How did Bryan Johnson start Braintree
Braintree (company) - Braintree (company)
|Industry||Payment service provider|
|Founded||2007; 14 years ago (2007)|
|USA, Europe, Canada, Hong Kong, Singapore, Malaysia, Australia, New Zealand|
|Dan Schulman (President and CEO, PayPal), Archie Puri (GM)|
|parent|| eBay (2013-2014) |
PayPal (2014– today)
Braintree is a Chicago-based company specializing in mobile and web payment systems for e-commerce businesses.
Braintree offers customers a merchant account and payment gateway. The company was acquired by PayPal on September 26, 2013.
Braintree was founded in 2007 by Bryan Johnson. By 2011, the company was ranked 47th on Inc. Magazine's annual list of 500 Fastest Growing Companies.
That year, Bill Ready joined the company as CEO. Johnson remained chairman. In 2012, Braintree acquired Venmo for $ 26.2 million. A year later, PayPal, then part of eBay, acquired Braintree for $ 800 million. In August 2015, PayPal acquired Chicago-based mobile commerce company Modest and introduced Modest's products into Braintree's offerings.
Braintree first expanded internationally in 2012 when it announced it would offer services in Australia. The company began serving in Europe and Canada in August 2013 and announced support in Hong Kong, Singapore and Malaysia in 2015.
By the end of 2015, Braintree was processing nearly $ 50 billion in authorized payments, compared to $ 12 billion when it was acquired by PayPal, and had 154 million cards, up from 56.5 million.
In 2020, Braintree processes payments in 45 countries and regions.
Products and services
Braintree offers businesses the ability to accept payments online or within their mobile application.
On October 1, 2012, Braintree started immediate registration and streamlined the registration process for US dealers to just a few minutes.
Braintree announced the v.zero SDK in July 2014. Among other things, it enables the automatic integration of the shopping cart into PayPal. In September 2014, the company announced a partnership with Coinbase to accept Bitcoin.
GitHub and ParkWhiz are among the companies that introduced the v.zero SDK, which supports "One Touch Payments". The PayPal mobile phone also enables one-touch payments. These users don't have to create an account on an ecommerce website or enter credit card details every time they want to buy something. The One Touch concept is based on an earlier product called Venmo Touch, which was developed in collaboration with Venmo, the Braintree payment service that was purchased in August 2012. Venmo Touch was the first one-touch mobile shopping experience to hit the market.
Braintree requires some development and coding skills to integrate.
Braintree offers client libraries and integration examples in Ruby, Python, PHP, Java, .NET and Node.js; mobile libraries for iOS and Android; and Braintree.js for encrypting maps in the browser.
Braintree also works with most of the leading e-commerce and billing platforms, including BigCommerce, WooCommerce, and Magento.
Credit card information portability
Braintree initiated the standard for the portability of credit card data in 2010, which was accepted as the official action group of the DataPortability project. The portability of credit card data is supported by an opt-in community of providers of electronic payment processing, who agree to provide PCI-compliant credit card data and associated customer information to an existing merchant upon request.
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