While Braintree has gained attention more recently for powering payments for Uber, Airbnb and Fab, it’s been pursuing a larger vision of fueling online and mobile commerce around the world. And now it’s got some serious funding to go after that goal, thanks to a new injection of $35 million in Series B funding led by new investor NEA, along with participation from existing investors Accel Partners, RRE Ventures and Greycroft.
The new investment brings Braintree’s total funding to more than $70 million and helps it expand its staff of 100 employees as it push into more overseas markets. The company in August launched in Canada and Europe and now serves 31 countries, with more markets set to open up later this year. It is processing more than $5 billion in payments a year — $1 billion of that in mobile commerce — for more than 3,000 mobile and online merchants.
The company has billed itself as a one-stop shop for startups and merchants that want one payment platform they can rely on as they grow. And it’s hoping to be a go-to resource for overseas merchants who don’t have many options to enable payments and online commerce. Braintree competes against PayPal and Stripe for developers getting started with payments but it also goes up against Authorize.net, Cybersource and others for larger customers.
Braintree supports 130 currencies and recently added instant approval for merchants. And with Braintree’s acquisition of mobile payment startup Venmo in August, Braintree is stepping into the consumer business.
Bill Ready, Braintree’s CEO said he wants to create the infrastructure for commerce that developers and merchants can build on top of.
“What Braintree has done to enable single-click check-out, international payments and making it available for every startup and developer, we were the first to do it in US and we think the whole world should have access to it,” Ready said.