Primer, the U.K. fintech consolidate the payments stack and easily support new payment methods in the future of merchants has raised £14 million in Series A funding. The round was led by Accel, who were quite proactive in persuading Primer to take the VC firm’s money.
The company wasn’t actively fund-raising, having quietly raised £3.8 million in funding announced in May.
Also participating in the Series A are existing investors: Balderton, SpeedInvest and Seedcamp, who were joined in the round by new backer RTP Global. Sonali De Rycker, partner at Accel, will join Primer’s board.
The thinking is that larger merchants, especially those that operate in more than one geography, have to support an array of payment methods, which brings with it substantial technical overhead, a poor user experience, and lack of transparency.
Primer declares the additional funding will be used for international business development and scaling its team. Billed as a remote-first company, Primer has 23 employees across six countries, and says it has already picked up traction across mid-market and large enterprise e-commerce merchants across Europe.