Gynger, an embedded financing platform for technology purchases, has secured $20m in a Series A funding round led by PayPal Ventures.
The financing round also saw the participation from Gradient Ventures, BAG Ventures, Velvet Sea Ventures, and Deciens Capital.
PayPal Ventures managing partner James Loftus said: “Gynger is changing the way businesses buy software.
“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.”
Gynger aims to use the new capital to expand its team and operations.
The company also intends to speed up its goal of transforming the embedded financing platform into a full-scale payment solution for buying and selling of technology.
Besides, Gynger has secured a debt facility from Community Investment Management (CIM) with an agreement to fund up to $100m. It will allow the embedded financing platform to scale financing of technology spending to address rising customer demand.
Established in 2021, Gynger offers financing solutions for businesses that seek to acquire the technology they need. The companies can purchase software and services through non-dilutive capital.
The platform aims to streamline the end-to-end technology purchasing process.
By delivering a fully automated, seamless, embedded financing platform for both buyers and sellers of technology, Gynger intends to transform the way technology transactions are carried out.
The firm leverages advanced artificial intelligence (AI) and data analytics to rapidly underwrite and approve credit for customers.
It automatically identifies technology expenditures, recommending financing opportunities to best meet the requirements of both buyers and sellers.
Gynger CEO and founder Mark Ghermezian “Over the last year, we have experienced tremendous growth and demand.
“We are revolutionising 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.”
