Braintree doubles payments processed annually to $10 billion
Today payment platform Braintree announced it hit $10 billion in sales processed annually. In the last six months, it has doubled the amount of transactions it processes, growing rapidly in the hotly contested space of wannabe PayPals.
Pando's covered the race to be the second largest payment platform over the last year. Braintree has been neck and neck with its competitor startup and developer darling Stripe, but other platforms like Balanced and Dwolla are also facing off for customers.
Braintree's General Manager of International, Klas Bäck, said that at this point 25 percent of Braintree's growth is coming from international merchants. "We launched international in the end of last year...[it] is very much been a reason for the pace picking up more and more every week," Bäck says.
It recently added six new companies to the roster, spanning the countries of England, Sweden, Norway and Denmark. The majority of those additions are startups looking to expand internationally and take advantage of the fact that Braintree can process in 130 currencies.
In October 2012, Braintree CEO Bill Ready told Sarah Lacy it would be reaching 160 currencies "before too long," although its website says it has remained at "a little over 130." In October, Lacy cautioned against "crazy Groupon" growth for the organization, but also noted it needed to stay ahead of its bedfellow Stripe. Nine months later, Braintree has kept a lead amongst its startup competitors in the foreign fields without expanding beyond its means.
One of Braintree's business moves in the last year was to acquire Venmo, a digital wallet company that would connect all of Braintree's merchants. The payoff? Simplicity: customers sign up once for Braintree - whether through Uber, HotelTonight, or another Braintree client - and then never have to input their credit card information again, even if they're making a purchase with a different Braintree customer.
Pando spoke with Carl Waldekranz, Co-Founder of Tictail - a Swedish based startup that's a new addition to Braintree's international clientele. Waldekranz cited Venmo touch as being one of the draws to working with Braintree.
"The integration was seamless and the user experience is perfect," he says. "We also appreciate Braintree pushing the payment space forward, for instance the Venmo acquisition adds great to an already great service."