The funding helps Primer’s valuation hit the $425M mark. Here are the top-line bullets you need to know.
Primer, a payments automation platform, has raised $50M in Series B funding. The round drew participation from Accel, Balderton Capital, ICONIQ Capital, and Seedcamp, among others.
HOW’S THE COMPANY PERFORMING?
- UK-based Primer‘s platform aims to unify companies’ payment stacks through its customizable checkout, marketplace for third-party integrations, and drag-and-drop payment flows editor.
- The company has about 45 integrations that merchants can add, including payments providers like Stripe and Apple Pay, fraud-screening platforms like Riskified, and platforms that calculate sales tax like TaxJar.
- The startup is currently supported by a team of 70 employees working remotely in more than 20 countries.
WHY DOES THE MARKET MATTER?
- The global payments processing solutions market is expected to grow at a CAGR of 10.2% and reach a value of $120.7B by 2025, according to Markets and Markets.
- The market’s growth is likely to be spurred by higher e-commerce sales, the evolving need for contactless transactions, elevated internet penetration, and increasing consumer expectations for seamless payments experiences.
- The Covid-19 pandemic is expected to boost the market, as more businesses shift online and the need for contactless transactions increases.