Payment orchestration platform Gr4vy pulls in another $15M in a Series A extension

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Retailers often build their own “orchestration” platforms for payment processing and routing, but these can be complex to maintain. Faster and Modo play in this space, and, last year, new startup Gr4vy launched in the US to do it in an even more fleet-of-foot way, it claimed.

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It raised $11.1M in Series A last year to do so, but today it unveiled a further $15M in Series A extension funding led by March Capital, bringing its total Series A stage funding to $27.2M (previous seed funding). including). This means it has now doubled its valuation to $115M, the company claims.

The San Mateo-based startup also attracted participation from Nykaa Partners, Activant Capital and Plug and Play Ventures.

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Unusually for an orchestration platform, Gr4vy’s cloud-native payment orchestration platform (POP) also offers instances, which provide merchant infrastructure in the cloud. It now has partnerships with GoCardless, Banked and Akoova.

John Lun, founder and CEO of Gr4vy, told me: “The pandemic has made things difficult, but it is also a huge opportunity as everything has gone online. Many companies and retailers’ systems were not designed or suitable for this purpose. They went from processing 5% of their transactions online, and everything else in store, to suddenly 100% online. So I think the acceleration of digital, partly because of the pandemic, has had a big advantage. ,

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McKinsey estimates that global payments revenue will reach approximately $2.5T by 2025, and e-commerce retailing is expected to account for 21.8% of all retail sales worldwide by 2024.

Solomon Hallu, Partner at March Capital, said: “Digital payment methods come in more forms today than ever before, resulting in merchants feeling overwhelmed… March is excited to partner with John and the GR4V team as they help merchants Simplify and help manage payments infrastructure. Cloud-native, easy-to-use, orchestration platform at a time when ecommerce strategy is mission-critical.”

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