USAA, a financial services firm that focuses on serving the military and their families, has invested in bill payment system provider BillGO as part of a strategic funding round.
Details of the investment were not divulged.
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BillGO co-founder and CEO Dan Holt said: “USAA has a proven track record of working with leading financial technology companies to provide services and capabilities that make managing finances easier.”
USAA, which served as the lead investor in the fundraising, was joined by Commerce Ventures and Checkfree founder Pete Kight.
BillGO plans to use the money to drive growth.
Utilising the capital, the firm also plans to develop new bill pay offerings that will support quick payments and address security concerns.
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By GlobalDataCommenting on the development, USAA vice president and head of corporate development Nathan McKinley said: “USAA has a long history of using emerging technologies to develop innovative ways to serve members.
“That includes investing in innovative companies like BillGO that are exploring ways to better serve financial services consumers.”
Leveraging the technology of BillGO, one can view, manage and make real-time bill payments from a single place.
The firm’s technology also reminds consumers of due bills.
At present, BillGO services 8,000 banks and credit unions as well as over 30 million consumers.
