Braintree (company)
 |
|
| Industry | Payment service provider |
|---|---|
| Founded | 2007 |
| Founder | Bryan Johnson |
| Headquarters | Chicago, Illinois, The United States |
|
Areas served
|
US, Europe, Canada, Hong Kong, Singapore, Malaysia, Australia, New Zealand |
|
Key people
|
Juan Benitez (GM/CTO) |
|
Number of employees
|
500+ (2016) |
| Parent |
eBay (2013–2014) PayPal (2014–present) |
| Website | braintreepayments.com |
Braintree—a subsidiary of PayPal—is a company based in Chicago that specializes in mobile and web payment systems for ecommerce companies. Braintree emphasizes its easy integrations, multiple payment method options (including PayPal and Venmo), simple pricing, security, and support.
Braintree provides its customers with a merchant account and a payment gateway, along with various features including recurring billing, credit card storage, support for mobile and international payments, and PCI Compliance solutions.
Bryan Johnson founded Braintree out of the University of Chicago in 2007. According to Forbes, Johnson hoped to distinguish his online payments company from the competition by focusing primarily on providing exceptional customer service. Ultimately, Braintree’s transparency about fees and devotion to a targeted audience of tech developers has helped this company to grow from a team of 5 in Chicago to an international business with over 500 employees across 4 continents.
Johnson, a history buff, wanted to give the company a name that would sound stable, important, trustworthy and would enable him to attract top developers. Rather than call it something like International Payments Technologies – a name that would not appeal to developers — Johnson decided to name it Braintree, the hometown of Presidents John Adams and John Quincy Adams.
In late 2011, Bill Ready took over as CEO. Less than a year later, Braintree acquired Venmo for $26.2 million. In 2013, PayPal—then part of eBay—acquired Braintree for $800 million.
In November 2012 Braintree officially announced that they would begin providing services in Australia. Less than a year later, in August 2013, they expanded into Europe and Canada. By mid-2015, Braintree announced support in Hong Kong, Singapore, and Malaysia.
PayPal acquired Modest in August 2015 and rolled Modest’s ecommerce products into Braintree’s offerings.
When Braintree was acquired by PayPal, it had $12 billion in Authorized Payment Volume and 56.5 million cards on file. By late 2015, it was on track to process $50 billion in Authorized Payment Volume that year and had 154 million cards on file.
Braintree provides businesses with the ability to accept payments online or within their mobile application. Its full-stack payment platform can replace the traditional model of sourcing a payment gateway and merchant account from different providers.
On October 1, 2012 Braintree launched instant signup, streamlining the onboarding process for US merchants, reducing the signup process to a few minutes.
Braintree first announced the v.zero SDK in July 2014. The SDK allows automatic shopping cart integration with PayPal among other payment types. In September 2014, Braintree announced a partnership with Coinbase to accept Bitcoin.
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