Spreedly Raises $3 Million in Equity Financing

The provider of payment software for merchants and billing platforms plans to use the capital on new hires and to expand the number of supported financial and business services that integrate with its SaaS-based platform.

25 Feb, 2016, 10:00 ET from Spreedly

DURHAM, N.C., Feb. 25, 2016 /PRNewswire/ -- Spreedly, innovators of a cloud platform that securely connects merchants, platforms and payment gateways, announced today that it has raised $3 million in a new series of funding. The investments were made by existing investors, Belgian venture fund Emerge, as well as a new investor, Harold Mechelynck. The new funding builds on Spreedly's earlier investment rounds, bringing the total capital raised to $5.5 million since 2013.

The company intends to use the capital to expand its operations and accelerate its product development. Specifically, the company plans to expand its staff focused on business development and introduce new product features designed to further improve its payment software solution. Spreedly works with more than 100 payment gateways and PCI compliant endpoints globally. It has more than 300 customers and handles over one million transactions each month totaling in excess of $3 billion on an annualized basis, up from $1 billion in June 2015.

Spreedly's Software-as-as-Service (SaaS) platform lets customers securely store credit cards and returns a universal credit card token that can be used to transact against any of the payment gateways and third-party APIs that Spreedly supports. When a Spreedly customer is ready to charge an end user, the token is sent back to Spreedly, along with the transaction type request, and the Spreedly service maps that token to the underlying card stored in its vault and executes the transaction against the specified payment gateway. The SaaS platform simplifies payment gateway transactions by eliminating the need to store payment data with each individual payment gateway, and reduces most customers' PCI scope by handling capture and storage of sensitive payment card data.

Headquartered in Brussels, Emerge previously invested over $2,000,000 in Spreedly, joining other early seed investors including one of Spreedly's first customers. E-Merge focuses on early stages of development (Seed and Series A) in technology startups.

Spreedly investor Harold Mechelynck, founder of Ogone Payment Services (now part of Ingenico ePayments), says Spreedly's business model is a game changer. "I've been active in and watched the online payments market grow and change for two decades. Much has changed, but the solutions have not kept up with today's requirements for flexibility, security and simplicity. Spreedly is stepping ahead of the traditional payments market and offering an innovative and much-needed option that really meets the needs of merchants and billing platforms," said Mechelynck.

"Since focusing our business on creating new opportunities for merchants, platforms and payment providers to work together, we've substantially increased our customer base, the number of transactions we conduct, and our future potential," said Justin Benson, CEO, Spreedly. "We are looking forward to this next phase of business development, adding new hires and even greater numbers of financial and business services with which our platform connects."

For more information on Spreedly, please visit the website at http://www.spreedly.com.

About Spreedly
Spreedly, headquartered in Durham, NC, gives online commerce exactly what it needs: an easy-to-use, cloud-based platform that securely connects merchants, platforms and payment providers and minimizes the complexity, cost and risk of payment integration. With Spreedly's Software-as-as-Service (SaaS) platform, customers don't have to store payment data with each individual gateway. The service also handles capture and storage of sensitive payment card data, reducing customers' PCI scope.

 

 

SOURCE Spreedly



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