Primer

History

2021: Attracting $50 million investment

At the end of October 2021, information appeared that the British startup Primer, which created a system that helps merchants easily create payment stacks for sales on the Internet, held a $50 million round of financing and was valued at $425 million. Leonid's fund BoguslavskogoRTP Global invested in a startup. The deal was also attended by existing investors Accel, Balderton Capital, Seedcamp, Speedinvest. ICONIQ Growth, a division of the investment company affiliated with Mark Zuckerberg, Cheryl Sandberg, Jack Dorsey and other wealthy technology executives led the series funding round.

By October 2021, Primer operates in 20 countries and has about 45 integrations, users can add to their payment flows, starting from payment providers such as Stripe, Apple Pay, Adyen and Braintree. As well as checking for fraud through the service from Riskified, calculating sales tax from TaxJar, when the user creates a payment flow, Primer creates a separate line of code that developers can use for integration.

Leonid Boguslavsky Foundation invested in payment platform for Internet business

There is a curious paradox in the world of e-commerce. On the one hand, e-commerce companies spend a lot of time and money to create as simple an experience as possible so that customers stay in services, are interested and buy goods. On the other hand, the payments that underlie the entire e-commerce experience are known to be fragmented and the preferred payment method varies depending on which country you are in. Various companies involved in the payment process and services that can be included in payments, for example, identity checks, etc. are also changing. This is one of the reasons why since 2015 there have been so many companies involved in embedded payments.

From 2001 to 2021, the pace of new payment solutions on the market accelerated sharply to support global consumer demand for trends such as mobile payments, digital wallets, one-click checkout. However, no payment solution can accommodate all the changes and innovations that sellers need to keep up with the times. Thus, for payment and engineering teams of sellers, this dynamics creates a huge technical difficulty in combining several payment methods, gateways, fraud detection and much more, "said Roy Luo, partner of ICONIQ Growth.

The importance of a tool such as Primer is not only to greatly simplify the construction of the payment flow, for example, creating a tree in which you can display all options for what happens when a person tries to make a purchase and it is rejected or approved, say, by a card company, but also to provide sellers with an easier way to select providers, test various payment services.^[1]

Notes