Braintree bags USD30 million in funding

Enhancing its payment platform

Payment platform for online and mobile commerce, Braintree, has raised a USD35 million Series B round of funding (view press release). The funding was led by New Enterprise Associated with contribution from existing investors including Accel Partners. The new funding means that Braintree has now raised around USD70 million which will be used to enhance its payment platform, in an effort to entice developers working on e-commerce and m-commerce applications such as Uber, Fab and Airbnb.

At present, Braintree claims to be processing an estimated USD5 billion in payments annually for around 3,000 mobile and online merchants.

Our e-commerce and m-commerce partners are changing the way consumers pay online for some of the most innovative services and products available,” said Bill Ready, CEO of Braintree. “We are working to do for payments and e-commerce what Apple did for mobile: providing a developer-friendly platform that sparks a new wave of innovation and company-building. By making it simple to access the most sophisticated elements of the payment networks without having to be experts in payments, we will help businesses capture new market opportunities while consumers gain a world of exciting new mobile and online shopping experiences.”

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