Primer, the UK fintech company looking to help merchants consolidate their payment stacks and easily support new payment methods going forward, has raised £ 14m Series A funding. The round was led by Accel, who I understand convinced Primer fairly proactively to take the money from the VC company.
The fledgling company did not actively raise funds after it announced in May that it would be tacitly raising £ 3.8 million in funding. Instead, the team sought to grow the product and attract potential customers by holding technical workshops and in-depth interviews with 100 dealers through Zoom – activities that did not go unnoticed.
Series A also includes existing investors: Balderton, SpeedInvest and Seedcamp, who were supported by new supporter RTP Global. Sonali De Rycker, partner at Accel, will join the Primer Board.
Founded by former PayPal employees, Primer aims to provide a payment API through PayPal's acquisition of Braintree to (hopefully) rule everyone with the express goal of making a merchant's payment stack more transparent.
It is believed that larger merchants, especially those that operate in more than one region, will need to support a range of payment methods, resulting in significant technical overhead, poor user experience and a lack of transparency.
Now referred to as the "low code" platform, Primer does much of this heavy lifting on behalf of merchants and stands firm regardless of payment method. This is to reduce the friction of introducing new payment methods into the market and to provide better insight into the performance of each checkout option.
In addition to payment service providers (PSPs), the platform has connectors for fraud providers, chargeback services, subscription billing engines, BI tools, and loyalty and reward platforms. Both payment and non-payment services can be “seamlessly linked to checkout and payment flow through workflows, so merchants can unify their fraud migration efforts, create sophisticated transaction routing, and solve complex processes – all without code,” explains Primer.
According to Primer, the additional funds will be used for international business development and scaling the team. Primer is billed as a remote first company and employs 23 people in six countries. The company has already gained a foothold with medium-sized and large e-commerce retailers across Europe.
Paul Anthony, Primer Co-Founder and Head of Product and Tech: “During our time at PayPal, we've seen firsthand the technical burden online merchants face when trying to deliver the best payment experiences to their customers around the world. Our low-code approach enables merchants' payment teams to manage and expand their payment ecosystems and maintain sophisticated payment logic with a familiar workflow user interface. "
The new investment brings total funding to Primer at £ 17.8 million and comes just a few weeks after the corporate platform was first launched.