Paddle said to raise $8m in new funding to support team expansion

Paddle, which provides e-commerce platforms with payment processing tools, has reportedly raised $8m in a new funding round.

The capital was supplied by Notion, BGF and Kindred Capital, according to a number of reports in the media.

With the capital injection, the company is looking to bolster its data, product and engineering teams, the articles said.

Paddle provides businesses with a single solution which supports checkout, subscriptions, taxes, licensing and insights. Its services can be used by clients that are selling MacOS solutions, or have a Microsoft or SaaS-based business.

The checkout solution provides clients with tools for processing payments, monitoring trials and licences, completing taxes and VAT, managing subscriptions, implementing anti-fraud measures, supporting in-app purchases, launching promotions, and generating insights.

Its payment software lets its clients to accept a range of payment methods, including PayPal, and debit cards, from directly on their website. VAT calculations are completed automatically, and the Paddle algorithms will flag payment providers when there is suspicious transactions and combat chargebacks.

The company has raised a total of $25m in equity funding to date, the articles state.

Late last year, the company pulled in $12.5m in funding from Notion, MacPaw BGF Ventures and Kindred Capital. It raised the capital to support the development of its product broaden its insight solution.

Copyright ? 2018 FinTech Global

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