Parafin, a provider of embedded financial infrastructure, has secured up to $360 million through a forward-flow agreement with Cross River Bank.
Cross River’s Principal Finance Group will purchase up to $360 million in aggregate assets, according to a Parafin release today. The financing provides Parafin with committed capital to expand its embedded finance platform for small businesses.
The arrangement marks Parafin’s first off-balance sheet commitment, giving the company additional flexibility to meet rising funding needs. The partnership strengthens Parafin’s ability to scale its white-label financial services, which power platforms such as Amazon, Walmart and DoorDash.
To date, the company has extended more than $14.5 billion in financing offers to small businesses and merchants, according to the release. Cross River stated the agreement reflects a shared mission to expand access to capital and support entrepreneurs in building a more inclusive economy.
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