Peak XV Partners Invests in Primer's $100 Million Funding Round for Global Payments Infrastructure
Peak XV joins UK infrastructure startup Primer’s $100 million funding round
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Peak XV Partners, India's largest venture capital firm, has joined a $100 million funding round for Primer, a London-based payments infrastructure startup. The investment aims to enhance AI capabilities in payments and expand Primer's presence in the US, where it anticipates significant revenue growth by 2028.
- 01The funding round was led by Belgium-based Sofina, with participation from several existing investors, including Accel and Tencent.
- 02Primer plans to use the funds to accelerate investments in AI for payments and finance teams.
- 03The startup's platform manages over 95% of customer payment volume for merchants, processing billions of transactions annually.
- 04Currently, the US accounts for about 20% of Primer's revenue, which is doubling year on year.
- 05Primer aims to hire up to 50 new employees in the US to support its expansion efforts.
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Peak XV Partners has invested in a $100 million funding round for Primer, a global payments infrastructure startup based in London. This funding round, led by Sofina, saw participation from notable investors including Accel and Tencent. Primer, founded by former Braintree and PayPal executives in 2020, aims to enhance its AI capabilities and expand its operations in the US, where it projects revenue to exceed one-third of its business by 2028. The company’s platform offers a unified infrastructure for payments, managing over 95% of payment volume for merchants and processing billions of transactions annually. Currently, the US market contributes around 20% to Primer's revenue, which is experiencing a year-on-year doubling. To support its growth, Primer plans to hire up to 50 employees in the US. Aakash Kapoor, a principal at Peak XV, highlighted the importance of Primer's unified infrastructure in providing critical context for AI decision-making in payments.
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The investment will enhance Primer's capabilities in AI for payments, potentially benefiting merchants and consumers by streamlining payment processes.
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