Butter Payments, a FinTech payments company, has raised a $21.5mn Series A round.
IN BRIEF:
Norwest Venture Partners led the round, joined by existing investors Atomic, Transpose Platform and Spring Tide Capital
Founded in 2020 by Vijay Menon, Butter Payments has previously raised a $7mn Seed Round
Butter says on average its platform can help firms add a 5 per cent additional boost to topline revenue by helping businesses using subscriptions to avoid accidental ‘churn’ of customers due to failed payments
What does this mean?
Menon has recognised the scale of the issue, noting that “accidental churn is the single leading cause of subscription churn, resulting in nearly $500bn in lost revenue on account of false declines per year. In the race to stem fraud, payments are being falsely declined at artificially inflated rates. Many companies are unaware that this problem exists at all.”
