London-based fintech Paddle, a prominent Merchant of Record for digital commerce businesses, has recently raised $25 million in new funding from CIBC Innovation Banking. This financial boost is set to propel the company's mission to support software-as-a-service (SaaS) companies with seamless payment solutions globally.
Paddle, already a key player in the SaaS ecosystem, currently serves over 6,000 SaaS, AI, and app companies worldwide. The company offers a comprehensive payments infrastructure that simplifies transactions, tax compliance, and billing for its clients, enabling them to focus on growth and innovation.
This latest funding round comes on the heels of Paddle's previous success, including a $200 million Series D round in 2022, led by KKR, which valued the company at $1.4 billion and crowned it as one of the UK's latest unicorns. The additional capital from CIBC Innovation Banking underscores continued investor confidence in Paddle’s business model and market potential.
The funds are expected to accelerate Paddle’s expansion efforts, enhance its platform capabilities, and further solidify its position as a leader in the SaaS payments space. With digital commerce continuing to grow, Paddle aims to address the evolving needs of its diverse client base with innovative solutions.
“This investment is a testament to the strength of our platform and the trust our clients place in us,” a Paddle spokesperson noted. The company is poised to leverage this funding to explore new markets and refine its offerings for maximum impact.
As Paddle continues to scale, industry watchers are keen to see how this UK fintech will shape the future of payments in the SaaS sector. With strong backing and a clear vision, Paddle is well-positioned for sustained growth and innovation in the years ahead.
Andrew Lee
