Traxpay, a US and Germany-based payments provider, has raised $15m in a series B round led by corporate venturing units from financial services firm Commerzbank and software producer Software AG.
Other investors in the round included Earlybird Venture Capital and angel investor Michael Phillips of Castik Capital Partners. Earlybird previously led a $4m A round in Traxpay in June 2012.
As part of the series B round Holger Werner, head of corporate banking for Commerzbank, and Frederic Hanika, senior vice-president of mergers and acquisitions and corporate ventures for Software AG, have joined Traxpay’s board.
John Bruggeman, CEO of Traxpay, said: “Linking arms with global industry leaders in banking, [financial technology] and big data will help to accelerate our vision, and more importantly, enable our customers to do business in fundamentally new ways.”
Traxpay has also said it would partner credit card provider MasterCard to help connect buyers and suppliers.
Hany Fam, president of MasterCard Enterprise Partnerships, said: “By combining MasterCard’s global network with the Traxpay Dynamic Payments platform we are able to deliver a seamless commerce experience that is more efficient for companies of all sizes and has the potential to transform the way that companies transact.”