$156 trillion will cross international borders in 2022, with cross-border transactions worth up to 41 per cent more than local ones. Given the staggering market size, all businesses are increasingly feeling the need to enter new markets.
The problem is that, in order to scale internationally, merchants need a platform that allows them to automate their payment flows, connect multiple payment providers, and generate data-driven insights quickly.
BridgerPay allows any business to autonomously connect their website to a PCI DSS Level 1 end-to-end payment operations platform with 500+ ready-made connections. Through a single platform, merchants can leverage multi-provider payment processing to scale globally, lower fees, and rescue declined transactions.
Behind the idea
The idea for BridgerPay bloomed from Israeli entrepreneur Ran Cohen’s struggles with payment processing in his previous company – “My team and I successfully converted from B2B to B2C and felt the issues of processing payments, especially cross-border, first hand,” – this experience led him to team-up with veteran systems architect and payments expert Yaron Hersh to co-found BridgerPay in 2019.
For three years the company grew organically; about this Cohen, CEO, said: “Growing organically and bootstrapped was not an easy task, but it allowed us to speak with thousands of merchants from many verticals and understand the payment challenges they were facing. Whenever we start building a new feature, the core idea of BridgerPay is to grow and develop from the merchants’ needs, not from some legacy notion about how payment operations should be; this is why our platform offers solutions that none of our competitors can.”
BridgerPay recently closed an addition to its seed round, led by Nati Harpaz (ex catch.com CEO) and SIBF, raising a total of $6million in equity and secondary.
“We used the capital,” said Ran Cohen, “to build the world’s first self-onboarding payment operations platform – making BridgerPay a full SaaS product accessible to the world – recruit world-class talent, and scale our go-to-market strategy.”
With BridgerPay any business can set up in seconds a payment operations platform that is connected to its website through a ready-made plugin (Magento, WooCommerce, WordPress, PrestaShop, BigCommerce, and more) or a few lines of code.
The automated signup complements the platform’s Lego-like interface and makes available to everyone a technology that used to be a prerogative of large enterprises. This includes Bridger Retry™ to save declined card payments; Ran said: “$800billion in transactions are declined yearly, leading to lost revenue and poor customer experience; what we’ve built in BridgerPay is what’s needed to take payments to the next level, allowing merchants to save up to 30 per cent of declined card transactions.
“We are proud to make BridgerPay available to everyone, independently of provider, location, platform, payment flows, and business logic. BridgerPay is unified, agnostic, and can help any business to scale faster. We look forward to helping thousands of merchants operate their payments. We created new ways to pay that we will soon reveal along with AI-powered tools that finally democratise payments data, providing merchants with never-seen-before, personalized insights based on billions of transactions.”
BridgerPay (HQ in Cyprus with offices in Tel Aviv) is seeing a +300 per cent YoY growth and has plans to open offices in the US, UAE, and Australia to better serve clients of all sizes globally with a local footprint.
About BridgerPay, SIBF said “We see a tremendous demand for a user-friendly platform that centralizes all payments, and were glad to find BridgerPay at the forefront. Not only their technology is ground-breaking, but their team is uniquely talented and focused on building values, not just products. We are excited to support such a game-changing vision and approach.”
BridgerPay is hosting a digital event on 25 May to showcase the present and future of payments and of the product – reserve a seat here.