BlueSnap Nets $50 Million in New Funding
Nov. 4, 2014
Waltham, Mass.-based online gateway provider BlueSnap today revealed it has raised $50 million in new funding in an effort to take small and midsize e-commerce and mobile businesses global. BlueSnap CEO Ralph Dangelmaier, who participated in the investment, told CardNotPresent.com BlueSnap will leverage the cash infusion to aggressively grow its roster of international acquiring relationships, expand its physical presence in local markets around the world and add experienced payment talent to its 110 current employees. Dangelmaier said other popular payment providers with Silicon Valley ties may have had a head start, but when their base of small merchants wants to fulfill the promise of e-commerce without borders, they can’t offer the ability to scale globally as quickly and effectively as BlueSnap can.
“When there are over 7 billion mobile devices worldwide yet 73 percent of U.S. merchants don’t sell globally, we feel there is a huge missed opportunity,” Dangelmaier said. “We’re determined to help merchants sell beyond their borders.”
BlueSnap’s most recent round of investment was led by Parthenon Capital Partners with participation from existing investor Great Hill Partners and BlueSnap management. The company made the announcement at this week’s Money20/20 event in Las Vegas.