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TxVia raises USD15.5m in financing led by Bain Capital

TxVia, a provider of prepaid card processing technology, has raised USD15.5m in series C financing, led by new investor Bain Capital Ventures.

TxVia, a provider of prepaid card processing technology, has raised USD15.5m in series C financing, led by new investor Bain Capital Ventures.

Also participating were all current institutional investors, including Espírito Santo Ventures, High Peaks Venture Partners and Village Ventures. New York City Investment Fund joined as a new co-investor.

The funding follows important milestones for TxVia, including successful large-scale client deployments of the company’s platform-as-a-service delivery model for prepaid card processing. TxVia has more than five million reloadable and non-reloadable cards on file in both B2B and B2C prepaid applications.

‘We conducted extensive diligence on the prepaid card industry and concluded that TxVia is the best-in-class processor,’ says Paul Zurlo, a partner with Bain Capital Ventures who was elected to the TxVia board of directors. ‘Issuers and programme managers with complex requirements and sizeable portfolios have selected TxVia for complete deployment of their prepaid card portfolios, achieving new levels of reliability and configurability.’

‘TxVia strengthens New York City’s position as the global centre of financial services technology,’ says Maria Gotsch, president and chief executive of New York City Investment Fund. ‘We are pleased to have the opportunity to invest in the company.’

TxVia has pioneered technology to help its clients create prepaid card products that are the best payment options for end-user organisations and individuals. With much of the financial services community moving back to basics, TxVia has been at the forefront of bringing fundamentals to payments processing-such as transparency, simplicity and accountability.

‘We’re pleased to welcome Bain Capital Ventures and New York City Investment Fund as well respected investors and valued partners as we continue to enable the prepaid card industry and set new standards of excellence in processing,’ says Anil D. Aggarwal, chairman and chief executive of TxVia.

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