Company Making Waves in Online Payment Technology Grabs First Round of Institutional Capital

Corporations involved in the online and mobile payments industry continue attracting capital. Braintree has recently raised $34 million of institutional capital. The company, which started in 2007, was bootstrapped during four years without any outside funding.

Braintree reports a daily transaction volume of $3 billion from more than 2,000 merchants. Some of the company’s customers are daily deal site LivingSocial, vacation rental site Airbnb, online restaurant reservation site OpenTable, and mobile reservation operator GoMobo.

Braintree management expects considerable changes in the future for online payments. They expect industry consolidation and bundling of payments with a larger set of services.

Braintree plans to use its capital infusion to pursue expansion opportunities. More merchants are turning to the company because it avoids hidden fees. In addition, Braintree promises portability of credit card data rather than retaining it if a merchant chooses to transfer to another payment network provider.

The company values its customer support as an important advantage over competitors. Braintree also points out that it gives developers client libraries in a variety of programming languages that provides superior technological advantages.