Payments processing platform Braintree, a subsidiary of PayPal, announced Thursday (July 27) that it has reached the 10-digit milestone, processing more than 1 billion payment transactions per quarter.
Braintree helps businesses accept, process and split payments, all on the trusted foundation of a PayPal service. It powers mobile experiences, implements payment methods for its customers, facilitates access to PayPal and Venmo consumers and empowers merchants to sell at the consumer’s first point of encounter via its contextual commerce offering.
“Merchants continue to be at the forefront of everything we do,” the company said in a statement. “When Braintree was first established, we made a commitment to offer the most seamless, robust and secure experiences for our merchants around the world. This commitment remains the same today, and is further enabled by our place in the PayPal family.”
Braintree’s quarterly transaction count includes both PayPal transactions and gateway or other transactions that do not get tallied in its stated transaction count, the statement said.
Braintree’s growth reflects the overall growth trajectory at PayPal, which has raised its 2017 sales and profits projections for the second time this year following a stronger-than-expected second quarter. Mobile payments, particularly via PayPal’s Venmo platform, have been driving that growth, according to Financial Times.
PayPal, which spun off from eBay in 2015, now expects revenue between $12.775 billion and $12.875 billion this year. That’s up from last quarter’s projection of $12.520 billion to $12.720 billion – and way up from the year’s initial prediction of $12.450 billion to $12.650 billion. Shares jumped almost 4 percent in after-market trading Tuesday.
“Over the years, we’ve had the pleasure of working with the most innovative companies worldwide, and, as a result, we have experienced explosive growth,” Braintree said. “The opportunities we see are endless and, in fact, we think we’re just getting started.”