UK-based fintech startup Primer has raised €15.5 Million in a Series A funding round held in November 2020, led by Accel. Other participants in the funding round include Balderton, SpeedInvest and Seedcamp and RTP Global. Following the investment, Sonali De Rycker, who is a partner at Accel, will be joining Primer’s board of directors.
The latest round brings Primer’s total funding to around €19.7 million which is quite extraordinary for a startup that launched its platform just weeks before and was founded in January 2020 itself. Proceeds from the funding round will be used by the startup to expand its business development efforts globally, and scale its remote-first product and engineering team.
Primer was founded by Paul Anthony and Gabriel Le Roux and enables e-commerce merchants and online payment enablers to connect and maintain their entire payments network through an integrated payments API and online checkout system. These connections can comprise payment service providers (PSPs), payment methods, fraud providers, chargeback services, subscription billing engines, BI tools, loyalty and rewards platforms.
Primer’s platform is entirely automated and both payments and non-payments services can be effortlessly connected to the checkout experience and payments flow through workflows, enabling merchants to merge their fraud migration efforts, build efficient transaction routing, and solve complicated flows, everything without a code. Payments teams can manage the bulk of complications throughout their payments network, and further, improve the checkout experience without needing any engineering resources.
As a remote-first startup, it has 23 employees across 6 nations and has gained a lot of traction amongst small, medium and large business e-commerce merchants across Europe.
Sonali De Rycker from Accel said that Primer’s platform addresses multiple issues that merchants have to solve as they develop their business in today’s time. The massive speeding up of cross-border commerce as a result of the pandemic has only further highlighted this requirement. She also added that her company has been extremely impressed with Paul and Gabriel and that they have the payments experience and network to bring a distinctive and innovative product to market. She concluded by saying that they are excited to be supporting them and the entire Primer team.
Co-founder Paul Anthony said that during his and his fellow co-founder’s stint at PayPal, they actually witnessed the technical burden online merchants face trying to offer the best payment experiences to their customers globally. His startup’s low-code approach enables merchants’ payments teams to manage and expand their payments network, and maintain sophisticated payments logic with a familiar workflow UI. He also added that they are delighted to be working with Sonali and the entire Accel team to go to market internationally, and achieve their longer-term technology idea sooner.
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