Payments Fintech PRIMER Raises $50 Million at $425 Million Valuation

Following a Series A funding round of $20 million last year, payments Fintech Primer has closed on a Series B funding round of $50 million. According to a note from the company, Primer received a valuation of $425 million. ICONIQ Growth led the funding with existing investors Accel, Balderton Capital, Seedcamp, Speedinvest, and RTP Global participated in the round.

Primer was founded in early 2020 by ex-Paypal/Braintree employees and says it has built the world’s first automation platform for payments. Users may connect and control their entire payments stack autonomously from scratch with a 1-click connection. Current connections include Checkout.com, Stripe, WorldPay, as well as Klarna, Riskified, Stitch Data, and GoCardless.

Paul Anthony, co-founder of Primer, explained that past experience running hundreds of technical workshops with some of the biggest online companies has given them unique insight into the technical fragmentation that exists in global payments.

“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. ICONIQ Growth shares our expansive vision, so it’s hugely rewarding to add them to our Board as a trusted, experienced partner and advisor.”

Roy Luo, Partner at ICONIQ Growth – who will join the board of Primer said that the pace of new payment solutions entering the market has been accelerating dramatically to support global consumer demand for trends like mobile payments:

“However, no one payment solution is close to accommodating all the changes and innovations that merchants need to keep up. So, for merchants’ payment and engineering teams, this dynamic forces immense technical complexity in tying together multiple payment methods, gateways, fraud detection, and more. Primer is a team 100% focused on solving that one enormous problem. That’s a quality we look for in businesses we back. We love uncovering such single-minded focus on fixing an important technical challenge.

Luo said they believe Primer is poised to become the most disruptive force in payments for years.

Gabriel Le Roux, co-founder of Primer, added:

“With teams established and merchants live across Europe, Asia and North America, we’re primed to use this investment to expand our already global footprint. We have people deployed in 20 countries but need to grow our teams even more quickly to support the demand we’re seeing among both merchants and the third party services across multiple countries and sectors that want to work with us.”

Alex Naughton, Head of UK and Ireland at Klarna, which was one of the first payment methods to connect to Primer in early 2021, said that smooth payments are at the core of what they:

“We have been able to minimise integration time and bring our flexible and convenient payment solutions to even more consumers. We are excited about the opportunities ahead and look forward to integrating Primer across more retailers and geographies.”



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