Gynger, the first embedded financing platform for technology purchases, announced 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.
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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.
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“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.”
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.
