London-based Primer has closed a Series B funding round that values the payments infrastructure startup at $425 million only 20 months after being founded.
Launched in early 2020 by a pair of former senior European staffers at PayPal-owned Braintree, Primer is building a low-code API to help online merchants consolidate their payments stack.
The $50M Series B fundraise was led by Iconiq Growth, and included participation from existing investors, Accel, Balderton Capital, Seedcamp, Speedinvest, and RTP Global. The new investment comes less than a year after Primer completed a $20 million Series A funding round led by Accel.
The company currently employs more than 70 people across 20 countries, and will use the funding to triple employee numbers as it expands globally.
Paul Anthony, co-founder at Primer, says: “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.
“Primer offers all the underlying infrastructure for merchants to create new, better buying experiences for their customers. But, we’ve barely scratched the surface of how payments automation will disrupt payments for good."