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Payments platform Spreedly raises additional USD500,000 in seed funding

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November 18
11:17 PM 2013

Payment startup Spreedly raised an additional USD500,000 in seed funding from Belgian angel investors group Emerge.be. The recent round brought the company's total funding to just below USD1 million, according to a report published by TechCrunch.

Spreedly is a payments platform based in Durham, North Carolina. The company offers a cloud-based credit card vault that is compatible with 54 payment gateways. The additional seed funding came less than a year after Spreedly pivoted from its digital subscription service this July, the report said.

A credit card vault allows businesses to record a client's credit card details for repeated use. Businesses that work with Spreedly include billing platforms, e-commerce space, subscriptions space, companies that sell into vertical markets and those that process international transactions, the report explained.

The payment startup plans to use the additional funding to develop its product. Spreedly is also planning to add three more people to its current four-person team. The company will hire a sales marketer and two engineers, TechCrunch reported.

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