Primer payment automation platform seizes $ 50 million
Primer, a London-based payments automation platform for merchants, today announced it has raised $ 50 million in Series B funding led by Iconiq Growth with participation from Accel, Balderton Capital, Seedcamp, Speedinvest and RTP Global. Proceeds from the cycle, which values the company at $ 425 million, will be used for international sales growth and product development, said co-founder Paul Anthony.
Automation presents an opportunity for businesses grappling with the digital payments headwinds associated with the pandemic. A recent investigation of financial decision makers shows that many expect automation to generate a strong ROI for their organizations. Eighty-four percent think automation could reduce error rates, while 81% think it could reduce costs. Indeed, according to Thomson Reuters, 78% of companies expect that all future accounting methods will be automated.
Primer, which was founded in 2020 by former Braintree colleagues Anthony and Gabriel Le Roux, allows merchants to plug in third-party payment solutions with one-click connections and integrations. Using the platform, businesses can set logic with a drag-and-drop workflow editor to create payment experiences that automate previously manual processes.
“Our past experience at [Braintree] Running hundreds of in-depth technical workshops with some of the biggest online companies, like Uber, Spotify, and Airbnb, has given us unique insight into the deep-rooted technical fragmentation that exists in global payments. During this time, we have identified that there has never been a single framework or infrastructure that helps merchants keep abreast of all the changes and new services available, ”Le Roux told VentureBeat via email. . “We created Primer in a clear and straightforward response to this huge problem. Without exception, all of the merchants we speak with are planning to expand their payment stack in the near future. Some of the major use cases we see include internationalization, flexibility, and performance – for example, adding local payment methods with an underlying local payment processor to support higher performance. in a new market. “
Payments automation could ease the burden on businesses
Over the past decade, the merchant space has shifted more and more from paper payments to digital payments. While this is beneficial in the sense that digitization can facilitate compliance, for example, the high volume of transactions has strained retailing. Thirty-five percent say high processing costs are a major challenge with traditional payment methods because it costs a typical organization almost $ 8 to process a single supplier payment, says Deloitte.
Automation has the potential to lighten some of the burden, with Vanguard reporting that businesses are saving $ 16 per invoice or more through automation alone. According to a PYMNTS study, “highly efficient” departments implementing automation spend an average of 2.9 days processing invoices at a cost of approximately $ 2.18 per invoice.
“The trends to buy more and make more frequent purchases online were already developing rapidly before the pandemic, but [the pandemic] has accelerated these growth charts in all corners of the world. Not only is there more traffic and commerce online, but consumer expectations… are getting stronger and more sophisticated than ever, ”said Le Roux. “When it comes to improving checkouts, offering more payment methods or integrating new channels… it’s a critical time for brands to keep pace and stay competitive. With established teams and merchants living in Europe, Asia and North America, we are ready to use this [latest] investment to expand our already global footprint.
Primer also hosts a distribution channel for payment services that allows developers to connect to Primer. Merchants can click and sign in to services to create payment flows in their dashboard, without any additional code. Live connections include Checkout.com, Stripe, and WorldPay, as well as early adopters Klarna, Riskified, Parkopedia, Freddie’s Flowers, Kilohealth, and GoCardless.
“Our goal is to become the greatest facilitator of trade. We do this by enabling merchants to consolidate their payment stack into a single checkout and integration, and for the first time create comprehensive end-to-end payment workflows with an intuitive drag-and-drop interface that works everything. simply. For third parties, they can take advantage of their services on Primer at checkout and in workflows without additional code, ”added Le Roux. “We are also building an incredible observability platform for payments. [W]With our… reports and analytics across the payment and payment stack, merchants now have… visibility so they can make better decisions about how to manage and optimize their payments in order to ” increase conversion and improve payment success.
Currently, Primer – which has raised $ 74 million to date – has 70 remote employees in 20 countries. By 2022, it plans to triple the size of its workforce.
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