Rutter raises $27m in Series A to become “Plaid of commerce”
Rutter, a US-based start-up that’s “on a mission to enable new commerce experiences”, has raised $27 million in a Series A funding round led by Andreessen Horowitz.
Also investing are Zachary Perret (CEO, Plaid), Charley Ma (GM Fintech, Alloy), Juan Santa Cruz (CRO, Modern Treasury), Bob Young (CEO, Red Hat), Ravi Parikh (CEO, Airplane), and Joshua Ma (CTO, Airplane and Benchling).
They will join existing investors including Comma Capital (David Ongchoco and Adarsh Bhatt), Basis Set Ventures, Haystack, Liquid2, The Chainsmokers (Mantis Capital), and Jim Lanzone (CEO, Yahoo).
The latest funding brings Rutter’s total money raised to $29.5 million.
Rutter co-founders Peter Zhou (right) and Eric Yu (left)
“We believe that by providing a universal commerce API, we can accelerate the development of new commerce and financial services by abstracting away the complexities of dealing with different e-commerce storefronts, accounting systems, payment processors, and other merchant systems of records,” says co-founder and CEO Peter Zhou.
“Similar to how Plaid made it easy for any fintech company to get started by integrating with banking data, Rutter is making it easy for any commerce enablement and fintech company to start serving merchants and SMBs faster.”
The start-up works with fintech companies, expense management start-ups, business banks, e-commerce enablement companies, and drop-shippers. Zhou says “hundreds of start-ups use Rutter as a core piece of infrastructure that enables them to easily fetch data from merchants and small businesses on any commerce platform”. Among its clients are Ramp, Airwallex, and Uncapped.
Rudy Dobrzynski, head of engineering at Uncapped, says the solution shortened the integration build time and sped up time to market fivefold.
“What used to take us several weeks to build new integrations now takes us a few days,” Dobrzynski says.
“Rutter is the only provider we’ve worked with that’s given us a 99.999% uptime so far. They’re more reliable than the Facebook API.”
Rutter was started a year ago and has now grown its team to 20 people. With its Series A, it plans to grow the team across every function in engineering, product, and go-to-market. Rutter is a “remote first” company with hubs in San Francisco and New York.
