NC-based Spreedly, innovators of a cloud platform that securely connects merchants, platforms and payment gateways, 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, 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.
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