Online payment solution Paddle has raised $12.5m in funding led by Notion.
Previous investors BGF Ventures and Kindred Capital committed to the investment, while new backer MacPaw also made a contribution. Following the transaction, Notion partner Chrys Chrysanthou and MacPaw CEO Oleksandr Kosovan have joined Paddle’s board.
Paddle helps to provide businesses with access to digital payments, data analytics and marketing tools. The company helps to provide a single solution for the entire software sales process to enable clients to easily accept payments online.
Through the solution, a client can also gain insights on customers and product usage through analytics on transactions, app usage, crashes, conversions, customer behaviour, promotion tracking and sales and tax reporting.
The new line of equity will allow the company to add new members to its team with a plan to grow its current team of 40, to 100 by the end of 2018. Of these new positions, two-thirds will be technical, and primarily in its product and engineering teams.
Equity will also be used to boost the development of its product. Paddle is looking to extend its insight solution to help businesses understand correlation between various factors, such as pricing, and checkout flow. Another new integration the company is exploring are tools to connect other aspects of the business to help marketing improve their efforts.
Notion partner Chrys Chrysanthou said, “We have been extremely impressed by Paddle’s charismatic leadership team, both in terms of their impressive commercial execution as well as their overall vision for the business.
“Their ability to abstract the complex puzzle of the commerce layer for fast growth software companies allows their clients to zero-in on developing their products, which should be their core focus. At the same time, they are developing a powerful data insights layer to also help their customers improve top line.”
This investment follows Paddle’s $3.2m Series A funding round, which closed late last year.
Copyright © 2017 FinTech Global
