Paddle rows to unicorn status after Series D

Paddle, a payments infrastructure provider for SaaS companies, has reached a $1.4bn valuation after the close of a $200m Series D round.

KKR served as the lead investor, with contributions also coming from existing investors FTV Capital, 83North, Notion Capital and Kindred Capital. The company also received debt financing from Silicon Valley Bank.

With the capital injection, Paddle plans to bolster the development of its platform to meet the global needs for its software.

Paddle’s payment infrastructure is leveraged by over 3,000 software companies in over 200 markets around the world.

Its platform integrates with checkout, payment, subscription management, invoicing, international taxes and financial compliance processes.

The company has doubled its revenue growth since November 2020 and has had an average annual revenue growth of over 175% over the past four years. It has also grown its team from 140 to 275 people across New York and London.

Paddle CEO and co-founder Christian Owens said, “The opportunity in software is enormous, with tens of thousands of incredibly innovative businesses bringing great products to market every year. Unfortunately, many SaaS companies still find their growth hindered by the operational challenges that arise when scaling; from handling subscriptions management or tax compliance to localising payment options in every market.

“Paddle was created to remove these invisible barriers so that SaaS companies can just focus on building and selling software. 2021 was a fantastic year for us, but we are only just getting started. We have big plans for 2022 and beyond and we’re delighted to have the backing of so many fantastic investors who all share our vision.”

With the close of the round, the company has raised a total of $293m in funding. It previously raised $68m for its Series C funding round back in November 2020, with commitments coming from FTV Capital, Kindred Capital, Notion Capital and 83 North.

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