Our reason for being has always been to enable entrepreneurs, developers and innovators around the world with easy access to the sophisticated payment tools required to build the next-generation of online and mobile commerce experiences. When we became part of PayPal at the end of last year, I shared how I expected that teaming up with PayPal would put Braintree in the best possible position to deliver on those aspirations and commitments to our customers. Now that we’ve completed our first full quarter as part of PayPal and eBay’s earnings have been announced, I thought it would be worthwhile to share how we’re delivering on those commitments.
During the first quarter of 2014, we launched Ignition, giving every startup that uses Braintree their first $50,000 in volume free and making it that much easier for innovators to iterate on their ideas without worrying about cost. We also welcomed the PayPal Developer Relations team, adding to our developer support, and advanced the PayPal Blueprint program to further support startups. We enhanced our fraud tools providing free, advanced protection and added Account Updater so your customers wouldn’t have to re-enter their payment info as they received new cards in the wake of nearly 100 million cards being exposed by data breaches at several large retailers. And we added to the consumer side of our business with Venmo adding a number of features including Venmo Nearby, allowing people to easily connect and pay those around them via Bluetooth LE connectivity.
We’ve sincerely appreciated all your amazing feedback and we’re proud to see so many of you voting with your feet as you build on the Braintree platform. We’ve always been transparent about performance as a gauge of how well we’re delivering for our customers and in keeping with that, we wanted to share a bit about how we’re doing:
Braintree added more merchants, consumers and payment volume to our platform in Q1 of 2014 than in any quarter in our history
Our payment volume grew 24.6% quarter over quarter in the first quarter of 2014, putting us on pace to more than double the reach of our platform again this year
We’re now enabling easy, one-touch purchasing for nearly 60 million consumers (56.5 million cards on file as of end of Q1 2014 to be precise)
- Venmo is now handling more than $1 billion in consumer mobile payments annually ($314 million in Q1 2014) and growing at 62% quarter over quarter
While we’re proud of these results, we’re only just beginning and we have so much more that we’re building and will deliver for you in the coming months and years. We’re as excited and committed as we’ve ever been about building the future of commerce with you. If you have feedback for us, please let us know in the comments below, at @braintree or firstname.lastname@example.org.
CEO | Braintree | @williamready