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Chicago-based payment provider Braintree is adding to its already impressive bank account through a Series B round of funding. The company announced it has raised an additional $35 million with this round, bringing its total to $70 million.
The round was led by New Enterprise Associates and included current investors like Accel Partners.
Braintree is the processor behind many hot startups. Its strategy of providing easy-to-implement processing tools designed to make the lives of developers easy is proving to be a smart approach.
Many payment decisions, especially in smaller startups, fall to developers just looking for a solution they can implement quickly. Braintree has provided developers with a raft of tools and options from single-click checkout (which makes paying on a mobile device simpler for consumers), international payments in more than 130 currencies, and recurring billing option.
The results speak for themselves. Braintree is the processor for developer platforms like Github and Heroku, e-commerce start-ups Airbnb and Living social, and mobile payment companies like LevelUp and Uber. That's an impressive stable of clients.
"Braintree is kicking down both the technology and business road blocks that have made online and mobile payments challenging for developers and a hassle for consumers," said Ravi Viswanathan, General Partner of NEA. "We believe Braintree has the strengths to challenge all the incumbents in the payment space. This investment reflects our confidence in the technology, team and international capabilities Braintree has built."
Braintree said it's processing more than $5 billion annually and handles more than 3,000 mobile and online merchants in more than 30 countries. Additionally, Braintree said that more than $1 billion of its processing volume, nearly 20 percent, is coming through mobile channels.
"Our e-commerce and m-commerce partners are changing the way consumers pay online for some of the most innovative services and products available,” said Bill Ready, CEO of Braintree. “We are working to do for payments and e-commerce what Apple did for mobile: providing a developer-friendly platform that sparks a new wave of innovation and company-building."
Ready said that by making it simple to access the most sophisticated elements of the payment networks without having to be experts in payments, Braintree will help businesses capture new market opportunities while consumers gain new mobile and online shopping experiences.
The new round of funding will go toward bringing new products to market as well as international expansion, Braintree said. The company just recently began offering services to international merchants. In addition, Braintree acquired Venmo in August. Venmo is a provider of person-to-person mobile payments and a digital wallet. Using Venmo's tool, consumers can send and receive money using only an email address or mobile phone number.
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