Five of the largest U.S. commercial banks — Capital One, Fifth Third, PNC, TD, and Wells Fargo — and growth capital provider Safeguard Scientifics have invested$30 million in Transactis, a provider of electronic billing and payment solutions.
Here are five things to know about the investment.
1. Each bank, along with Safeguard, invested an equal amount in Transactis as part of a Series E financing.
2. Inclusive of this funding, Transactis, which has technology that reaches more than 100 million households and businesses in North America, has raised $70 million.
3. In discussing their reasons for investing, companies touted Transactis' solutions, and noted the benefits such solutions can provide for its business customers.
4. Joe Proto, chairman and CEO of Transactis, expressed excitement about the investment. "Businesses of all sizes rely on their banks to provide secure, innovative billing and payment services," he said in a prepared statement. "We are so proud ...Capital One, Fifth Third, PNC, TD, and Wells Fargo are more than our customers, they're also now our investors."
5. K&L Gates served as counsel to the banks for the investment agreements.
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