Funding round
Parafin Series B
Parafin, which works in embedded financial solutions development in San Francisco, raised $60M in a Series B round announced on 2 Aug 2022, led by GIC, at a $520M post-money valuation. 3 firms took part. It is Parafin's second venture round on record; the one before was a Series A in Sep 2021.
$60M
Amount raised
$520M
Post-money valuation
$460M pre-money
3
Investors
1 lead
12%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Parafin at $520M after the new money. The $60M bought investors about 12% of the company. It came 11 months after Parafin's Series A. It is 31% of the $194M Parafin has raised in the venture rounds on record. Parafin raised again 28 months later: a Series C round of $100M in Dec 2024, at $750M post-money.
Parafin's funding rounds
Parafin has 3 venture rounds on record and 2 other deals. This one is highlighted.
- Series A 21 Sep 2021, led by Ribbit and Thrive Capital $34M
- Series B this round 2 Aug 2022, led by GIC $60M$520M post-money
- Debt not a venture round 10 Apr 2024 $125M
- Debt not a venture round 28 Aug 2024, led by Jefferies and Trinity Capital $93M
- Series C 17 Dec 2024, led by Notable Capital $100M$750M post-money
Investors
Who put money in
GIC led the round with 2 other firms.
Lead investor
- GIC backs 98 venture-backed companies new investor
Also in the round
- Thrive Capital backs 130 venture-backed companies new investor
- Ribbit backs 126 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
10 Series B rounds in Financial Services within a year either side disclosed an amount; the median was $45M, and this round was 1.3 times the median. The closest in time, other companies' Series B rounds in Financial Services:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Financial Services | 22 Aug 2022 | $15M | not disclosed | Intercontinental Exchange, Inc. |
| Financial Services | 25 Jul 2022 | $40M | not disclosed | Valar Ventures |
| Financial Services | 10 Nov 2022 | $33M | not disclosed | Obvious |
| Financial Services | 16 May 2022 | $32M | $200M | Stripes |
| Financial Services | 27 Jan 2022 | $130M | $1.00B | SoftBank Vision Fund |
| Financial Services | 11 Jan 2022 | $82M | not disclosed | Tiger Global |
| Clear Street Financial Services | 11 Apr 2023 | $270M | $2.00B | Prysm Capital |
| Financial Services | 13 Apr 2023 | $25M | not disclosed | PEAK6 |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did Parafin raise in its Series B round?
Parafin raised $60M in its Series B round, announced in Aug 2022.
Who led Parafin's Series B round?
GIC led it, with Thrive Capital and Ribbit.
What was Parafin's valuation at the Series B round?
$520M post-money ($460M pre-money).
How does it compare with other Series B rounds in Financial Services?
10 Series B rounds in Financial Services within a year either side disclosed an amount; the median was $45M, and this round was 1.3 times the median.
Did Parafin raise again after this round?
Yes: a Series C round in Dec 2024 of $100M at $750M post-money.