Primer, a payments infrastructure provider founded by former PayPal employees, has closed a $100 million Series C round led by Sofina. The startup plans to advance its AI capabilities and accelerate its growth in the US as it aims to transform how large merchants manage payment services.
- Raised $100M Series C led by Sofina with top investors
- Uses AI to optimize and automate payment ecosystems
- Plans US expansion and headcount growth by 2028
What happened
Primer, a London-based payments infrastructure startup founded in 2020 by ex-PayPal employees, announced a $100 million Series C funding round. The raise was led by Belgian investment firm Sofina, alongside new investor Peak XV Partners and existing backers including Balderton, Accel, ICONIQ, Tencent, and Speedinvest.
Primer’s platform enables large e-commerce merchants to connect their complete payments stack and manage multiple providers like Checkout.com, Stripe, WorldPay, Klarna, and GoCardless from a single interface. Last November, Primer launched an AI assistant called Primer Companion to help merchants optimize their payment operations with context-aware recommendations and automation.
Why it matters
The infusion of $100 million will enable Primer to deepen its investment in AI technology, evolving Primer Companion into a fully autonomous agent that can make payment decisions according to merchant-defined parameters. This innovation aims to position AI at the core of enterprise payment workflows, a shift Primer’s CEO predicts will become standard in the coming years.
The funding also supports Primer’s strategic expansion into the US, targeting to generate over a third of its revenue from this market by 2028. Plans include hiring up to 50 employees in the US to accelerate growth and local presence, marking a crucial step for the European fintech in scaling its commercial footprint internationally.
What to watch next
Monitoring Primer’s execution of its AI roadmap will be key, particularly how effectively the AI agent automates complex payment operations while maintaining security and compliance. Success in this area could set a benchmark for AI-driven payments infrastructure globally.
Additionally, Primer’s penetration into the US market will be critical to watch. Their ability to attract major clients and adapt to a competitive American payments landscape will influence their growth trajectory and potential follow-on funding opportunities.