Forage raises $40M Series B to scale SNAP EBT payments and consumer app
Forage, a financial infrastructure platform focused on government benefits payments, has raised a $40M Series B funding round. The round was led by Mouro Capital, with participation from Nyca Partners, PayPal Ventures, Long Journey Ventures, Intuit Ventures, NextLadder Ventures, Pivotal Ventures, and FJ Labs.
The San Francisco-based company will use the funding to scale its new consumer app and expand its payments infrastructure. The free app helps low-income families check their electronic benefits transfer (EBT) balances and earn rewards on everyday purchases.
Grocery prices remain the top financial stressor in the US — 53% of American adults identified them as a major source of stress, ahead of housing, healthcare, and childcare. Nearly 40 million Americans rely on the Supplemental Nutrition Assistance Program (SNAP) to meet nutritional needs, yet the infrastructure powering it wasn't built for the digital era.
Forage has built payments technology now used at over 100,000 stores across all 50 states, including Dollar General, Gopuff, Save A Lot, DoorDash, and Uber Eats. It accepts SNAP, WIC, HSA, and FSA payments, and has grown payments volume by 13x over the past year.
Since launching in late 2025, the Forage app has been downloaded over 100,000 times. The company aims to reach one million low-income families via the app by end of 2026.
Forage operates in a heavily regulated space tied to government programmes. Policy shifts, funding cuts to SNAP, or changes in how benefits are administered could disrupt its business model. Scaling a consumer app for a low-income demographic also presents monetisation challenges — the company must balance its social mission with sustainable revenue growth.
Forage's "breakout" growth stage, per Dealroom, aligns with a investor syndicate dominated by strategic corporate venture arms — PayPal Ventures, Intuit Ventures — alongside fintech specialist Nyca Partners and Mouro Capital, the investment fund with roots in Santander. That mix suggests backers see EBT infrastructure not as a niche social impact bet but as core payments plumbing, with 13x volume growth in a single year underscoring the commercial upside of digitising nearly 40 million SNAP users' transactions.
Read more: streetinsider.com
