Rutter, a Fintech building a universal commerce API, or “Plaid for Commerce” has raised a $27M Series A financing round led by a16z. This round also includes participation from new and existing investors including Comma Capital, Basis Set Ventures, Haystack, Mischief Capital, The Chainsmokers and founders and executives from Plaid, Modern Treasury, RedHat, and Airwallex.
In 2021 Rutter started out by developing an e-commerce API and this year announced the launch of their universal APIs for accounting systems and payment processors to help companies read and write data from commerce platforms including Shopify, Amazon, WooCommerce, BigCommerce, PrestaShop, Quickbooks, Xero, Stripe, and Paypal.
“We think the opportunity to be the infrastructure layer powering the commerce enablement system is massive and we’re excited to be doubling down on the fintech vertical this year and helping more fintechs access data to support more merchants and SMBs across commerce platforms,” said Rutter co-founder and CEO Peter Zhou. “Working hand in hand with other fast moving companies pushes us to grow our product the fastest. Our goal is to be the glue that connects all of the commerce tools, platforms and products out there to all of the merchants and SMBs they would want to enable and support.”
“E-commerce is one of the fastest growing markets today, and Rutter will be a key contributor in accelerating that growth. Every company who wants to serve merchants and SMBs should use Rutter to readily access data needed to help these merchants and SMBs on core business needs,” said Kristina Shen, general partner at Andreessen Horowitz. “We are impressed with the team Rutter has assembled and their appetite to tackle, and empower, this important industry.”
Rutter said it is looking to build out its team to 80-100 people by the end of the year and is focused on building out its engineering, customer success and go-to-market teams.
Shen from a16z will be joining the board.