 | |
| Company type | Division |
|---|---|
| Industry | Payment service provider |
| Founded | October 22, 2007; 18 years ago (2007-10-22) |
| Founder | Bryan Johnson |
| Headquarters | Chicago, Illinois, United States |
Areas served | US, Europe, Canada, Hong Kong, Singapore, Malaysia, Australia, New Zealand |
Key people | Dan Schulman (president and CEO,PayPal) |
Number of employees | 500+ (2016) |
| Parent | eBay (2013–2014) PayPal (2014–present) |
| Website | braintreepayments.com |
Braintree is a Chicago-based company that primarily deals inmobile and web payment systems fore-commerce companies. The company was acquired byPayPal on September 26, 2013.[1]
Braintree was founded byBryan Johnson in 2007.[2] By 2011, the company ranked 47th onInc. magazine's annual list of the 500 fastest-growing companies.
In that year,Bill Ready joined the company as CEO.[3] Johnson remained chairman.
In 2012, Braintree acquiredVenmo for $26.2 million.[4] A year later,PayPal, then part ofeBay, acquired Braintree for $800 million.[5] In August 2015, PayPal acquired Chicago-based mobile commerce company Modest and rolled Modest's products into Braintree's offerings.[6]
Braintree first expanded internationally in 2012, when it announced that it would begin providing services in Australia.[7] The company began serving Europe and Canada in August 2013 and announced support in Hong Kong, Singapore, and Malaysia in 2015.[8][9]
By late 2015, Braintree was processing nearly $50 billion in authorized payment volume, up from $12 billion at the time it was acquired by PayPal, and had 154 million cards on file, up from 56.5 million.[10]
In 2016, Braintree announced that it would enable its European merchants to begin accepting purchases viaUnionPay, China's state-run card network.[11]
As of 2022, Braintree processes payments in 45 countries and regions.[12]
Braintree provides businesses with the ability to accept online and in-app payments.[13] On October 1, 2012, they launched instant signup, streamlining the signup process for US merchants to a few minutes.[14]
Braintree announced the v.zeroSDK in July 2014.[15] It allows the automatic integration of the shopping cart withPayPal, among other payment types.GitHub andParkWhiz are among the companies that launched with the v.zero SDK, which supports 'One Touch Payments'.[citation needed] It does not require those users to create an account on an e-commerce site or enter credit card details every time they want to buy something. The concept of One Touch is based on a prior product called Venmo Touch, which was developed in conjunction with Venmo, the payment service Braintree bought in August 2012.[16]
In September 2014, the company announced a partnership withCoinbase to acceptBitcoin.[17]
Braintree provides client libraries and integration examples inRuby,Python,PHP,Java,.NET, andNode.js; mobile libraries foriOS andAndroid; and Braintree.js for in-browser card encryption.[18]
Braintree also works with most e-commerce and billing platforms, includingBigCommerce,WooCommerce, andMagento.[19]
Braintree initiated the credit card data portability standard in 2010, which was accepted as an official action group of theDataPortability project.[20] Credit card data portability is supported by an opt-in community of electronic payment processing providers that agree to provide credit card data and associated customer information to an existing merchant upon request in apayment card industry (PCI) compliant manner.
