Electronic bill and payment firm Transactis announced last week that it had closed an $11 million Series D financing round led by Safeguard Scientifics, Inc. According to a company statement, the funds will be used for expanding sales, marketing and client services, as well as accelerating product development.
So far, Transactis has raised $40 million from investors including Metamorphic Ventures, StarVest, Vermont Information Processing, Harland Clarke and now Safeguard.
“The electronic billing and payment market continues to see significant compound annual growth. 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,” said Philip D. Moyer, Managing Director, Technology at Safeguard who will be joining Transactis’ board of directors.
Moyer added that “We are very proud to partner with Transactis. We believe that Transactis has an incredible opportunity to capitalize on this significant shift that’s taking place in billing and payments. With a strong management team, some of the most respected partners in the payments industry and a rapidly growing customer base, Transactis is well-positioned to lead this market transformation.”
