Funding round
Parafin Series C
Parafin, which works in embedded financial solutions development in San Francisco, raised $100M in a Series C round announced on 17 Dec 2024, led by Notable Capital, at a $750M post-money valuation. 5 firms took part, 3 of them already investors. It is Parafin's third venture round on record; the one before was a Series B in Aug 2022.
$100M
Amount raised
$750M
Post-money valuation
5
Investors
1 lead
1.4x
Step-up from the Series B
$520M in Aug 2022
13%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Parafin at $750M after the new money, 1.4 times the $520M of its Series B (Aug 2022). The $100M bought investors about 13% of the company. It came 28 months after Parafin's Series B. It is 52% of the $194M Parafin has raised in the venture rounds on record. No later venture round is on record for Parafin.
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 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 this round 17 Dec 2024, led by Notable Capital $100M$750M post-money
Investors
Who put money in
Notable Capital led the round with 4 other firms. Ribbit, Thrive Capital and GIC had backed Parafin before.
Lead investor
- backs 44 venture-backed companies new investor
Also in the round
- Redpoint Ventures backs 194 venture-backed companies new investor
- Ribbit backs 126 venture-backed companies existing investor
- Thrive Capital backs 130 venture-backed companies existing investor
- GIC backs 98 venture-backed companies existing investor
Joined the board: Hans Tung (Notable Capital).
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, scaling operations and working capital.
- Product development
- Scaling operations
- Working capital
Comparable rounds
How it compares
6 Series C rounds in Financial Services within a year either side disclosed an amount; the median was $51M, and this round was 2.0 times the median. The closest in time, other companies' Series C rounds in Financial Services:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Financial Services | 17 Dec 2024 | $20M | not disclosed | not named |
| Imprint Financial Services | 11 Oct 2024 | $75M | $600M | Khosla Ventures |
| Financial Services | 15 Oct 2024 | $25M | not disclosed | Ripple Ventures |
| Alpaca Financial Services | 23 Apr 2025 | $52M | not disclosed | Deraya Financial and 850 Management |
| Kalshi Financial Services | 25 Jun 2025 | $185M | $2.00B | Paradigm |
| Financial Services | 11 Dec 2025 | $50M | $1.20B | Westbound Equity |
Sources
Where this comes from
Reported by 5 sources.
Questions
Frequently asked
How much did Parafin raise in its Series C round?
Parafin raised $100M in its Series C round, announced in Dec 2024.
Who led Parafin's Series C round?
Notable Capital led it, with Redpoint Ventures, Ribbit, Thrive Capital and GIC.
What was Parafin's valuation at the Series C round?
$750M post-money.
How does it compare with other Series C rounds in Financial Services?
6 Series C rounds in Financial Services within a year either side disclosed an amount; the median was $51M, and this round was 2.0 times the median.