Brandon Lloyd, the former head of Fiserv partner solutions, founded the business in 2022 with the goal of working with Software-as-a-Service (SaaS) companies to integrate payments as a product and raise their income by "two to three times."

According to Lloyd, "We think a lot of software companies that have 'integrated payments' should be making more money from these products, and Forward is here to help them do that."

Derek Victory, the CTO and co-founder of Forward, concurs, saying that for SaaS companies, "payments should feel like an extension of their brand, not a disjointed hand-off."

The freshly obtained funds will be utilized to grow the paytech's clientele and further its technological advancements, according a TechCrunch article. The company intends to incorporate AI and machine learning into its products.

A statement from the business said, "The capital will enable Forward to meet accelerating demand from software partners while applying artificial intelligence to the risk functions of payments."

Dan Rosen, the managing partner and creator of Commerce, said that Forward has "built a product that will re-define the category, and have empathy and passion for helping SaaS companies succeed in their payments journey" in response to their investment.