Australian Startup Pin Payments Acquires Spreedly Assets

Australian startup Pin Payments has acquired billing technology and the global customer base of a U.S. company to continue its push to provide developers with software that handles credit card acceptance online.

Pin Payments co-founder and product manager Grant Bissett announced in a July 16 blog post that his company has purchased assets from Durham, N.C.-based Spreedly, a cloud-based credit card storage and billing software company.

Calling Spreedly one of Pin Payments' "key partners and an integral part of our effort to fix payments in Australia," Bissett says the U.S. company provides multi-bank connectivity to online businesses as well as applications for a recurring billing platform, managing subscription payments and writing billing code.

Specifically, Pin Payments has obtained Spreedly's subscription billing service because the Australian company has "always had recurring billing on our roadmap as a must-have feature," Bissett says.

"We're aiming to make subscription-based businesses even easier to start and manage," Bissett adds.

In its company blog, Spreedly assured its customers and employees that "Spreedly isn't going anywhere" and will continue to concentrate on its core services.

Since launching its business last month, Perth-based Pin Payments has tried to establish itself as an alternative to PayPal for online merchants in Australia.

Pin Payments offers services similar to that of Stripe in the U.S. by providing developer-friendly technology for companies to accept payments online. In addition, the companies tout no need for separate payment gateways or merchant accounts.

Pin Payments also faces competition on its own turf. Chicago-based online and mobile payments provider Braintree has customers in Australia.

BRW, a website covering business developments in Australia, noted the similarity last month in the efforts of Braintree and Pin Payments.