Transactis, a provider of electronic billing and payment solutions, has secured $30m in Series E funding from five US commercial banks.
The five commercial banks – Capital One, Fifth Third, PNC, TD and Wells Fargo- along with Safeguard, invested an equal amount in Transactis.
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Inclusive of this funding, Transactis has raised $70m. Transactis’ solution enables businesses of all sizes to replace paper bills, statements, invoices, payments and documents with cost effective digital alternatives.
Transactis claims that its technology reaches more than 100 million households and businesses in North America.
Transactis chairman and CEO Joe Proto said: "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."
K&L Gates, LLP served as counsel to the banks for the investment agreements.
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