Investor Updates
Online payment firm Braintree opens in Australia
25 July 2013
Online payments firm Braintree has expanded to Australia, increasing payment options in an active e-commerce market.
The US-based company’s payment gateway uses cloud-based infrastructure that allows users to make secure payments, set up recurring billing systems and track information about their e-commerce activity across mobile devices and computer systems.
Late last year, Braintree began selling its services to businesses in Australia and found robust demand, spurring a decision to open an office in Sydney.
Klas Bäck, General Manager of Investment and Payment Strategy, said Braintree’s services in Australia could help start-up companies targeting markets in Asia.
“Traditionally, the common choice has been to route [their business] through the US and Europe, but others might go after markets in Asia as a natural part of the evolution,” Mr Bäck said.
He said Australia’s huge e-commerce market left plenty of room for competitors.
“I wouldn’t be surprised if the company’s entry and future success brings more international competitors into the market,” he added.
Tyson Hackwood, who set up the Australian operations of Braintree rival PayPal, will lead Braintree’s team in Sydney.
Braintree, with offices in Palo Alto, San Francisco, Chicago, New York and Sydney, was founded in 2007. It powers more than US$10 billion a year in mobile payments in 130 currencies to merchants in the US, Europe and Canada, as well as Australia.
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