US-based transactional advertising platform TrialPay secured $40m in series C financing on Tuesday from investors including financial services company Visa, taking its overall funding to $55.8m.
Visa was joined in the round by venture capital (VC) firms Greylock Partners, DAG Ventures and QuestMark Partners, VC fund DFJ Growth and investment management firm T. Rowe Price, as well as unnamed existing investors.
TrialPay raised $12.7m in its February 2008 series B round, receiving funding from VC firms Index Ventures, Atomico and Battery Ventures. Battery previously contributed to a $3.1m series A round, in 2007, which saw investment from angel investors Ron Conway and Bob Pittman.
Founded in 2006, TrialPay places targeted promotions and additional payment options around online transactions and trials, enabling client businesses to monetise customers more effectively. TrialPay claims to have worked with more than 10,000 e-commerce and social gaming companies.
The series C funding will be used to accelerate business growth, with new markets a priority. 2011 saw a seven times increase in transaction value and a fourfold increase in traffic year-on-year to TrialPay’s platform.