SOURCE: Braintree

Braintree

January 18, 2012 06:30 ET

2011 a Banner Year for Braintree; Company Doubles Merchants, Triples Processing Volume

CHICAGO, IL--(Marketwire - Jan 18, 2012) - Online payments provider Braintree (www.braintreepayments.com) reached a number of milestones in 2011. The company, which powers commerce for many of the fastest-growing and most discerning Web 2.0, social and mobile businesses in the world, doubled its number of merchant customers and more than tripled its volume of transactions processed during the year. Additionally, the company entered several new international markets and secured a $34 million Series A investment from Accel Partners.

"2011 was a transformational year for Braintree, as we added more than 1,000 merchants, with most coming from referrals from delighted customers," said Bill Ready, CEO of Braintree. "Our elegant developer tools and exceptional customer support continue to make Braintree the clear payments choice for e-commerce companies of all sizes."

Milestones reached by Braintree during 2011 include:

  • Braintree doubled its customers to over 2,000 merchants, and saw processing volume at 326 percent of the prior year's volume. Braintree currently processes more than $10 million in credit card transactions daily and over $4 billion annually.

  • Braintree's new customers in 2011 include some of the most innovative online companies spanning various industries, such as daily deal sites Fab.com, Scoutmob and Saveology; social media companies Facebook PAC, Zimride and Booklr; mobile payment app LevelUp; online media pymnts.com; retailers Hammacher Schlemmer and Skechers; and software as a service provider Virb.

  • Braintree aggressively expanded its international footprint in Europe, Australia, Asia Pacific and the Middle East. The company is processing in more than 130 currencies, and international transactions now make up approximately 15 percent of the company's processing volume.

  • In 2011, Braintree secured a $34 million Series A investment from Accel Partners, one of the most respected venture firms in the world, which is behind companies such as Facebook, Kayak, Dropbox, Etsy and Rovio, the creator of Angry Birds.

  • Braintree's growth earned it a spot on the 2011 Inc. 500 List as the nation's 47th fastest-growing private company, with a three-year growth rate of 4,200 percent. Braintree ranked first in the online payments industry.

About Braintree
Braintree helps online and mobile businesses process credit card payments by providing a merchant account, payment gateway, recurring billing and credit card storage. The company is disrupting the payments industry by providing elegant tools for developers coupled with white-glove support. Founded in 2007, Braintree works with the world's most discerning online merchants, including LivingSocial, 37signals, Airbnb, OpenTable, Animoto and GitHub. The company is processing more than $4 billion in annual credit card volume from more than 2,000 merchants. Braintree was profitably bootstrapped for four years before accepting a $34 million investment from Accel Partners in 2011. Braintree ranked 47th in the 2011 Inc. 500. Visit us at www.braintreepayments.com and on Twitter @braintree.

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