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November 30, 2020

British payment consolidator Primer raises £14m in Series A round

UK fintech and an online checkout provider Primer has raked in £14m ($18.65m) a Series A funding round to expand the business.

The funding round was led by venture capital firm Accel, whose partner Sonali Rycker will join Primer’s board.

The company’s existing investors including Balderton, SpeedInvest and Seedcamp also joined the funding round, which also saw participation from new backer RTP Global.

The latest funding round brings the total amount raised by the company to date to £17.8m, following a seed round ten months after the company was founded.

Primer will use the fresh funds to for international business development and boosting its team size.

Founded in January 2020 by ex-PayPal duo Paul Anthony and Gabriel Le Roux, the company employs 23 people across six countries and serves e-commerce merchants across Europe.

The fintech firm enables retailer to pick the payment providers they want or switch them based on consumer spending.

It aims to help merchants consolidate their payments stack and support new payment methods.

Anthony said: “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.”

On her appointment, Rycker said: “Primer’s platform addresses a multitude of issues that merchants have to solve as they grow their business in today’s fragments payments world.

“The massive acceleration in cross-border commerce as a result of the pandemic has only further highlighted this need.”

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