By Daniel Lanyon on Tuesday 19 October 2021
Its $50m Series B fundraise was led by San Francisco based investment firm ICONIQ Growth, which has also backed the likes of Adyen and Marqeta.
The payments space has been one of the hottest areas for fintech in recent years, despite heavy competition. Now with increasingly high expectations from customers and a number of notable successes among start ups, VCs are increasingly put cash to work in digital payments.
Primer, a new payments automation platform is one such example. Ithas closed a $50m Series B fundraise pushing its valuation to $425m, just 20 months since its launch.
The round was led by San Francisco based ICONIQ Growth, which has backed a number of notable fintech companies such as Adyen and Marqeta. Existing investors, including Accel, Balderton Capital, Seedcamp, Speedinvest, and RTP Global all participated in the round.
Founded in early 2020 by Gabriel Le Roux and Paul Anthony (pictured L/R), ex-Paypal and Braintree employees, the startup now employs more than 70 people across 20 countries.
It allows merchants to easily connect payment platforms with little coding meaning expansion into new geographies can be speeded up without the need for costly integrations.
The new cash will help it rapidly expand globally with plans to scale operations in Europe, the US and Asia and triple its headcount.
In November last year Primer raised a £14m Series A funding round led by Accel, just six months after its £3.2m seed round from Balderton.
Paul Anthony, co-founder at Primer, said: “Primer offers all the underlying infrastructure for merchants to create new, better buying experiences for their customers. But, we’ve barely scratched the surface of how payments automation will disrupt payments for good."
“Our mission is to make payments a first-class product area in any business."