Stripe has agreed to acquire Parafin, an embedded financial products platform.
Parafin supports platforms that include DoorDash, Gusto, Jobber, and Mindbody. The deal is expected to close in the coming months; the price wasn’t disclosed.
“Platforms power millions of small businesses throughout the world and are central to Stripe’s mission,” Neetika Bansal, Stripe’s business lead, said in a press release. “The Parafin team bring[s] acute expertise and leadership in credit, risk, and embedded financial products. Together, we’ll be able to offer a wider range of credit products to a larger ecosystem and increase credit access for high-growth businesses.”
“We started Parafin to give small businesses access to the modern credit products that were only available to large companies,” said Sahill Poddar, Parafin’s co-founder and CEO, added in the release. “Stripe’s financial infrastructure and global reach will help us move faster and serve millions more businesses through the platforms they rely on.”