DURHAM – Spreedly, a fintech startup that provides cloud-based software infrastructure for payments, has landed a whopping $75 million in funding from Spectrum Equity.
The Durham-based firm announced today that the funds will be used to accelerate product development and to support the company’s global expansion plans.
“Our platform helps customers unlock their online and mobile revenue streams,” said Justin Benson, Spreedly CEO, in a statement. “With this investment from Spectrum Equity, we are positioned to extend our leadership globally, in particular to leverage our momentum in Latin America. We’re excited to bring Spectrum’s experience working with other high growth FinTech and commerce platforms to bear as we execute on our growth plans.”
Benson co-founded Spreedly with Nathaniel Talbott and Duff O’Meliaback back in late 2011. Since then, it’s been growing exponentially. Today, it powers nearly one million transactions daily — a 108 percent more than the year before, according to the company.
Using Spreedly’s platform, businesses of all sizes can optimize their payments operations through a single application programming interface (API) connection.
Notable customers include Rappi, Cabify, Hopper, Chargebee and SeatGeek.
Michael Radonich, Vice President at Spectrum Equity added, “Spreedly allows its customers to rapidly onboard and integrate with a broad range of payment services via an API-based platform that is truly distinctive in the market today. This approach has resonated with many of the world’s fastest growing and most dynamic e-commerce businesses, more than doubling Spreedly’s enterprise annual recurring revenue over the past twelve months.”