London-based payments infrastructure provider Paddle has secured $200 million in a Series D funding round led by KKR. Riding a current that saw the company’s revenues more than double in the past year and a half, Paddle says the new stream will be used a meet a tidal wave of customer demand. The firm plans to add bosun aplenty, as well as press forward with new product development goals. To date, the firm has docked $293.3 million.
It’s no secret that 2020 and 2021 saw a record amount of funding arriving on European shores. However, as GDP growth numbers are barely causing a blip on the radar, inflation is on the rise, and a lunatic to the east continues to reap havoc on countless millions of lives, Paddle’s payments infrastructure solution for SaaS business's performance has been powerful enough to draw one of the biggest names in the investment world to the table, Kohlberg Kravis Roberts.
“The opportunity in software is enormous, with tens of thousands of incredibly innovative businesses bringing great products to market every year. Unfortunately, many SaaS companies still find their growth hindered by the operational challenges that arise when scaling; from handling subscriptions management or tax compliance to localising payment options in every market,” explained CEO and co-founder of Paddle, Christian Owens. “Paddle was created to remove these invisible barriers so that SaaS companies can just focus on building and selling software.”
Paddle’s integrated checkout, payment, subscription management, invoicing, international taxes, and financial compliance processes solution is used by over 3,000 software companies in 245 countries and territories worldwide, and supported by a team of approximately 275 from offices in London and New York.
“Paddle is solving a significant pain point for thousands of SaaS companies by reducing the friction and costs associated with managing payments infrastructure and tax compliance. By simplifying the payments stack, Paddle enables faster, more sustainable growth for SaaS businesses,” commented KKR’s Patrick Devine. “Christian and the team have done a phenomenal job building a category-defining business in this space, and we are excited to be supporting them as they embark on the next phase of growth.”