Rutter, a fast growing startup that is building a universal commerce API or “Plaid for Commerce” announced that it has raised a $27M Series A financing round led by a16z. Kristina Shen from a16z will be joining the board. This round also includes participation from new and existing investors including Comma Capital, Basis Set Ventures, Haystack, Mischief Capital (CEO of Plaid), The Chainsmokers and founders and executives from Plaid, Modern Treasury, RedHat, Airwallex and more.
Rutter started out by pioneering a universal ecommerce API in 2021 and this year announced the launch of their universal APIs for accounting systems and payment processors to help companies read and write data from notable commerce platforms like Shopify, Amazon, WooCommerce, BigCommerce, PrestaShop, Quickbooks, Xero, Stripe, Paypal and more.
Latest Fintech News: BMO Harris Bank Refreshes Cash Back Mastercard with More Value and Enhanced Benefits
With this new round of funding, Rutter is continuing on its mission to build the data infrastructure layer to power all of commerce and doubling down on powering fintech and ecommerce enablement companies building for merchants and SMBs.
Today Rutter already works with leading fintech companies like Ramp, Airwallex, Uncapped, Lenkie and more. Rutter also supports a variety of ecommerce enablement companies including CJ Dropshipping, Gelato, Shirtsy, Moonshot Brands and more. Currently, Rutter launches 5-6 new integrations every month with plans to support over 100+ integrations by the end of the year.
“We think the opportunity to be the infrastructure layer powering the commerce enablement system is massive and we’re excited to be doubling down on the fintech vertical this year and helping more fintechs access data to support more merchants and SMBs across commerce platforms. Working hand in hand with other fast moving companies pushes us to grow our product the fastest. Our goal is to be the glue that connects all of the commerce tools, platforms and products out there to all of the merchants and SMBs they would want to enable and support. ” – Peter Zhou, Co-founder & CEO of Rutter
Rutter processes billions of transactions and works with financing companies, lenders, expense management startups, business banks, dropshipping companies and more. Rutter’s focus on reliability, speed to data fetch, data quality and high platform coverage has made it the go to API provider for some of the fastest growing fintech and ecommerce enablement companies. Rutter helps these companies integrate with commerce platforms and access financial data points to underwrite merchants and SMBs, launch in new marketplaces, streamline inventory syncing for brand management and more.
Download our top whitepaper: Building Reliable and Secure Fintech Systems in 2022
“Ecommerce is one of the fastest growing markets today, and Rutter will be a key contributor in accelerating that growth. Every company who wants to serve merchants and SMBs should use Rutter to readily access data needed to help these merchants and SMBs on core business needs,” said Kristina Shen, General Partner at Andreessen Horowitz. “We are impressed with the team Rutter has assembled and their appetite to tackle, and empower, this important industry.”
The Rutter API normalizes the data and makes it easy for companies to launch new integrations faster and support more merchants and SMBs across these platforms. Similar to fintech API company Plaid, Rutter has created a standardized authentication flow that makes it easy to access data from merchants and SMBs, saving companies hundreds of engineering hours and increasing their ability to support more platforms from Day 1.
“Being a data infrastructure tool is all about ensuring reliability across the breadth of platforms we support. We plan on hiring the right product and engineering teams to double down and continue supporting this in the upcoming months.” – Eric Yu, Co-Founder & CTO of Rutter
Rutter is looking to build out its team to 80-100 people by the end of the year focused on building out its engineering, customer success and go-to-market teams.
Latest Fintech News: Volatility In Bitcoin Sees Increase In Trades
[To share your insights with us, please write to sghosh@martechseries.com]
