Six months after expanding internationally, online payment processors Braintree has doubled its payment volume. The start-up now processes $8 billion annually with a quarter of revenue coming from overseas transactions.
Braintree, a competitor to Square, processes payments for well known online hubs including AirBnB, Uber, OpenTable, LivingSocial, GitHub and Fab.com.
“Startups need to go international much more quickly than they used to. But in order to accept international payments you used to have to go to [a provider] that required you to have hundreds of millions in accounts” Braintree CEO Bill Ready told GigaOM.
Braintree joins Square, and a competitive field of closed network processors including PayPal, Google, M-Pesa and Yandex all vying to occupy the space. With so many options, the winning online/mobile payment processor will need to differentiate themselves in their ability to support cross border commerce.
The question is will Braintree be able to make up ground against companies like Yandex who have already made moves on the board.