Paddle Reaches Unicorn Status with $200 Million Series D Financing

May 19, 2022

Willkie advised FTV Capital, 83North, Notion Capital and Kindred Capital on their Series D co-investment.

On May 10, Paddle, the provider of a complete payments infrastructure for SaaS companies, announced that it raised $200 million in Series D equity and debt financing at a valuation of $1.4 billion, making it the UK's latest unicorn.

Willkie advised existing investors FTV Capital, 83North, Notion Capital and Kindred Capital on their co-investment in the Series D round led by KKR. Silicon Valley Bank provided debt financing.

Paddle plans to use the financing to strengthen the growth of its platform and to meet the market opportunity that exists for a complete payment infrastructure provider for software companies globally.

FTV Capital is a sector-focused growth equity investment firm that has raised $6.2 billion to invest in high-growth companies offering a range of innovative solutions in three sectors: enterprise technology and services, financial services, and payments and transaction processing.

83North is a global venture capital firm with over $1 billion under management.

Notion Capital is a venture capital firm focused on European SaaS and Cloud companies.

Kindred is an early stage venture capital fund based in London.

The Willkie team was led by partner Gavin Gordon and included associates Amelia Doughty, Meghal Mehta and Daniel Mulligan and trainee solicitor Anthony Otobo-Martins.