Butter, a Silicon Valley startup, has raised USD 22 million in Series A funding. Butter has developed an ML-powered engine to reduce churn in online subscription payments.
The fintech company based in Silicon Valley that assists online subscription businesses in lowering so-called “accidental churn” has raised USD 22 million in Series A funding led by Norwest Venture Partners. Butter says it is “an absolute testament to what the company is doing” that the firm was able to raise any money in light of a funding environment in which total capital investment fell by 60% last quarter, per PwC.
Online subscription businesses “accidentally churn” customers when they unknowingly decline a valid payment.