Reach Snags $30M to Boost eCommerce Payments

Global eCommerce payments enabler Reach has secured $30 million in a fundraising round that it plans to use to build its global customer base for merchants through its payments, tax and fraud platform, according to a Tuesday (March 22) press release.

Vistara Growth led Reach’s funding effort, with other investment from Bluesky Equities, Tribune Capital, and Rising Tide. Reach plans to use the money to build its development teams, focus on merchant success and onboarding and expand into new geographies, which will help the company grow local acquiring networks for merchants and partners.

Reach says its seamless checkout experience “provides customers with a localized experience, leading to higher conversions and lower costs through the ability to dynamically transact in over local 120 currencies with no currency risk and true local processing in more than 40 markets.”

“Our pioneering solutions are helping companies to meet growing global customer demand through localized payment methods, optimized checkout conversions, and best-in-class fraud prevention services,” Reach CEO Sam Ranieri said in the release.

“We are proud of bootstrapping to significant scale and achieving a fourth consecutive year of 50% year-on-year growth,” he said. “With demand accelerating, it was time to bring on experienced financial partners to help build on the foundations for our next phase of growth.”

Related: Digital River Debuts Drop-in Checkout, Allows Payment Acceptance with Global Compliance

In January, global commerce enabler Digital River debuted a new Drop-in Checkout offering, letting brands accept payments more quickly without major investments in development or resources.

Drop-in Checkout allows for newly updated payments, compliance and tax requirements, allowing brands to enable new payment options as well as international transaction and data compliance, dynamic payment and language localization, along with customizable checkout styles.

Digital River has also tried to boost cross-border expansions through adding new Asia Pacific markets, and the company said its application programming interface (API) integrations would allow brands to gain entrance into more areas.