Primer, a UK-based fintech startup acting as a development framework for combining payments on web and mobile, has raised US$ 50 million in a Series B funding round led by ICONIQ Growth on 19 October 2021.
Investors: The latest investment round featured ICONIQ Growth as the lead investor with participation from RTP Global, Seedcamp, Speedinvest, Balderton Capital and Accel. The startup has managed to raise, in total, US$ 73.4 million to date.
Purpose of the funding: The startup seeks to deploy the proceeds from the investment round towards recruiting more employees to meet its international expansion plans.
Brought to existence in 2020 by Gabriel Le Roux and Paul Anthony, Primer envisions building an integrated framework for developers unifying payments, allowing users to deal with payments only once. Fully integrated payments and checkout features enable Primer’s customers to combine their payments stack and add tools and APIs from across the internet to develop adequate end-to-end payment flows. Primer uses REST-based APIs for developing payments and managing payment method data. The startup’s workforce has grown to over 70 employees and serves in 20 countries.
What the Founder has to say: “Our previous experience of organising many learning technical workshops with some of the biggest digital corporations such as Spotify, Airbnb, and Uber has provided us with innovative insight into the deeply-established technical breakup that prevails in international payments. Primer delivers every key infrastructure required for dealers to build a novel and finer purchasing experience for their clients. However, we are still in our early days. We believe we have much to figure out about how payments automation can aid in disrupting payments functions.”- Paul Anthony, Co-Founder of Primer.
What the Investor has to say: “The speed of introduction of innovative payment solutions in the market has picked up the rapid pace to bolster consumer demand worldwide. Trends such as digital wallets, 1-click checkouts, buy now and pay later, mobile payments have been the major drivers of the acceleration in global demand. However, a single payment solution cannot accommodate all the innovations and shifts dealers need to handle. Therefore, for engineering teams and merchants’ payment, this aspect propels huge technical complexity in consolidating several payment gateways, fraud detection, and others.”- Roy Luo, Partner at ICONIQ Growth.
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