NEW YORK, April 17, 2016 /PRNewswire/ -- Five of the
largest U.S. commercial banks — Capital One, Fifth Third, PNC, TD,
and Wells Fargo — and Safeguard Scientifics announced they have
invested a total of $30 million in
Transactis, a leading 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, 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." Inclusive of this funding, Transactis has raised
$70 million.
There are more than 25 billion bills produced annually by more
than 4 million companies in the U.S. alone, and only about a
quarter of these bills are electronic, according to a 2015
Blueflame Consulting study. 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."
"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."
K&L Gates, LLP served as counsel to the banks for the
investment agreements.
About Transactis
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, empowering resellers
to more successfully serve their clients. Transactis meets the
strictest regulatory and compliance requirements including HIPAA,
SSAE 16, PCI Level 1, and SOC 2. Transactis has received the Inc.
500 Award, Deloitte Technology Fast 500 Award, AlwaysOn OnFinance
Top 100 Award, Red Herring Top 100
Award, 'Cool Vendor' by Gartner and PYMNTS Innovation
Award.
Transactis' investors include Capital One, ff Venture Capital,
Fifth Third Bank, MacAndrews & Forbes, Metamorphic Ventures,
PNC, Safeguard Scientifics, StarVest Partners, TD Bank and Wells
Fargo. For more information, please visit
www.transactis.com.
About Capital One
Capital One Financial Corporation
(NYSE: COF) is a financial holding company whose subsidiaries,
which include Capital One, N.A., and Capital One Bank (USA), N.A., had $217.7
billion in deposits and $334.0
billion in total assets as of December 31, 2015. Headquartered in McLean, Virginia, Capital One offers a broad
spectrum of financial products and services to consumers, small
businesses and commercial clients through a variety of channels.
Capital One, N.A. has branches located primarily in New York, New
Jersey, Texas, Louisiana, Maryland, Virginia and the District of Columbia. A Fortune 500 company,
Capital One trades on the New York Stock Exchange under the symbol
"COF" and is included in the S&P 100 index.
www.capitalone.com
About Fifth Third
Fifth Third Bancorp (NASDAQ: FITB)
is a diversified financial services company headquartered in
Cincinnati, Ohio. Fifth Third
operates four main businesses: Commercial Banking, Branch Banking,
Consumer Lending, and Investment Advisors. Fifth Third also has an
18.3% interest in Vantiv Holding, LLC. Fifth Third is among the
largest money managers in the Midwest and, as of December 31, 2015, had $297 billion in assets under care, of which it
managed $26 billion for individuals,
corporations and not-for-profit organizations. Investor information
and press releases can be viewed at www.53.com.
About PNC
The PNC Financial Services Group, Inc.
(NYSE: PNC) is one of the largest diversified financial services
institutions in the United States,
organized around its customers and communities for strong
relationships and local delivery of retail and business banking;
residential mortgage banking; specialized services for corporations
and government entities, including corporate banking, real estate
finance and asset-based lending; wealth management and asset
management. For information about PNC, visit www.pnc.com.
About Safeguard Scientifics
Safeguard Scientifics,
Inc. (NYSE: SFE) has a distinguished track record of fostering
innovation and building market leaders. For six decades, Safeguard
has been providing growth capital and operational support to
entrepreneurs across an evolving spectrum of industries. Today,
Safeguard targets early- and growth-stage companies in advertising
technology, digital media, financial technology, enterprise
software, Internet of Things, medical devices, diagnostics, digital
health and healthcare IT. For more information, please visit
www.safeguard.com or follow us on Twitter @safeguard.
About TD Bank Group
The Toronto-Dominion Bank and its
subsidiaries are collectively known as TD Bank Group ("TD" or the
"Bank") (NYSE: TD). TD is the sixth largest bank in North America by branches and serves more than
24 million customers in three key businesses operating in a number
of locations in financial centres around the globe: Canadian
Retail, including TD Canada Trust, TD Auto Finance Canada, TD
Wealth (Canada), TD Direct
Investing, and TD Insurance; U.S. Retail, including TD Bank,
America's Most Convenient Bank ®, TD Auto Finance U.S., TD Wealth
(U.S.), and an investment in TD Ameritrade; and Wholesale Banking,
including TD Securities. TD also ranks among the world's leading
online financial services firms, with approximately 10.4 million
active online and mobile customers. TD had CDN$1.2 trillion in assets on January 31, 2016. The Toronto-Dominion Bank
trades under the symbol "TD" on the Toronto and New York Stock
Exchanges. www.tdbank.com
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a
diversified, community-based financial services company with
$1.8 trillion in assets. Founded in
1852 and headquartered in San
Francisco, Wells Fargo provides banking, insurance,
investments, mortgage, and consumer and commercial finance through
8,800 locations, 13,000 ATMs, the internet (wellsfargo.com) and
mobile banking, and has offices in 36 countries to support
customers who conduct business in the global economy. With
approximately 269,000 team members, Wells Fargo serves one in three
households in the United States.
Wells Fargo & Company was
ranked No. 30 on Fortune's 2015 rankings of America's largest
corporations. Wells Fargo's vision
is to satisfy our customers' financial needs and help them succeed
financially. Wells Fargo
perspectives are also available at Wells Fargo Blogs and Wells
Fargo Stories. www.wellsfargo.com
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