Brain, a payment gateway backed by Accel Partners and NEA, appears to have effectively doubled the volume of mobile transactions it sees per year to $ 2 billion. He now boasts 40 million credit card accounts in his safe.
How does this compare to the competition? eBay, which operates Paypal, said he had 123 million registered accounts in his last earnings filing and that it expects to generate around $ 20 billion in mobile commerce and payments volume. So while Braintree is even smaller, it’s one of the few notable emerging companies in the space. The Combinator’s Stripe is the other with its formidable concentration of technical talent.
Braintree made waves last year when it bought Venmo, a New York-based mobile payment startup that has made it easy and frictionless to transfer money via SMS and email.
The company kept the Venmo brand name when it launched a series of products including Venmo Touch, making it easy for consumers to store their payment information on a network of Braintree-supported apps like HotelTonight, Airbnb, and Uber. The idea is to reduce friction when entering credit card information, so that customers don’t give up on potential purchases.
Instead of having to re-enter your credit card information every time you sign up for a new Braintree-supported mobile service, Venmo Touch will automatically remember your payment details with just one click. Venmo Touch was in beta, but it’s now fully released and available to all Braintree merchants.
On top of that, they’re releasing a new iOS SDK, which will make it easier for developers to create a native checkout flow with UI images and text suggestions. It has a payment form, which already has a lot of credit card entry UI elements and other features that help detect typos. They will bring both Venmo Touch and an improved SDK to Android in the near future.
Brain has raised $ 69 million in venture capital to date from New Enterprise Associates, Accel Partners, RRE Ventures and Greycroft Partners. Find out venmo limit here.