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Forage named to 2024 Fintech Innovation 50

Cover Image for Forage named to 2024 Fintech Innovation 50

San Francisco, CA (January 23, 2024) – Forage, the mission-driven payments company democratizing access to government benefits, was named to the 2024 Fintech Innovation 50, an annual list launched by GGV Capital U.S. in partnership with Crunchbase, to recognize the most promising fintech companies in the eyes of startup investors.

GGV Capital U.S. partnered with 44 investment firms to nominate and vote on 150 companies in order to select the 50 honorees. Having raised more than $12 billion collectively, the Fintech Innovation 50 demonstrates the enthusiasm of venture capital investors in the growth and innovation of this sector. In celebration, honorees will ring the Opening Bell at the Nasdaq MarketSite today.

“We’re so proud to be selected as part of this year’s Fintech Innovation 50,” said Ofek Lavian, Co-founder and CEO of Forage. “Our technology enables millions of low-income Americans to spend their food benefits online, redefining how they access healthy, affordable groceries. We are honored to be recognized by leading investors for this work.”

Forage builds the financial infrastructure that processes government benefits, helping merchants accept complex, highly regulated payments through a single, unified API. Forage’s technology, starting with enabling SNAP EBT payments online, empowers businesses of all shapes and sizes to serve American families in need. Forage is the only USDA-approved third-party processor (TPP) that focuses on processing government benefits, allowing them to offer their partners best-in-class software and service.

“We believe the long-term tides are in fintech's favor. Market shares are increasingly captured by disruptors and value-added enablers,” said Hans Tung, Managing Partner, GGV Capital U.S. “Congratulations to the Fintech Innovation 50 honorees!"

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About Forage

Forage builds payments infrastructure that processes government benefits, starting with enabling merchants to accept SNAP EBT payments online, and allowing the 42 million Americans who receive government assistance to digitally purchase their groceries. Forage is the only USDA-approved third-party payment processor (TPP) that offers their partners best-in-class software combined with dedicated service, enabling complex government payments online and guiding retailers through USDA authorization. For more information visit www.joinforage.com.

About Fintech Innovation 50

The Fintech Innovation 50 includes the most promising fintech startups as nominated and voted on by 44 investment firms, in partnership with Crunchbase. This year, 150 companies were nominated, and 50 were selected through a voting process that required the nomination of portfolio and non-portfolio companies. Nomination criteria included companies with a primary product focus on fintech, the U.S. as a primary market, and Series A stage financing. For more information about participating investors and list methodology, visit www.fintechinnovation50.com.


About GGV Capital

GGV Capital U.S. is an American venture capital firm focused on early-to-growth investments in technology companies across North America, Israel, Europe, Latin America, and India. We are dedicated to fostering innovation and supporting the next generation of leaders in the tech industry, including Affirm, Airbnb, Bowery Farming, Drata, Handshake, HashiCorp, Ibotta, Quince, Slack, Slice, Square, StockX, Vercel, Zendesk, and more. GGV Capital U.S. is a longtime investor in the global fintech sector, with more than 10 investments, including ADDI, Affirm (AFRM), Aven, Block (SQ), Clara, Divvy Homes, Frubana, IDwall, Northstar, Novo,and Stori. More information can be found at www.ggvc.com and @ggvcapital.


Our Investors.

Nyca
Y Combinator
PayPal
EO Ventures
Hustle Fund
FIS

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