Primer reaches $425m valuation following $50m Series B round

London-based merchant payment platform Primer has raised $50 million in a Series B funding round, taking the company’s valuation up to $425 million.

Primer CEO and co-founder Paul Anthony

The round was led by ICONIQ Growth and saw participation from Accel, Balderton, RTP Global, Seedcamp and Speedinvest.

The fintech was founded last year by former PayPal employees Paul Anthony and Gabriel Le Roux and secured $14 million in a Series A round in December.

“The payments landscape is blowing up at a rapid pace”, writes Primer CEO Anthony in a blog post.

Anthony claims the “increasingly complex ecosystems” being managed by online merchants, which include multiple payments providers, digital wallets, data and fraud platforms, KYC tools and loyalty platforms, present businesses with “an enormous challenge”.

To combat this, Primer has built a low-code online checkout API that consolidates and automates merchants’ payments processes.

The company says its offering is designed to simplify payment flows across a multitude of payment methods and payment providers.

The fintech allows merchant users to add integrations for payments providers such as Stripe, Apple Pay, Adyen and Braintree, fraud screening from Riskified and sales tax calculation from TaxJar to their payment flows.

Anthony adds the new capital will be used to “supercharge” the company’s next phase of growth and product development.