Transactis, a leading provider of forward-thinking Electronic Bill Presentment and Payment (EBPP) solutions, announced today the receipt of a $2.5 million round of funding.
Led by Metamorphic Ventures, a New York City-based venture capital fund, with participation from existing company shareholders, directors, and advisors - including Transactis Chairman and CEO Joe Proto - the funding provides additional working capital to support the company's growing relationships with major banks and payment processors.
"We're very pleased that Metamorphic Ventures, a firm that invests in digital media and transaction processing companies, is committed to our expansion." Proto said. "Just like paper checks have been reduced over the years, paper bills are now declining as well. By eliminating the high cost of paper/postage/print, our existing clients' bill presentment and payment volume has more than doubled in the past year and overall our volume has increased 10-fold. Since middle-market companies make up a substantial percentage of the 23 billion bills mailed annually, we are confident our growth will continue as environmentally sensitive electronic bills help billers eliminate paper and reduce costs."
Transactis currently offers electronic billing and payment processing for several of the largest commercial banks in the U.S. With this round of investments, the company will continue to help banks and payment processors replace paper bills and payments for their small and middle market clients with secure electronic bill delivery and flexible, integrated payment processing.
"Transactis is a green technology leader, and since his involvement with the company in 2007, Joe Proto has demonstrated that he continues to grow the business by replacing paper bills, statements and invoices electronically," said Metamorphic Ventures partner Marc Michel. "After reviewing numerous electronic billing providers, we found Transactis to have the greatest business potential, due to its strong management team and its mission to serve the vast small and middle markets through major banks and payment processors."