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Pandemic is “perfect” time to launch a fintech, says co-founder of payments aggregator Primer
Primer is hoping to disrupt the payment sector with its aggregation service which unifies PSP and other payment infrastructure through one API.
Amidst a pandemic is the “perfect” time to launch a fintech, says Garbiel Le Roux, the co-founder of Primer, a payment aggregator, which is hoping to disrupt the payments sector.
Le Roux and his co-founder Paul Anthony are former executives at Paypal division Braintree.
Primer, which is a UK business with 18 staff working remotely across eight countries, has launched today and wants to simplify the payment process for merchants.
Primer’s USP is that its software unifies all payment service providers (PSPs), fraud providers and other related third-party services through one API integration and checkout.
By offering merchants a unified dashboard, it says it will mean that merchants can see all their transactions in one place.
This will also allow merchants to chop and change payment providers and not be reliant on one.
La Roux told AltFi: “We are providing an open infrastructure that allows them [merchants] to consolidate what they have and then expand with all the services they need through a single integration.”
Anthony said that “when I used to meet with all these merchants, the problem that I saw was about a lack of underlying payment infrastructure which would need to consolidate their entire payment services stack,” pointing out that payments, on top of PSPs, includes areas like loyalty and reward and fraud as well.
“Nobody is tackling it in the way that Primer is tackling it,” Anthony added.
Primer makes money by charging merchants a fixed fee per transaction.
Le Roux said the timing to launch Primer was “perfect”.
All companies, he says, have payments on their roadmap and the pandemic means companies have more traffic on their websites, need to adapt to customer demands, and need to have more payment methods.
“And even companies which were not online and now looking to go online, like the big grocery stores,” he added.
Staff are currently based in countries including UK, France, Poland and the plan is to triple headcount to 54 within the next six months.
Primer announced a £3.8m seed fundraise in May this year, led by Balderton and with funding also from Transferwise co-founder Taavet Hinrikus.
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