Radnor’s Safeguard Scientifics, a venture capital firm, joined PNC, TD, and Wells Fargo banks in a $30 million, Series E investment in New York City’s Transactis, writes Dan Norton of the Philadelphia Business Journal.
Transactis, a provider of electronic billing and payment services, offers a cloud-based bill payment platform that is features-heavy. Users can access detailed bill presentments, multiple payment options, fund control, and various reports.
“The electronic billing and payment market continues to see significant compound annual growth,” said Safeguard Managing Director Phillip Moyer, who will join the board of directors at Transactis. “We are still in the early stages of moving from offline, paper-based billing and payments to online. Mobile and cloud-based offerings like Transactis are accelerating this market trend.”
According to Norton, Transactis, founded in 2001, has raised nearly $70 million and operates with a SaaS business model.
“Bringing Safeguard on board – with its strong reputation and track record of building market leaders – will serve Transactis well,” said the company’s CEO, Joe Prato.
The platform can be accessed via mobile devices, a trend that could soon define the innovation of financial technology in Philadelphia and beyond.
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