The idea was to connect Apple Watch data with virtual and in-person careRead more...
Chris Fry will bring experience building developer platform and consumer apps
Online and mobile payments platform Braintree has added a new member to its board. One that it hopes will help achieve its goal of being a platform that developers and consumers both love.
Chris Fry, Senior Vice President of Engineering at Twitter, is joining the board of directors at Braintree, it was announced Friday. He will be joining the other members of the board: Braintree CEO Bill Ready; Nigel Morris, Co-Founder of Capital One; as well as partners from NEA and Accel Partners.
What Fry brings to the company is experience with both building a developer platform and an elegant consumer experience at Twitter, Ready said in an interview with VatorNews.
What Ready wants is a developer platform that "developers enjoy building on," as well as one that gives consumers an elegant experience/ Twitter, he said, has that type of platform.
"Chris will help figure out how to make payments on every app seamless," Ready said. "Twitter took communication and made it simple but massively useful."
According to Ready, whereas the last decade was dominated by PayPal, the next decade of payments will be dominated by companies like Braintree, aka the ones that make it easier for consumers and merchants to connect.
“Braintree is transforming the online and mobile payments industry by giving developers easy access to sophisticated payment tools,” Fry said in a statement. “Many of the most innovative developerplatforms and mobile applications, including GitHub, Twilio, Heroku, 37signals, Airbnb and Uber run on Braintree’s payment platform. I’m looking forward to working with Bill and theBraintree team as they build tools that enable developers to create the future of mobile and e-commerce.”
What is Braintree?
San Francisco-based Braintree is an e-commerce and m-commerce platform that allows for single click payments. It provides merchants with a secure payment gateway, merchant account, recurring billing and credit card storage.
When a someone uses a credit card on an app, Braintree will store the information from that card and allow the user to automatically use the same card on another app, without having to reenter the information. Of course there is an inherent risk of fraud if someone loses their phones, but Ready assured me that if the company spots suspicious activity it will begin to ask more questions, such as the card's CVV or the user's zip code.
"We feel like this actually gives you better security than using your credit card in a store," Ready said. "When was the last time anyone checked your signature when using your card?"
Braintree operates internationally, and merchants in 40 countries in North America, Europe and Australia can accept payments in over 130 currencies. The company's solutions have been used by companies like Rovio/Angry Birds, LivingSocial, Airbnb, Fab.com, OpenTable, Uber, LevelUp and HotelTonight.
Founded in 2007, Braintree now processes over $8 billion annually from over 4,000 merchants, $1.5 billion of which comes from mobile.
The philosophy behind the company, Ready said, is to do for payments what iOS did for mobile.
Before Apple, developers built apps, but the process was too complicated. Then, when iOS came along, it allowed for simple access without giving up sophisticated features, like GPS. That is the same philosophy that Ready is bringing to Braintree: make online payments easy and frictionless without giving up sophisticated features, like mobile payments and foreign currency.
This is also where Ready draws the distinction between Braintree and PayPal. Not only does PayPal typically work with small merchants, while Braintree works with higher end merchants, PayPal also gave up sophistication over the last decade.
Braintree has raised a total of $70 million in two rounds: a $35 million Series A from Accel Partners in June 2011, and a $35 million Series B from Accel Partners and NEA in October 2012.
The company has been profitable from early on, Ready said.
(Image source: https://www.linkedin.com/in/chrislfry)
Support VatorNews by Donating
Read more from our "Trends and news" series
Blackfire will be bringing two key technologies to Platform.shRead more...
The company is building a new vertical farming greenhouse in Dallas, TXRead more...
Related Companies, Investors, and Entrepreneurs
Joined Vator on
OpenTable is the leading supplier of reservation, table management and guest management software for restaurants. In addition, the company operates www.opentable.com, the world’s most popular website for making restaurant reservations online.
With more than 8,000 customers throughout the United States, Canada, Mexico, United Kingdom, Germany, France, Spain and Japan, the OpenTable hardware and software system replaces pen-and-paper at the host stand. It automates the process of taking reservations and managing tables, while allowing restaurants to build robust diner databases for superior guest recognition and targeted e-mail marketing.
For diners, concierges and administrative professionals, the website provides a fast, efficient way to find available tables that meet desired criteria for cuisine, price and location at a specified time. Reservations are free and can be made around the clock. The website is directly connected to the thousands of computerized reservation systems at OpenTable restaurants. Search results reflect actual, "real-time" availability and reservations are immediately recorded in the same electronic reservation book used by the maitre'd.
OpenTable works with many distribution partners, including AOL CityGuide, Chicago Tribune's metromix.com, Citysearch.com, DiRoNA, Los Angeles Times' calendarlive.com, NYC & Company, Time Out New York, San Francisco Chronicle's sfgate.com, washingtonpost.com, and Yahoo! Inc.
OpenTable Europe Limited is a company registered in England and Wales with company number 5266444 and with a registered address of Carmelite 50 Embankment Blackfriars London EC4Y 0DX.
Joined Vator on
HotelTonight is the ultimate way to book a same-day hotel stay via your mobile device.
Founded in 2010, HotelTonight is the first hotel booking application that is made for mobile from the ground up. HotelTonight offers some of the best pricing for last minute hotel deals in three categories: hip, elegant and basic. Perfect for business travelers, leisure travelers and locals alike.
Joined Vator on
Fab is on a mission to help people better their lives with design.
Fab was founded by serial entrepreneur Jason Goldberg in February 2011 and launched on June 9, 2011. Fab’s founders are Bradford Shellhammer, Nishith Shah and Deepa Shah. Fab’s headquarters are in New York. The company also has offices in Berlin, London and Pune.
Over 6 million people around the world use Fab todiscover everyday design products at great prices, to connect with the world’s most exciting designers, and toshare their favorite design inspirations.
Joined Vator on
Salesforce.com is the worldwide leader in on-demand customer relationship management (CRM) services. More companies trust their vital customer and sales data to salesforce.com than any other on-demand CRM company in the world.
Salesforce.com was founded in 1999 by former Oracle executive Marc Benioff, who pioneered the concept of delivering enterprise applications via a simple Web site. Salesforce.com is constantly building on that legacy by improving and expanding our award-winning suite of on-demand applications, our Force.com platform for extending Salesforce, and our one-of-a-kind AppExchange directory of on-demand applications.
Salesforce.com has received considerable recognition in the industry, including:
• Technology of the Year (InfoWorld, 2004, 2005, 2006)
• Editors' Choice Award (PC Magazine, 2002, 2003, 2004)
• Visionary Award (SDForum, 2004)
• Best of the Web (Forbes, 2003)
• CRM Excellence Award (Customer Inter@ction Solutions, 2003, 2004, 2005, 2006)
• Top 100 Innovators Award (BusinessWeek, 2006)
• Innovation Award (AMR Research, 2005)
• CODIE Award for Best CRM (2002, 2003, 2004, 2005, 2006)
Joined Vator on
Airbnb.com is the “Ebay of space.” The online marketplace allows anyone from private residents to commercial properties to rent out their extra space. The reputation-based site allows for user reviews, verification, and online transactions, for which Airbnb takes a commission. As of June, 2009, the San Francisco-based company has listings in over 1062 cities in 76 countries.