Company Market Research Report: Forage Technology Corporation, Inc.

Company Overview

Name: Forage Technology Corporation, Inc.

Mission of the Company: To democratize access to government benefits, starting with EBT SNAP and EBT Cash.

Founding Date and Founders:

Founded: 2020

Founders: Justin Intal and Victor Fimbres

Key People:

CEO: Ofek Lavian

COO: Ofek Lavian (formerly Instacart’s head of product for payments)

CTO: Victor Fimbres

Co-Founder: Justin Intal

Headquarters: San Francisco, CA

Number of Employees: No information is available

Revenue: No information is available

Known For: Helping merchants accept EBT SNAP payments through a unified API, first digital SNAP EBT purchase, partnerships with leading e-commerce and point-of-sale platforms

Products

Overview

Forage offers solutions to help merchants accept EBT SNAP and EBT Cash payments online and in-store.

Detailed Product Information

Online EBT Payments

High-Level Description: Enables online retailers to accept EBT SNAP and EBT Cash payments.

Key Features:

99.9% reliability with a public status page

Pre-Built Components: Seamless checkouts without integration hassle

Rapid Certification: USDA approval in a fraction of the usual time

Safe & Secure: PCI-compliant fraud layers

Real-Time Analytics: Configurable merchant dashboard for growth

Developer Friendly: API documentation for various tech stacks (cURL, JS, iOS, Android)

In-Store EBT Payments

High-Level Description: Enables retailers to accept EBT payments on their point-of-sale (POS) devices.

Key Features:

Customizable Experiences: Native EBT checkout UI with SDKs

Accelerated Launch: Quick integration and USDA approval

Automated Onboarding: Scales merchants efficiently after USDA approval

API

High-Level Description: Provides a single integration for enabling EBT SNAP and EBT Cash payments.

Key Features:

Comprehensive Developer Resources: Documentation and SDKs

Security: Protects against fraud with advanced security layers

Versatility: Works with various merchant types and tech stacks

High-Level Product Features Summary

Reliability: 99.9% uptime

Security: PCI-compliant and anti-fraud layers

Customization: Pre-built components and SDKs

Integration: Easy and quick with comprehensive resources

Analytics: Real-time dashboard and analytics

Recent Developments

New Products Launched

Omnichannel EBT Payments Solution: Enables both online and in-store EBT SNAP and EBT Cash payments.

Shopify Integration: Allows Shopify merchants to enable EBT payments, covering SNAP, EBT Cash, and credit/debit card payments.

Partnerships

DoorDash: Partnership to increase SNAP/EBT payments on DoorDash.

Uber Eats: Forage became the SNAP EBT payment processor for Uber Eats.

Flashfood: Partnership to enable EBT payments for grocery deals.

Thrive Market: First online-only retailer to accept SNAP EBT, powered by Forage.

Other Recent Developments

Funding: Raised $22 million in Series A round to compete with FinTech giants FIS and Fiserv for digital SNAP EBT payments solutions.

Regulatory Milestones: USDA approval for SNAP EBT payment solution.

Growth and Recognition: Named among the "44 Startups to Bet Your Career On" and recognized in Fast Company's "World Changing Ideas 2023".

Notable Press Mentions

Business Insider: Featured as one of the startups to bet your career on in 2024.

TechCrunch: Appointed Ofek Lavian, former Instacart head of payments, as COO.

PYMNTS: In-depth article on Forage’s impact on the $100 billion online SNAP payments opportunity.

Progressive Grocer: Coverage of Thrive Market’s milestone of becoming the first online-only retailer to accept SNAP EBT, facilitated by Forage.

Conclusion

Forage has positioned itself as a leader in the EBT payments space through innovative solutions and strategic partnerships. Their mission-driven approach and reliable technology stand out in the market, marked by rapid growth and significant industry recognition.

Note: Some fields such as the number of employees and revenue were not available from the data provided.