U.K. Fintech, Primer raises £3.8 million to help merchants, backed by Balderton Capital

Ashish Y.May 12, 20207 min

U.K. fintech company, Primer quietly raises £3.8 million in funding to be capable of helping the merchants in the consolidation of their payments stack and to be able to support new payment methods easily in the future. The fintech news ecosystem has been witnessing such funding events despite the crisis situation.

This seed funding round was led by Balderton Capital. Balderton Capital usually does Series A funding rounds but led this £3.8 million which also marked the participation of Taavet Hinrikus, who previously led and co-founded TransferWise.

Primer, in its pre-seed investment round raised £600,000 from Seedcamp, Speedivest and Kima, and many numbers of angel investors who are not named. Primer raised this investment even though it was founded as recently as January and not even launched yet.

Primer is founded by ex-PayPal employees through the acquisition of Braintree by PayPal. Primer is developing a payments API with the aim of ruling them and an explicit goal of bringing in the transparency of a greater level to the payment stack of the merchants.

Paul Anthony, co-founder of Primer and former head of solutions for EMEA at PayPal-owned Braintree stated that the whole concept of payments is quite complex and that the merchants now have become extremely sophisticated over the last few years. This means now there is a need for overall payments solutions for the merchants which will enable them to leverage a wide range of various payment service providers(PSPs); proprietary payment methods like WeChat, GoCardless; local banking relationships; s well as other payments services from third parties in order to be capable of expanding to new marketplaces and offering the payments experience demand by their customers.

Anthony also stated that despite this complexity, the merchants constantly try to optimize for authorization and cost reduction in frauds, in order to improve the experience of the users. Primer will build an infrastructure for the merchants which will be delivered via a unified API, and a data and analytics tool to support the process of supercharging their strategies of global payments.

To know more about such fintech companies and their solutions, stay tuned to the fintechbuzz. Fintechbuzz delivers regular updates about the on-goings in the fintech industry across the world.

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Aashish Yadav, Content-Editor, FintecBuzz

Aashish is currently a Content writer at FintecBuzz. He is an enthusiastic and avid writer. His key region of interests include covering different aspects of technology and mixing them up with layman ideologies to pan out an interesting take. His main area of interests range from medical journals to marketing arena.

Ashish Y.

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