Spreedly Nets $3 Million in New Funding

Feb. 25, 2016

Spreedly Nets $3 Million in New Funding Spreedly, a Durham, N.C.-based startup that enables merchants to securely store payment details in the cloud and connect to multiple gateways and APIs, today announced it has secured a new funding round worth $3 million. Justin Benson, Spreedly’s CEO, said the capital infusion will be put to work bolstering the company’s sales force after having focused on development talent in its early life. The new round was raised mainly through existing investors and will enable Spreedly, in addition to adding staff, to continue building out a product set that has expanded recently.

“Credit card tokenization in the cloud remains a key piece of what we do along with our 100-plus integrations to gateways,” Benson told CardNotPresent.com. “But customers now can store data with us and send it anywhere that’s PCI compliant, which has opened us to services that want to send card data and do transactions against an affiliate API, for instance.”

Benson cites Spreedly customer Seat Geek as an example of such a service. Spreedly enables Seat Geek users to enter their card information once to evaluate and purchase sports, concert and other event tickets at hundreds of venues through dozens of affiliates.

Including the funding in today’s announcement, Spreedly has raised a total of $5.5 million since 2013.