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Braintree is now processing $10 billion in annual payments and continuing to expand its footprint in Europe.
Braintree is a payments startup that powers online and mobile credit card transactions for e-commerce vendors. It provides a full-stack payments platform that makes issuing and accepting online payments more accessible and simple than before, when payment processing required extensive infrastructure and resources. Integrating the software allows retailers to process credit cards and international payments, as well as create merchant accounts, enable single click checkout, safely store information, and manage recurring billing.
Braintree was founded in 2007 and was one of the earlier tech companies to enter the payments space. It is now active in 40 countries and accepts payments in over 130 currencies. It enables payments for 40 million consumers and works with over 4,000 merchants, including high-profile tech companies like Uber, AirBnB, Hotel Tonight, LivingSocial, Fab.com, TaskRabbit, Rovio, OpenTable, Poshmark, Zimride, and Github.
Braintree has made a big push to capture European markets before competitors and clone companies. It expanded the platform internationally in June 2012 and now more than 25 percent of its payments originating outside the U.S. Along with today’s milestone, Braintree also announced signing popular game developer Mojang (maker of Minecraft) to its list of clients, as well as fellow European companies Click A Taxi, Hailo, MailMojo, Tictail, and Wrapp.
Payments is a hot space right now, and Braintree competes with PayPal, Stripe, and now Mastercard, which released Simplify Commerce last week. International markets present major opportunities as more people come online and engage in e-commerce, but the infrastructure for online payments has been slower to catch up. Braintree (and its competitors) offer European startups the tools they need to process payments and expand internationally without investing a significant amount of their own developer resources.
Braintree is based in Chicago and has raised a total of $69 million from New Enterprise Associates, Accel Partners, RRE Ventures, and Greycroft Partners.