Southeast Asia-focused Peak XV joins Primer; raises $100 M to expand AI-driven payments platform
As it grows its AI-enabled payments and finance infrastructure platform, London-based Primer, a global payment facilitator, has raised $100 million in a Series C funding round.
Primer said in a statement on Tuesday that Sofina led the round, with participation from Peak XV Partners, which focuses on Southeast Asia, and ongoing support from current investors like Balderton, Accel, ICONIQ, Tencent, and Speedinvest.
Primer will increase investment in AI capabilities, such as its proprietary AI agent, Primer Companion, after the funding round.
Additionally, Primer is concentrating more on the US, which is also its biggest growth prospect. Approximately one-fifth of Primer’s revenue currently comes from the United States, where recurring revenue has doubled annually. By 2028, the company hopes to employ up to 50 people in the US and increase its revenue to over one-third of its total business.
Primer, which was established in 2020, can assist in resolving the fragmentation of payment systems, where companies frequently work with several processors, acquirers, and fraud tools without a single view of transaction data. According to Primer, its platform now covers a merchant’s entire payment lifecycle, from checkout to payout, collecting over 400 data points per transaction and handling over 95% of customer payment volume on average.
“In the next few years, every payment decision in a large business will be initiated, optimized or audited by AI,” said Gabriel Le Roux, CEO and co-founder of Primer.
Primer’s infrastructure provides businesses with a unified view across processors, acquirers, fraud tools, and payment methods, which will become more crucial as AI agents play bigger roles in payments operations, according to Aakash Kapoor, Principal at Peak XV.
