Bangalore: TxVia which offers prepaid card processing technology has raised $15.5 million in series C financing. This round of funding was 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.
Commenting on this round of financing, "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 has around 100 employees. TxVia has more than five million reloadable and nonreloadable 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.