Summary List PlacementEuropean fintech startup Primer has raised what it described as an "unusual" Series A funding round after the company was approached by VC fund Accel to invest.
The 10-month-old startup offers low-code payments infrastructure and an online checkout API. It was in the process of launching its product when Accel approached. Primer was founded in January by ex-PayPal employees Paul Anthony and Gabriel LeRoux.
"It was all quite unusual; we weren't even looking to fundraise, but Accel got in touch as we were preparing to launch and conversations took place on Zoom," Anthony, Primer's cofounder and head of product and engineering, told Business Insider. "The team was impressed by our momentum; we'd already spoken to 100 merchants, conducting technical workshops and in-depth interviews. We were impressed by how much they valued and understood our mission and shared our ambitions for global reach."
Primer helps e-commerce merchants and online payments facilitators to connect and maintain their entire payments ecosystem through its API. Primer initially raised seed funding from Balderton, SpeedInvest and Seedcamp six months ago. Each of those existing investors participated in this round, alongside new investor RTP Global.
"Payments is one of fintech's fastest-growing areas, but its fragmentation is a real headache for merchants operating internationally," Sonali De Rycker, partner at Accel, told Business Insider. "Meanwhile, the pandemic has only increased cross-border commerce. Gabriel and Paul have cut straight to the heart of the issue with an impressive tool that simplifies the industry's infrastructural complexity, launching it in less than a year."
Primer are looking to hire upwards of 50 people over the next six months, Anthony said. Funding will also go towards increasing Primer's market. "We are not a payments service provider, we don't touch money, so we don't need to be regulated," Anthony said. "As a technical infrastructure, Primer is a global product from day one, so we're focusing on increasing business development efforts across Europe and South-East Asia, and further building out our remote-first product and engineering teams to pre-empt some exciting challenges on the horizon."
The new round takes Primer to $23.7 million in total funding. SEE ALSO: Grocery delivery apps newly founded in 2020 are netting crazy valuations as investors pile in
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