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IndustryUpdate
Uslander (Fiserv), and Tom Wimsett (Merchant’s PACT).
Rainforest raises $20M for payment processing
Rainforest, a payment provider for software platforms,
raised an oversubscribed $20 million Series A fund-
ing round led by Matrix Partners, with Accel, Infinity
Ventures, BoxGroup, The Fintech Fund, Tech Square
Ventures and Ardent Venture Partners also participat-
ing. This brings Rainforest's total funding to $31.75 mil-
lion.
The funds will be used to enhance technology, expand
the platform success team, and drive growth. Rainforest
helps software platforms embed payments, providing a
data-driven customized risk model for each platform,
vertical-specific merchant scoring, and precise fraud
monitoring.
The company has also advanced its product in ways
that help software platforms grow payments revenue,
Rainforest stated.
ANNOUNCEMENTS RESEARCH
Gartner recognizes ePayPoli
$400 emergency expense too
Gartner Digital Markets recognized ePayPolicy as a
top-rated payments platform in 2024, earning spots on much for 37% of Americans
Capterra's Shortlist, SoftwareAdvice's FrontRunners and Empower research revealed that 37 percent of Americans
GetApp's Category Leaders. The only insurance-centric who participated in its recent survey can't afford an
platform on the list, which is based on customer reviews, unexpected $400 expense, 21 percent have no emergency
ePayPolicy joins other honorees savings, and 25 percent have used emergency funds
for basic living expenses in the last year. The median
Venmo, PayPal, Stripe and Square. The ePayPolicy savings for survey respondents is $600, with men sav-
platform boasts a 4.9/5 user rating, the highest among ing double compared to women ($1,000 versus $500),
its peers, Gartner stated. Customers reportedly praised researchers found.
ePayPolicy for saving over 150 hours and $5,000 in fees
annually. Despite economic hardships, 43 percent of participants
have contributed to emergency funds in the past year.
CEO Mark Engels expressed pride in the recognition, Rising prices, however, hinder savings for 57 percent.
emphasizing the company's goal is to simplify payments Debt repayment takes priority for 57 percent, and 30
for insurance companies. percent of respondents keep their emergency funds in
cash. The study surveyed 1,192 U.S. adults in April 2024.
PayTech Women introduces
Partner Executive Council Self-service kiosk market booming
PayTech Women, a nonprofit organization established The global self-service kiosk market is projected to grow
to advance women in payments and fintech, launched by $10.67 billion from 2024 to 2028, with a CAGR of 14.17
the Partner Executive Council to enhance collaboration percent, driven by the adoption of contactless payments
with senior leaders from influential paytech companies. and smart stores, Technavio researchers found. North
Audrey Blackmon, PTW president-elect, chairs the coun- America holds the largest market share at 41 percent.
cil. PTW CEO Wendy Holliday emphasized the council's Key benefits of self-service kiosks include enhanced
role in fostering diversity and innovation. convenience, reduced wait times and improved service
delivery.
The 2024 PEC members include Lindsey Cole (Leverage),
Nona Finley (JPMorgan Chase), Michelle Jenkins (NCR Industries utilizing kiosks include retail, banking, hos-
Voyix), Christine Lopez (SHAZAM Payment Network), pitality, travel, healthcare and entertainment. A primary
Bijay Alex Matthew (Art of Mentoring), Millicent Tracey challenge is competition from tablet kiosks, Technavio
(California Bank of Commerce), Jennifer Tramontana stated.
(The Fletcher Group), Jess Turner (Mastercard), Mary
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