TxVia, a pioneer in prepaid card processing technology, today announced it has raised $15.5 million in Series C financing, led by new investor, Bain Capital Ventures.
Also participating were all current institutional investors, including Espírito Santo Ventures, High Peaks Venture Partners and Village Ventures. New York City Investment Fund joined as a new co-investor.
The funding follows important milestones for TxVia, including successful large-scale client deployments of the company's groundbreaking platform-as-a-service (PaaS) delivery model for prepaid card processing. Today, TxVia has more than five million reloadable and nonreloadable cards on file in both B2B and B2C prepaid applications.
"We conducted extensive diligence on the prepaid card industry and concluded that TxVia is the best-in-class processor," said Paul Zurlo, a partner with Bain Capital Ventures who was elected to the TxVia board of directors. "Issuers and program managers with complex requirements and sizeable portfolios have selected TxVia for complete deployment of their prepaid card portfolios, achieving new levels of reliability and configurability."
"TxVia strengthens New York City's position as the global center of financial services technology," said Maria Gotsch, president and CEO of New York City Investment Fund. "We are pleased to have the opportunity to invest in the company."
TxVia has pioneered technology to help its clients create those prepaid card products that are the best payment options for end-user organizations and individuals. With much of the financial services community moving back to basics, TxVia has been at the forefront of bringing fundamentals to payments processing-such as transparency, simplicity and accountability-and thereby expanding the bounds of stability and flexibility. By redefining the prepaid card value chain client by client, TxVia offers attainable economic benefits and superior opportunity to capitalize on the prepaid market potential.
"We're pleased to welcome Bain Capital Ventures and New York City Investment Fund as well respected investors and valued partners as we continue to enable the prepaid card industry and set new standards of excellence in processing," said Anil D. Aggarwal, chairman and CEO of TxVia.