Aipowered 50m series iconiq growth7/8/2023 ![]() ![]() Payments companies, keen to grow their business and their margins, are consolidating a number of commerce technology providers - for example, Stripe has been on something of an acquisition spree this year bringing in tools to calculate sales tax, to help manage identity verification and more - but Primer believes that this is not the full story.Īnthony and his co-founder Gabriel Le Roux saw some of the pain points that bigger merchants faced firsthand when they worked together at Braintree. It’s one reason why so many embedded payments companies have emerged over the years: They have done all the hard work knitting several transactions and stakeholders in the payments process together, and now all a merchant needs to do is add a couple of lines of code to their sites for payments to appear and work. “Preferred payment method” changes depending on which country you go to and so too do the different companies that are part of the payments process, and the services that can be (and should be) rolled in with payments, such as identity verification. ![]() On the other, payments - which are at the heart of all e-commerce experiences - are notoriously fragmented. On one side, e-commerce companies spend a lot of time (and money) in trying to build experiences that are as simple as possible, to keep shoppers sticking around, interested and buying things. There is a curious paradox in the world of e-commerce. “We are building out a whole suite in the next year to aid merchants with operations and the observability of the payment stack,” said Paul Anthony, Prime’s co-founder and CEO. The plan will be both to add in more integrations, to expand the kinds of relationships Primer builds with the wider payments ecosystem and to build new services for merchants, too. When a user creates a payment workflow, Primer creates a separate line of code that developers can use to integrate what’s been built on Primer. Primer today works across more than 20 countries and has some 45 integrations that its merchant users can add to their payment flows, ranging from payments providers like Stripe, Apple Pay, Adyen and Braintree, through to fraud screening from Riskified, sales tax calculations from TaxJar and more. ICONIQ Growth - the growth-stage arm of the San Francisco wealth management and investment firm connected to Mark Zuckerberg, Sheryl Sandberg, Jack Dorsey and other high net-worth tech executives - led the round with existing investors Accel, Balderton Capital, Seedcamp, Speedinvest and RTP Global among those also participating. Now the company is announcing a Series B of $50 million at a $425 million valuation to double down on the opportunity to do more. startup that has built a drag-and-drop framework to help merchants easily build payment stacks to sell online - has seen rapid take-up of its services in the 20 months since it launched. It does not store any personal data.Primer - a U.K. The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. The cookie is used to store the user consent for the cookies in the category "Performance". This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other. ![]() The cookies is used to store the user consent for the cookies in the category "Necessary". The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". The cookie is used to store the user consent for the cookies in the category "Analytics". These cookies ensure basic functionalities and security features of the website, anonymously. Necessary cookies are absolutely essential for the website to function properly.
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