Primer, the U.K. fintech that wishes to assist merchants consolidate their payments stack and easily support new payment approaches in the future, has actually raised ₤ 14 million in Series A financing. The round was led by Accel, who I understand were quite proactive in convincing Guide to take the VC firm’s money.
The young business wasn’t actively fund-raising, having silently raised ₤ 3.8 million in moneying announced in Might. Rather, the team was heads down constructing out the item and charming prospective consumers by holding technical workshops and thorough interviews over Zoom with 100 merchants– activity that didn’t go unnoticed.
Also participating in the Series A are existing financiers: Balderton, SpeedInvest and Seedcamp, who were taken part the round by new backer RTP Global. Sonali De Rycker, partner at Accel, will sign up with Guide’s board.
Founded by ex-PayPal workers– through PayPal’s acquisition of Braintree– Primer wants to offer one payments API to (hopefully) rule them all, with the specific aim of bringing greater transparency to a merchant’s payment stack.
The thinking is that larger merchants, particularly those that operate in more than one location, need to support a variety of payment methods, which brings with it considerable technical overhead, a poor user experience, and absence of openness.
Primer, now described as a “low code” platform, carries out a great deal of that heavy-lifting on behalf of merchants and while staying steadfastly payment approach agnostic. By doing so, the concept is to minimize friction when adopting brand-new payment methods as they pertain to market, and be able to offer much better insights into things like how well each checkout option is performing.
In addition to payment-service-providers (PSPs), the platform has ports for fraud companies, chargeback services, membership billing engines, BI tools, commitment and rewards platforms. Both payments and non-payments services can be “perfectly linked to the checkout experience and payments flow via workflows, allowing merchants to merge their scams migration efforts, build sophisticated deal routing, and resolve intricate circulations– all without any code,” describes Primer.
Guide says the extra funding will be utilized for international service advancement and scaling its group. Billed as a remote-first company, Guide has 23 workers across six countries, and states it has currently picked up traction across mid-market and large enterprise e-commerce merchants across Europe.
Remarks Paul Anthony, Primer’s co-founder and head of product and engineering: “During our time at PayPal, we saw first-hand the technical problem online merchants face attempting to offer the best payments experiences to their consumers internationally. Our low-code method allows merchants’ payments teams to manage and expand their payments ecosystems, and preserve advanced payments logic with a familiar workflow UI”.
The new investment brings Primer’s overall funding to ₤ 17.8 million, and comes only a couple of weeks after the initial launch of the business’s platform.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.