London-based payment startup Primer has raised $50m in a new funding round at a $425m valuation to expand its global footprint and accelerate product development.

The Series B funding round was led by San Francisco-based investment firm ICONIQ Growth with participation from Accel, Balderton, RTP Global, Seedcamp, and Speedinvest.

Founded by former Paypal executives Paul Anthony and Gabriel Le Roux in early 2020, Primer raised $20m last November in a Series A funding round led by Accel.

The firm provides end-to-end payments infrastructure to support a range of payment methods, including buy now pay later (BNPL) service.

It is also developing a low-code API to enable online merchants to integrate their payments stack.

Primer, which currently employs 70 people across 20 countries, is looking to triple its workforce next year.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Commenting on the latest round, Primer founder Paul Anthony said in a statement: “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.

“Every day we’re uncovering new technical insights to better enable merchants to build beautiful commerce experiences, gain unprecedented observability across their payments stack, and supercharge their payments ops.”

In May last year, Primer raised £3.2m in a seed funding round, after securing a pre-seed investment of £600,000 from Seedcamp, Speedinvest, Kima, and several angel investors.

Earlier this year, London-based global payment service provider SumUp acquired Lithuanian core banking system provider Paysolut.