

Parafin powers the embedded capital offerings of companies with over $100 billion in payments volume, who have used the solution to serve over 700,000 SMEs since the FinTech’s inception in 2020.

Parafin enables any platform that serves a small business to offer financial products that accelerate their small business’ growth and increase their loyalty and lifetime value, the company said.

Vineet Goel, co-founder of Parafin, said: “Small businesses have a huge, unmet need for capital and are poorly served by the status quo.”

Commenting on its offering, Sanyam Satia, engineering lead at Parafin, said: “Most platforms fail to recognise both how much untapped demand their sellers have for capital and how hard it is to build these financial products in-house.”

He added: “We’re focused on solving hard infrastructure problems so that platforms can best serve their sellers.”

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