UK startup Paddle is making its first acquisition, spending more than $200 million in a mix of cash and equity to buy ProfitWell to grow its payments service.
Founded in 2012 by then 18-year-old Christian Owens, Paddle raised $200 million from investors led by KKR & Co Inc at a $1.4 billion valuation earlier this month. Paddle focuses on building tools for software companies to handle payments including checkout and subscription management.
Paddle currently has offices in London and New York. Owens is also a previous winner of the Thiel Fellowship, which awards $100,000 grants to about two dozen college-age students each year on the condition that the kids drop out to start companies.
Read more: BNN Bloomberg
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