Braintree Boasts A Quarter Jump To $10Bil Per Year
Braintree, a Chicago-based e-commerce transaction processor, announced it now processes $10 billion in payment transactions annually, a jump of 25 per cent from its previous $8 billion in payment transactions.
In the crowded sphere of payments processors, Braintree is the smart niche player targeting other tech startups, along with small and medium sized businesses. Startups are usually underserved by banks, since they are viewed as riskier propositions than more established businesses.
Braintree clients include notable start ups like Uber, Fab, Hailo, and Airbnb. It was also recently chosen as the processors for Swedish game development studio Mojang, makers of Minecraft, and Rovio, makers of the runaway success, Angry Birds.
Much of Braintree’s success lies in its ability to process different currencies, some 130 which will grow to more than 160 currencies in the near future, establishing Braintree as the international payments processor of tech companies.
Braintree is targetting Europe and Australia for expansion first because of their overwhelming demand, according to Braintree’s General Manager of International Klas Bäck. The next phase in expansion may include Latin America and Asia Pacific. Asia in particular is a likely target since $2 billion of the payments processed by Braintree is mobile, a region known for its handset-happy shoppers.