Venmo Touch Will Help Chicago's Braintree Bump Mobile Transactions Past $2 Billion A Year
Braintree, a payments gateway that’s backed by Accel Partners and NEA, sounds like it has effectively doubled the volume of mobile transactions it sees per year to $2 billion. It now touts 40 million credit card accounts in its vault. How does that compare to competitors? eBay, which operates Paypal, said it had 123 million registered accounts in its last earnings filing and that it expects to generate about $20 billion of mobile commerce and payments volume. So while Braintree is still smaller, it’s one of the few notable upstart companies in the space. Y Combinator’s Stripe is the other one with its formidable concentration of technical talent. Braintree made waves last year when it acquired Venmo, a New York-based mobile payments startup that made it easy and frictionless to transfer cash back and forth via texts and e-mail. The company kept Venmo’s brand name when it launched a series of products including Venmo Touch, which makes it easy for consumer to store their payments ...
Groupon-Backer New Enterprise Associates Sets Up Shop In Chicago
New Enterprise Associates, the venture firm that has backed Groupon, Salesforce, Workday, Fusion-io, and others, is opening an outpost in Chicago, to serve its growing portfolio in the region. The announcement was made in conjunction with an investment in Chicago-based payments platform Braintree.
Braintree Shifts Its Attention To Mobile, International Markets By Poaching From Google Wallet
Google's early stumbles with Wallet are the startup ecosystem's gains. Chicago's up-and-coming Braintree just poached Aunkur Arya, who headed partnerships for Google Wallet, to be its general manager for mobile. The company, backed by Accel Partners, also picked up Klas Bäck to oversee international and payment strategy.