January 23, 2024
Parafin named to 2024 Fintech Innovation 50
Parafin
Parafin was named to the 2024 Fintech Innovation 50, an annual list launched by GGV Capital U.S. in partnership with Crunchbase to recognize the most promising fintech companies in the eyes of startup investors. Parafin is a fintech infrastructure startup that companies such as marketplaces, vertical SaaS, and payment processors rely on to launch and embed financial services for their sellers.
GGV Capital U.S. partnered with 44 investment firms to nominate and vote on 150 companies in order to select the 50 honorees. Having raised more than $12 billion collectively, the Fintech Innovation 50 demonstrates the enthusiasm of venture capital investors in the growth and innovation of this sector. In celebration, honorees will ring the Opening Bell at the Nasdaq MarketSite today.
“We believe the long-term tides are in fintech's favor. Market shares are increasingly captured by disruptors and value-added enablers,” said Hans Tung, Managing Partner, GGV Capital U.S. “Congratulations to the Fintech Innovation 50 honorees!"
Parafin offers an out-of-the-box embedded finance solution that enables platforms to provide access to capital to their sellers. By working with platforms sellers already use, such as marketplaces and payment processors, Parafin helps bridge cash flow needs. Parafin drives capital programs by mitigating risk and abstracting away the complexity of capital markets, eligibility, underwriting, and origination. Since its inception in 2020, Parafin has collaborated with DoorDash and Amazon, and is backed by Ribbit Capital, Thrive Capital, and GIC.
The Fintech Innovation 50 includes the most promising fintech startups as nominated and voted on by 44 investment firms, in partnership with Crunchbase. This year, 150 companies were nominated, and 50 were selected through a voting process that required the nomination of portfolio and non-portfolio companies. Nomination criteria included companies with a primary product focus on fintech, the U.S. as a primary market, and Series A stage financing. For more information about participating investors and list methodology, visit www.fintechinnovation50.com.
GGV Capital U.S. is an American venture capital firm focused on early-to-growth investments in technology companies across North America, Israel, Europe, Latin America, and India. We are dedicated to fostering innovation and supporting the next generation of leaders in the tech industry, including Affirm, Airbnb, Bowery Farming, Drata, Handshake, HashiCorp, Ibotta, Quince, Slack, Slice, Square, StockX, Vercel, Zendesk, and more.
GGV Capital U.S. is a longtime investor in the global fintech sector, with more than 10 investments, including ADDI, Affirm (AFRM), Aven, Block (SQ), Clara, Divvy Homes, Frubana, IDwall, Novo, and Stori. More information can be found at www.ggvc.com and @ggvcapital.
Email: press@parafin.com
Christine Hinton, GGV Capital U.S.
Email: chinton@ggvc.com
Mobile: +1 415.939.0139
