Braintree (company)

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Braintree
Company typeSubsidiary of eBay Inc.
Founded2007
FounderBryan Johnson.
Headquarters
Chicago, Illinois, The United States
Key people
  • Bill Ready (CEO)
  • Juan Benitez (CTO)
Products
  • Payment Gateway
  • Merchant Account
  • Recurring Billing
  • Credit Card Vault
RevenueIncrease US$9.9 million (2011)[1]
OwnereBay Inc.
Number of employees
144 (2013)
Websitebraintreepayments.com

Braintree is an American company that helps online businesses process credit card payments by providing a merchant account, payment gateway, recurring billing and credit card storage. Braintree is a Level 1 PCI-DSS compliant service provider.[2] On September 26, 2013, it was announced that eBay had acquired Braintree for US $800 million and would continue to run it as a separate service.[3][4][5]

History

Braintree was founded in 2007 by Bryan Johnson. The company was bootstrapped, initially focusing on providing merchant account services. Braintree proceeded to develop its payment gateway software, including vault storage and recurring billing services.

Braintree raised $34 million in a Series A investment from Accel Partners in June 2011[6] In October 2011, Bill Ready replaced Bryan Johnson as CEO of the company.[7] Braintree ranked #47 in the Inc 500 list that year.[8] In 2012, Braintree acquired Venmo for $26.2 million[9] and expanded its payment platform to Australia, Canada, and Europe.[10][11] In October 2012, Braintree raised a series B round led by NEA for $35 million.[12]

On September 26, 2013 Braintree was acquired by PayPal in a deal worth $800 million.[13] Prior to the acquisition, Braintree reported that the company was processing $12 billion annually, with $4 billion of that total on mobile.[14]

Products & Services

Braintree provides businesses with the ability to accept payments online or within their mobile application. Its full-stack payment platform replaces the traditional model of sourcing a payment gateway and merchant account from different providers.[15]

On October 1, 2012 Braintree launched instant signup, streamlining the onboarding process for US merchants, reducing the signup process to a few minutes.[16]

On January 31, 2013 Venmo Touch was launched. This was the first product developed jointly with Venmo. Venmo Touch allows consumers to checkout with one touch across multiple mobile applications.[17] On October 3, 2013, Venmo Touch launched internationally through a partnership with American Express in the United Kingdom.[18]

In August 2013 Braintree announced its new Marketplace product which manages the payouts, taxes, compliance and chargebacks for marketplace and sharing economy operators.[19]

September 2013 the company released enhanced fraud tools to all of its merchants free of charge.[20]

Credit Card Data Portability

Braintree initiated the credit card data portability standard in 2010, which was accepted as an official action group of the DataPortability project.[21] Credit Card Data Portability is supported by an opt-in community of electronic payment processing providers that agree to provide credit card data and associated transaction information to an existing merchant upon request in a PCI Compliant manner.

References

  1. ^ "The 2012 Inc. 5000 List". Retrieved August 23, 2012.
  2. ^ "Visa's Global Registry of Service Providers" (PDF). Retrieved May 15, 2011.
  3. ^ "Braintree Teaming Up with PayPal". Retrieved September 26, 2013.
  4. ^ "E-commerce giant eBay acquires mobile payment gateway Braintree". Retrieved September 26, 2013.
  5. ^ "EBay to bolster PayPal business with Braintree acquisition". Reuters. September 26, 2013. Retrieved September 26, 2013.
  6. ^ "Accel Puts $34 Million In Online Payments Platform Braintree". Retrieved October 30, 2011.
  7. ^ http://techcrunch.com/2011/10/19/accel-eir-steps-in-as-ceo-of-online-payments-platform-braintree/
  8. ^ "http://www.inc.com/inc5000/list/2011/". Inc. Retrieved 26 March 2012. {{cite web}}: External link in |title= (help)
  9. ^ Wortham, Jenna (August 16, 2012). "Braintree, a Payments Company, Buys Venmo for $26.2 Million". The New York Times. Retrieved August 23, 2012.
  10. ^ http://techcrunch.com/2012/08/29/braintree-payments-platform-launches-across-europe-and-canada/
  11. ^ http://thenextweb.com/au/2012/11/15/online-payments-service-braintree-expands-to-australia/#!rIVdt
  12. ^ http://techcrunch.com/2012/10/17/payments-platform-braintree-raises-35m-from-nea-accel-to-take-on-paypal-and-square/
  13. ^ "Ebay's PayPal Acquires Payments Gateway Braintree for $800M in Cash". Retrieved September 26, 2013.
  14. ^ http://pando.com/2013/09/20/mobile-payments-are-one-third-of-braintrees-business/
  15. ^ https://www.braintreepayments.com/
  16. ^ http://techcrunch.com/2012/10/01/braintree-streamlines-sign-ups-cuts-fees-for-developers-to-bring-payments-to-their-apps/
  17. ^ Bonnington, Christina (January 31, 2013). "Venmo Touch Is Facebook Connect for Mobile Payment Info". Wired.
  18. ^ http://pando.com/2013/10/03/one-small-step-for-braintree-one-large-step-for-mobile-payments-braintree-takes-venmo-touch-international/
  19. ^ http://pando.com/2013/08/14/the-bold-new-all-mobile-world-of-braintree-marketplace/
  20. ^ http://www.prnewswire.com/news-releases/braintree-brings-sophisticated-fraud-protection-to-merchants-of-all-sizes-for-free-222525871.html
  21. ^ "Data portability in the Credit Card industry". Retrieved May 15, 2011.

External links

See also

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