SOURCE: Braintree

Braintree

September 19, 2011 06:00 ET

Braintree's Daily Volume Surpasses $8 Million; Expands International Footprint

CHICAGO, IL--(Marketwire - Sep 19, 2011) - Braintree (www.braintreepayments.com), an online payments provider that powers commerce for many of the fastest-growing and most discerning online businesses in the world, announced that it now is processing more than $8 million in online credit card payments daily, which is 268 percent of the same quarter of last year (see graph). The company is on track to process more than $3 billion in 2011.

Part of this growth comes from overseas, where Braintree has aggressively been expanding its footprint in Europe, Australia, Asia Pacific and the Middle East. Braintree reports that international transactions now make up 15 percent of the company's processing volume.

Braintree is adding new merchants at a pace of 100 per month. The company expects to double its team during the next year to keep up with demand.

"Our growth and customer base of many of the most influential technology companies in the world show how quickly Braintree is disrupting the payments industry with our elegant developer tools, fair business practices and exceptional customer support," said Bryan Johnson, founder and chairman of Braintree. "It's even more impressive when you consider that it's all happened via word of mouth from delighted customers."

Braintree provides critical, behind-the-scenes payment services to many of the most innovative online companies, including LivingSocial, 37signals, OpenTable, GitHub, Airbnb and Hotel Tonight. 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 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, Kayak, Etsy and Rovio, the creator of Angry Birds.

Braintree was 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 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 on track to process more than $3 billion in credit card volume in 2011 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 braintreepayments.com and on Twitter @braintree.

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