“What the team has done to learn from hundreds of merchants while building its technology at pace and scale over the last 20 months is nothing short of phenomenal. We love uncovering such single-minded focus on fixing an important technical challenge. That’s a quality we look for in businesses we back. Roy Luo added: “Primer is a team 100% focused on solving that one enormous problem. ICONIQ Growth shares our expansive vision, so it’s hugely rewarding to add them to our Board as a trusted, experienced partner and advisor.” “Our mission is to make payments a first-class product area in any business. But, we’ve barely scratched the surface of how payments automation will disrupt payments for good. “Primer offers all the underlying infrastructure for merchants to create new, better buying experiences for their customers. Paul Anthony, co-founder at Primer, said: “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. For the first time, merchants can connect and control their entire payments stack, and build their ideal payment flows autonomously from scratch. Plug-in any desired payment solution with 1-click connections, define logic across the entire payment lifecycle with a drag-and-drop workflow editor, and create seamless, “smart” checkout experiences that meet today’s customer expectations. With Primer, merchants can build new and better buying experiences with ease. So, for merchants’ payment and engineering teams, this dynamic forces immense technical complexity in tying together multiple payment methods, gateways, fraud detection, and more.”
However, no one payment solution is close to accommodating all the changes and innovations that merchants need to keep up. “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. Roy Luo, Partner at ICONIQ Growth, joins Primer’s Board. Primer, which was founded in early 2020 by ex-Paypal/Braintree employees and employs more than 70 people across 20 countries, has built the world’s first automation platform for payments. Existing investors, including Accel, Balderton Capital, Seedcamp, Speedinvest, and RTP Global all participated in the round. The $50M Series B fundraise was led by ICONIQ Growth, the San Francisco based investment firm that has backed global tech companies such as Adyen and Marqeta to Snowflake and Datadog. London & San Francisco – Tuesday 19 October 2021: Primer has closed a Series B funding round that values the payments infrastructure startup at $425 million only 20 months after being founded. Cements position as Europe’s fastest-growing no-code/low-code startup.Fully-remote team of more than 70 employees in 20 countries expected to triple in 2022.Primer’s valuation rises over 600% since Series A in Autumn 2020.Funding paves way for rapid expansion across Europe, US and Asia.US West Coast investor brings heavyweight expertise to truly global startup.
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