Spreedly, the leading provider of software that enables high growth and global businesses to optimize their online and mobile payments operations through a single API connection, announced a $75 million growth investment from Spectrum Equity. The investment will be used to accelerate product development and to support the company’s global expansion plans.
Spreedly enables customers to securely capture and store cardholder data in their Spreedly vault, and then use tokenized payment details from their vault to transact across hundreds of 3rd party payments and ecommerce service connections that Spreedly supports. Historically, high performance global and cross border payment processing was only available to the largest global ecommerce merchants who dedicate significant time and resources to build out their payments operations and to maintain multi-vendor relationships. With Spreedly, businesses of all sizes can rapidly scale and optimize their payments operations through a single, easy to deploy and maintain API connection.
Spreedly’s platform enables payments flexibility and redundancy by allowing customers to route transactions through virtually any combination of payment services without ever touching end-consumer card data. This results in faster time-to-market globally and a reduced compliance burden. Customers also use Spreedly to continuously monitor and optimize their transaction success rates. That results in better customer purchase experiences, increased revenue and lower payments processing and operations costs.
“Businesses that conduct online and mobile commerce know that payments are a critical, strategic priority that they must get right,” said Justin Benson, Spreedly CEO. “Our platform helps customers unlock their online and mobile revenue streams. With this investment from Spectrum Equity, we are positioned to extend our leadership globally, in particular to leverage our momentum in Latin America. We’re excited to bring Spectrum’s experience working with other high growth FinTech and commerce platforms to bear as we execute on our growth plans.”
“Spreedly is uniquely positioned to address the online and mobile payments challenges of fast growing and global businesses”, added Adam Margolin, Managing Director at Spectrum Equity. “With minimal prior funding, Spreedly has grown rapidly and today powers nearly one million transactions daily, 108% more than the year before, on behalf of its customers. We are thrilled to have this opportunity to back Justin and the rest of the Spreedly team and to support their ambitious growth plans.”
Michael Radonich, Vice President at Spectrum Equity added, “Spreedly allows its customers to rapidly onboard and integrate with a broad range of payment services via an API-based platform that is truly distinctive in the market today. This approach has resonated with many of the world’s fastest growing and most dynamic ecommerce businesses, more than doubling Spreedly’s enterprise annual recurring revenue over the past twelve months.”
Russ D'Souza, co-founder, Seat Geek added, "Spreedly is a critical component of the SeatGeek payment and commerce infrastructure today. They have a strong vision for how mobile technology companies can deliver the best shopping experience, and we're excited to see what innovation flows out of their latest funding round."