Vindicia raises $7.5 Million in Series D funding
By siliconindia   |   Wednesday, 15 July 2009, 17:17 IST   |    1 Comments
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Vindicia raises $7.5 Million in Series D funding
Bangalore: Vindicia which provides on demand payment services has secured $7.5 million in series D financing. It was led by a new investor Onset Ventures and also included the existing investors Bertelsmann Digital Media Investments (BDMI), DCM and Leader Ventures. This latest infusion of capital would be used to expand the company's market presence and also to hire new talents across the organization. "This funding will help us to continue to scale our services to meet the demand, while achieving profitability," said Gene Hoffman, Chairman and CEO of Vindicia. Founded in 2003, the company has now raised over $21 million in total venture capital (VC) funding. Currently, there are about 50 employees in the company. Vindicia provides payment management services to online merchants through the software-as-a-service (SaaS) offering that combines a subscription billing solution with key fraud management capabilities. Providing services across diverse online markets, the company has counted on companies like Symantec, Intuit, Atari or Cryptic Studios and Outspark among its customers, for whom it processes over 200,000 transactions a day, projecting over a total of 73 million transactions in calendar year 2009. "Online merchants have realized that a subscription payment management solution is more than a back-end operational issue," said Hoffman. Vindicia is also in its fourth year of compliance with the critical PCI security standard and SAS 70 auditing standard.

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