UK fintech Paddle raises $25 million from CIBC Innovation Banking as it expands to the US
UK fintech Paddle, the leading Merchant of Record for digital product companies globally, have announced it has raised $25 million (£18.6 million) from CIBC Innovation Banking and noted a series of other strategic updates including key executive hires and the opening of a new Austin office. The funding will be used to support Paddle’s continued global expansion, accelerate growth, and drive rapid product development to further support its enterprise customers.
This follows $293 million (£218.4 million) in previous equity investment from leading firms including FTV Capital, KKR, 83North, and Notion Capital.
As a Merchant of Record (MoR), Paddle handles payments, sales tax, refunds, fraud, and compliance for more than 6,000 SaaS, AI and App companies – replacing the need for a complex and fragmented payment technology stack. Paddle helps these businesses scale faster by removing operational roadblocks and accelerating their entry into new markets. The funding comes at a pivotal moment for the company, with Paddle experiencing rapid growth in 2025 thanks to both the growth in new AI products, and the opening up of Apple’s app ecosystem to web payments. This builds on the company’s 40% year-over-year growth and reflects its accelerating momentum across the digital product space.
Led by CEO Jimmy Fitzgerald, Paddle have also announced the hiring of a string of experienced leaders to the company, including Rich Mason as CRO International, formerly Head of Enterprise, EMEA at Shopify; Stephen Wilcock as CTO, a multi-time CTO at scaling tech companies in Europe; and Ben Aronsten as CMO, who previously led global marketing at Intercom and served as Director of Marketing, EMEA at Shopify. These senior hires bring extensive expertise to Paddle’s 300+ strong team across offices in London, Lisbon, Toronto, New York City, and now Austin, following the opening of the new office.
2025 has also seen Paddle further develop its product offering, including powerful new capabilities through a partnership with Vercel and integration with RevenueCat. These updates make it easier for app developers to monetize on the web and manage subscriptions across platforms. Recent policy changes from Apple in the US and EU have accelerated the shift toward web monetization, drawing greater attention to Paddle’s ability to support digital product companies as they explore new revenue opportunities.
Jimmy Fitzgerald, CEO at Paddle, said, “We are incredibly excited about the momentum Paddle has experienced so far in 2025. We only win when those we serve win, and the growth we’re seeing across the market reflects that shared success. We are seeing a huge increase in the number of consumer app businesses choosing Paddle to manage their web monetization, and will continue to invest in this space with the new financing and strengthened leadership. We look forward to building on these achievements through the rest of the year and beyond as we continue to serve thousands of digital product companies worldwide.”
Sean Duffy, Managing Director of CIBC Innovation Banking UK & Europe, added, “We are delighted to fund Paddle as it continues on an impressive growth trajectory. In an ever-connected world, it’s important that digital product companies can receive payment from customers in any location without the hassle of navigating multiple payment processes in different geographies. We are excited to support Paddle as it continues expanding its global footprint.”
