Primer, Fintech Helping Merchants Consolidate Payments Stack, Raises £ 14million for Series A – Heaven32

Primer, the UK fintech that wants to help merchants consolidate their payment stack and easily support new payment methods in the future, has raised £ 14million in Series A funding. The round was led by Accel, who according to I understand he was proactive enough to persuade Primer Take the money from the venture capitalist.

The young company was not actively fundraising, raised £ 3.8million in funding announced in May. Instead, the team focused on product development and attracting potential customers by hosting technical workshops and in-depth Zoom interviews with 100 merchants, an activity that didn’t go unnoticed.

Existing investors are also participating in Series A: Balderton, SpeedInvest and Seedcamp, who were joined in the round by new sponsor RTP Global. Sonali De Rycker, partner at Speed ​​up, will join the Primer Board of Directors.

Founded by former PayPal employees, through PayPal’s acquisition of Braintree, Primer wants to offer a payments API to (hopefully) rule them all, with the explicit goal of bringing more transparency to the payment stack. payment of a merchant.

The idea is that large merchants, especially those that operate in multiple geographies, need to support a variety of payment methods, resulting in significant technical overhead, poor user experience, and lack of transparency.

Primer, now described as a “ low code ” platform, does a lot of this big work on behalf of merchants, while remaining completely independent of the payment method. In doing so, the idea is to reduce friction by embracing new payment methods as they come to market and being able to provide a better perspective on things like the performance of each payment option.

Besides payment service providers (PSPs), the platform has connectors for fraud providers, chargeback services, subscription billing engines, BI tools, loyalty platforms, and of rewards. Payment and non-payment services can be seamlessly connected to the payment experience and payment flow through workflows, allowing merchants to unify their anti-fraud migration efforts, create routing sophisticated processing of transactions and resolution of complex flows, all without code, ”explains Primer.

Primer indicates that the additional funding will be used for international business development and team expansion. The Primer company has 23 employees in six countries and claims to have already gained ground in the e-commerce activities of medium and large companies in Europe.

According to Paul Anthony, Co-Founder of Primer and Director of Products and Engineering: “During our time at PayPal, we saw first-hand the technical burden that online merchants face in trying to provide the best payment experiences at their customers around the world. . Our low-code approach enables merchant payment teams to manage and extend their payment ecosystems and maintain sophisticated payment logic with a familiar workflow user interface. “