Spreedly, a Durham, NC-based cloud platform that connects merchants, platforms and payment gateways, raised $3m in new funding round.
The company, which has raised $5.5m in total capital since 2013, intends to use the capital to expand operations and introduce new product features designed to further improve its payment software solution.
Led by Justin Benson, CEO, Spreedly provides a SaaS platform that allows customers to securely store credit cards and returns a universal credit card token that can be used to transact against any of the payment gateways and supported third-party APIs. When a customer is ready to charge an end user, the token is sent back to platform, along with the transaction type request, and the service maps that token to the underlying card stored in its vault and executes the transaction against the specified payment gateway.
The company currently works with more than 100 payment gateways and PCI compliant endpoints globally, has more than 300 customers and handles over one million transactions each month totaling in excess of $3 billion on an annualized basis, up from $1 billion in June 2015.
Emerge, which had previously invested over $2m in Spreedly, focuses on early stages of development (Seed and Series A) in technology startups.