Gynger, the first embedded financing platform for technology purchases, also announced the close of up to $100 million debt facility to fuel its growth as it pioneers the rapidly expanding tech purchasing landscape.

NEW YORK, June 20, 2024 /PRNewswire/ -- Gynger, the first embedded financing platform for technology purchases, announced today that it has raised $20 million in Series A funding, led by PayPal Ventures, with participation from Gradient Ventures, Velvet Sea Ventures, BAG Ventures and Deciens Capital.

 

Gynger will use the funding to scale its team and operations and accelerate its vision of transforming its embedded financing platform into a full-scale payments solution for buying and selling of technology.

In addition, Gynger secured a debt facility from CIM (Community Investment Management) with an agreement to fund up to $100MM. The new facility will enable Gynger to scale its financing of technology spend to meet increasing customer demand.

"Over the last year, we have experienced tremendous growth and demand," Mark Ghermezian, Gynger's CEO and Founder commented, "We are revolutionizing how companies buy and sell technology by providing a payments solution that addresses the needs of both vendors and their customers. We are building the future of flexible financing for all technology. We are thrilled to welcome PayPal Ventures as an investor to help push our growth to a whole new level." 

Technology is one of the top growing B2B categories, with over $900 billion in annual spend on SaaS alone. According to Forrester, global technology spend is estimated to grow to $4.7 trillion over the next year, fueled by the increase of generative AI. With technology spend expected to rise over the next decade, Gynger is already providing customers with a solution that makes it easier than ever before for businesses to finance their software and technology needs.

Gynger's vision is to simplify and optimize the end-to-end technology purchasing process. The company is building a fully automated, seamless, embedded financing platform built for both buyers and sellers of technology, that will truly revolutionize the way technology transactions are made today.

"Gynger is changing the way businesses buy software," said James Loftus, PayPal Ventures Managing Partner. "Companies from seed stage startups to enterprise can unlock flexible payment terms on any technology expense, regardless of the vendor's terms, making it possible to purchase tools needed for growth while also preserving cash. We couldn't be more thrilled to be supporting them on their journey."

Gynger provides a unique financing solution for businesses looking to acquire the technology they need – companies can purchase software and services through non-dilutive capital.

This allows businesses to optimize their cash flow by spreading payments out over flexible terms that fit their budget and growth trajectory. Gynger's financing platform has already facilitated payments for hundreds of leading technology vendors including Snowflake, Salesforce, AWS, Cisco, ZoomInfo, and Datadog. By making capital more accessible, Gynger enables technology users to purchase the software they need in order to scale, while still paying on their terms. Gynger's customer base spans a wide-range of organizations, from early-stage startups to pre-IPO companies across all industry verticals.

For software and broader technology vendors, Gynger extends alternative purchasing methods to their customers, which enables vendors to accelerate sales, improve cash flow, shorten Day Sales Outstanding (DSOs), and pull revenue forward - all while getting paid upfront through Gynger's embedded financing platform. By offering flexible payment terms to customers, vendors can simplify the sales process and lock in long-term commitments.

Gynger utilizes advanced AI and data analytics to underwrite and approve credit for customers faster than any other financing solution available. It automatically detects technology spend to recommend financing opportunities to best fit the needs of both buyers and sellers. By seamlessly facilitating the transactions through its secured payment platform, Gynger completes the end-to-end purchasing process.

"Gynger offers a unique source of financing for businesses who are in need of flexible terms as they increase their capital outlays on software," said Jacob Haar, Managing Partner of Community Investment Management. "With software spend increasing more than any other spend category, Gynger is well positioned to provide valuable support to businesses nationwide. We are excited to partner with the company as they scale to meet the significant size of this market opportunity."

About Gynger

Gynger is the first embedded financing platform built for buyers & sellers of technology. Our mission is to combine software with capital to enable businesses to scale with the technology they need and love. Our platform enables businesses to pay, finance, and manage all of their technology expenses from one dashboard. For tech vendors, we provide an opportunity to extend flexible payment options to their customers while still getting paid upfront. Gynger was incubated out of m]x[v Capital and founded in 2021 and is based in New York. For more information, visit www.gynger.io.

Contact info: contact@gynger.io 

About PayPal Ventures

PayPal Ventures is the global corporate venture arm of PayPal. We invest for financial return in six areas of high strategic relevance to PayPal, including fintech, payments, commerce enablement, artificial intelligence, blockchain & cryptocurrency, and regulatory/cyber technology. Through the expertise, experience, and vast network of PayPal Ventures – and the companies we invest in – we are helping to bring transformative solutions to market faster. For more information, please visit: https://paypal.vc/home/default.aspx

About Gradient Ventures

Gradient Ventures has been investing at the forefront of artificial intelligence since 2017. We are led by former founders, technical experts, and domain specialists, who know how to take an idea to product-market-fit and beyond. Gradient Ventures is headquartered in the San Francisco Bay Area. For more information, visit www.gradient.com. 

About m]x[v Capital

m]x[v Capital is a New York-based early-stage venture capital firm dedicated to funding and founding the future of B2B enterprise SaaS. m]x[v brings a founder and operator perspective to the table, providing hands-on support to help early-stage companies successfully launch, scale, and grow their businesses. For more information, visit www.mxv.vc.

About Velvet Sea Ventures

Velvet Sea Ventures is an operator-led venture capital firm that goes beyond capital to help entrepreneurs turn their visions into reality. Built by a family of entrepreneurs, VSV couples seed-to-growth stage capital investment with unconditional hands-on strategic support and guidance.

About CIM

Community Investment Management (CIM) is an institutional impact investment manager that provides strategic debt capital to demonstrate and scale responsible innovation in lending. CIM is dedicated to supporting organizations that drive positive change and foster financial inclusion, economic growth, and social impact. For more information visit https://cim-llc.com/.

The image articulates what Gynger is building and the opportunity ahead. Gynger is a two-sided Accounts Payable (AP) & Accounts Receivable (AR) platform that sits between buyers and sellers of technology.

Gynger Logo

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