Transactis, a leading provider of electronic billing and payment solutions recently raised a funding of $30 million from five of the largest US commercial banks—Capital One, Fifth Third, PNC, TD and Wells Fargo. Along with Safeguard, each bank invested an equal amount in Transactis as part of its Series E round, 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.” Transactis has raised $70 million inclusive of this funding round.
According to a 2015 Blueflame Consulting study, more than 25 billion bills are produced annually by more than 4 million companies in the US alone, and only about a quarter of these bills are electronic. 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.”
The company was founded in 2001 and has raised a total funding of $59.8 million until now.
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, and empowering resellers to more successfully serve their clients.