Spreedly Receives $75 Million from Spectrum Equity as Growth Investment

By StartUp City | Friday, November 15, 2019

Spreedly raises $75 million investment to secure, enable and enhance the payment methods for ever growing online and mobile businesses globally.

FREMONT, CA: Spreedly is a software provider who induces high growth and global businesses to optimize its online and mobile payment operations via a single API connection. It raised a $75 million worth investments from Spectrum Equity. These investments will be utilized to turn up the notch on product development and to support the company’s expansion plans globally.

Spreedly enables customers to capture and store cardholder data in their vault securely and then utilize the tokenized payment details from the same vault to fulfil transactions. These transactions comprise of more than hundreds of 3rd party payments and e-commerce service links that Spreedly supports. Until now, the high-performance payment processing both globally and across borders were availed only to the largest of global e-commerce merchants as they dedicate significant time and resources to formulate their payment operations and also maintain multi-vendor relationships. With Spreedly, all size of businesses can be rapidly scaled and optimized through a single, easy to deploy, and sustainable API connections.

“Businesses that conduct online and mobile commerce know that payments are a critical, strategic priority that they must get right,” said Justin Benson, Spreedly CEO. “Our platform helps customers unlock their online and mobile revenue streams. 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.”

“Spreedly is uniquely positioned to address the online and mobile payments challenges of fast-growing and global businesses,” added Adam Margolin, Managing Director at Spectrum Equity. “With minimal prior funding, Spreedly has increased and today powers nearly one million transactions daily, 108% more than the year before, on behalf of its customers. We are thrilled to have this opportunity to back Justin and the rest of the Spreedly team and to support their ambitious growth plans.”

Flexibility and redundancy are the crucial elements availed by Spreedly’s platform, allowing the customers to re-route transactions employing any combination of payment services without utilizing the end-consumer card data. It results in a faster time-to-market processing across the globe and a reduced compliance burden. Spreedly facilitates the customers to monitor and optimize their transaction success rates continuously. The added step enhances the results by improving customer purchase experiences, maximized revenue and decreased payments processing and operations costs.

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