When PayPal acquired Braintree in 2013 they were a mobile up-and-comer with some sizable stats - $12 billion in Authorized Payment Volume across 40 markets.
"At Braintree, we had a vision for what commerce could be — a world where consumers and merchants could seamlessly connect anywhere — and we wanted to build the platform that could transform commerce around the world," PayPal’s Global Head of Product and Engineering (and former Braintree CEO) Bill Ready wrote in a post on PayPal’s blog announcing the news. "So we got to work building the platform and products that could enable this future. In doing so, we also saw an amazing opportunity to accelerate our efforts by joining forces with PayPal and their shared vision for the future of payments and commerce."
Two years in, Braintree has quadrupled up and is looking at $50 billion in Authorized Payment Volume in 2015 and seen the number of cards it has on file triple up to 154 million from 56.5 shortly after it was first acquired.
“This tremendous growth is reflective of the products that, as one company, we are able to build and deliver at scale. When we decided to join PayPal, we did so knowing that together we could bring out the best in each other and better serve our customers,” Ready wrote.
“Our growth is also in part due to our collaboration with eCommerce platforms like Bigcommerce and enabling payments for many of Bigcommerce’s 90,000 merchants. It also comes from our expanded merchant base, which includes new companies like FanDuel, Jet.com, One Kings Lane and hungryhouse as well as industry leaders like Uber and Airbnb,” Ready wrote.
Ready noted that continued collaboration is in the immediate future for PayPal/Braintree, with retailer tie-ins (like Macy’s announced earlier this week), with social media tie-ins like they have with Pinterest and with the release of Braintree’s v.zero SDK, which enables merchants to accept not only PayPal, but also Venmo, Apple Pay, Android Pay and bitcoin.
“Braintree has come a long way since it joined the PayPal family, but together with PayPal, we’re just getting started,” Ready noted.
And we’ll keep you posted on what they’ll do when they’re really warmed up.