Primer secures £36.2m Series B investment led by ICONIQ Growth to fund international expansion
The Series B round was led by ICONIQ Growth with participation from Accel, Balderton Capital, Seedcamp, Speedinvest, and RTP Global.
Primer has built an automation platform for payments that allows merchants to connect and control their entire payments stack. The company operates as a fully remote team across twenty countries.
Payments infrastructure startup Primer has secured $50m in a Series B funding round led by ICONIQ Growth. The round also saw participation from existing backers including Accel, Balderton Capital, Seedcamp, Speedinvest, and RTP Global. The fresh capital will be deployed to accelerate international expansion across Europe, the US, and Asia as the business scales its team.
Founded less than two years ago by former PayPal and Braintree employees, the company offers an automation platform designed to simplify technical fragmentation in global payments. The latest injection follows a period of rapid growth that has seen the company scale its remote workforce across twenty countries and achieve a valuation of $425m.
From the founder
"Our past experience running hundreds of deep-dive technical workshops with some of the biggest online companies like Uber, Spotify and Airbnb, has given us unique insight into the deeply-rooted technical fragmentation that exists in global payments."
Paul Anthony
co-founder at Primer
Investor perspective
"Over the past two decades, the pace of new payment solutions entering the market has been accelerating dramatically to support global consumer demand for trends like mobile payments, digital wallets, 1-click checkout, buy now pay later, and so on. However, no one payment solution is close to accommodating all the changes and innovations that merchants need to keep up. So, for merchants’ payment and engineering teams, this dynamic forces immense technical complexity in tying together multiple payment methods, gateways, fraud detection, and more."
Roy Luo
Partner, ICONIQ Growth
Use of funds
- 01Expand into international markets
