Braintree and Venmo raise $35M Series B to build the Apple iOS of payments

by william ready on October 17, 2012

Today we are thrilled to announce our $35M series B financing, led by NEA (with participation from our existing investors, including Accel Partners).  Although our company has been profitable since inception, we have sought to find incredible partners like NEA and Accel who share our vision not simply to earn a profit, but to transform and modernize the archaic payments industry upon which many of today’s most successful technology companies rely as a key piece of infrastructure.

With iOS, Apple democratized the development and distribution of mobile apps, enabling millions of developers to create incredible mobile experiences, earn a living, and build companies on top of the iOS platform. We hope to similarly transform payments technology, by building a layer of abstraction on top of the payment networks that lets developers easily access the most sophisticated elements of the payment networks without having to be experts in payments.  Because Braintree provides dead simple, developer friendly solutions for PCI compliant credit card storage, international payments, recurring billing, and mobile commerce, many of the best developer platforms and mobile commerce applications in the world have chosen to build on our payment platform, including Github, Twilio, Heroku, 37signals, Airbnb, Uber, LivingSocial, Rovio/AngryBirds, HotelTonight, Fab.com, LevelUp, and thousands of others.  By growing and scaling with partners like these, we have developed a set of technologies that are both painless for the developer at a pre-revenue startup looking for an easy to integrate solution and scalable to companies processing hundreds of millions of dollars in sales each year.

With this latest round of financing, our goal remains true to the founding vision that we have been working towards for the past four years:  simplify payments.  This means we’ll continue to develop elegant, easy to use APIs, as well as stay true to ethical business practices in support of merchants, like our founding of the Card Data Portability initiative.   It also means building products that make it even easier for consumers to connect with and purchase within their favorite applications, which we plan to do much more of with the addition of the Venmo team and platform.

In order to achieve these goals, we are looking for world class engineers to join our team.  If you’re excited about building the payments infrastructure for the desktop and mobile web, email us! We’re hiring engineers across all of our offices -- New York, San Francisco, Menlo Park, and Chicago.

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