Braintree, one of the most popular online payment gateways for the web and mobile, has raised $35 million in another round of funding led by New Enterprise Associates, according to a report by Techcrunch. This deal brings its total funding up to almost $70 million.
Braintree competes primarily with the likes of PayPal, providing a merchant account and payment gateway for web and mobile support. It has a massive customer base which includes biggies like Rovio, Uber, OpenTable, Airbnb, Heroku, Engine Yard, Shopify etc. It has seen its transaction volumes increase to $5 billion in total payments in the last year and has around 3,000 merchants signed up for its payment offerings. It supports more than 30 countries and 130 different currencies.
While PayPal is ideal for consumers, Braintree is targeted more towards small businesses, startups and enterprises. After acquiring Venmo, they are now also going after the consumer market, specifically after small developers.
Mobile Payments are expected to be huge in the next couple of years, and Braintree will compete with PayPal and Square in that space. While PayPal is backed by eBay, Square recently raised $200 million. It’s going to be an interesting war.