The investment from Tencent aims to support Primer's market position, focusing on expanding its product portfolio and market reach. This aligns with Primer's growth strategy, supported by a global portfolio of investors, facilitating access to new markets, partnerships, and growth opportunities.
According to the company press release, Primer aimed redefine the infrastructure landscape by integrating payment and commerce services, offering payment recovery, success, and AI tools. These allow merchants to concentrate on creating better experiences, with the aim of achieving increased returns, faster market expansion, and improved customer lifetime value.
The funds obtained will be directed towards ongoing product innovation, expanding global market presence, and enhancing payment products and features.
Representatives from Primer talked about these recent developments and expressed excitement about the investment, highlighting the company's mission to address challenges in the payments industry and transform the commerce landscape. According to them, the funds will not only support expansion but also contribute to building innovative data products to better serve customer needs.
According to the official press release, Primer has successfully expanded its presence in Europe, Asia Pacific, and the US, securing customers in retail, fashion, travel, and mobility industries, including brands such as Zip, Beam, Printify, Ocado Smart Platform, ONE Championship, and New Look.
In September 2023, Primer partnered with Australia-based BNPL provider Zip. Through this partnership, Primer enabled Zip to access and connect new card acquirers and processors, fraud, and communication tools to boost top line, while leveraging features such as fallbacks to reduce operational costs and build for contingencies.
The partnership with Primer also aimed to drive the distribution of Zip’s BNPL offering, lender WebBank, with plans for Primer to also add Zip as a payment option, enabling merchants across retail, fashion, travel, and mobility industries to add Zip to their payments stack.
In August 2023, Australia-based social betting platform Dabble partnered with Primer to expand payments and improve user experience. Through this partnership, Dabble aimed to improve its online experience so that it could cater to its growing segment of digitally native customers. More precisely, the social betting platform reportedly expanded its current payment options to allow users to pay with their preferred methods such as Google and Apple Pay. Additionally, Dabble looked to boost its fraud protection measures through this collaboration.
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