Last October, payments processing company Braintree expanded its international presence with a $35 million Series B round. Fast forward to today: According to Braintree CEO, the company is processing $8 billion annually – twice what they reported back in August of last year.
[ibimage==22965==Medium==none==self==ibimage_align-left]According to GigaOM, this level of processing puts Braintree, which handles payments for some of the biggest startups out there, on the same level as Square, whose smartphone add-on allows vendors to accept credit card payments anywhere.
It seems Braintree’s international expansion is a direct cause of this explosion.
“That’s one of the big reasons startups want to work with us,” Ready said in an interview with GigaOM. “Startups need to go international much more quickly than they used to. But in order to accept international payments you used to have to go to [a provider] that required you to have hundreds of millions in accounts.”
Launched in 2008, Braintree has gone from processing e-payments for a few companies (AirBnB was one of the first) to attributing a quarter of its business to overseas transactions.
Visit Braintree's website, check out their BIC company profile and follow them on Twitter at @braintree.
[ibimage==22957==Original==none==self==ibimage_align-center]
