Payments software startup Spreedly closed a $3 million round of funding this week.
Contributors to the round include existing investors, along with Belgian venture fund Emerge, and Harold Mechelynck, a new investor.
The North Carolina-based company, which prides itself on concentrating solely on software for payments, now boasts a total of $5.5 million in funding since it was founded in 2008. The company plans to use the new funds to expand operations, accelerate product development, and introduce new features.
Along with the increase in its venture capital investments, Spreedly has grown as well. On an annualized basis, the company handles a total of $3 billion in transactions, up from $1 billion in June 2015. Spreedly CEO Justin Benson comments on the company’s growth:
Since focusing our business on creating new opportunities for merchants, platforms and payment providers to work together, we’ve substantially increased our customer base, the number of transactions we conduct, and our future potential.
Originally focused on subscription-based payments, Spreedly pivoted in 2013 to launch a credit card vault in the cloud. The new platform enables businesses to securely tokenize client credit card information for repeat transactions across any of the 100+ payment gateways it supports, all while remaining PCI compliant. The company handles 1+ million transactions every month for its 300 clients.
At FinovateSpring 2014, Spreedly’s CEO Justin Benson and Business Development Brendon Prebble showed off the company’s new payment-distribution method and card-on-file updater.
Most recently, at FinDEVr San Francisco 2015, Spreedly CTO Nathaniel Talbott explains how Spreedly’s APIs help navigate the payments ecosystem.
For more developer-focused presentations, check out our FinDEVr developer showcase in New York on March 29 & 30, 2016. Register by Friday to save on early bird price and lock in your spot.