American banks invest in electronic billing and payments outfit Transactis
18 April 2016 | 5190 views | 1
Some of America's biggest financial institutions - Capital One, Fifth Third, PNC, TD, and Wells Fargo - have joined a $30 million Series E funding round for electronic billing and payments firm Transactis.
The banks, along with Safeguard Scientifics, each put $5 million into New York-based Transactis, which says that its technology reaches more than 100 million households and businesses in North America.
The company offers configurable, white-label, SaaS technology that promises to enable businesses of all sizes to replace paper bills, statements, invoices, payments and documents with efficient and cost effective digital alternatives.
Joe Proto, chairman and CEO, Transactis, says: "Businesses of all sizes rely on their banks to provide secure, innovative billing and payment services. We are so proud to serve the most progressive banks in the payments industry and even more proud that Capital One, Fifth Third, PNC, TD, and Wells Fargo are more than our customers, they're also now our investors."
Rick Burke, head, corporate products and services, TD, adds: "Business back offices are still paper-heavy, and TD is committed to helping more than half a million businesses we serve become more time and resource efficient. We believe that our investment in Transactis will help meet our customers' demand for leading electronic payment solutions across North America."