SOURCE: Braintree

Braintree

November 01, 2011 06:00 ET

Braintree Continues Rapid Growth -- Now Processing $10 Million Daily

CHICAGO, IL--(Marketwire - Nov 1, 2011) - The volume of credit card transactions processed by Braintree soared to over $10 million per day, 300 percent of the volume from the same period a year ago, the company announced. Braintree (http://www.braintreepayments.com) is an online payments provider that powers commerce for many of the fastest-growing and most discerning online businesses in the world.

The company is now processing approximately $4 billion on an annualized basis, according to Bill Ready, Braintree's CEO.

"Braintree continues to disrupt the payments industry with elegant developer tools, fair business practices and exceptional customer support. Our processing volume is accelerating rapidly, fueled by brisk growth of our customer base," said Ready. "Braintree's customers are among the best-known Web 2.0 companies and are leading the next wave of technology innovation. They are growing quickly as consumers increase their transactions through online, mobile and social channels."

The company is adding 100 new merchants a month and is aggressively expanding its footprint in Europe, Australia, Asia Pacific and the Middle East. International transactions make up 15 percent of the company's processing volume.

Braintree provides payments software and services to many of the most innovative online companies, including LivingSocial, 37signals, OpenTable, GitHub, Airbnb, Animoto, Hotel Tonight and 2,000 others. Braintree has dramatically simplified payments for online businesses by making integration simple yet robust, increasing security and reducing compliance requirements.

Braintree's explosive growth attracted a $34 million Series A investment from Accel Patners in June 2011 after founder Bryan Johnson profitably bootstrapped the company for four years. Accel Partners is one of the most respected venture firms in the world and is behind companies such as Facebook, Groupon, Kayak, Etsy and Rovio, the creator of Angry Birds.

Braintree is ranked 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 is ranked first in the online payments industry.

About Braintree
Braintree helps online 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, OpenTable and GitHub. The company is processing more than $4 billion in credit card volume on an annualized basis 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 http://www.braintreepayments.com and on Twitter @braintree.

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