Primer, a UK-based fintech startup, has reportedly secured £3.2 million through its seed funding round, led by Balderton Capital with participation from Taavet Hinrikus, who co-founded and previously led TransferWise.
Founded earlier this year by former PayPal employees, Primer states it consolidates your payments stack with a unified API and supercharges your checkout with data-driven insights. According to TechCrunch, Primer is currently building out a payments API to bring “greater transparency” to a merchant’s payment stack. The company further noted that it aims to reduce friction when adopting new payment methods as they come to market. While sharing more details about company’s development and services, Paul Anthony, Primer Co-Founder and former Head of Solutions for EMEA at PayPal owned BrainTree, revealed to the media outlet:
“Primer centrally stores payment information, making recurring cross-processor transactions seamless. Our reporting and analytics enables merchants to see all transactions in one place, and we’re working closely with merchant finance teams in order to meet their requirements and stop them needing to log in to multiple PSP dashboards, which they literally do every day!”
Primer is also providing merchants with a single payment integration that manages the front-end checkout process and backend consolidation of payments services, including not just PSPs but also fraud providers and other third-party services in the future.
Along with Balderton, Primer is backed by Seedcamp, Kima Ventures, and Speedinvest. The company is planning to use investment’s funds to further develop its service.
