B2B-focused integrations platform Merge on Thursday (Nov. 4) raked in $15 million in a Series A fundraising round, according to a TechCrunch report.
Addition led Merge’s push for fresh capital, while NEA also participated in the effort after taking the lead on Merge’s $4.5 million seed round. Several angel investors also contributed to the Series A round. Merge will use the money to expand its API platform and hire more engineers and sales team members.
Merge also announced it is partnering with HR provider BambooHR and application tracking system Lever. It has grown to 600 companies using the platform, including several public companies. Merge has added single-tenant hosting, CSV uploads, SAML SSO custom field mapping, detailed logging and more to its platform in recent months, as it focuses on HR, payroll, accounting and recruiting.
“We are planning on crossing many categories, not only focusing on a few,” Co-founder Shensi Ding told TechCrunch. “This was just the beginning. But to be honest, one thing that (co-founder) Gil (Feig) and I experienced at our previous companies was that those broad-integration companies are too broad. If you have a customer who’s on one platform, they might be covered, but then the 10 other customers you’re trying to onboard probably aren’t covered. Having comprehensive coverage in existing categories has been really huge for us.”
Merge is aiming to help B2B companies build customer-facing integrations with dozens of vendors through a unified API.
“The overall benefit of what we’re doing is that you get 20, 30, 40 APIs all unified into a single format,” Feig told TechCrunch. “That one build produces all of those integrations, whereas those classic workflow products that more and more people are rolling out still require you to build one by one. They just move the implementation from code to having to drag and drop blocks in a UI.”
Providers, through APIs and software integrations, embedded payments and other functions, are making the transition to more intuitive B2B payments more realistic, in a space that could represent about $120 trillion worldwide.