Fintech infrastructure start-up Parafin has raised $60 million in a Sequence B financing spherical led by GIC, Singapore’s sovereign wealth fund.

Parafin raises $60m Sequence B

The spherical noticed participation from new and current buyers, together with Sequence A and seed lead buyers Thrive Capital and Ribbit Capital.

The brand new money takes Parafin’s whole fairness raised so far to $94 million.

Based in 2020 by former Robinhood staff Sahill Poddar, Ralph Furman and Vineet Goel, Parafin is a full-stack embedded monetary infrastructure agency that allows platforms corresponding to marketplaces and fee processors to launch and embed monetary providers.

The corporate manages the product, underwriting, capital markets, compliance and advertising features for its companions, permitting corporations that serve small companies to launch a white-label monetary providers programme with Parafin in as little as a couple of days.

Parafin co-founder Vineet Goel says: “Small companies have an enormous, unmet want for capital and are poorly served by the established order.”

With the brand new funds, Parafin intends to launch new merchandise for small companies, corresponding to enterprise cost playing cards, and cement its market place.

Parafin’s engineering lead Sanyam Satia says: “Most platforms fail to recognise each how a lot untapped demand their sellers have for capital and the way onerous it’s to construct these monetary merchandise in-house.

“We’re centered on fixing onerous infrastructure issues in order that platforms can finest serve their sellers.”