Payment services provider Mastercard has agreed to acquire Transactis, the US-based electronic billing and payment software provider for an undisclosed amount, with a host of corporates set to exit.
Founded in 2003, Transactis supplies software that allows companies and financial institutions to digitalise paper statements, invoices, payments and documents.
Mastercard will add the technology to its recently launched Bill Pay Exchange service, which helps consumers view, manage and pay their credit cards, personal bills and mortgages by using their existing banking apps.
Transactis had disclosed $81m of funding. It received $30m in series E financing from financial services firms Capital One, Fifth Third, PNC, TD Bank and Wells Fargo in 2016.
Venture capital firm Safeguard Scientifics led a $11m series D round for the company two years earlier, investing alongside StarVest Partners. Financial technology developer Harland Financial Solutions had led its $8.2m series C round in 2012.
Prior to the series C round, Transactis had raised approximately $31.8m in funding from investors including accounting software provider Vermont Information Processing, payment services provider Harland Clarke, Metamorphic Ventures and StarVest Partners.
Colleen Taylor, executive vice-president of new payment platforms for Mastercard, said: “Transactis’ technical and commercial know-how, combined with our reach and comprehensive payment options will greatly simplify the entire process.
“We will be able to deliver a better real-time consumer experience, from sign-up to viewing and paying bills, leveraging the investments that have been made in the core infrastructure.”