US-based electronic billing and payment software provider Transactis received $30m in series E financing on Sunday from financial services firms Capital One, Fifth Third, PNC, TD Bank and Wells Fargo.
The five commercial banks, all of which were already customers of Transactis, each provided $6m of the capital. Law firm K&L Gates acted as counsel to the investors.
Transactis produces software that enables financial institutions, technology providers, printers and business process outsourcers to replace paper statements, invoices, payments and documents with digital equivalents.
The company has now raised approximately $70m altogether, with Harland Financial Solutions, the financial technology subsidiary of diversified holding company MacAndrews & Forbes, having led its $8.2m series C round in 2012.
Other existing investors in Transactis include venture capital firms Safeguard Scientifics, StarVest Partners, Metamorphic Ventures and FF Venture Capital.
Joe Proto, chairman and CEO of Transactis, said: “Businesses of all sizes rely on their banks to provide secure, innovative billing and payment services.
“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 are also now our investors.”