$10 billion: That’s how much Braintree is now processing in annual payments
Jul 05, 2013
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Braintree, a startup specializing in processing other startups e-commerce transactions, is on quite the tear. On Wednesday the company revealed its total annual transaction has grown from 25 percent, from $8 billion to $10 billion, in less than four months.
The company also announced its added Minecraft-creator Mojang of Sweden to its roster, where it joins Finland’s gaming powerhouse Rovio as a key client. Those two aren’t small operations, producing some of the most popular games in the world. Consequently, international transactions are becoming a big part of Braintree’s business, accounting for a quarter of all transactions since it expanded outside the U.S. last October.
The Chicago-based startup launched in 2008 with the intention of becoming the e-commerce engine for the emerging world of new niche e-commerce and collaborative consumption businesses emerging online. Its goal was to bridge the yawning chasm between operations that served small businesses like PayPal (and now Square) and the big enterprise-focused service providers like Chase Paymentech. There are a lot of companies that occupy the space between an Amazon and a guy with an eBay store, and Braintree wants to make them its customers.
Since then, Braintree has managed to attract some of Silicon Valley’s hottest and fast-growing startups, such as Airbnb, Uber, GitHub and Fab.com, as well as some more entrenched e-commerce companies like OpenTable. It’s started expanding into m-commerce, and it even acquired Venmo to move into the peer-to-peer payments space. Braintree has raised $70 million and is backed by Accel Partners, NEA, RRE Ventures and Greycroft Partners.