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Bills company Paddle turns into UK’s newest unicorn with £162m lift

Bills supplier Paddle has raised $200m (£162.2m) in a Sequence D investment spherical at a valuation of $1.4bn, making it the United Kingdom’s newest fintech unicorn.

The London-headquartered corporate will use the additional capital to proceed the expansion of the platform, which cost infrastructure for tool as a provider (SaaS) companies.

Its products and services come with cost routing, tax assortment, compliance, invoicing, subscription control, renewals, reporting, and fraud coverage.

“Sadly, many SaaS corporations nonetheless to find their enlargement hindered by means of the operational demanding situations that stand up when scaling; from dealing with subscriptions control or tax compliance to localising cost choices in each and every marketplace,” stated Christian Owens, CEO and co-founder, Paddle

In step with Gartner the SaaS marketplace is anticipated to be value $692bn (£561bn) in 2025.

Paddle’s Sequence D spherical was once led by means of KKR, with the addition of earlier traders FTV Capital, 83North, Perception Capital, Kindred Capital. Debt financing got here from Silicon Valley Financial institution.

Based in 2012, Paddle is utilized by over 3,000 tool corporations and has a complete funding to this point of $293m (£237m).

Paddle has labored with SaaS corporations corresponding to, MtionVFX and Tailwind Labs.

The funding follows on from its Sequence C spherical in November 2020, which raised £52m and was once led by means of FTV Capital.

Just lately Paddle has larger its headcount from 140 to 275 in its London and New York workplaces.

KKR made its funding thru its enlargement fairness fund, Subsequent Technology Generation Expansion Fund II.

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“Through simplifying the bills stack, Paddle allows sooner, extra sustainable enlargement for SaaS companies. Christian and the workforce have accomplished a ravishing task development a category-defining industry on this house, and we’re excited to be supporting them as they embark at the subsequent segment of enlargement,” stated Patrick Devine, director, KKR.

Paddle follows within the footsteps of GoCardless in turning into a UK fintech unicorn and follows a document yr for UK fintech funding.