TxVia, a provider of processing technology for prepaid and emerging payments, has received a USD27.5m series D financing led by new investor Oak Investment Partners.
Existing institutional investors, including Bain Capital Ventures, Espírito Santo Ventures and Village Ventures, also participated.
The latest funding provides TxVia with expanded resources to respond to demand for its processing solutions in the prepaid and emerging payment sectors. TxVia pioneered the platform-as-a-service delivery model for processing. Now in its fifth year, TxVia has more than 30 million cards on file and is on pace to double that number by year-end.
“The first iteration of technology in any new industry is not typically the long-term, sustainable solution, and prepaid – which is about ten years old – is no different,” says Anil D. Aggarwal, chairman and chief executive of TxVia. “With PaaS, we have successfully evolved processing from the initial to next generation and deployed it across many clients—including Blackhawk Network, Univision Communications and InteliSpend (formerly American Express Incentive Services)—at significant scale and the highest levels of security and reliability.”
“The payments landscape is changing in significant ways with both established companies and new entrants innovating at a rapid pace,” says Annie Lamont, managing partner at Oak Investment Partners who has joined TxVia’s board of directors along with Tricia Kemp, director, financial services technology. “These organisations need processing solutions to commercialise new payment applications, and we believe TxVia has built the leading technology for that.”
The series D financing brings the total investment in TxVia to more than USD55m to date.
