Five large U.S. commercial banks— Capital One, Fifth Third, PNC, TD, and Wells Fargo — have announced their investment of $30 million in Transactis, a 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. Inclusive of this funding, Transactis has raised $70 million.
Transactis estimates that its technology reaches more than 100 million households and businesses in North America.
“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.”
Joe Proto, chairman and CEO of Transactis, said: “Businesses of all sizes rely on their banks to provide secure, innovative billing and payment services. 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.”
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