- Spreedly provides, API software, software which is often used by high growth firms, stores card data securely – meaning that it does not need to be re-entered every time
- Investment will help firm to expand around the world and enhance its product development processes
- “We’re excited to bring Spectrum’s experience working with other high growth FinTech and commerce platforms to bear as we execute on our growth plans”, said CEO
A payments software organisation which serves international businesses been given an injection of cash from a leading equity firm.
Spreedly, which provides harmonised application programming interface (API) tools designed to optimise both internet and mobile-based payments, said that it had received the money from Spectrum Equity.
The software helps users to securely keep card data in an online “vault”.
This way, the data can be used more effectively to power cross border payments transactions with a range of organisations, including third parties.
As a result, payments can be made without each payment point having to capture card data every time.
The software is often used by high growth businesses, as it enables international money transfer to take place without having to have the corresponding complex architecture.
For merchants, it means that the costs are lower – and the improved experience for the end-user means that they want to come back and use the service again.
Now, the firm has received a significant investment of $75m from the investment firm Spectrum Equity.
According to reports, this will be spent on product development – and also on ensuring that the firm can meet its ambitious worldwide expansion targets.
In a statement, Justin Benson – who serves as CEO of Spreedly – said that the move would mean the firm could “extend our leadership” around the world.
“Businesses that conduct online and mobile commerce know that payments are a critical, strategic priority that they must get right”, he said.
“Our platform helps customers unlock their online and mobile revenue streams. With this investment from Spectrum Equity, we are positioned to extend our leadership globally, in particular to leverage our momentum in Latin America.
“We’re excited to bring Spectrum’s experience working with other high growth FinTech and commerce platforms to bear as we execute on our growth plans”, he added.
For Spectrum Equity, Adam Margolin – who is the firm’s managing director – said that Spreedly had already demonstrated its capacity to grow “rapidly”.
“Spreedly is uniquely positioned to address the online and mobile payments challenges of fast growing and global businesses”, he said.
“With minimal prior funding, Spreedly has grown rapidly and today powers nearly one million transactions daily, 108% more than the year before, on behalf of its customers.
“We are thrilled to have this opportunity to back Justin and the rest of the Spreedly team and to support their ambitious growth plans”, he added.
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