Primer secures $50m in Series B round

Ellie Duncan
20 Oct 2021

Payments automation platform Primer has been valued at $425 million after raising $50 million in a Series B funding round led by San Francisco-based Iconiq Growth.

Accel, Balderton, RTP Global, Seedcamp, and Speedinvest also participated in the latest fundraising.

In a blog post, co-founder Paul Anthony wrote that the funding will “supercharge the next phase of growth and product development for Primer”.

The London-based fintech also plans to triple the size of its workforce, which stands at 70 employees, by the end of next year.

Anthony added on the blog post: “Every day we’re uncovering new technical insights to better enable merchants to build beautiful commerce experiences, gain unprecedented observability across their payments stack, and supercharge their payments ops.

“This is all made possible due to our amazing and innovative team, spread remotely across more than 20 countries today.”

Primer was founded by former PayPal employees Anthony and Gabriel Le Roux in early 2020.

Within its first nine months, the business raised $25 million in a Series A round, in which Balderton and Accel participated.