BlueSnap Raises $50 Million for Its Global Payment Processing Tech
BlueSnap is a smarter global payment gateway powering the checkout process for eCommerce merchants worldwide, and fuelling growth for online businesses serving digital, physical and mobile markets. We spoke to them about their $50 Million deal, which the company will put towards increasing their staff, investing in their smarter payment gateway by adding more payment types, acquirers and product enhancements to help merchants sell globally in a snap.
BlueSnap is a company that has reinvented and optimized the checkout experience by combining intelligent payment routing, frictionless one-click checkout, cross-border payments, award-winning smart subscriptions, multiple integration options and dynamic ecommerce tools. With over 10 years’ experience serving merchants around the globe and supporting shoppers in 180 countries with localization in 29 languages, 60 currencies and 110 payment types, BlueSnap is fulfilling its promise to convert more shoppers to buyers worldwide.
In our $50 million deal, two private equity firms invested in BlueSnap because they are very active in the payments space and they see a long term growth opportunity, especially in the payment space. In addition to the rapid growth of online purchases, the market size is vast. The private equity companies involved were Parthenon Capital Partners and Great Hill Partners.
Parthenon Capital Partners provides capital and strategic resources to growth companies in three core sectors: financial services, healthcare services and business services. Since their founding in 1998, they have partnered with world-class management teams to complete over 50 platform acquisitions and 200 add-on acquisitions representing more than $5 billion in value in these sectors. Great Hill Partners, provides private equity to finance the expansion, recapitalization or acquisition of growth companies in a wide range of sectors within the business services, consumer services, financial technology, healthcare, media, communications, and software industries.
The deal took a total of 3 to 4 months to complete, and we found that working with both equity partners was very successful. The funding opens up many doors to further our goal of helping merchants sell globally in a snap. For example, right now cross-border ecommerce is growing at about 40% per year. We hope to help expand this percentage by streamlining our offerings and continuing to grow as a company. Our success will be measured by the progress we will make towards converting more shoppers to buyers globally.
The future looks incredibly bright for BlueSnap. We are hoping to not only expand internally, but also externally. We intend to grow our staff and global presence with new office locations. Additionally, we are looking to broaden our global reach for customers by adding new payment types as well as acquirers, which will help merchants sell globally in (an even faster) snap.