Programmable financial services company Stripe has agreed to acquire Parafin, a leading embedded financial products platform.

Parafin supports some of the largest and most complex platforms in the world, including DoorDash, Gusto, Jobber, and Mindbody, by providing credit offerings for their small business customers. With Parafin, Stripe will strengthen its support for ambitious platforms while bringing more credit to the small businesses driving economic growth.

Since 2020, Parafin has helped more than 60,000 businesses gain access to capital and invest in growth. Alongside its core capital offering, Parafin’s complementary credit products, Pay Over Time and Spend, give businesses more flexibility in how they manage cash flow.

“Platforms power millions of small businesses throughout the world and are central to Stripe’s mission,” said Neetika Bansal, business lead at Stripe. “Sahill, Vineet, and the Parafin team bring acute expertise and leadership in credit, risk, and embedded financial products. Together, we’ll be able to offer a wider range of credit products to a larger ecosystem and increase credit access for high-growth businesses.”

“We started Parafin to give small businesses access to the modern credit products that were only available to large companies,” said Sahill Poddar, cofounder and CEO of Parafin. “Stripe’s financial infrastructure and global reach will help us move faster and serve millions more businesses through the platforms they rely on.”

The proposed transaction is expected to close in the coming months, subject to customary closing conditions, including any required regulatory clearances.