Vindicia, a US-based provider of on-demand bills, has raised $20m in its series E round from a consortium including Germany-based media group Bertelsmann’s corporate venturing unit.
FTV Capital, a financial services-focused venture capital (VC) firm with Visa and Hartford as two of its strategic limited partners, led the E round as a new investor.
The other members of the consortium were existing investors Bertelsmann Digital Media Investments (BDMI), and VCs DCM and Onset Ventures.
Gene Hoffman, executive chairman of Vindicia, said: "Our ability to help clients collect otherwise lost revenue, to the tune of $45m over the past year alone, highlights the business value we bring to our clients."
The company had previously more than $21m since 2003, including its $7.5m series D round in July last year.