With a mission to help online merchants to create the best commerce experiences globally, UK-based fintech Primer, a startup that offers low-code payments infrastructure and online checkout API, has reportedly raised about €15.5M in its Series A round of funding led by Accel.
Use of the raised funds
Besides, existing investors, including Balderton, SpeedInvest, and Seedcamp, and new investor RTP Global also participated in this round. Founded in January 2020, this investment brings Primer’s total funding to approx €19.7M.
The raised capital will be used by the company to expand its business development efforts globally and to scale its remote-first product and engineering organisation.
It is looking to hire for roles across engineering, design, UI/UX, operations, and business development.
How will Primer help online merchants across Europe?
The startup was founded just ten months ago by ex-PayPal employees, Paul Anthony and Gabriel Le Roux. As a remote-first company, it has 23 employees across six countries and has gained attention amongst mid-market and large enterprise e-commerce merchants across Europe.
Explaining the pain-point of merchants, Primer co-founder, and Head of Product and Engineering, Paul Anthony says, “During our time at PayPal, we saw first-hand the technical burden online merchants face trying to offer the best payments experiences to their customers globally. Our low-code approach enables merchants’ payments teams to manage and expand their payments ecosystems, and maintain sophisticated payments logic with a familiar workflow UI.”
Primer, through a single integration, enables e-commerce merchants and online payments facilitators to consolidate their payments services stack, connecting third-party services such as payment service providers (PSPs), fraud providers, chargeback services, subscription billing engines, BI tools, loyalty and rewards platforms.
In addition, the integration also offers access to a no-code interface where users can create workflows functionality that puts the merchant’s payment infrastructure on autopilot and directs payment flows, where most effective (i.e. highest conversion rates, authentication rates, and where rates are the cheapest).
According to Anthony, “Primer centrally stores payment information, making recurring cross-processor transactions seamless. Our reporting and analytics enable merchants to see all transactions in one place, and we’re working closely with merchant finance teams in order to meet their requirements and stop them needing to log in to multiple PSP dashboards, which they literally do every day!.”
Despite being founded just ten months ago, in May 2020, Primer had reportedly raised £3.2M (approx €3.56M) in its Seed round of funding from Balderton Capital with participation from Taavet Hinrikus.
Prior to that, the company had also raised £600K (approx €667K) in its pre-seed round of funding from Seedcamp, Speedinvest, and Kima, as well as from several unnamed angel investors.
Image credit: Primer