Digital payments platform Braintree raises $35M in VC funding

Summary:Braintree's CEO explains that his company's goal is to "build the Apple iOS of payments."

Braintree, an online and mobile payments solutions provider, has announced that it has raised approximately $35 million more in its latest round of venture capital funding.

This round of Series B funding was led by New Enterprise Associates in participation with existing investors, including Accel Partners. The startup has now raised a total of roughly $70 million in VC funds.

Essentially, Braintree is trying to position itself as the e-commerce backbone of many other rising tech stars these days by targeting smaller companies with smaller budgets and promising them the same secure technology and resources offered at the corporate level.

Some of the features included on the Braintree payments platform include single-click checkout, credit card storage, recurring billing, mobile shopping support, and acceptance of international payments in over 130 currencies.

So far, Braintree is processing more than $5 billion in payments annually for over 3,000 mobile and online merchants in over 30 countries.

Examples of companies using Braintree's platform range from some more established players like Rovio, Airbnb and LivingSocial to hot up-and-comers Uber, HotelTonight, and Fab.com.

Braintree CEO Bill Ready explained in a blog post on Wednesday morning that his company's goal is to "build the Apple iOS of payments."

With iOS, Apple democratized the development and distribution of mobile apps, enabling millions of developers to create incredible mobile experiences, earn a living, and build companies on top of the iOS platform. We hope to similarly transform payments technology, by building a layer of abstraction on top of the payment networks that lets developers easily access the most sophisticated elements of the payment networks without having to be experts in payments.

Looking forward, Ready added that some of the goals with this extra funding include developing more "easy to use" APIs, hiring more engineers across its four U.S. offices, and further integrating the resources and team behind Braintree's recent acquisition, Venmo .

Topics: Mobility, Apps, Consumerization, E-Commerce, Smartphones

About

Rachel King is a staff writer for CBS Interactive based in San Francisco, covering business and enterprise technology for ZDNet, CNET and SmartPlanet. She has previously worked for The Business Insider, FastCompany.com, CNN's San Francisco bureau and the U.S. Department of State. Rachel has also written for MainStreet.com, Irish Americ... Full Bio

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