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Software billing startup Paddle has raised a £52 million ($68 million) Series C from investors including FTV Capital, Kindred Capital, Notion Capital, and 83North.
Founded in 2012 by Christian Owens and Harrison Rose when they were just teenagers, Paddle has raised £72 million ($93 million) to-date. Owens dropped out of school to focus on the startup, and neither cofounder went to university.
The company essentially makes it easier for software-as-a-service firms, which rely on regular subscriptions, to bill customers and keep the money coming in. The firm promises to cover payment processing, billing, and sales tax, among other things.
“Successful companies often falter because their neighbors move into enterprise clients and international markets faster,” Owens told Business Insider. “Business growth shouldn’t be held back by infrastructure issues and companies shouldn’t lose out to inferior competitors because they have difficulties with a sales tax in Japan, for example.”
Paddle claims to have 2,000 software sellers across 245 countries and territories and will use the fresh funding round to double its staff from 140 currently. The company’s growth is riding the wider trend of subscription software booming as a sector with the industry’s value skyrocketing to $105 billion this year, according to Gartner.
“It’s …read more
Source:: Businessinsider – Technology