TxVia raises $15.5 Million in series C financing
Date: Tuesday , August 04, 2009
Prepaid card processor TxVia has raised $15.5 million in series C financing. Led by new investor, Bain Capital Ventures and also includes the participation of current institutional investors - Espirito Santo Ventures, High Peaks Venture Partners and Village Ventures. Also, the New York City Investment Fund has joined as a new co-investor.
"We continue to enable the prepaid card industry and set new standards of excellence in processing," said Anil D. Aggarwal, Chairman and CEO of the New York-based TxVia. Currently, the company with 100 employees, has more than five million reloadable and non-reloadable cards on file in both B2B and B2C prepaid applications.
Privately held TxVia has deployed a platform-as-a-service (PaaS) approach to prepaid card processing. PaaS offers an online platform, complete with the application development, data storage and other tools required to run multi-tenanted, massively scalable operations. As part of PaaS solution, the company offers graphical modeling integrated development environment (IDE) and documented template library with which customized processing platforms are created. According to TxVia, clients may completely outsource their processing to the company or bring a part of their processing requirements in-house. TxVia has technology to help its clients create those prepaid card products that are the best payment options for end-user organizations and individuals. According to Aite Group report, the U.S. third-party prepaid card processing market will be worth $1.8 billion in revenues by 2009, up from $480 million in 2005.