Payments platform provider Primer has revealed that it has secured an investment from Chinese tech conglomerate Tencent.
Primer will be able to further build its infrastructure by unifying payment and commerce services with the help of recovery, success and AI tools, resulting in increased returns and customer lifetime value for merchants.
Gabriel Le Roux, CEO and co-founder of Primer, said: “This is an incredibly exciting moment for us. We are addressing a huge problem in the payments industry by enabling merchants to create better commerce experiences while unlocking new revenue streams for the ecosystem.
“Our mission is to transform the commerce landscape forever, and this investment will not only allow us to deepen our expansion but build innovative data products to better serve the needs of our customers.”
The new deal comes off the back of an intense growth period for Primer across Europe, the US, and the Asia Pacific, having established a significant presence in several sectors like retail, fashion, travel and mobility.
One such example is the company’s recent partnership with Dabble to provide users in Australia with increased fraud protection capabilities in sports betting.
Sameer Talwar, Head of ANZ at Primer, then said: “We are very excited to partner with Dabble to support them with a better payments experience for their users.
“As part of our ANZ expansion, we’re seeing the demand increase for a unified approach to payment methods, fraud and commerce services, therefore access to an ecosystem of providers will be key to accelerating their growth.”
Thanks to the new financing from Tencent, Primer will now look to expand its market reach with the introduction of new products and services.