Gynger, an innovative embedded financing platform tailored for technology purchases, has successfully raised $20 million in its Series A funding round. Leading the investment is PayPal Ventures, with additional contributions from Gradient Ventures, Velvet Sea Ventures, BAG Ventures, and Deciens Capital. This substantial funding aims to bolster Gynger’s team and operations, propelling its mission to evolve into a comprehensive payments solution for tech transactions.
In tandem with the equity funding, Gynger has also secured a significant debt facility from Community Investment Management (CIM), which will provide up to $100 million in financing. This facility is designed to support Gynger’s growing customer base by meeting the rising demand for technology financing.
Mark Ghermezian, Gynger’s CEO and Founder, expressed his excitement over the company’s recent achievements and future prospects. He emphasized Gynger’s role in transforming technology transactions through flexible payment solutions that benefit both vendors and buyers. With PayPal Ventures on board, Gynger is poised for accelerated growth and broader market reach.
The technology sector, particularly B2B technology purchases, is witnessing rapid expansion. According to Forrester, global tech spending is projected to hit $4.7 trillion next year, with SaaS alone accounting for over $900 billion annually. As technology investment continues to surge, Gynger is well-positioned to offer businesses an efficient financing solution that simplifies the procurement of essential software and technology.
Gynger’s platform stands out by providing a fully automated, embedded financing solution that facilitates seamless transactions for both buyers and sellers. This approach enables businesses to manage their technology expenses through flexible, non-dilutive capital, optimizing cash flow and aligning payments with their growth trajectories.
James Loftus, Managing Partner at PayPal Ventures, highlighted Gynger’s unique value proposition in the technology procurement space. By offering flexible payment terms independent of vendor conditions, Gynger empowers companies to access necessary tools without straining their finances.
Gynger’s platform has already supported numerous top-tier technology vendors, including Snowflake, Salesforce, AWS, Cisco, ZoomInfo, and Datadog. By extending flexible financing options, Gynger not only helps technology users scale efficiently but also allows vendors to enhance sales, improve cash flow, and secure long-term customer commitments.
Using advanced AI and data analytics, Gynger expedites the credit underwriting process, swiftly identifying and recommending optimal financing opportunities. This ensures a smooth and secure end-to-end purchasing experience, making Gynger a standout player in the tech financing sector.
Jacob Haar, Managing Partner at Community Investment Management, underscored Gynger’s potential to significantly impact the technology market by providing flexible financing solutions that cater to the increasing capital requirements of businesses.