Transactis Banks $30M in Series E
NEW YORK, NY, Leading provider of electronic billing and payment solutions has raised $30M in Series E.
Five of the largest U.S. commercial banks - Capital One, Fifth Third, PNC, TD, and Wells Fargo - and Safeguard Scientifics announced they have invested a total of $30 million in Transactis, a leading provider of electronic billing and payment solutions. Each bank, along with Safeguard, invested an equal amount in Transactis as part of a Series E financing, demonstrating the banks' continued leadership in payments innovation. Transactis' technology reaches more than 100 million households and businesses in North America.
'Businesses of all sizes rely on their banks to provide secure, innovative billing and payment services,' said Joe Proto, chairman and CEO of Transactis. '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.' Inclusive of this funding, Transactis has raised $70 million.
There are more than 25 billion bills produced annually by more than 4 million companies in the U.S. alone, and only about a quarter of these bills are electronic, according to a 2015 Blueflame Consulting study. There is a big need for an electronic billing and payment system that banks are uniquely positioned to fill. Transactis provides a configurable, white-label, SaaS solution that transforms traditional paper billing and payment processing by enabling businesses of all sizes to replace paper bills, statements, invoices, payments and documents with efficient and cost effective digital alternatives.
'As a leading treasury management bank, Wells Fargo is committed to offering our clients the best solutions in payment processing,' said Danny Peltz, head of Treasury Management at Wells Fargo. 'Our investment in Transactis is another example of our dedication to provide our customers with innovative payment services.'
'As one of the largest, diversified financial services institutions in the United States, PNC was Transactis' first bank client,' said James G. Graham, executive vice president for Treasury Management at PNC. 'We helped Transactis develop into a high-quality electronic billing and payment company serving PNC's B2C and B2B customers, and now we see an opportunity to influence the future of electronic bill presentment.'
'The payments industry is rapidly changing and Capital One is committed to being on the forefront of that transformation,' said Colleen Taylor, executive vice president at Capital One. 'That is why Capital One invested in Transactis. We are passionately focused on providing leading technology solutions for our customers that make their business lives easier.'
'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,' said Rick Burke, head of Corporate Products and Services at TD. 'We believe that our investment in Transactis will help meet our customers' demand for leading electronic payment solutions across North America.'
'Fifth Third is committed to providing secure, convenient commerce solutions that enable our business customers to improve operations and exceed their financial goals,' said Randy Koporc, head of Payments and Commerce Solutions at Fifth Third. 'We believe that our investment in Transactis will further enhance our ability to help business customers replace paper bills, statements, invoices, and payments with a digital solution.'
'There is a major transformation taking place in billing and payments, and Transactis is paving the way,' said Stephen T. Zarrilli, president and CEO of Safeguard and board member at Transactis. 'Transactis has a robust history of partnering with some of the largest and most respected institutions across a broad range of industries. We're proud of what Joe and his team have achieved since we first deployed capital into the company in August 2014, as part of the company's $11 million Series D financing, and look forward to supporting the company as it extends its leadership position in the billing and payments industry.'
K&L Gates, LLP served as counsel to the banks for the investment agreements.
Transactis transforms traditional paper billing and payment processing by enabling businesses of all sizes to replace paper bills, statements, invoices, payments and documents with efficient and cost effective digital alternatives. Transactis goes to market exclusively with resellers-financial institutions, technology companies, printers and business process outsourcers-to provide their customers with secure, configurable, white-label, industry-leading SaaS solutions. More than a technology provider to resellers, Transactis is a full-service business partner, delivering a broad and deep suite of sales, marketing, technical and operational support, empowering resellers to more successfully serve their clients. Transactis meets the strictest regulatory and compliance requirements including HIPAA, SSAE 16, PCI Level 1, and SOC 2. Transactis has received the Inc. 500 Award, Deloitte Technology Fast 500 Award, AlwaysOn OnFinance Top 100 Award, Red Herring Top 100 Award, 'Cool Vendor' by Gartner and PYMNTS Innovation Award.
Transactis' investors include Capital One, ff Venture Capital, Fifth Third Bank, MacAndrews & Forbes, Metamorphic Ventures, PNC, Safeguard Scientifics, StarVest Partners, TD Bank and Wells Fargo. For more information, please visit www.transactis.com.
About Capital One
Capital One Financial Corporation (NYSE: COF) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $217.7 billion in deposits and $334.0 billion in total assets as of December 31, 2015. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol 'COF' and is included in the S&P 100 index. www.capitalone.com
About Fifth Third
Fifth Third Bancorp (NASDAQ: FITB) is a diversified financial services company headquartered in Cincinnati, Ohio. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third also has an 18.3% interest in Vantiv Holding, LLC. Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2015, had $297 billion in assets under care, of which it managed $26 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com.
The PNC Financial Services Group, Inc. (NYSE: PNC) is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.
About Safeguard Scientifics
Safeguard Scientifics, Inc. (NYSE: SFE) has a distinguished track record of fostering innovation and building market leaders. For six decades, Safeguard has been providing growth capital and operational support to entrepreneurs across an evolving spectrum of industries. Today, Safeguard targets early- and growth-stage companies in advertising technology, digital media, financial technology, enterprise software, Internet of Things, medical devices, diagnostics, digital health and healthcare IT. For more information, please visit www.safeguard.com or follow us on Twitter @safeguard.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ('TD' or the 'Bank') (NYSE: TD). TD is the sixth largest bank in North America by branches and serves more than 24 million customers in three key businesses operating in a number of locations in financial centres around the globe: Canadian Retail, including TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; U.S. Retail, including TD Bank, America's Most Convenient Bank Â®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in TD Ameritrade; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with approximately 10.4 million active online and mobile customers. TD had CDN$1.2 trillion in assets on January 31, 2016. The Toronto-Dominion Bank trades under the symbol 'TD' on the Toronto and New York Stock Exchanges. www.tdbank.com
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.8 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through 8,800 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 269,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 30 on Fortune's 2015 rankings of America's largest corporations. Wells Fargo's vision is to satisfy our customers' financial needs and help them succeed financially. Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories. www.wellsfargo.com
>> Click here for in-depth research on 9,000 startups and 5,000 VC investors
(c)2011-2020 by Massinvestor, Inc. For contact info, please check out our about