Forage
Forage is a fintech company based in San Francisco and Los Angeles, specializing in payments solutions that enable grocers to accept EBT SNAP payments online. It has raised $22M in Series A funding and serves over 42 million Americans.
Company Overview
Forage operates in the fintech industry, specifically focusing on payments. The company is headquartered in San Francisco, CA, and Los Angeles, CA, and approximately employs 45 people. Forage has been recognized under Fast Company's World Changing Idea 2023 and was a part of the Y Combinator S21 batch. The company is prominent for its innovation in enabling grocers to accept EBT SNAP payments online, helping businesses serve over 42 million Americans.
Services
Forage provides a unified API that helps businesses accept government benefits, particularly EBT SNAP payments. The company is one of three providers approved by the USDA to process EBT SNAP payments online. By offering this service, Forage enables grocers to seamlessly accept payments from customers receiving government assistance, thereby expanding their client base and supporting communities in need.
Funding
In its Series A funding round, Forage raised $22 million to scale its software for accepting EBT SNAP payments online. Nyca Partners led the funding, with additional participation from PayPal Ventures, EO Ventures, and angel investors such as Instacart founder Apoorva Mehta and Propel co-founder Jimmy Chen. This significant funding underscores investor confidence in Forage's mission and potential for growth.
Recognition and Awards
Forage has gained notable recognition in the fintech space. The company was named one of the most promising fintech startups of 2023 by top investors. Additionally, it received an accolade from Fast Company's World Changing Idea 2023, winning in the 'Software' category. These recognitions highlight Forage's innovative approach and impact in the fintech and payments industry.
Strategic Partners and Investors
Forage’s growth and innovation have attracted a range of strategic partners and investors. Notable investors include Nyca Partners, PayPal Ventures, EO Ventures, Instacart founder Apoorva Mehta, and Propel co-founder Jimmy Chen. These partnerships have enabled Forage to bolster its presence in the market and expand its capabilities in facilitating EBT SNAP payments.