Parafin, a leader in embedded financial services, and Fullsteam, a software and payments platform for vertical-specific businesses, announced they have exceeded $125 million in financing through their partnership. Launched in September 2022, this collaboration integrates capital access directly into the Fullsteam ecosystem, empowering small businesses in industries like salons, party rentals, limo services, and breweries to secure fast, flexible funding.
The partnership streamlines financing by embedding it within platforms merchants already use, reducing barriers to growth during economic uncertainty. Sahill Poddar, CEO and Co-founder of Parafin, stated, “This milestone reflects the power of embedded finance to drive real business growth. By integrating capital access into the platforms businesses already use, we’re delivering access to fast, flexible funding when and where merchants need it.” This approach has proven effective, with high repeat usage indicating sustained impact on business scalability.
Parafin's AI-powered model analyzes sales data to provide tailored underwriting, enabling top-up offers that support ongoing expansion. Fullsteam merchants have shown strong adoption, with 70% of recipients seeking additional funding. Dom Morea, President of Payments and Platform at Fullsteam, noted, “This offering fits squarely within our mission to deliver world-class financial technology to small and medium-sized businesses enabling them to grow and thrive. The simple, accessible model makes it easy for merchants to reinvest in their businesses when it matters most — and this $125 million milestone and the repeat usage is a clear testament to the impact it’s having.”
Businesses like J. Roberts Salon, part of Fullsteam's Rosy brand, exemplify the program's value. Owner Jim Roberts shared, “The availability of funds to help grow your business is a true advantage. Thank you Rosy and Parafin for such a fantastic service.” Since August 2023, the salon has accepted five advances and achieved 31% growth in daily revenue, highlighting how accessible capital fuels reinvestment and performance.
Parafin's standardized underwriting serves Fullsteam's varied clients by assessing risk through sales data, ensuring equitable access to growth capital. This has extended the program's reach across multiple business units, fostering resilience in niche sectors.
Parafin and Fullsteam's partnership demonstrates the transformative potential of embedded finance, with plans to extend services to Canada and Puerto Rico while introducing new products. This expansion will further equip small businesses to navigate challenges and seize opportunities in a dynamic economy.
Parafin is a financial infrastructure company that provides platforms with embedded financial products for their small businesses by abstracting the complexity of capital markets, underwriting, servicing, compliance, and customer support. By powering the financial services of marketplaces, vertical SaaS platforms, and payment processors, small businesses can run and grow themselves despite uncertain economic conditions.
In just a few years, Parafin has launched on Amazon, Walmart, DoorDash and more platforms to serve hundreds of thousands of businesses and extended over $14 billion in offers.
Parafin was founded in 2020 by Sahill Poddar, Vineet Goel, and Ralph Furman, and is backed by Ribbit Capital, Thrive Capital, GIC, Notable Capital, and Redpoint Ventures.
Fullsteam integrates modern and scalable payments technology with vertical software to create industry-specific features and end-to-end business management systems. Their software products provide mission-critical infrastructure and technology, powering a broad range of niche industries to maximize potential. By uniting experts in payments, software, and digital marketing, Fullsteam delivers comprehensive solutions that drive growth and efficiency across various sectors.
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