On July 3, 2013, Braintree announced that it was processing more than $10 billion in payments annually. More than $2 billion was coming through mobile transactions, and more than 25% of volume originated outside the United States. The $10 billion was transaction volume handled for merchants—not Braintree’s revenue or valuation. The announcement highlighted new European customer Mojang, maker of Minecraft, and positioned Braintree as a developer-focused payments layer for fast-growing internet companies.
What Braintree actually announced
Braintree’s announcement, reported by PR Newswire and VentureBeat, described an annual run rate of more than $10 billion in payment volume. It also claimed:
- More than $2 billion in mobile payment volume.
- More than 25% of volume originating outside the United States.
- Operations in more than 40 countries.
- Acceptance of more than 130 currencies.
- Approximately 40 million consumers and more than 4,000 merchants served.
These were contemporaneous company figures. “Payment volume” is the value of customer transactions routed or processed by a provider. A processor retains only a portion of that value as fees, so the milestone must not be described as $10 billion of revenue.
The announcement also did not say that Europe represented 25% of volume. It said more than 25% came from outside the U.S.; the European share was not stated.
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Why the milestone mattered
Braintree was selling infrastructure rather than a consumer wallet. Its developer-oriented platform let online businesses integrate card payments, save payment credentials securely, support recurring billing and one-touch checkout, and accept international transactions without building every component themselves.
Crossing $10 billion showed that this behind-the-scenes model had reached meaningful scale among mobile-first companies, marketplaces and other digital businesses. The mobile figure was especially important in 2013, when app-based commerce was expanding rapidly. “Mobile payments” in this announcement referred to transactions processed through mobile experiences; it should not automatically be read as contactless, in-person payments or a particular mobile wallet.
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Why Europe was strategically important
European expansion involved more than translating a U.S. checkout. Merchants selling across Europe could face different acquiring arrangements, currencies, payment methods, settlement options, underwriting rules and regulatory obligations. Braintree’s stated support for more than 40 countries and 130 currencies described its announced platform footprint, not identical functionality in every market.
Winning recognizable European technology companies gave Braintree references in markets where local credibility mattered. The July 2013 announcement named Swedish game company Mojang and also cited AVG Technologies, The Economist, Rovio, Click A Taxi, Hailo, MailMojo, Tictail and Wrapp.
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The merchants that illustrated Braintree’s positioning
The broader 2013 customer roster included companies with demanding digital payment use cases:
- Marketplaces and sharing-economy services: Airbnb, LivingSocial, Uber, TaskRabbit and Zimride.
- Mobile, gaming and consumer apps: Mojang, Rovio, Poshmark and Wrapp.
- Digital platforms and subscriptions: GitHub, Fab, The Economist and AVG Technologies.
- Travel and local services: OpenTable, Hailo and Click A Taxi.
The names demonstrate the type of business Braintree targeted, but a historical customer reference does not prove that every company used every Braintree feature or remains a customer today.
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The numbers in context
| Measure | What was reported | How to interpret it |
|---|---|---|
| Annual payment volume | More than $10 billion | Transaction value handled annually in the July 2013 announcement, not revenue |
| Mobile volume | More than $2 billion | Company-announced mobile transaction volume |
| Non-U.S. share | More than 25% | Global volume originating outside the U.S.; not a Europe-specific percentage |
| Geographic reach | More than 40 countries | Announced platform footprint; capabilities could vary by country |
| Currency support | More than 130 currencies | Currency acceptance is not the same as local acquiring or settlement in every currency |
| Consumers | Approximately 40 million | Contemporaneous company claim |
| Merchants | More than 4,000 | Contemporaneous company claim |
| Later 2013 projection | Approximately $12 billion | eBay’s acquisition announcement projected 2013 volume; it was not an audited result and used a different definition from PayPal net TPV |
How PayPal changed the story
In September 2013, eBay announced an agreement to acquire Braintree. Its acquisition release projected roughly $12 billion of Braintree payment volume for 2013, with about one-third expected from mobile. It also cautioned that Braintree’s volume included gateway activity and was not directly comparable with PayPal’s net total payment volume.
For PayPal, Braintree added a developer-friendly gateway, mobile expertise, relationships with high-growth internet companies and an unbranded processing option. Merchants could use Braintree infrastructure without requiring customers to check out with a PayPal-branded wallet.
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Then and now: Braintree inside PayPal
Braintree is no longer an independent startup. PayPal’s current disclosures place Braintree-related activity within its broader merchant and payment-services businesses. PayPal’s 2023 management materials described Braintree as predominantly U.S.-oriented at that time while discussing processing in Europe, Australia and Brazil; its Q2 2023 investor update said Booking.com migrated international processing to Braintree in about one month in the regions covered.
PayPal’s 2025 investor-day plans discussed Braintree enterprise processing, Verifone’s in-person assets and European expansion of Fastlane through a relationship with J.P. Morgan Payments. A 2026 corporate announcement places Braintree within PayPal’s Payment Services & Crypto division. Those later initiatives show an evolution toward global enterprise infrastructure; they are not evidence that the 2013 $10 billion figure is current. PayPal’s 2025 annual filing reports Braintree-related measures within PayPal’s broader framework, which is not directly comparable with the original announcement.
What a merchant should evaluate today
The 2013 milestone explains Braintree’s historical appeal, but it does not establish present-day coverage, pricing or contractual terms. A business considering Braintree should verify current details in the Braintree product site, developer documentation and applicable PayPal agreements.
- Merchant onboarding countries and local acquiring entities.
- Supported payment methods, processing currencies and settlement currencies.
- Recurring billing, stored credentials and network-token support.
- Marketplace payouts, split payments and reporting.
- Fraud, disputes, reserves, underwriting and account-hold policies.
- Authorization performance by region and the support model for incidents.
- Total cost, including cross-border conversion, chargebacks and any enterprise terms.
Currency acceptance alone does not guarantee local settlement, and a large processor can still create concentration risk if an account is restricted, held or disrupted. Current legal terms vary by jurisdiction; PayPal’s European Braintree agreement is available at PayPal’s legal hub.
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Bottom line
Braintree’s July 2013 announcement marked a scale milestone for a developer-first, mobile-oriented payment gateway: more than $10 billion in annual transaction volume, more than $2 billion mobile volume and more than one-quarter of volume from outside the U.S. Its European customer wins helped establish credibility, while the later PayPal acquisition supplied greater distribution and enterprise reach. The durable lesson is about payment infrastructure becoming critical to global internet businesses—not about Braintree earning $10 billion or still operating as a standalone company.
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